Spirit Mergers and Acquisitions Presentation Deck
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($MM)
$349
2019A
In Fact, Airline Industry Recovery Would Deliver
Shareholder Value Far in Excess of JetBlue Offer...
Spirit Street Consensus Net Income (¹)
Illustrative Spirit Stock Price from Pandemic Recovery (2)
2022E
($191)
$198
2023E
$413
2024E
P/E Multiple
10x
(Current 2023E P/E: 10.5x)
11x
(2017 - '19A Average NTM P/E)
12x
(2012 - '19A Average NTM P/E)
Source: Capital IQ, Company Filings.
1. Market data as of May 20, 2022. Net income based on Wall Street estimates.
2. Illustrative share price calculated as each respective P/E ratio multiplied by 2024E Spirit net income based on Wall Street estimates, divided by current fully diluted shares
outstanding. Not intended as a prediction of future trading prices.
Implied
spirit
Standalone Stock Price
$37
$40
$44
JetBlue's Misleading Math
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