What was their trailing PE multiple. Take all the positive ones.

2. If the average multiple were to be applied to Jetblue, what should jetblues price be?

Air Tran Alaska Air America West AMR ATA Continental Delta Frontier Midwest Northwest Ryanair Southwest United WestJet Air Tran Alaska Air America West AMR ATA Continental Delta Frontier Midwest Northwest Ryanair Southwest United WestJet Price/ Book Equity/ Share Share (1) 6.6 29.1 3.5 22.3 15.0 26.2 29.3 17.0 14.6 15.7 32.1 18.5 13.5 15.9 [1/2] 13.5 0.9 0.3 0.6 1.4 1.3 0.9 3.2 1.8 (3.1) 5.8 Market to book multiple 3.5 0.2 28 (2) 0.5 32.1 12.5 35.1 10.8 20.9 32.7 5.4 5.6 8.3 (5.1) 5.5 5.3 59.6 2.8 Actual for 2001 Book Debt/ EBITDA*/ EBIT/ Share Share Share Total capital multiple [(1+3)/(2+3)] 2.4 1.0 0.6 0.9 1.1 1.1 1.0 3.2 1.6 1.3 4.0 (3) 4.0 33.8 10.2 69.3 32.9 82.0 70.3 0.0 2.7 66.9 3.3 1.8 186.2 1.0 2.9 0.8 4.4 Trailing 3.3 (4.3) (7.0) 8.5 9.8 (1.4) 3.2 EBITDA multiple (4) 1.2 [(1+3)/4] 8.6 19.2 (3.2) (13.1) 5.6 11.0 (71.6) 5.3 (298.3) 51.6 26.4 13.4 (5.4) 8.1 (5) 0.8 (6) 0.3 (1.5) (4.4) (16.2) (11.5) (2.0) (2.6) 1.4 (1.6) (9.9) 2.0 (0.1) (1.6) 1.6 1.3 1.5 (37.0) 2.1 (1.7) (6.2) (11.8) 3.0 (1.1) (4.4) (5.0) 0.9 0.7 1.1 0.7 (56.1) (39.6) 1.3 0.8 EBIT multiple [(1+3)/5] 13.0 (37.1) (2.2) Earnings/ Share (5.7) (23.8) 77.0 (8.4) 5.7 (11.0) (18.8) 38.5 18.6 (3.6) 12.7 PE Multiple [1/6] 25.3 (19.3) (0.8) (1.9) (5.7) (16.7) (3.0) 8.4 (13.5) (3.1) 44.0 27.6 (0.3) 19.6 Estimates for 2002 EBIT/ Earnings/ Share Share (7) 0.8 2.7 (4.5) 12.4 (6.4) 11.1 8.4 0.6 1.6 7.2 1.2 1.4 N/A 1.6 (8) 0.3 [(1+3)/7] 13.9 23.3 (3.0) 7.4 (7.5) 9.8 11.8 26.6 11.2 11.5 30.3 14.3 N/A 10.6 (0.8) (4.1) (3.9) (7.2) (1.2) (3.1) 0.4 0.8 (2.5) 0.9 0.7 (15.4) 0.6 Leading EBIT PE multiple multiple [1/8] 20.0 (38.8) (0.8) (5.7) (2.1) (22.4) (9.4) 45.9 17.4 (6.3) 34.1 28.4 (0.9) 26.9 Air Tran Alaska Air America West AMR ATA Continental Delta Frontier Midwest Northwest Ryanair Southwest United WestJet Air Tran Alaska Air America West AMR ATA Continental Delta Frontier Midwest Northwest Ryanair Southwest United WestJet Price/ Book Equity/ Share Share (1) 6.6 29.1 3.5 22.3 15.0 26.2 29.3 17.0 14.6 15.7 32.1 18.5 13.5 15.9 [1/2] 13.5 0.9 0.3 0.6 1.4 1.3 0.9 3.2 1.8 (3.1) 5.8 Market to book multiple 3.5 0.2 28 (2) 0.5 32.1 12.5 35.1 10.8 20.9 32.7 5.4 5.6 8.3 (5.1) 5.5 5.3 59.6 2.8 Actual for 2001 Book Debt/ EBITDA*/ EBIT/ Share Share Share Total capital multiple [(1+3)/(2+3)] 2.4 1.0 0.6 0.9 1.1 1.1 1.0 3.2 1.6 1.3 4.0 (3) 4.0 33.8 10.2 69.3 32.9 82.0 70.3 0.0 2.7 66.9 3.3 1.8 186.2 1.0 2.9 0.8 4.4 Trailing 3.3 (4.3) (7.0) 8.5 9.8 (1.4) 3.2 EBITDA multiple (4) 1.2 [(1+3)/4] 8.6 19.2 (3.2) (13.1) 5.6 11.0 (71.6) 5.3 (298.3) 51.6 26.4 13.4 (5.4) 8.1 (5) 0.8 (6) 0.3 (1.5) (4.4) (16.2) (11.5) (2.0) (2.6) 1.4 (1.6) (9.9) 2.0 (0.1) (1.6) 1.6 1.3 1.5 (37.0) 2.1 (1.7) (6.2) (11.8) 3.0 (1.1) (4.4) (5.0) 0.9 0.7 1.1 0.7 (56.1) (39.6) 1.3 0.8 EBIT multiple [(1+3)/5] 13.0 (37.1) (2.2) Earnings/ Share (5.7) (23.8) 77.0 (8.4) 5.7 (11.0) (18.8) 38.5 18.6 (3.6) 12.7 PE Multiple [1/6] 25.3 (19.3) (0.8) (1.9) (5.7) (16.7) (3.0) 8.4 (13.5) (3.1) 44.0 27.6 (0.3) 19.6 Estimates for 2002 EBIT/ Earnings/ Share Share (7) 0.8 2.7 (4.5) 12.4 (6.4) 11.1 8.4 0.6 1.6 7.2 1.2 1.4 N/A 1.6 (8) 0.3 [(1+3)/7] 13.9 23.3 (3.0) 7.4 (7.5) 9.8 11.8 26.6 11.2 11.5 30.3 14.3 N/A 10.6 (0.8) (4.1) (3.9) (7.2) (1.2) (3.1) 0.4 0.8 (2.5) 0.9 0.7 (15.4) 0.6 Leading EBIT PE multiple multiple [1/8] 20.0 (38.8) (0.8) (5.7) (2.1) (22.4) (9.4) 45.9 17.4 (6.3) 34.1 28.4 (0.9) 26.9