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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -134.2x - -148.3x | -141.3x |
| Selected Fwd EBIT Multiple | 27.7x - 30.6x | 29.1x |
| Fair Value | C$0.38 - C$0.75 | C$0.57 |
| Upside | -56.5% - -13.9% | -35.2% |
| Benchmarks | Ticker | Full Ticker |
| United Airlines Holdings, Inc. | UAL * | BMV:UAL* |
| American Airlines Group Inc. | AAL * | BMV:AAL* |
| JetBlue Airways Corporation | JBLU * | BMV:JBLU* |
| Alaska Air Group, Inc. | ALK | NYSE:ALK |
| Mesa Air Group, Inc. | MESA | NasdaqCM:MESA |
| Global Crossing Airlines Group Inc. | JET | TSXV:JET |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| UAL * | AAL * | JBLU * | ALK | MESA | JET | ||
| BMV:UAL* | BMV:AAL* | BMV:JBLU* | NYSE:ALK | NasdaqCM:MESA | TSXV:JET | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.1% | -2.8% | NM- | -3.7% | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 0.5% | -16.7% | -181.8% | 8.7% | 50.2% | 92.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -11.2% | -12.7% | -16.8% | -6.4% | -2.6% | -54.3% | |
| Prior Fiscal Year | 9.8% | 7.7% | -0.3% | 7.8% | -3.3% | -9.9% | |
| Latest Fiscal Year | 9.3% | 6.2% | -1.0% | 7.6% | -7.5% | -0.5% | |
| Latest Twelve Months | 9.3% | 6.2% | -1.0% | 7.6% | -3.0% | -0.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.77x | 0.69x | 0.76x | 0.90x | 0.81x | 0.79x | |
| EV / LTM EBITDA | 5.5x | 6.6x | 14.3x | 7.4x | 12.1x | 34.3x | |
| EV / LTM EBIT | 8.3x | 11.0x | -75.5x | 11.9x | -26.6x | -156.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -75.5x | 8.3x | 11.9x | ||||
| Historical EV / LTM EBIT | -156.6x | -7.6x | -4.9x | ||||
| Selected EV / LTM EBIT | -134.2x | -141.3x | -148.3x | ||||
| (x) LTM EBIT | (1) | (1) | (1) | ||||
| (=) Implied Enterprise Value | 151 | 159 | 167 | ||||
| (-) Non-shareholder Claims * | (138) | (138) | (138) | ||||
| (=) Equity Value | 14 | 22 | 30 | ||||
| (/) Shares Outstanding | 62.1 | 62.1 | 62.1 | ||||
| Implied Value Range | 0.22 | 0.35 | 0.48 | ||||
| FX Rate: USD/CAD | 0.7 | 0.7 | 0.7 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.32 | 0.50 | 0.68 | 0.88 | |||
| Upside / (Downside) | -64.0% | -43.0% | -22.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | UAL * | AAL * | JBLU * | ALK | MESA | JET | |
| Enterprise Value | 44,124 | 37,160 | 7,118 | 10,581 | 385 | 176 | |
| (+) Cash & Short Term Investments | 14,475 | 7,618 | 3,610 | 2,475 | 22 | 12 | |
| (+) Investments & Other | 1,267 | 515 | 510 | 0 | 0 | 0 | |
| (-) Debt | (33,633) | (37,544) | (9,142) | (6,393) | (369) | (150) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 26,233 | 7,749 | 2,096 | 6,663 | 38 | 38 | |
| (/) Shares Outstanding | 327.3 | 657.6 | 392.3 | 123.1 | 41.3 | 62.1 | |
| Implied Stock Price | 80.14 | 11.78 | 5.34 | 54.14 | 0.92 | 0.61 | |
| FX Conversion Rate to Trading Currency | 0.05 | 0.05 | 0.05 | 1.00 | 1.00 | 0.70 | |
| Implied Stock Price (Trading Cur) | 1,605.00 | 236.00 | 107.00 | 54.14 | 0.92 | 0.88 | |
| Trading Currency | MXN | MXN | MXN | USD | USD | CAD | |
| FX Rate to Reporting Currency | 0.05 | 0.05 | 0.05 | 1.00 | 1.00 | 0.70 | |