Intrinsic value of Spirit Airlines - SAVE

Previous Close

$45.19

  Intrinsic Value

$132.96

stock screener

  Rating & Target

str. buy

+194%

Previous close

$45.19

 
Intrinsic value

$132.96

 
Up/down potential

+194%

 
Rating

str. buy

We calculate the intrinsic value of SAVE 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  8.45
  10.60
  10.04
  9.54
  9.08
  8.67
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
Revenue, $m
  2,322
  2,568
  2,826
  3,095
  3,377
  3,669
  3,974
  4,291
  4,621
  4,963
  5,319
  5,689
  6,073
  6,473
  6,889
  7,322
  7,772
  8,241
  8,730
  9,240
  9,772
  10,327
  10,907
  11,512
  12,145
  12,807
  13,498
  14,222
  14,980
  15,773
  16,603
Variable operating expenses, $m
 
  1,957
  2,153
  2,359
  2,573
  2,796
  3,028
  3,270
  3,521
  3,782
  4,053
  4,335
  4,628
  4,932
  5,249
  5,579
  5,922
  6,280
  6,652
  7,041
  7,446
  7,869
  8,311
  8,772
  9,255
  9,759
  10,286
  10,837
  11,414
  12,019
  12,651
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
  1,878
  1,957
  2,153
  2,359
  2,573
  2,796
  3,028
  3,270
  3,521
  3,782
  4,053
  4,335
  4,628
  4,932
  5,249
  5,579
  5,922
  6,280
  6,652
  7,041
  7,446
  7,869
  8,311
  8,772
  9,255
  9,759
  10,286
  10,837
  11,414
  12,019
  12,651
Operating income, $m
  444
  611
  673
  737
  804
  873
  946
  1,021
  1,100
  1,181
  1,266
  1,354
  1,445
  1,541
  1,640
  1,743
  1,850
  1,961
  2,078
  2,199
  2,326
  2,458
  2,596
  2,740
  2,891
  3,048
  3,213
  3,385
  3,565
  3,754
  3,951
EBITDA, $m
  545
  723
  796
  872
  951
  1,033
  1,119
  1,208
  1,301
  1,398
  1,498
  1,602
  1,710
  1,823
  1,940
  2,062
  2,189
  2,321
  2,458
  2,602
  2,752
  2,908
  3,071
  3,242
  3,420
  3,606
  3,801
  4,005
  4,218
  4,441
  4,675
Interest expense (income), $m
  40
  44
  53
  62
  71
  81
  92
  102
  114
  125
  137
  150
  163
  176
  191
  205
  221
  236
  253
  270
  288
  307
  327
  347
  369
  391
  414
  439
  464
  491
  519
Earnings before tax, $m
  419
  567
  620
  675
  732
  792
  854
  919
  986
  1,056
  1,129
  1,204
  1,283
  1,364
  1,449
  1,537
  1,629
  1,725
  1,825
  1,929
  2,037
  2,151
  2,269
  2,393
  2,522
  2,657
  2,798
  2,946
  3,101
  3,263
  3,432
Tax expense, $m
  154
  153
  167
  182
  198
  214
  231
  248
  266
  285
  305
  325
  346
  368
  391
  415
  440
  466
  493
  521
  550
  581
  613
  646
  681
  717
  756
  795
  837
  881
  927
Net income, $m
  265
  414
  453
  493
  535
  578
  624
  671
  720
  771
  824
  879
  936
  996
  1,058
  1,122
  1,189
  1,259
  1,332
  1,408
  1,487
  1,570
  1,656
  1,747
  1,841
  1,940
  2,043
  2,151
  2,264
  2,382
  2,506

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  801
  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
  3,152
  2,599
  2,860
  3,133
  3,418
  3,714
  4,023
  4,343
  4,677
  5,024
  5,384
  5,758
  6,147
  6,552
  6,972
  7,410
  7,866
  8,341
  8,836
  9,352
  9,891
  10,453
  11,039
  11,652
  12,293
  12,962
  13,662
  14,395
  15,162
  15,964
  16,804
Adjusted assets (=assets-cash), $m
  2,351
  2,599
  2,860
  3,133
  3,418
  3,714
  4,023
  4,343
  4,677
  5,024
  5,384
  5,758
  6,147
  6,552
  6,972
  7,410
  7,866
  8,341
  8,836
  9,352
  9,891
  10,453
  11,039
  11,652
  12,293
  12,962
  13,662
  14,395
  15,162
  15,964
  16,804
Revenue / Adjusted assets
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
  0.988
Average production assets, $m
  1,155
  1,276
  1,405
  1,538
  1,678
  1,824
  1,975
  2,133
  2,297
  2,467
  2,644
  2,827
  3,018
  3,217
  3,424
  3,639
  3,863
  4,096
  4,339
  4,592
  4,857
  5,133
  5,421
  5,722
  6,036
  6,365
  6,709
  7,068
  7,445
  7,839
  8,252
Working capital, $m
  444
  -303
  -333
  -365
  -398
  -433
  -469
  -506
  -545
  -586
  -628
  -671
  -717
  -764
  -813
  -864
  -917
  -972
  -1,030
  -1,090
  -1,153
  -1,219
  -1,287
  -1,358
  -1,433
  -1,511
  -1,593
  -1,678
  -1,768
  -1,861
  -1,959
Total debt, $m
  982
  1,076
  1,262
  1,456
  1,658
  1,869
  2,089
  2,318
  2,555
  2,802
  3,058
  3,325
  3,602
  3,890
  4,189
  4,501
  4,826
  5,164
  5,516
  5,884
  6,267
  6,667
  7,085
  7,521
  7,977
  8,454
  8,953
  9,474
  10,020
  10,591
  11,190
Total liabilities, $m
  1,757
  1,851
  2,037
  2,231
  2,433
  2,644
  2,864
  3,093
  3,330
  3,577
  3,833
  4,100
  4,377
  4,665
  4,964
  5,276
  5,601
  5,939
  6,291
  6,659
  7,042
  7,442
  7,860
  8,296
  8,752
  9,229
  9,728
  10,249
  10,795
  11,366
  11,965
Total equity, $m
  1,395
  749
  824
  902
  984
  1,070
  1,159
  1,251
  1,347
  1,447
  1,551
  1,658
  1,770
  1,887
  2,008
  2,134
  2,266
  2,402
  2,545
  2,693
  2,849
  3,010
  3,179
  3,356
  3,540
  3,733
  3,935
  4,146
  4,367
  4,598
  4,840
Total liabilities and equity, $m
  3,152
  2,600
  2,861
  3,133
  3,417
  3,714
  4,023
  4,344
  4,677
  5,024
  5,384
  5,758
  6,147
  6,552
  6,972
  7,410
  7,867
  8,341
  8,836
  9,352
  9,891
  10,452
  11,039
  11,652
  12,292
  12,962
  13,663
  14,395
  15,162
  15,964
  16,805
Debt-to-equity ratio
  0.704
  1.440
  1.530
  1.610
  1.680
  1.750
  1.800
  1.850
  1.900
  1.940
  1.970
  2.000
  2.030
  2.060
  2.090
  2.110
  2.130
  2.150
  2.170
  2.180
  2.200
  2.210
  2.230
  2.240
  2.250
  2.260
  2.280
  2.290
  2.290
  2.300
  2.310
Adjusted equity ratio
  0.253
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288
  0.288

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  265
  414
  453
  493
  535
  578
  624
  671
  720
  771
  824
  879
  936
  996
  1,058
  1,122
  1,189
  1,259
  1,332
  1,408
  1,487
  1,570
  1,656
  1,747
  1,841
  1,940
  2,043
  2,151
  2,264
  2,382
  2,506
Depreciation, amort., depletion, $m
  101
  112
  123
  135
  147
  160
  173
  187
  201
  216
  232
  248
  265
  282
  300
  319
  339
  359
  381
  403
  426
  450
  476
  502
  529
  558
  588
  620
  653
  688
  724
Funds from operations, $m
  441
  526
  576
  628
  682
  738
  797
  858
  921
  987
  1,056
  1,127
  1,201
  1,278
  1,358
  1,441
  1,528
  1,619
  1,713
  1,811
  1,913
  2,020
  2,132
  2,249
  2,371
  2,498
  2,631
  2,771
  2,917
  3,070
  3,230
Change in working capital, $m
  -33
  -29
  -30
  -32
  -33
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -68
  -71
  -75
  -78
  -82
  -85
  -89
  -94
  -98
Cash from operations, $m
  474
  555
  606
  659
  715
  773
  833
  895
  960
  1,028
  1,098
  1,171
  1,246
  1,325
  1,407
  1,492
  1,581
  1,674
  1,770
  1,871
  1,976
  2,086
  2,200
  2,320
  2,445
  2,576
  2,713
  2,856
  3,006
  3,163
  3,327
Maintenance CAPEX, $m
  0
  -101
  -112
  -123
  -135
  -147
  -160
  -173
  -187
  -201
  -216
  -232
  -248
  -265
  -282
  -300
  -319
  -339
  -359
  -381
  -403
  -426
  -450
  -476
  -502
  -529
  -558
  -588
  -620
  -653
  -688
New CAPEX, $m
  -541
  -122
  -128
  -134
  -140
  -146
  -151
  -158
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -215
  -224
  -233
  -243
  -253
  -264
  -276
  -288
  -301
  -314
  -329
  -344
  -360
  -376
  -394
  -413
Cash from investing activities, $m
  -826
  -223
  -240
  -257
  -275
  -293
  -311
  -331
  -351
  -371
  -393
  -416
  -439
  -464
  -489
  -515
  -543
  -572
  -602
  -634
  -667
  -702
  -738
  -777
  -816
  -858
  -902
  -948
  -996
  -1,047
  -1,101
Free cash flow, $m
  -352
  332
  366
  402
  440
  480
  521
  565
  609
  656
  705
  755
  807
  862
  918
  977
  1,038
  1,102
  1,168
  1,237
  1,309
  1,384
  1,462
  1,544
  1,629
  1,718
  1,811
  1,908
  2,010
  2,116
  2,227
Issuance/(repayment) of debt, $m
  353
  178
  186
  194
  203
  211
  220
  228
  237
  247
  256
  267
  277
  288
  300
  312
  325
  338
  352
  367
  383
  400
  418
  436
  456
  477
  499
  522
  546
  571
  598
Issuance/(repurchase) of shares, $m
  -102
  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  
  250
  178
  186
  194
  203
  211
  220
  228
  237
  247
  256
  267
  277
  288
  300
  312
  325
  338
  352
  367
  383
  400
  418
  436
  456
  477
  499
  522
  546
  571
  598
Total cash flow (excl. dividends), $m
  -103
  510
  552
  596
  643
  691
  741
  793
  847
  903
  961
  1,021
  1,084
  1,150
  1,218
  1,289
  1,363
  1,440
  1,520
  1,604
  1,692
  1,784
  1,880
  1,980
  2,085
  2,195
  2,309
  2,430
  2,555
  2,687
  2,826
Retained Cash Flow (-), $m
  -170
  -71
  -75
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -121
  -126
  -131
  -137
  -143
  -149
  -155
  -162
  -169
  -176
  -184
  -193
  -202
  -211
  -221
  -231
  -242
Prev. year cash balance distribution, $m
 
  717
  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
 
  1,156
  477
  518
  561
  606
  652
  701
  751
  803
  857
  914
  972
  1,033
  1,097
  1,163
  1,232
  1,303
  1,378
  1,456
  1,537
  1,622
  1,711
  1,803
  1,900
  2,002
  2,108
  2,219
  2,335
  2,456
  2,584
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
 
  1,108
  436
  451
  462
  469
  473
  473
  469
  461
  449
  434
  415
  393
  368
  341
  313
  284
  254
  224
  195
  168
  142
  118
  97
  78
  61
  48
  36
  27
  19
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

Spirit Airlines, Inc. is an airline company. The Company provides air transportation for passengers. As of December 31, 2016, its all-Airbus Fit Fleet operated over 420 daily flights to 59 destinations in the United States, Caribbean and Latin America. As of December 31, 2016, it had a fleet of 95 Airbus single-aisle aircraft, which are referred to as A320 family aircraft and include the A319, A320 and A321 models, which have common design and equipment but differ most notably in fuselage length, service range and seat capacity. As of December 31, 2016, its fleet consisted of 29 A319s, 45 A320ceos, five A320neos and 16 A321ceos. Its Bare Fares offerings are unbundled base fares that remove components included in the price of an airline ticket. It also offers Frill Control, which allows customers to pay only for the options they choose, such as bags, advance seat assignments and refreshments. As of December 31, 2016, its route network included 200 markets served by 59 airports.

FINANCIAL RATIOS  of  Spirit Airlines (SAVE)

Valuation Ratios
P/E Ratio 11.8
Price to Sales 1.3
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow -46.8
Growth Rates
Sales Growth Rate 8.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.5%
Cap. Spend. - 3 Yr. Gr. Rate 93.4%
Financial Strength
Quick Ratio 10
Current Ratio 0.2
LT Debt to Equity 64.4%
Total Debt to Equity 70.4%
Interest Coverage 11
Management Effectiveness
Return On Assets 10.2%
Ret/ On Assets - 3 Yr. Avg. 14%
Return On Total Capital 12.5%
Ret/ On T. Cap. - 3 Yr. Avg. 19%
Return On Equity 20.2%
Return On Equity - 3 Yr. Avg. 24.7%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 40.8%
Gross Margin - 3 Yr. Avg. 38.9%
EBITDA Margin 24.1%
EBITDA Margin - 3 Yr. Avg. 24%
Operating Margin 19.1%
Oper. Margin - 3 Yr. Avg. 20.4%
Pre-Tax Margin 18%
Pre-Tax Margin - 3 Yr. Avg. 19.9%
Net Profit Margin 11.4%
Net Profit Margin - 3 Yr. Avg. 12.6%
Effective Tax Rate 36.8%
Eff/ Tax Rate - 3 Yr. Avg. 36.6%
Payout Ratio 0%

SAVE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SAVE stock intrinsic value calculation we used $2322 million for the last fiscal year's total revenue generated by Spirit Airlines. The default revenue input number comes from 2016 income statement of Spirit Airlines. 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 SAVE stock valuation model: a) initial revenue growth rate of 10.6% 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 SAVE is calculated based on our internal credit rating of Spirit Airlines, 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 Spirit Airlines.
    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 SAVE stock the variable cost ratio is equal to 76.2%.

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 SAVE 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 4.9% for Spirit Airlines.

Corporate tax rate of 27% is the nominal tax rate for Spirit Airlines. 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 SAVE 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 SAVE are equal to 49.7%.

Life of production assets of 11.4 years is the average useful life of capital assets used in Spirit Airlines 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 SAVE is equal to -11.8%. 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 - $1395 million for Spirit Airlines - 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 70.011 million for Spirit Airlines 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 Spirit Airlines at the current share price and the inputted number of shares is $3.2 billion.

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DAL Delta Air Line 60.01 234.52  str.buy
AAL American Airli 58.06 40.24  sell
ALK Alaska Air Gro 68.88 940.30  str.buy
SKYW Skywest 54.20 17.60  str.sell
UAL United Contine 76.50 200.08  str.buy

COMPANY NEWS

▶ United Airlines and American Airlines are feeling new heat from WOW air   [Jan-16-18 03:45PM  American City Business Journals]
▶ Tampa International soars to record passenger numbers with new flights (Video)   [Jan-11-18 04:09PM  American City Business Journals]
▶ Aid group projects 48,000 births in crowded Rohingya camps   [Jan-04-18 11:40PM  Associated Press]
▶ 6 Stocks Trading Below Peter Lynch Value   [Jan-03-18 02:56PM  GuruFocus.com]
▶ Could Rising Fuel Prices Lift Spirit Airlines in 2018?   [Jan-02-18 09:10PM  Motley Fool]
▶ Spirit Airlines and Wall Street Analysts Recommendations   [Jan-01-18 10:31AM  Market Realist]
▶ Spirit Airlines Stock on the Rise Again   [07:31AM  Market Realist]
▶ Court sides with Menards founder in ex-fiancee's lawsuit   [Dec-29-17 01:06PM  Associated Press]
▶ 2017 in Airlines   [07:42AM  Motley Fool]
▶ Feds keep proposed Minnesota copper mine plan alive   [Dec-22-17 06:47PM  Associated Press]
▶ Spirit Airlines' new CEO will see a jump in salary   [09:48AM  American City Business Journals]
▶ Spirit Airlines Plots Its Next CEO Transition   [Dec-16-17 03:20PM  Motley Fool]
▶ How United Continental Stock Reacted to Guidance Update   [Dec-14-17 12:42PM  Market Realist]
▶ Spirit Airlines announces its next CEO   [11:20AM  American City Business Journals]
▶ [$$] Spirit Airlines CFO to Take Top Job in 2019   [10:17AM  The Wall Street Journal]
▶ Spirit Airlines announces its next CEO   [10:10AM  American City Business Journals]
▶ Spirit Airlines Announces Succession Plan   [09:13AM  GlobeNewswire]
▶ Spirit boots breast-feeding woman from plane   [Dec-11-17 06:11PM  Associated Press]
▶ Mother and 2-year-old kicked off Spirit Airlines flight   [Dec-10-17 05:32PM  CBS News Videos]
▶ Spirit Airlines further expanding route network at O'Hare   [Dec-05-17 03:25PM  American City Business Journals]
▶ United, American, Delta Rule Air Travel, But Higher Costs Loom   [12:27PM  Investor's Business Daily]
▶ Spirit Airlines Is Branching Out as It Keeps Expanding   [Nov-30-17 10:35AM  Motley Fool]
▶ Tampa International adding flights to LA and Las Vegas   [Nov-29-17 11:20AM  American City Business Journals]
▶ You Will Regret Missing Out on This Airline Stock   [Nov-28-17 04:29PM  GuruFocus.com]
▶ The shocking amount airlines are making on extra fees   [01:25PM  Yahoo Finance Video]
▶ What Are Analysts Recommending for the Top US Airlines?   [Nov-24-17 10:31AM  Market Realist]
▶ Southwest Airlines Co Stock Poised to Gain New Heights   [Nov-22-17 04:49PM  InvestorPlace]
▶ Some Alabamians won't quit Moore because he never quit them   [Nov-19-17 11:56AM  Associated Press]
▶ 5 of the costliest tweets ever   [11:08AM  MarketWatch]
Financial statements of SAVE
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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