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EasyJet plc
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=== Comparative company analysis === A relative valuation has been undertaken by using key metrics such as EV/Revenue and EV/EBITDA and comparing these across companies operating in the low-cost airline industry. {| class="wikitable" ! ! colspan="7" |Market Data ! ! colspan="2" |Financials ! ! colspan="2" |Valuation Ratios |- |'''Company''' |'''Ticker''' |'''Share Price''' |'''Currency''' |'''Shares Out /millions''' |'''Equity Value /millions''' |'''Net Debt /millions''' |'''Enterprise Value /millions''' | |'''Revenue /millions''' |'''EBITDA /millions''' | |'''EV/Revenue''' |'''EV/EBITDA''' |- |easyJet plc |LSE:EZJ |4.62 |GBP |758 |3,501 |150 |3,652 | |6,960 |234 | |0.52 |15.61 |- |Wizz Air Holdings plc |LSE:WIZZ |25.49 |GBP |103 |2,633 |3,890 |6,523 | |3,900 | -387 | |1.67 |N/A |- |Ryanair Holdings plc |ISE:RYA |15.83 |EUR |1,140 |18,046 | -540 |17,506 | |10,780 |2,370 | |1.62 |7.39 |- |Jet2 plc |LSE:JET2 |11.55 |GBP |214 |2,480 | -1,240 |1,240 | |5,030 |513 | |0.25 |2.42 |- |JetBlue Airways Corporation |NSQ:JBLU |8.28 |USD |328 |2,715 |2,750 |5,465 | |9,750 |594 | |0.56 |9.20 |- |Southwest Airlines Co. |NSQ:LUV |37.25 |USD |595 |22,166 | -2,290 |19,876 | |24,830 |2,120 | |0.80 |9.38 |- |Spirit Airlines, Inc. |LSE:0L8U |19.21 |USD |68 |1,311 |4,830 |6,141 | |5,450 |169 | |1.13 |36.35 |- |Allegiant Travel Company |NSE:ALGT |123.95 |USD |18 |2,284 |1,210 |3,494 | |2,450 |361 | |1.43 |9.68 |- |Frontier Group Holdings, Inc. |NSE:ULCC |9.42 |USD |219 |2,058 |2,280 |4,338 | |3,570 | -23 | |1.22 |N/A |} {| class="wikitable" !easyJet plc valuation !EV/Revenue !EV/EBITDA |- |Average Comparable Ratio |1.08 |12.4 |- |Implied Enterprise Value |7,516 |2,901 |- |Net Debt |150 |150 |- |Implied Equity Value |7,367 |2,752 |- |Shares Outstanding |758 |758 |- |Implied Value Per Share |9.72 |3.63 |- |'''Average''' | colspan="2" |'''6.67''' |- |'''Current Share Price''' | colspan="2" |'''4.46''' |- |Difference | colspan="2" |''49.6%'' |} It can be seen that the implied share price by comparing EV/Revenue ratios versus EV/EBITDA ratios is very different. This highlights the limitation to this method of valuation.
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