At 520p, is the easyJet share price too cheap?

At around 520p, the easyJet (LSE: EZJ) share price looks cheap compared to its trading history. Indeed, at the beginning of the year, shares in the low-cost airline were changing hands for around 1,500p. 

However, the airline group isn’t the same company it was at the beginning of 2020. As such, I believe it’s reasonable to say the business is worth significantly less today than it was at the beginning of the year. 

easyJet share price declines 

In fact, easyJet has had a horrible year. Lockdowns enforced to try and contain the spread of Covid-19 around the world effectively killed off international travel. Even though some limited activity has resumed in the past few months, many consumers are still too afraid to fly.

The company’s latest trading update shows the scale of the devastation. The group expects to report a pre-tax loss of between £815m and £845m in the year

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