Intrinsic value of JetBlue Airways - JBLU

Previous Close

$20.28

  Intrinsic Value

$37.01

stock screener

  Rating & Target

str. buy

+82%

  Value-price divergence*

-81%

Previous close

$20.28

 
Intrinsic value

$37.01

 
Up/down potential

+82%

 
Rating

str. buy

 
Value-price divergence*

-81%

*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 6.8

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  6,632
  6,765
  6,920
  7,098
  7,298
  7,519
  7,762
  8,026
  8,312
  8,620
  8,951
  9,305
  9,683
  10,085
  10,512
  10,966
  11,446
  11,955
  12,493
  13,061
  13,662
  14,295
  14,963
  15,667
  16,408
  17,189
  18,012
  18,877
  19,788
  20,747
  21,755
Variable operating expenses, $m
 
  3,754
  3,841
  3,939
  4,050
  4,173
  4,308
  4,454
  4,613
  4,784
  4,968
  5,164
  5,374
  5,597
  5,834
  6,086
  6,353
  6,635
  6,934
  7,249
  7,582
  7,934
  8,304
  8,695
  9,107
  9,540
  9,997
  10,477
  10,983
  11,514
  12,074
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
  5,473
  5,603
  5,745
  5,901
  6,070
  6,253
  6,447
  6,656
  6,878
  7,115
  7,364
  7,629
  7,909
  8,204
  8,515
  8,843
  9,187
  9,550
  9,930
  10,330
  10,751
  11,191
  11,654
  12,140
  12,649
  13,184
  13,743
  14,331
  14,946
  15,592
Operating income, $m
  1,312
  1,291
  1,318
  1,353
  1,396
  1,449
  1,509
  1,578
  1,656
  1,742
  1,837
  1,940
  2,054
  2,176
  2,308
  2,451
  2,604
  2,768
  2,944
  3,131
  3,331
  3,545
  3,771
  4,012
  4,268
  4,540
  4,828
  5,134
  5,458
  5,800
  6,163
EBITDA, $m
  1,705
  1,693
  1,729
  1,774
  1,830
  1,895
  1,970
  2,055
  2,149
  2,254
  2,368
  2,493
  2,629
  2,775
  2,933
  3,102
  3,284
  3,478
  3,686
  3,907
  4,143
  4,393
  4,660
  4,943
  5,243
  5,561
  5,898
  6,255
  6,633
  7,032
  7,455
Interest expense (income), $m
  0
  42
  45
  50
  54
  60
  66
  72
  79
  87
  96
  104
  114
  124
  135
  147
  159
  172
  186
  200
  216
  232
  249
  267
  286
  306
  327
  349
  373
  397
  423
Earnings before tax, $m
  1,216
  1,250
  1,272
  1,303
  1,342
  1,389
  1,443
  1,506
  1,576
  1,655
  1,741
  1,836
  1,939
  2,052
  2,173
  2,304
  2,445
  2,596
  2,758
  2,931
  3,116
  3,313
  3,522
  3,745
  3,983
  4,234
  4,501
  4,785
  5,085
  5,403
  5,740
Tax expense, $m
  457
  337
  344
  352
  362
  375
  390
  407
  426
  447
  470
  496
  524
  554
  587
  622
  660
  701
  745
  791
  841
  894
  951
  1,011
  1,075
  1,143
  1,215
  1,292
  1,373
  1,459
  1,550
Net income, $m
  759
  912
  929
  951
  980
  1,014
  1,054
  1,099
  1,151
  1,208
  1,271
  1,340
  1,416
  1,498
  1,587
  1,682
  1,785
  1,895
  2,013
  2,140
  2,275
  2,418
  2,571
  2,734
  2,907
  3,091
  3,286
  3,493
  3,712
  3,944
  4,190

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
  8,520
  8,716
  8,940
  9,191
  9,470
  9,775
  10,108
  10,469
  10,857
  11,274
  11,719
  12,195
  12,702
  13,240
  13,811
  14,416
  15,057
  15,734
  16,450
  17,206
  18,004
  18,845
  19,731
  20,665
  21,649
  22,685
  23,775
  24,922
  26,129
  27,399
Adjusted assets (=assets-cash), $m
  8,352
  8,520
  8,716
  8,940
  9,191
  9,470
  9,775
  10,108
  10,469
  10,857
  11,274
  11,719
  12,195
  12,702
  13,240
  13,811
  14,416
  15,057
  15,734
  16,450
  17,206
  18,004
  18,845
  19,731
  20,665
  21,649
  22,685
  23,775
  24,922
  26,129
  27,399
Revenue / Adjusted assets
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
  0.794
Average production assets, $m
  7,008
  7,150
  7,315
  7,503
  7,714
  7,948
  8,204
  8,484
  8,786
  9,112
  9,462
  9,836
  10,235
  10,660
  11,112
  11,591
  12,099
  12,637
  13,205
  13,806
  14,440
  15,110
  15,815
  16,560
  17,343
  18,169
  19,038
  19,954
  20,916
  21,929
  22,995
Working capital, $m
  -811
  -676
  -692
  -710
  -730
  -752
  -776
  -803
  -831
  -862
  -895
  -931
  -968
  -1,009
  -1,051
  -1,097
  -1,145
  -1,196
  -1,249
  -1,306
  -1,366
  -1,429
  -1,496
  -1,567
  -1,641
  -1,719
  -1,801
  -1,888
  -1,979
  -2,075
  -2,175
Total debt, $m
  1,384
  1,297
  1,417
  1,554
  1,708
  1,879
  2,066
  2,270
  2,491
  2,729
  2,985
  3,258
  3,550
  3,860
  4,190
  4,540
  4,911
  5,304
  5,719
  6,158
  6,621
  7,110
  7,626
  8,169
  8,742
  9,345
  9,980
  10,648
  11,351
  12,091
  12,870
Total liabilities, $m
  5,310
  5,223
  5,343
  5,480
  5,634
  5,805
  5,992
  6,196
  6,417
  6,655
  6,911
  7,184
  7,476
  7,786
  8,116
  8,466
  8,837
  9,230
  9,645
  10,084
  10,547
  11,036
  11,552
  12,095
  12,668
  13,271
  13,906
  14,574
  15,277
  16,017
  16,796
Total equity, $m
  4,013
  3,297
  3,373
  3,460
  3,557
  3,665
  3,783
  3,912
  4,051
  4,202
  4,363
  4,535
  4,720
  4,915
  5,124
  5,345
  5,579
  5,827
  6,089
  6,366
  6,659
  6,967
  7,293
  7,636
  7,997
  8,378
  8,779
  9,201
  9,645
  10,112
  10,603
Total liabilities and equity, $m
  9,323
  8,520
  8,716
  8,940
  9,191
  9,470
  9,775
  10,108
  10,468
  10,857
  11,274
  11,719
  12,196
  12,701
  13,240
  13,811
  14,416
  15,057
  15,734
  16,450
  17,206
  18,003
  18,845
  19,731
  20,665
  21,649
  22,685
  23,775
  24,922
  26,129
  27,399
Debt-to-equity ratio
  0.345
  0.390
  0.420
  0.450
  0.480
  0.510
  0.550
  0.580
  0.610
  0.650
  0.680
  0.720
  0.750
  0.790
  0.820
  0.850
  0.880
  0.910
  0.940
  0.970
  0.990
  1.020
  1.050
  1.070
  1.090
  1.120
  1.140
  1.160
  1.180
  1.200
  1.210
Adjusted equity ratio
  0.364
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387
  0.387

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  759
  912
  929
  951
  980
  1,014
  1,054
  1,099
  1,151
  1,208
  1,271
  1,340
  1,416
  1,498
  1,587
  1,682
  1,785
  1,895
  2,013
  2,140
  2,275
  2,418
  2,571
  2,734
  2,907
  3,091
  3,286
  3,493
  3,712
  3,944
  4,190
Depreciation, amort., depletion, $m
  393
  402
  411
  421
  433
  446
  461
  477
  494
  512
  532
  553
  575
  599
  624
  651
  680
  710
  742
  776
  811
  849
  889
  930
  974
  1,021
  1,070
  1,121
  1,175
  1,232
  1,292
Funds from operations, $m
  1,819
  1,314
  1,340
  1,373
  1,413
  1,460
  1,515
  1,576
  1,644
  1,720
  1,803
  1,893
  1,991
  2,097
  2,211
  2,333
  2,465
  2,605
  2,755
  2,915
  3,086
  3,267
  3,460
  3,664
  3,882
  4,112
  4,356
  4,614
  4,887
  5,176
  5,482
Change in working capital, $m
  187
  -13
  -16
  -18
  -20
  -22
  -24
  -26
  -29
  -31
  -33
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -87
  -91
  -96
  -101
Cash from operations, $m
  1,632
  1,327
  1,355
  1,391
  1,433
  1,482
  1,539
  1,602
  1,673
  1,751
  1,836
  1,928
  2,029
  2,137
  2,254
  2,379
  2,513
  2,656
  2,809
  2,972
  3,146
  3,331
  3,527
  3,735
  3,956
  4,190
  4,438
  4,700
  4,978
  5,272
  5,583
Maintenance CAPEX, $m
  0
  -394
  -402
  -411
  -421
  -433
  -446
  -461
  -477
  -494
  -512
  -532
  -553
  -575
  -599
  -624
  -651
  -680
  -710
  -742
  -776
  -811
  -849
  -889
  -930
  -974
  -1,021
  -1,070
  -1,121
  -1,175
  -1,232
New CAPEX, $m
  -1,011
  -142
  -164
  -188
  -211
  -234
  -257
  -279
  -302
  -326
  -350
  -374
  -399
  -425
  -452
  -479
  -508
  -538
  -569
  -601
  -634
  -669
  -706
  -744
  -784
  -826
  -869
  -915
  -963
  -1,013
  -1,065
Cash from investing activities, $m
  -1,045
  -536
  -566
  -599
  -632
  -667
  -703
  -740
  -779
  -820
  -862
  -906
  -952
  -1,000
  -1,051
  -1,103
  -1,159
  -1,218
  -1,279
  -1,343
  -1,410
  -1,480
  -1,555
  -1,633
  -1,714
  -1,800
  -1,890
  -1,985
  -2,084
  -2,188
  -2,297
Free cash flow, $m
  587
  791
  789
  792
  800
  815
  836
  862
  894
  931
  974
  1,023
  1,077
  1,137
  1,203
  1,275
  1,354
  1,439
  1,531
  1,630
  1,736
  1,850
  1,972
  2,102
  2,241
  2,390
  2,548
  2,716
  2,894
  3,084
  3,285
Issuance/(repayment) of debt, $m
  -368
  102
  120
  137
  154
  171
  187
  204
  221
  238
  255
  273
  292
  310
  330
  350
  371
  393
  415
  439
  463
  489
  516
  543
  573
  603
  635
  668
  703
  740
  778
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
  102
  120
  137
  154
  171
  187
  204
  221
  238
  255
  273
  292
  310
  330
  350
  371
  393
  415
  439
  463
  489
  516
  543
  573
  603
  635
  668
  703
  740
  778
Total cash flow (excl. dividends), $m
  115
  893
  909
  929
  955
  986
  1,023
  1,066
  1,115
  1,169
  1,229
  1,296
  1,368
  1,447
  1,533
  1,625
  1,725
  1,831
  1,946
  2,068
  2,199
  2,339
  2,488
  2,646
  2,814
  2,993
  3,183
  3,384
  3,598
  3,824
  4,064
Retained Cash Flow (-), $m
  -803
  -66
  -76
  -87
  -97
  -108
  -118
  -129
  -139
  -150
  -161
  -173
  -184
  -196
  -208
  -221
  -234
  -248
  -262
  -277
  -293
  -309
  -325
  -343
  -361
  -381
  -401
  -422
  -444
  -467
  -491
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
 
  1,609
  833
  842
  857
  878
  905
  937
  975
  1,019
  1,068
  1,123
  1,184
  1,251
  1,325
  1,404
  1,490
  1,584
  1,684
  1,791
  1,907
  2,030
  2,162
  2,303
  2,453
  2,612
  2,782
  2,962
  3,154
  3,357
  3,572
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
 
  1,542
  763
  733
  706
  681
  657
  633
  610
  585
  560
  533
  505
  476
  445
  412
  379
  345
  310
  276
  242
  210
  179
  151
  125
  102
  81
  64
  49
  37
  27
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
Price to Sales 1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 4.2
Price to Free Cash Flow 11
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% 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 105.7%.

Life of production assets of 17.8 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 -10%. 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 $6.8 billion.

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COMPANY NEWS

▶ 18 Airlines That Are Constantly Delayed   [Aug-18-17 12:38PM  24/7 Wall St.]
▶ Nasdaq, S&P 500 Give Up Support; Airline Group Hit Hard   [04:54AM  Investor's Business Daily]
▶ Crew members on Jet Blue flights sickened   [Aug-16-17 06:27PM  ABC News Videos]
▶ U.S. airlines are still making money, just not as much as last year   [02:55PM  American City Business Journals]
▶ 2 health scares midair aboard 2 JetBlue flights   [06:34PM  ABC News Videos]
▶ Heres How You Actually Get Wi-Fi on Your Flight   [Aug-10-17 04:05PM  Fortune]
▶ JetBlue Airways Reports July Traffic   [07:30AM  Business Wire]
▶ The best travel rewards programs to enroll in   [Aug-09-17 01:29PM  Yahoo Finance]
▶ How to score the most comfortable airline seat   [Aug-04-17 05:01PM  MarketWatch]
▶ Which Low Cost Airline Should You Buy?   [Aug-03-17 02:17PM  Barrons.com]
▶ Airlines: Being on time costs way more money   [Jul-31-17 01:23PM  Yahoo Finance Video]
▶ Bulls fly in the airlines   [01:53PM  CNBC Videos]
▶ Airlines facing crisis that could 'put some airlines out of business'   [01:20PM  American City Business Journals]
▶ Airlines facing crisis that could 'put some airlines out of business'   [11:10AM  American City Business Journals]
▶ JetBlue Hikes Fares, and High-Flying Profits Follow   [Jul-25-17 05:17PM  Barrons.com]
▶ JetBlue Is Ready for a Massive Turnaround   [05:13PM  GuruFocus.com]
▶ JetBlue beats Street 2Q forecasts   [04:56PM  Associated Press]
▶ JetBlue reports Q2 profit, revenue beats   [07:44AM  MarketWatch]
▶ JetBlue considering JFK expansion, looking for investors   [02:25PM  American City Business Journals]
▶ Congress investigates airlines over shrinking seats   [01:16PM  Yahoo Finance Video]
▶ Whats Driving JetBlue Airways Valuation?   [07:37AM  Market Realist]
▶ What to Expect from JetBlues Revenue Growth   [10:05AM  Market Realist]
▶ What Analysts Recommend for JetBlue Airways   [08:17AM  Market Realist]
▶ How Deltas Debt Position Looked in 2Q17   [07:39AM  Market Realist]
Stock chart of JBLU Financial statements 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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