Intrinsic value of JetBlue Airways - JBLU

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$22.33

  Intrinsic Value

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  Value-price divergence*

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$22.33

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

We calculate the intrinsic value of JBLU 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 7.5

 

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, %
  3.37
  2.90
  3.11
  3.30
  3.47
  3.62
  3.76
  3.88
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.68
  4.72
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
Revenue, $m
  6,632
  6,824
  7,037
  7,269
  7,521
  7,793
  8,086
  8,400
  8,736
  9,094
  9,475
  9,879
  10,308
  10,762
  11,243
  11,751
  12,288
  12,854
  13,452
  14,082
  14,746
  15,446
  16,183
  16,958
  17,775
  18,634
  19,537
  20,487
  21,487
  22,538
  23,642
Variable operating expenses, $m
 
  3,788
  3,905
  4,034
  4,174
  4,325
  4,488
  4,662
  4,848
  5,047
  5,258
  5,483
  5,721
  5,973
  6,240
  6,522
  6,820
  7,134
  7,466
  7,815
  8,184
  8,572
  8,981
  9,412
  9,865
  10,342
  10,843
  11,371
  11,925
  12,508
  13,121
Fixed operating expenses, $m
 
  1,719
  1,762
  1,806
  1,851
  1,897
  1,945
  1,993
  2,043
  2,094
  2,147
  2,200
  2,255
  2,312
  2,370
  2,429
  2,490
  2,552
  2,616
  2,681
  2,748
  2,817
  2,887
  2,959
  3,033
  3,109
  3,187
  3,266
  3,348
  3,432
  3,518
Total operating expenses, $m
  5,320
  5,507
  5,667
  5,840
  6,025
  6,222
  6,433
  6,655
  6,891
  7,141
  7,405
  7,683
  7,976
  8,285
  8,610
  8,951
  9,310
  9,686
  10,082
  10,496
  10,932
  11,389
  11,868
  12,371
  12,898
  13,451
  14,030
  14,637
  15,273
  15,940
  16,639
Operating income, $m
  1,312
  1,318
  1,369
  1,429
  1,496
  1,571
  1,654
  1,745
  1,844
  1,952
  2,069
  2,196
  2,332
  2,477
  2,633
  2,800
  2,978
  3,168
  3,370
  3,586
  3,814
  4,057
  4,314
  4,587
  4,876
  5,183
  5,507
  5,850
  6,213
  6,597
  7,003
EBITDA, $m
  1,705
  1,721
  1,785
  1,858
  1,940
  2,031
  2,132
  2,241
  2,361
  2,490
  2,630
  2,780
  2,941
  3,113
  3,298
  3,495
  3,705
  3,928
  4,166
  4,418
  4,686
  4,970
  5,271
  5,590
  5,927
  6,284
  6,662
  7,061
  7,484
  7,930
  8,401
Interest expense (income), $m
  0
  42
  47
  53
  60
  67
  74
  82
  91
  101
  111
  121
  132
  144
  157
  171
  185
  200
  215
  232
  250
  268
  288
  308
  330
  353
  377
  402
  428
  456
  486
Earnings before tax, $m
  1,216
  1,276
  1,322
  1,375
  1,436
  1,504
  1,579
  1,662
  1,753
  1,852
  1,959
  2,075
  2,199
  2,333
  2,476
  2,630
  2,794
  2,969
  3,155
  3,353
  3,564
  3,788
  4,026
  4,279
  4,546
  4,830
  5,130
  5,448
  5,785
  6,141
  6,517
Tax expense, $m
  457
  345
  357
  371
  388
  406
  426
  449
  473
  500
  529
  560
  594
  630
  669
  710
  754
  802
  852
  905
  962
  1,023
  1,087
  1,155
  1,228
  1,304
  1,385
  1,471
  1,562
  1,658
  1,760
Net income, $m
  759
  932
  965
  1,004
  1,048
  1,098
  1,153
  1,213
  1,280
  1,352
  1,430
  1,514
  1,605
  1,703
  1,808
  1,920
  2,039
  2,167
  2,303
  2,448
  2,602
  2,766
  2,939
  3,124
  3,319
  3,526
  3,745
  3,977
  4,223
  4,483
  4,758

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  971
  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
  9,323
  8,760
  9,033
  9,331
  9,655
  10,004
  10,380
  10,784
  11,214
  11,674
  12,162
  12,682
  13,232
  13,815
  14,432
  15,084
  15,773
  16,501
  17,268
  18,077
  18,930
  19,828
  20,773
  21,769
  22,817
  23,920
  25,080
  26,300
  27,583
  28,931
  30,349
Adjusted assets (=assets-cash), $m
  8,352
  8,760
  9,033
  9,331
  9,655
  10,004
  10,380
  10,784
  11,214
  11,674
  12,162
  12,682
  13,232
  13,815
  14,432
  15,084
  15,773
  16,501
  17,268
  18,077
  18,930
  19,828
  20,773
  21,769
  22,817
  23,920
  25,080
  26,300
  27,583
  28,931
  30,349
Revenue / Adjusted assets
  0.794
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
Average production assets, $m
  7,008
  7,261
  7,487
  7,734
  8,002
  8,292
  8,604
  8,938
  9,295
  9,676
  10,081
  10,511
  10,967
  11,451
  11,962
  12,503
  13,074
  13,677
  14,313
  14,983
  15,690
  16,434
  17,218
  18,044
  18,912
  19,826
  20,787
  21,799
  22,862
  23,980
  25,155
Working capital, $m
  -811
  -1,481
  -1,527
  -1,577
  -1,632
  -1,691
  -1,755
  -1,823
  -1,896
  -1,973
  -2,056
  -2,144
  -2,237
  -2,335
  -2,440
  -2,550
  -2,666
  -2,789
  -2,919
  -3,056
  -3,200
  -3,352
  -3,512
  -3,680
  -3,857
  -4,043
  -4,240
  -4,446
  -4,663
  -4,891
  -5,130
Total debt, $m
  1,384
  1,350
  1,519
  1,704
  1,905
  2,123
  2,356
  2,607
  2,874
  3,159
  3,463
  3,785
  4,127
  4,489
  4,872
  5,277
  5,705
  6,157
  6,633
  7,136
  7,665
  8,223
  8,810
  9,429
  10,079
  10,764
  11,484
  12,242
  13,039
  13,876
  14,757
Total liabilities, $m
  5,310
  5,440
  5,609
  5,794
  5,995
  6,213
  6,446
  6,697
  6,964
  7,249
  7,553
  7,875
  8,217
  8,579
  8,962
  9,367
  9,795
  10,247
  10,723
  11,226
  11,755
  12,313
  12,900
  13,519
  14,169
  14,854
  15,574
  16,332
  17,129
  17,966
  18,847
Total equity, $m
  4,013
  3,320
  3,423
  3,536
  3,659
  3,792
  3,934
  4,087
  4,250
  4,424
  4,610
  4,806
  5,015
  5,236
  5,470
  5,717
  5,978
  6,254
  6,545
  6,851
  7,174
  7,515
  7,873
  8,251
  8,648
  9,066
  9,505
  9,968
  10,454
  10,965
  11,502
Total liabilities and equity, $m
  9,323
  8,760
  9,032
  9,330
  9,654
  10,005
  10,380
  10,784
  11,214
  11,673
  12,163
  12,681
  13,232
  13,815
  14,432
  15,084
  15,773
  16,501
  17,268
  18,077
  18,929
  19,828
  20,773
  21,770
  22,817
  23,920
  25,079
  26,300
  27,583
  28,931
  30,349
Debt-to-equity ratio
  0.345
  0.410
  0.440
  0.480
  0.520
  0.560
  0.600
  0.640
  0.680
  0.710
  0.750
  0.790
  0.820
  0.860
  0.890
  0.920
  0.950
  0.980
  1.010
  1.040
  1.070
  1.090
  1.120
  1.140
  1.170
  1.190
  1.210
  1.230
  1.250
  1.270
  1.280
Adjusted equity ratio
  0.364
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379
  0.379

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  759
  932
  965
  1,004
  1,048
  1,098
  1,153
  1,213
  1,280
  1,352
  1,430
  1,514
  1,605
  1,703
  1,808
  1,920
  2,039
  2,167
  2,303
  2,448
  2,602
  2,766
  2,939
  3,124
  3,319
  3,526
  3,745
  3,977
  4,223
  4,483
  4,758
Depreciation, amort., depletion, $m
  393
  403
  416
  430
  445
  461
  478
  497
  516
  538
  560
  584
  609
  636
  665
  695
  726
  760
  795
  832
  872
  913
  957
  1,002
  1,051
  1,101
  1,155
  1,211
  1,270
  1,332
  1,398
Funds from operations, $m
  1,819
  1,335
  1,381
  1,434
  1,493
  1,559
  1,631
  1,710
  1,796
  1,889
  1,990
  2,098
  2,215
  2,339
  2,472
  2,614
  2,766
  2,927
  3,098
  3,280
  3,474
  3,679
  3,896
  4,126
  4,370
  4,627
  4,900
  5,188
  5,493
  5,815
  6,155
Change in working capital, $m
  187
  -42
  -46
  -50
  -55
  -59
  -64
  -68
  -73
  -78
  -83
  -88
  -93
  -99
  -104
  -110
  -116
  -123
  -130
  -137
  -144
  -152
  -160
  -168
  -177
  -186
  -196
  -206
  -217
  -228
  -240
Cash from operations, $m
  1,632
  1,688
  1,427
  1,484
  1,548
  1,618
  1,694
  1,778
  1,869
  1,967
  2,073
  2,186
  2,308
  2,438
  2,577
  2,725
  2,882
  3,050
  3,228
  3,417
  3,618
  3,830
  4,056
  4,294
  4,547
  4,814
  5,096
  5,395
  5,710
  6,043
  6,395
Maintenance CAPEX, $m
  0
  -392
  -403
  -416
  -430
  -445
  -461
  -478
  -497
  -516
  -538
  -560
  -584
  -609
  -636
  -665
  -695
  -726
  -760
  -795
  -832
  -872
  -913
  -957
  -1,002
  -1,051
  -1,101
  -1,155
  -1,211
  -1,270
  -1,332
New CAPEX, $m
  -1,011
  -205
  -226
  -247
  -268
  -290
  -312
  -334
  -357
  -381
  -405
  -430
  -456
  -483
  -511
  -541
  -571
  -603
  -636
  -671
  -707
  -744
  -784
  -825
  -869
  -914
  -961
  -1,011
  -1,063
  -1,118
  -1,175
Cash from investing activities, $m
  -1,045
  -597
  -629
  -663
  -698
  -735
  -773
  -812
  -854
  -897
  -943
  -990
  -1,040
  -1,092
  -1,147
  -1,206
  -1,266
  -1,329
  -1,396
  -1,466
  -1,539
  -1,616
  -1,697
  -1,782
  -1,871
  -1,965
  -2,062
  -2,166
  -2,274
  -2,388
  -2,507
Free cash flow, $m
  587
  1,092
  798
  821
  850
  883
  922
  966
  1,015
  1,070
  1,130
  1,196
  1,267
  1,345
  1,429
  1,519
  1,617
  1,721
  1,832
  1,951
  2,079
  2,214
  2,359
  2,512
  2,676
  2,849
  3,033
  3,229
  3,436
  3,655
  3,887
Issuance/(repayment) of debt, $m
  -368
  155
  169
  185
  201
  217
  234
  250
  268
  285
  303
  322
  342
  362
  383
  405
  428
  452
  476
  502
  529
  558
  587
  618
  651
  685
  720
  758
  797
  838
  881
Issuance/(repurchase) of shares, $m
  -89
  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  
  -472
  155
  169
  185
  201
  217
  234
  250
  268
  285
  303
  322
  342
  362
  383
  405
  428
  452
  476
  502
  529
  558
  587
  618
  651
  685
  720
  758
  797
  838
  881
Total cash flow (excl. dividends), $m
  115
  1,247
  967
  1,006
  1,051
  1,100
  1,156
  1,216
  1,283
  1,355
  1,434
  1,518
  1,609
  1,707
  1,812
  1,924
  2,044
  2,172
  2,309
  2,454
  2,608
  2,772
  2,946
  3,131
  3,326
  3,534
  3,754
  3,986
  4,232
  4,493
  4,768
Retained Cash Flow (-), $m
  -803
  -89
  -103
  -113
  -123
  -133
  -143
  -153
  -163
  -174
  -185
  -197
  -209
  -221
  -234
  -247
  -261
  -276
  -291
  -307
  -323
  -340
  -358
  -377
  -397
  -418
  -440
  -462
  -486
  -511
  -537
Prev. year cash balance distribution, $m
 
  782
  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
 
  1,940
  864
  893
  928
  968
  1,013
  1,064
  1,120
  1,181
  1,248
  1,321
  1,401
  1,486
  1,578
  1,677
  1,783
  1,897
  2,018
  2,147
  2,285
  2,432
  2,588
  2,753
  2,929
  3,116
  3,314
  3,524
  3,746
  3,981
  4,231
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
 
  1,860
  791
  777
  764
  750
  735
  719
  700
  678
  654
  628
  598
  565
  530
  492
  453
  413
  372
  331
  290
  252
  215
  180
  149
  121
  97
  76
  58
  43
  32
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

JetBlue Airways Corporation, a passenger carrier company, provides air transportation services. As of December 31, 2016, the company operated a fleet of 37 Airbus A321 aircraft, 130 Airbus A320 aircraft, and 60 Embraer E190 aircraft. It also served 100 destinations in 29 states in the United States, the District of Columbia, the Commonwealth of Puerto Rico, the U.S. Virgin Islands, and 21 countries in the Caribbean and Latin America. JetBlue Airways Corporation was founded in 1998 and is based in Long Island City, New York.

FINANCIAL RATIOS  of  JetBlue Airways (JBLU)

Valuation Ratios
P/E Ratio 9.9
Price to Sales 1.1
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 4.6
Price to Free Cash Flow 12.1
Growth Rates
Sales Growth Rate 3.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.4%
Cap. Spend. - 3 Yr. Gr. Rate 9.7%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 29.8%
Total Debt to Equity 34.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 8.4%
Ret/ On Assets - 3 Yr. Avg. 7.3%
Return On Total Capital 14.5%
Ret/ On T. Cap. - 3 Yr. Avg. 12.3%
Return On Equity 21%
Return On Equity - 3 Yr. Avg. 20.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 76.6%
Gross Margin - 3 Yr. Avg. 68.8%
EBITDA Margin 24.3%
EBITDA Margin - 3 Yr. Avg. 21%
Operating Margin 19.8%
Oper. Margin - 3 Yr. Avg. 17.2%
Pre-Tax Margin 18.3%
Pre-Tax Margin - 3 Yr. Avg. 15.4%
Net Profit Margin 11.4%
Net Profit Margin - 3 Yr. Avg. 9.6%
Effective Tax Rate 37.6%
Eff/ Tax Rate - 3 Yr. Avg. 37.2%
Payout Ratio 0%

JBLU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JBLU stock intrinsic value calculation we used $6632 million for the last fiscal year's total revenue generated by JetBlue Airways. The default revenue input number comes from 2016 income statement of JetBlue Airways. 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 JBLU stock valuation model: a) initial revenue growth rate of 2.9% 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 JBLU is calculated based on our internal credit rating of JetBlue Airways, 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 JetBlue Airways.
    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 JBLU stock the variable cost ratio is equal to 55.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1677 million in the base year in the intrinsic value calculation for JBLU 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 JetBlue Airways.

Corporate tax rate of 27% is the nominal tax rate for JetBlue Airways. 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 JBLU 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 JBLU are equal to 106.4%.

Life of production assets of 18 years is the average useful life of capital assets used in JetBlue Airways 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 JBLU is equal to -21.7%. 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 - $4013 million for JetBlue Airways - 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 337.073 million for JetBlue Airways 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 JetBlue Airways at the current share price and the inputted number of shares is $7.5 billion.


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COMPANY NEWS

▶ Airline Investors Are Ignoring Falling Fuel Prices   [Jun-21-17 04:20PM  Motley Fool]
▶ How to Make the Airport Experience More Traveler-Friendly   [Jun-20-17 11:01PM  The Wall Street Journal]
▶ JetBlue Gets Two-Notch Upgrade, Almost Out of Junk Tier   [Jun-19-17 05:07PM  Barrons.com]
▶ Airline Industry News And Stocks To Watch   [11:36AM  Investor's Business Daily]
▶ You Just Voted This the Worst Airline In the United States   [Jun-18-17 06:00PM  TheStreet.com]
▶ Spirit Airlines Capacity Is Growing the Fastest among Peers   [Jun-16-17 03:06PM  Market Realist]
▶ JetBlue Airways Reduced Capacity Growth in May 2017   [Jun-14-17 05:00PM  Market Realist]
▶ Southwest Airlines Capacity Growth Is Slowing   [01:48PM  Market Realist]
▶ Airline Industry Outlook - June 2017   [Jun-13-17 04:25PM  Zacks]
▶ JetBlue Airways Reports May Traffic   [Jun-12-17 04:30PM  Business Wire]
▶ How Delta Air Lines Stock Performed after Traffic Release   [Jun-06-17 07:38AM  Market Realist]
▶ 2 men charged with trafficking cocaine on commercial flight   [Jun-05-17 08:14PM  Associated Press]
▶ 4 U.S. Airlines Are In Buy Range As Delta Reports Strong Revenue   [Jun-02-17 04:10PM  Investor's Business Daily]
▶ American Express: A Win is a Win   [04:20PM  Barrons.com]
▶ FAA investigating fire aboard JetBlue flight   [May-31-17 07:18PM  CBS News Videos]
▶ JetBlue will test facial-recognition boarding technology in Boston   [12:55PM  American City Business Journals]
▶ JetBlue exec talks upcoming RDU nonstop destinations   [May-30-17 03:00PM  American City Business Journals]
▶ These Airlines Emerge As Top Anti-Dragging Rivals To United   [May-26-17 04:03PM  Investor's Business Daily]
▶ TSA: More screening ahead of summer travels   [May-25-17 01:59PM  Yahoo Finance Video]
▶ TSA ramps up security yet again   [01:59PM  Yahoo Finance Video]
▶ Industry News And Stocks To Watch   [May-24-17 02:30PM  Investor's Business Daily]
▶ JetBlue Airways Sees Brighter Skies Ahead   [11:20AM  Motley Fool]
▶ Now There Are 3 Airline Stocks In Buy Range As Summer Travel Nears   [May-23-17 04:12PM  Investor's Business Daily]
▶ Why JetBlue is Flying   [12:13PM  Barrons.com]
▶ JetBlue Shares Lift Off on Raised Outlook   [10:51AM  TheStreet.com]
▶ JetBlue Shares Take Off on Raised Outlook   [09:52AM  TheStreet.com]
▶ JetBlue Honors Public Servants for Inspiring Humanity   [May-22-17 10:30AM  Business Wire]
▶ David Ortiz: 'It's so easy to blow money'   [May-19-17 01:07PM  Yahoo Finance]
▶ Southwest CEO casts a wary eye on new Cuba flights   [May-18-17 04:10PM  American City Business Journals]
▶ [$$] The Best (and Worst) Frequent-Flier Programs   [12:23PM  The Wall Street Journal]
Stock chart of JBLU Financial statements of JBLU Annual reports of JBLU
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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