Acquisition of Hawaiian by Alaska
VALUATION IS VERY ATTRACTIVE RELATIVE
TO RECENT AIRLINE TRANSACTIONS
ATTRACTIVE VALUATION ON REVENUE BASIS...
Transaction Enterprise Value / Last Twelve Months Revenue (1)
...AND EBITDAR BASIS
Transaction Enterprise Value / Last Twelve Months Adjusted EBITDAR (1)
Average: 1.7x
S
jetBlue
S
c/ /s/s/m/wa
CairTran
0.7x
LTM 9/30/2023 (2)
Average: 7.4x
jetBlue
S
(3)
(3)
CairTran
S
nwa
Source: Company filings, merger proxies.
(1)
Industry Average Transaction Enterprise Value multiples based on Revenue and Adjusted EBITDAR as of twelve months ended prior to announcement, unless otherwise noted.
(2) Revenue multiples based on Revenue of $2,778M for twelve months ended September 30, 2023.
(3)
EBITDAR multiple based on 2019 Adjusted EBITDAR of $926M for twelve months ended December 31, 2019.
(4) EBITDAR multiples based on 2019 Adjusted EBITDAR of $604M for twelve months ended December 31, 2019. See Appendix for reconciliations of LTM EBITDAR.
3.1x
LTM 12/31/2019 (4)
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