Intrinsic value of Spirit Airlines, Inc. - SAVE

Previous Close

$52.85

  Intrinsic Value

$152.92

stock screener

  Rating & Target

str. buy

+189%

Previous close

$52.85

 
Intrinsic value

$152.92

 
Up/down potential

+189%

 
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

Revenue (in 0001), $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 3.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  29.50
  27.05
  24.85
  22.86
  21.07
  19.47
  18.02
  16.72
  15.55
  14.49
  13.54
  12.69
  11.92
  11.23
  10.60
  10.04
  9.54
  9.09
  8.68
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
Revenue, $m
  4,303
  5,467
  6,826
  8,386
  10,153
  12,130
  14,316
  16,709
  19,307
  22,105
  25,098
  28,283
  31,654
  35,208
  38,942
  42,853
  46,941
  51,206
  55,650
  60,274
  65,083
  70,082
  75,277
  80,675
  86,286
  92,118
  98,182
  104,490
  111,054
  117,888
Variable operating expenses, $m
  3,675
  4,669
  5,829
  7,162
  8,671
  10,359
  12,226
  14,270
  16,488
  18,877
  21,434
  24,154
  27,033
  30,068
  33,256
  36,597
  40,088
  43,730
  47,525
  51,474
  55,581
  59,850
  64,286
  68,897
  73,688
  78,668
  83,847
  89,234
  94,840
  100,676
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
  3,675
  4,669
  5,829
  7,162
  8,671
  10,359
  12,226
  14,270
  16,488
  18,877
  21,434
  24,154
  27,033
  30,068
  33,256
  36,597
  40,088
  43,730
  47,525
  51,474
  55,581
  59,850
  64,286
  68,897
  73,688
  78,668
  83,847
  89,234
  94,840
  100,676
Operating income, $m
  628
  798
  997
  1,224
  1,482
  1,771
  2,090
  2,440
  2,819
  3,227
  3,664
  4,129
  4,621
  5,140
  5,685
  6,257
  6,853
  7,476
  8,125
  8,800
  9,502
  10,232
  10,990
  11,779
  12,598
  13,449
  14,335
  15,255
  16,214
  17,212
EBITDA, $m
  858
  1,090
  1,361
  1,672
  2,024
  2,418
  2,854
  3,331
  3,849
  4,407
  5,004
  5,639
  6,311
  7,020
  7,764
  8,544
  9,359
  10,209
  11,095
  12,017
  12,976
  13,973
  15,009
  16,085
  17,203
  18,366
  19,575
  20,833
  22,142
  23,504
Interest expense (income), $m
  40
  118
  167
  225
  293
  371
  459
  558
  667
  786
  916
  1,056
  1,205
  1,364
  1,533
  1,710
  1,897
  2,092
  2,296
  2,509
  2,731
  2,962
  3,202
  3,451
  3,711
  3,980
  4,260
  4,552
  4,854
  5,169
  5,497
Earnings before tax, $m
  510
  631
  771
  931
  1,111
  1,312
  1,532
  1,773
  2,032
  2,311
  2,608
  2,924
  3,257
  3,608
  3,975
  4,360
  4,762
  5,180
  5,616
  6,069
  6,541
  7,030
  7,539
  8,068
  8,617
  9,189
  9,783
  10,401
  11,045
  11,715
Tax expense, $m
  138
  170
  208
  251
  300
  354
  414
  479
  549
  624
  704
  789
  879
  974
  1,073
  1,177
  1,286
  1,399
  1,516
  1,639
  1,766
  1,898
  2,036
  2,178
  2,327
  2,481
  2,641
  2,808
  2,982
  3,163
Net income, $m
  372
  461
  563
  680
  811
  958
  1,119
  1,294
  1,484
  1,687
  1,904
  2,134
  2,378
  2,634
  2,902
  3,183
  3,476
  3,782
  4,100
  4,431
  4,775
  5,132
  5,504
  5,890
  6,291
  6,708
  7,142
  7,593
  8,063
  8,552

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  6,121
  7,777
  9,709
  11,929
  14,443
  17,255
  20,364
  23,768
  27,463
  31,443
  35,702
  40,232
  45,027
  50,083
  55,394
  60,958
  66,773
  72,840
  79,160
  85,738
  92,579
  99,690
  107,079
  114,759
  122,739
  131,035
  139,661
  148,634
  157,971
  167,693
Adjusted assets (=assets-cash), $m
  6,121
  7,777
  9,709
  11,929
  14,443
  17,255
  20,364
  23,768
  27,463
  31,443
  35,702
  40,232
  45,027
  50,083
  55,394
  60,958
  66,773
  72,840
  79,160
  85,738
  92,579
  99,690
  107,079
  114,759
  122,739
  131,035
  139,661
  148,634
  157,971
  167,693
Revenue / Adjusted assets
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
  0.703
Average production assets, $m
  3,468
  4,407
  5,501
  6,759
  8,184
  9,777
  11,539
  13,468
  15,561
  17,816
  20,229
  22,796
  25,513
  28,378
  31,387
  34,540
  37,835
  41,272
  44,854
  48,581
  52,457
  56,486
  60,673
  65,024
  69,546
  74,247
  79,134
  84,219
  89,509
  95,018
Working capital, $m
  -559
  -711
  -887
  -1,090
  -1,320
  -1,577
  -1,861
  -2,172
  -2,510
  -2,874
  -3,263
  -3,677
  -4,115
  -4,577
  -5,062
  -5,571
  -6,102
  -6,657
  -7,234
  -7,836
  -8,461
  -9,111
  -9,786
  -10,488
  -11,217
  -11,975
  -12,764
  -13,584
  -14,437
  -15,325
Total debt, $m
  3,094
  4,170
  5,426
  6,869
  8,503
  10,330
  12,351
  14,564
  16,966
  19,553
  22,321
  25,266
  28,383
  31,669
  35,121
  38,737
  42,517
  46,461
  50,569
  54,845
  59,291
  63,913
  68,717
  73,708
  78,895
  84,288
  89,895
  95,727
  101,796
  108,115
Total liabilities, $m
  3,979
  5,055
  6,311
  7,754
  9,388
  11,215
  13,237
  15,449
  17,851
  20,438
  23,206
  26,151
  29,268
  32,554
  36,006
  39,622
  43,402
  47,346
  51,454
  55,730
  60,176
  64,798
  69,602
  74,593
  79,781
  85,173
  90,780
  96,612
  102,681
  109,000
Total equity, $m
  2,142
  2,722
  3,398
  4,175
  5,055
  6,039
  7,127
  8,319
  9,612
  11,005
  12,496
  14,081
  15,759
  17,529
  19,388
  21,335
  23,371
  25,494
  27,706
  30,008
  32,403
  34,891
  37,478
  40,166
  42,959
  45,862
  48,881
  52,022
  55,290
  58,692
Total liabilities and equity, $m
  6,121
  7,777
  9,709
  11,929
  14,443
  17,254
  20,364
  23,768
  27,463
  31,443
  35,702
  40,232
  45,027
  50,083
  55,394
  60,957
  66,773
  72,840
  79,160
  85,738
  92,579
  99,689
  107,080
  114,759
  122,740
  131,035
  139,661
  148,634
  157,971
  167,692
Debt-to-equity ratio
  1.440
  1.530
  1.600
  1.650
  1.680
  1.710
  1.730
  1.750
  1.770
  1.780
  1.790
  1.790
  1.800
  1.810
  1.810
  1.820
  1.820
  1.820
  1.830
  1.830
  1.830
  1.830
  1.830
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
  1.840
Adjusted equity ratio
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  372
  461
  563
  680
  811
  958
  1,119
  1,294
  1,484
  1,687
  1,904
  2,134
  2,378
  2,634
  2,902
  3,183
  3,476
  3,782
  4,100
  4,431
  4,775
  5,132
  5,504
  5,890
  6,291
  6,708
  7,142
  7,593
  8,063
  8,552
Depreciation, amort., depletion, $m
  230
  292
  364
  448
  542
  647
  764
  892
  1,031
  1,180
  1,340
  1,510
  1,690
  1,879
  2,079
  2,287
  2,506
  2,733
  2,970
  3,217
  3,474
  3,741
  4,018
  4,306
  4,606
  4,917
  5,241
  5,577
  5,928
  6,293
Funds from operations, $m
  602
  753
  927
  1,128
  1,353
  1,605
  1,883
  2,186
  2,514
  2,867
  3,244
  3,644
  4,067
  4,513
  4,981
  5,470
  5,982
  6,515
  7,070
  7,648
  8,249
  8,873
  9,522
  10,196
  10,896
  11,625
  12,382
  13,170
  13,990
  14,844
Change in working capital, $m
  -127
  -151
  -177
  -203
  -230
  -257
  -284
  -311
  -338
  -364
  -389
  -414
  -438
  -462
  -485
  -508
  -531
  -554
  -578
  -601
  -625
  -650
  -675
  -702
  -729
  -758
  -788
  -820
  -853
  -888
Cash from operations, $m
  730
  904
  1,104
  1,330
  1,583
  1,862
  2,167
  2,497
  2,852
  3,231
  3,633
  4,058
  4,506
  4,975
  5,466
  5,979
  6,513
  7,069
  7,648
  8,249
  8,874
  9,523
  10,197
  10,898
  11,626
  12,383
  13,171
  13,990
  14,844
  15,733
Maintenance CAPEX, $m
  -177
  -230
  -292
  -364
  -448
  -542
  -647
  -764
  -892
  -1,031
  -1,180
  -1,340
  -1,510
  -1,690
  -1,879
  -2,079
  -2,287
  -2,506
  -2,733
  -2,970
  -3,217
  -3,474
  -3,741
  -4,018
  -4,306
  -4,606
  -4,917
  -5,241
  -5,577
  -5,928
New CAPEX, $m
  -791
  -938
  -1,095
  -1,258
  -1,424
  -1,593
  -1,762
  -1,929
  -2,094
  -2,255
  -2,413
  -2,567
  -2,717
  -2,865
  -3,009
  -3,153
  -3,295
  -3,438
  -3,581
  -3,727
  -3,876
  -4,029
  -4,187
  -4,351
  -4,522
  -4,701
  -4,888
  -5,084
  -5,291
  -5,508
Cash from investing activities, $m
  -968
  -1,168
  -1,387
  -1,622
  -1,872
  -2,135
  -2,409
  -2,693
  -2,986
  -3,286
  -3,593
  -3,907
  -4,227
  -4,555
  -4,888
  -5,232
  -5,582
  -5,944
  -6,314
  -6,697
  -7,093
  -7,503
  -7,928
  -8,369
  -8,828
  -9,307
  -9,805
  -10,325
  -10,868
  -11,436
Free cash flow, $m
  -239
  -264
  -283
  -292
  -289
  -273
  -242
  -196
  -134
  -55
  40
  152
  279
  421
  577
  747
  931
  1,126
  1,333
  1,551
  1,780
  2,020
  2,269
  2,528
  2,798
  3,077
  3,366
  3,665
  3,976
  4,297
Issuance/(repayment) of debt, $m
  905
  1,076
  1,256
  1,443
  1,634
  1,828
  2,021
  2,213
  2,402
  2,587
  2,768
  2,944
  3,117
  3,286
  3,452
  3,617
  3,780
  3,944
  4,108
  4,276
  4,446
  4,622
  4,803
  4,991
  5,187
  5,392
  5,607
  5,832
  6,069
  6,319
Issuance/(repurchase) of shares, $m
  115
  119
  113
  97
  69
  26
  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  
  1,020
  1,195
  1,369
  1,540
  1,703
  1,854
  2,021
  2,213
  2,402
  2,587
  2,768
  2,944
  3,117
  3,286
  3,452
  3,617
  3,780
  3,944
  4,108
  4,276
  4,446
  4,622
  4,803
  4,991
  5,187
  5,392
  5,607
  5,832
  6,069
  6,319
Total cash flow (excl. dividends), $m
  781
  931
  1,086
  1,248
  1,414
  1,581
  1,779
  2,017
  2,268
  2,532
  2,808
  3,096
  3,396
  3,707
  4,030
  4,364
  4,711
  5,070
  5,441
  5,827
  6,227
  6,642
  7,072
  7,520
  7,985
  8,469
  8,973
  9,498
  10,045
  10,616
Retained Cash Flow (-), $m
  -487
  -580
  -676
  -777
  -880
  -984
  -1,088
  -1,192
  -1,293
  -1,393
  -1,490
  -1,585
  -1,678
  -1,769
  -1,859
  -1,947
  -2,035
  -2,123
  -2,212
  -2,302
  -2,394
  -2,489
  -2,586
  -2,688
  -2,793
  -2,904
  -3,019
  -3,140
  -3,268
  -3,403
Prev. year cash balance distribution, $m
  273
  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
  567
  352
  410
  471
  534
  597
  690
  825
  975
  1,139
  1,318
  1,511
  1,717
  1,937
  2,171
  2,417
  2,675
  2,946
  3,229
  3,525
  3,833
  4,153
  4,486
  4,832
  5,192
  5,565
  5,954
  6,357
  6,777
  7,213
Discount rate, %
  4.60
  4.83
  5.07
  5.33
  5.59
  5.87
  6.16
  6.47
  6.80
  7.14
  7.49
  7.87
  8.26
  8.67
  9.11
  9.56
  10.04
  10.54
  11.07
  11.62
  12.21
  12.82
  13.46
  14.13
  14.84
  15.58
  16.36
  17.17
  18.03
  18.93
PV of cash for distribution, $m
  542
  320
  354
  383
  407
  424
  454
  500
  539
  572
  595
  609
  612
  605
  587
  561
  526
  485
  439
  391
  341
  293
  246
  203
  163
  129
  100
  75
  55
  40
Current shareholders' claim on cash, %
  96.4
  93.7
  91.6
  90.2
  89.5
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2

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, Inc. (SAVE)

Valuation Ratios
P/E Ratio 13.8
Price to Sales 1.6
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 7.7
Price to Free Cash Flow -54.7
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 $3323 million for the last fiscal year's total revenue generated by Spirit Airlines, Inc.. The default revenue input number comes from 0001 income statement of Spirit Airlines, Inc.. 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 29.5% 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 4.6%, whose default value for SAVE is calculated based on our internal credit rating of Spirit Airlines, Inc., 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, Inc..
    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 85.4%.

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 5.4% for Spirit Airlines, Inc..

Corporate tax rate of 27% is the nominal tax rate for Spirit Airlines, Inc.. 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 80.6%.

Life of production assets of 15.1 years is the average useful life of capital assets used in Spirit Airlines, Inc. 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 -13%. 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 - $1928.504 million for Spirit Airlines, Inc. - 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 68.266 million for Spirit Airlines, Inc. 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, Inc. at the current share price and the inputted number of shares is $3.6 billion.

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