Intrinsic value of WestJet Airlines Ltd. variable voting an - WJA

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$22.87

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$22.87

 
Intrinsic value

$82.87

 
Up/down potential

+262%

 
Rating

str. buy

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of WJA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.33
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
Revenue, $m
  4,123
  4,457
  4,804
  5,165
  5,540
  5,930
  6,335
  6,756
  7,194
  7,649
  8,124
  8,618
  9,132
  9,669
  10,229
  10,813
  11,422
  12,059
  12,724
  13,420
  14,147
  14,908
  15,704
  16,537
  17,409
  18,322
  19,279
  20,282
  21,333
  22,434
  23,588
Variable operating expenses, $m
 
  3,829
  4,127
  4,437
  4,759
  5,094
  5,441
  5,803
  6,179
  6,571
  6,978
  7,403
  7,845
  8,306
  8,786
  9,288
  9,812
  10,359
  10,930
  11,528
  12,152
  12,806
  13,489
  14,205
  14,954
  15,739
  16,561
  17,422
  18,325
  19,271
  20,262
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,683
  3,829
  4,127
  4,437
  4,759
  5,094
  5,441
  5,803
  6,179
  6,571
  6,978
  7,403
  7,845
  8,306
  8,786
  9,288
  9,812
  10,359
  10,930
  11,528
  12,152
  12,806
  13,489
  14,205
  14,954
  15,739
  16,561
  17,422
  18,325
  19,271
  20,262
Operating income, $m
  440
  628
  677
  728
  781
  836
  893
  953
  1,014
  1,079
  1,145
  1,215
  1,288
  1,363
  1,442
  1,525
  1,611
  1,700
  1,794
  1,892
  1,995
  2,102
  2,214
  2,332
  2,455
  2,583
  2,718
  2,860
  3,008
  3,163
  3,326
EBITDA, $m
  790
  1,007
  1,086
  1,168
  1,252
  1,340
  1,432
  1,527
  1,626
  1,729
  1,836
  1,948
  2,064
  2,186
  2,312
  2,444
  2,582
  2,726
  2,876
  3,033
  3,198
  3,370
  3,550
  3,738
  3,935
  4,142
  4,358
  4,585
  4,822
  5,071
  5,332
Interest expense (income), $m
  56
  67
  78
  89
  102
  114
  127
  141
  155
  170
  185
  201
  218
  235
  253
  272
  291
  312
  333
  355
  379
  403
  429
  456
  484
  513
  544
  576
  609
  645
  682
Earnings before tax, $m
  416
  562
  600
  639
  680
  722
  766
  812
  859
  909
  960
  1,014
  1,070
  1,129
  1,189
  1,253
  1,319
  1,389
  1,461
  1,537
  1,616
  1,699
  1,785
  1,876
  1,971
  2,071
  2,175
  2,284
  2,399
  2,519
  2,644
Tax expense, $m
  121
  152
  162
  172
  183
  195
  207
  219
  232
  245
  259
  274
  289
  305
  321
  338
  356
  375
  394
  415
  436
  459
  482
  507
  532
  559
  587
  617
  648
  680
  714
Net income, $m
  295
  410
  438
  466
  496
  527
  559
  593
  627
  663
  701
  740
  781
  824
  868
  915
  963
  1,014
  1,067
  1,122
  1,180
  1,240
  1,303
  1,370
  1,439
  1,512
  1,588
  1,667
  1,751
  1,839
  1,930

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,558
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,164
  4,980
  5,368
  5,771
  6,190
  6,625
  7,078
  7,548
  8,038
  8,547
  9,077
  9,629
  10,204
  10,803
  11,429
  12,081
  12,762
  13,474
  14,217
  14,994
  15,807
  16,657
  17,546
  18,477
  19,451
  20,472
  21,541
  22,661
  23,835
  25,066
  26,356
Adjusted assets (=assets-cash), $m
  4,606
  4,980
  5,368
  5,771
  6,190
  6,625
  7,078
  7,548
  8,038
  8,547
  9,077
  9,629
  10,204
  10,803
  11,429
  12,081
  12,762
  13,474
  14,217
  14,994
  15,807
  16,657
  17,546
  18,477
  19,451
  20,472
  21,541
  22,661
  23,835
  25,066
  26,356
Revenue / Adjusted assets
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
Average production assets, $m
  3,820
  4,132
  4,453
  4,788
  5,136
  5,497
  5,872
  6,263
  6,669
  7,091
  7,531
  7,989
  8,466
  8,963
  9,482
  10,023
  10,588
  11,179
  11,795
  12,440
  13,114
  13,819
  14,557
  15,330
  16,138
  16,985
  17,872
  18,801
  19,775
  20,796
  21,866
Working capital, $m
  345
  -1,154
  -1,244
  -1,338
  -1,435
  -1,536
  -1,641
  -1,750
  -1,863
  -1,981
  -2,104
  -2,232
  -2,365
  -2,504
  -2,649
  -2,800
  -2,958
  -3,123
  -3,296
  -3,476
  -3,664
  -3,861
  -4,067
  -4,283
  -4,509
  -4,746
  -4,993
  -5,253
  -5,525
  -5,810
  -6,109
Total debt, $m
  2,047
  2,222
  2,555
  2,901
  3,261
  3,635
  4,024
  4,428
  4,848
  5,286
  5,741
  6,215
  6,709
  7,224
  7,761
  8,322
  8,907
  9,518
  10,157
  10,824
  11,522
  12,252
  13,016
  13,816
  14,653
  15,529
  16,448
  17,410
  18,419
  19,475
  20,583
Total liabilities, $m
  4,104
  4,278
  4,611
  4,957
  5,317
  5,691
  6,080
  6,484
  6,904
  7,342
  7,797
  8,271
  8,765
  9,280
  9,817
  10,378
  10,963
  11,574
  12,213
  12,880
  13,578
  14,308
  15,072
  15,872
  16,709
  17,585
  18,504
  19,466
  20,475
  21,531
  22,639
Total equity, $m
  2,061
  702
  757
  814
  873
  934
  998
  1,064
  1,133
  1,205
  1,280
  1,358
  1,439
  1,523
  1,611
  1,703
  1,799
  1,900
  2,005
  2,114
  2,229
  2,349
  2,474
  2,605
  2,743
  2,887
  3,037
  3,195
  3,361
  3,534
  3,716
Total liabilities and equity, $m
  6,165
  4,980
  5,368
  5,771
  6,190
  6,625
  7,078
  7,548
  8,037
  8,547
  9,077
  9,629
  10,204
  10,803
  11,428
  12,081
  12,762
  13,474
  14,218
  14,994
  15,807
  16,657
  17,546
  18,477
  19,452
  20,472
  21,541
  22,661
  23,836
  25,065
  26,355
Debt-to-equity ratio
  0.993
  3.160
  3.380
  3.570
  3.740
  3.890
  4.030
  4.160
  4.280
  4.390
  4.490
  4.580
  4.660
  4.740
  4.820
  4.890
  4.950
  5.010
  5.070
  5.120
  5.170
  5.220
  5.260
  5.300
  5.340
  5.380
  5.420
  5.450
  5.480
  5.510
  5.540
Adjusted equity ratio
  0.109
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  295
  410
  438
  466
  496
  527
  559
  593
  627
  663
  701
  740
  781
  824
  868
  915
  963
  1,014
  1,067
  1,122
  1,180
  1,240
  1,303
  1,370
  1,439
  1,512
  1,588
  1,667
  1,751
  1,839
  1,930
Depreciation, amort., depletion, $m
  350
  379
  409
  439
  471
  504
  539
  575
  612
  651
  691
  733
  777
  822
  870
  920
  971
  1,026
  1,082
  1,141
  1,203
  1,268
  1,336
  1,406
  1,481
  1,558
  1,640
  1,725
  1,814
  1,908
  2,006
Funds from operations, $m
  680
  789
  846
  906
  967
  1,031
  1,098
  1,167
  1,239
  1,314
  1,392
  1,473
  1,558
  1,646
  1,738
  1,834
  1,934
  2,039
  2,149
  2,263
  2,383
  2,508
  2,639
  2,776
  2,919
  3,070
  3,227
  3,392
  3,565
  3,746
  3,936
Change in working capital, $m
  -25
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -123
  -128
  -133
  -139
  -145
  -151
  -158
  -165
  -172
  -180
  -188
  -197
  -206
  -216
  -226
  -237
  -248
  -260
  -272
  -285
  -299
Cash from operations, $m
  705
  1,159
  936
  999
  1,064
  1,132
  1,203
  1,276
  1,353
  1,432
  1,515
  1,601
  1,691
  1,785
  1,883
  1,985
  2,092
  2,204
  2,321
  2,443
  2,571
  2,705
  2,845
  2,992
  3,145
  3,306
  3,475
  3,652
  3,837
  4,032
  4,235
Maintenance CAPEX, $m
  0
  -350
  -379
  -409
  -439
  -471
  -504
  -539
  -575
  -612
  -651
  -691
  -733
  -777
  -822
  -870
  -920
  -971
  -1,026
  -1,082
  -1,141
  -1,203
  -1,268
  -1,336
  -1,406
  -1,481
  -1,558
  -1,640
  -1,725
  -1,814
  -1,908
New CAPEX, $m
  -925
  -312
  -322
  -334
  -348
  -361
  -375
  -390
  -406
  -422
  -440
  -458
  -477
  -497
  -519
  -541
  -565
  -590
  -617
  -645
  -674
  -705
  -738
  -772
  -809
  -847
  -887
  -929
  -974
  -1,021
  -1,070
Cash from investing activities, $m
  -942
  -662
  -701
  -743
  -787
  -832
  -879
  -929
  -981
  -1,034
  -1,091
  -1,149
  -1,210
  -1,274
  -1,341
  -1,411
  -1,485
  -1,561
  -1,643
  -1,727
  -1,815
  -1,908
  -2,006
  -2,108
  -2,215
  -2,328
  -2,445
  -2,569
  -2,699
  -2,835
  -2,978
Free cash flow, $m
  -237
  497
  235
  256
  278
  300
  323
  347
  372
  398
  425
  452
  481
  511
  542
  574
  608
  642
  679
  716
  756
  797
  839
  884
  930
  979
  1,030
  1,083
  1,138
  1,197
  1,257
Issuance/(repayment) of debt, $m
  842
  320
  333
  346
  360
  374
  389
  404
  420
  437
  455
  474
  494
  515
  537
  560
  585
  611
  639
  667
  698
  730
  764
  800
  837
  877
  918
  962
  1,008
  1,057
  1,108
Issuance/(repurchase) of shares, $m
  -126
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  645
  320
  333
  346
  360
  374
  389
  404
  420
  437
  455
  474
  494
  515
  537
  560
  585
  611
  639
  667
  698
  730
  764
  800
  837
  877
  918
  962
  1,008
  1,057
  1,108
Total cash flow (excl. dividends), $m
  404
  816
  569
  602
  637
  674
  712
  751
  792
  835
  880
  926
  975
  1,026
  1,079
  1,135
  1,193
  1,254
  1,317
  1,384
  1,454
  1,527
  1,603
  1,684
  1,768
  1,856
  1,948
  2,045
  2,147
  2,253
  2,365
Retained Cash Flow (-), $m
  -101
  -54
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -125
  -131
  -137
  -144
  -151
  -158
  -166
  -173
  -182
Prev. year cash balance distribution, $m
 
  1,413
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  2,175
  514
  545
  578
  612
  648
  685
  723
  763
  805
  849
  894
  941
  991
  1,043
  1,097
  1,153
  1,212
  1,274
  1,339
  1,407
  1,478
  1,552
  1,630
  1,712
  1,797
  1,887
  1,981
  2,080
  2,183
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  2,085
  470
  475
  476
  475
  470
  463
  452
  439
  422
  403
  382
  358
  333
  306
  279
  251
  223
  196
  170
  146
  123
  102
  83
  67
  52
  41
  31
  23
  16
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

WestJet Airlines Ltd. provides scheduled airline services and travel packages. The company offers scheduled flights; operates WestJet Vacations that provides air, hotel, car, and excursion packages, as well as WestJet Encore, a regional airline with a fleet of turboprop aircraft in a network of destinations in Canada, and a destination in the United States; and provides cargo and charter services. As of December 31, 2015, it operated a fleet of 114 Boeing 737 Next Generation aircraft, 24 Bombardier Q400 aircraft, and 2 Boeing 767-300ERW aircraft for approximately 100 destinations in North America, Central America, the Caribbean, and Europe. The company was founded in 1994 and is headquartered in Calgary, Canada.

FINANCIAL RATIOS  of  WestJet Airlines Ltd. variable voting an (WJA)

Valuation Ratios
P/E Ratio 9.1
Price to Sales 0.7
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 3.8
Price to Free Cash Flow -12.2
Growth Rates
Sales Growth Rate 2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.1%
Cap. Spend. - 3 Yr. Gr. Rate 5.3%
Financial Strength
Quick Ratio 11
Current Ratio 0.1
LT Debt to Equity 92.3%
Total Debt to Equity 99.3%
Interest Coverage 8
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 8.1%
Ret/ On T. Cap. - 3 Yr. Avg. 10.2%
Return On Equity 14.7%
Return On Equity - 3 Yr. Avg. 17.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 72%
Gross Margin - 3 Yr. Avg. 69.4%
EBITDA Margin 19.9%
EBITDA Margin - 3 Yr. Avg. 19%
Operating Margin 10.7%
Oper. Margin - 3 Yr. Avg. 12.3%
Pre-Tax Margin 10.1%
Pre-Tax Margin - 3 Yr. Avg. 10.9%
Net Profit Margin 7.2%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 29.1%
Eff/ Tax Rate - 3 Yr. Avg. 28.5%
Payout Ratio 22.7%

WJA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WJA stock intrinsic value calculation we used $4123 million for the last fiscal year's total revenue generated by WestJet Airlines Ltd. variable voting an. The default revenue input number comes from 2016 income statement of WestJet Airlines Ltd. variable voting an. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our WJA stock valuation model: a) initial revenue growth rate of 8.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for WJA is calculated based on our internal credit rating of WestJet Airlines Ltd. variable voting an, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of WestJet Airlines Ltd. variable voting an.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of WJA stock the variable cost ratio is equal to 85.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for WJA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for WestJet Airlines Ltd. variable voting an.

Corporate tax rate of 27% is the nominal tax rate for WestJet Airlines Ltd. variable voting an. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the WJA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for WJA are equal to 92.7%.

Life of production assets of 10.9 years is the average useful life of capital assets used in WestJet Airlines Ltd. variable voting an operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for WJA is equal to -25.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2061 million for WestJet Airlines Ltd. variable voting an - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 118.786 million for WestJet Airlines Ltd. variable voting an is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of WestJet Airlines Ltd. variable voting an at the current share price and the inputted number of shares is $2.7 billion.


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