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17	member 12/06/24 4:07PM JBLU - Cutting Routes
According to press articles out, JBLU will cease operating flights from popular US cities, including multiple routes from New York's JFK for the foreseeable future. Specifically, JBLU is cancelling routes from JFK to Austin, Houston... login to read the rest 1 view available tags
16	member 11/19/24 1:39PM SAVE Bankruptcy
The recently announced bankruptcy of SAVE is important to consider and review as it provides a framework for the likely future of JBLU. From a high level SAVE and JBLU have been under the same structural... login to read the rest 1 view available tags
15	member 11/06/24 4:35PM JBLU - 3Q24 Earnings
Summary No change to the short thesis. Although JBLU's business showed some improvement in performance vs. 3Q23, the Company remains in a very challenged position and management provided a relatively negative outlook for 4Q24. This sent... login to read the rest 1 view available tags
14	member 8/21/24 7:32PM JBLU - New Financing
Summary No change to the short thesis. JBLU recently completed a series of financing transactions, detailed below. While the financing transactions increase the "option value" of JBLU's equity as they provide the Company with the necessary... login to read the rest 1 view available tags
13	member 8/04/24 2:17PM Re: Re: JetForward 12
Thank you very much for both a thorough response and a thorough initial idea post. view available tags
12	member 7/31/24 7:33AM Re: JetForward 10
Please see my earnings post view available tags
11	member 7/30/24 11:05PM JBLU - 2Q24 Earnings
Summary No change to the short thesis. JBLU's business continues to deteriorate and management is projecting weak performance in their 3Q24 and FY2024 guidance. ASMs are declining, PRASM is declining and CASM-Ex is projected to continue... login to read the rest 2 view available tags
10	member 7/30/24 3:07PM JetForward
Do you have updated thoughts on JBLU following today's earnings release and future year targets? view available tags
9	member 3/25/24 9:33AM Re: Re: Re: Re: airlines... 8
Ok, thanks for the detailed response. I guess ultimately icahn sees the assets as valuation support. What exactly jblu does between now and if/when the asset value is realized will all depend how market conditions... login to read the rest view available tags
8	member 3/25/24 6:55AM Re: Re: Re: airlines... 7
Afgtt, To your point, I think JBLU is doing the right thing as far as removing what it appears to be unprofitable routes. I think these actions are “directionally correct” and should help improve the profitability... login to read the rest view available tags
7	member 3/22/24 10:20AM Re: Re: airlines... 6
Do the moves from JBLU this week suggest JBLU is on a different path than the "growth" LCC playbook. What I laid out in post #4 seemed like the obvious thing to do - pare... login to read the rest view available tags
6	member 3/15/24 10:54AM Re: airlines... 5
Motherlode, Thank you for your message. You're raising a great point. I think what you're saying is correct. Boeing's production issues are causing a plane shortage right now and any constraints on capacity growth are going... login to read the rest view available tags
5	member 3/13/24 10:12AM airlines...
This was a great write-up. I shorted some JBLU because I thought it was fundamentally sound. I agree that the ULCC segment is in danger, as its inability to grow imperils its cost advantage as... login to read the rest 3 view available tags
4	member 2/13/24 2:09PM Re: Re: Re: Icahn 3
I'm not close to this but i'm seeing his cost base somewhere around 1/2 book and potentially an even lower value on liquidation (aircraft values up, slot values up, loyalty program not captured by GAAP,... login to read the rest view available tags
3	member 2/13/24 11:19AM Re: Re: Icahn 2
Realistically what can he do? If they cut growth casm-x goes way up. They are a high cost carrier trying to play the premium game. I'm confused about what Icahn can do except force them 1 view available tags
2	member 2/13/24 11:01AM Re: Icahn 1
Icahn and airlines always makes me think of the drama of TWA. Hard business to make money in unless you're Paul Reeder and can print a ~20% CAGR over 30 years in airlines. A true... login to read the rest 1 view available tags
1	member 2/13/24 8:34AM Icahn
Activist investor Carl Icahn disclosed a 9.91% stake in JetBlue Airways Corp., calling the stock undervalued, and said he’s had talks with management about the possibility of representation on the board. The move by the 87-year-old former corporate raider... login to read the rest view available tags

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			2012	2013
Price:	15.26	EPS	$0.54	$0.85
Shares Out. (in M):	61	P/E	28.3x	18.0x
Market Cap (in $M):	927	P/FCF	25.4x	13.5x
Net Debt (in $M):	-51	EBIT	48	85
TEV (in $M):	876	TEV/EBIT	18.4x	10.4x

Description

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