Spirit Mergers and Acquisitions Presentation Deck
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2024E P/E
+22%
10x
..With Synergies from Frontier Merger Creating
Even More Potential Upside for Spirit Shareholders
Spirit Standalone (¹)(2)
+35%
$40
11x
+47%
$44
12x
+68%
$50
10x
Pro Forma for Frontier Merger (1)(3)
+86%
+103%
$56
11x
Source: Capital IQ, Company Filings.
1. Market data as of May 20, 2022.
2. Illustrative share price calculated as each respective P/E ratio multiplied by 2024E Spirit net income based on estimates, divided by current fully diluted shares outstanding. Not
intended as a prediction of future trading prices.
$61
3. Illustrative value per share based on Spirit shareholder's 48.5% share of pro forma 2024E Spirit and Frontier net income of $826MM based on Wall Street estimates, divided by
current fully diluted shares outstanding, plus cash consideration of $2.13. Includes illustrative market value of run-rate operating synergies of $500MM, calculated at each P/E ratio
assuming an effective tax rate of 22.7%, less one-time costs to achieve of $400MM. Not intended sa prediction of future trading prices.
12x
Based on third party earnings estimates (which are consistent for the broader airline industry), the value
upside from a pandemic recovery alone exceeds a cash offer that, even if it could close, would take up to
2 years to deliver cash proceeds to shareholders: Don't miss out on the recovery!
$30
JetBlue's
Illusory
Offer
14
JetBlue's Misleading MathView entire presentation