External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

<ul><li>Tier's offer to acquire Spirit included an all stock consideration of 1.52 shares of Frontier stock for each share of Spirit stock</li><li>Spirit valued the offer at $25.28 per share, totaling $6.2 billion</li><li>Spirit was concerned about Frontier's ability to execute due to their high leverage and limited track record of integration, leading them to explore a potential merger with Jet Blue</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Tier's offer to acquire Spirit included an all stock consideration of 1.52 shares of Frontier stock for each share of Spirit stockSpirit valued the offer at $25.28 per share, totaling $6.2 billionSpirit was concerned about Frontier's ability to execute due to their high leverage and limited track record of integration, leading them to explore a potential merger with Jet BlueThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Spirit Airlines Eetcs (SAVE) - Thursday, Feb 15, 2024

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tbo-tek" target="_blank" data-smartkarma-citation="entities:36284:1" rel="noopener">TBO Tek (0395045D IN)</a> is looking to raise approximately US$200m in its upcoming India IPO.</li>
<li>TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we talk about its refiling updates and undertake a peer comparison.</li>
</ul>



TBO Tek (0395045D IN) is looking to raise approximately US$200m in its upcoming India IPO.
TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.
In our previous note, we talked about the company’s historical performance. In this note, we talk about its refiling updates and undertake a peer comparison.


TBO Tek Pre-IPO - Refiling Updates & Peer Comparison

<ul>
<li>Invest in Spirit 8% bonds due 9/20/2025</li>
<li>Spirit Airlines has strong cash position and available credit</li>
<li>Bonds are guaranteed by Spirit Airlines and backed by assets such as Airbus A320 airplanes</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


Invest in Spirit 8% bonds due 9/20/2025
Spirit Airlines has strong cash position and available credit
Bonds are guaranteed by Spirit Airlines and backed by assets such as Airbus A320 airplanes

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Spirit Airlines (SAV Bonds) - Tuesday, Jan 16, 2024

Founder & Managing Director, AIR Control Tower, AIR Control Tower

Neil Glynn

Founder & Managing Director, AIR Control Tower

AIR Control Tower

AIR Control Tower is an independent research and analysis platform. Its mission is to provide impactful insight and analysis across the global airline industry at a company and market level via detailed financial models to aid decision making for key stake holders at a time when risks have seldom, if ever, been higher and the global sector grapples with the imperative of funding de-carbonisation. Unique analysis forecasting global carrier-level earnings/cash flows, and restructuring/de-leveraging prospects, is designed to dynamically assess the health of the industry, predict surprises and identify potential requirements for third party support.

Insights on the global airline industry

<ul>
<li>1Q24 upgrade from JetBlue increases our confidence that consensus is too low for 2024.</li>
<li>Investor Day on 30 May will provide the next leg of revenue self-help initiatives.</li>
<li>We model a minor net profit of $22m in 2025, versus consensus expectations for further losses, and the next 3 months are crucial for the carrier's long-term prospects.</li>
</ul>


1Q24 upgrade from JetBlue increases our confidence that consensus is too low for 2024.
Investor Day on 30 May will provide the next leg of revenue self-help initiatives.
We model a minor net profit of $22m in 2025, versus consensus expectations for further losses, and the next 3 months are crucial for the carrier's long-term prospects.


JetBlue – Positive 1Q Momentum Inspires Confidence 2024 Can Beat Expectations

<ul>
<li>Spirit Airlines finished 2023 as expected and highlights improving pricing momentum in early 2024 which should drive some margin recovery.</li>
<li>However, we still expect EBITDAR/ASM to finish 2024 down 72% on 2019, with a maximum 50% deficit required to avoid escalating debt. This drives a focus on Chapter 11 risk.</li>
<li>Management is adamant liquidity is sufficient to allow it to recover but significant margin gains, led by pricing expansion despite aggressive growth plans, are required for financial sustainability.</li>
</ul>


Spirit Airlines finished 2023 as expected and highlights improving pricing momentum in early 2024 which should drive some margin recovery.
However, we still expect EBITDAR/ASM to finish 2024 down 72% on 2019, with a maximum 50% deficit required to avoid escalating debt. This drives a focus on Chapter 11 risk.
Management is adamant liquidity is sufficient to allow it to recover but significant margin gains, led by pricing expansion despite aggressive growth plans, are required for financial sustainability.


Spirit Airlines - Summer 2024 a Critical Test of Organic Recovery Prospects

United States

Spirit Airlines Inc. is a low-fare airline based in Miramar, Florida. The Airline provides low-cost travel opportunities principally to and from South Florida, the Caribbean and Latin America. Spirit Airlines basic service combines with a range of optional services for additional fees, targets price sensitive leisure travelers and travelers visiting friends and relatives.

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Spirit Airlines (SAVE US)

Spirit Airlines Eetcs (SAVE) - Thursday, Feb 15, 2024

Spirit was concerned about Frontier's ability to execute due to their high leverage and limited track record of integration, leading them to...

Value Investors Club (VIC)

TBO Tek Pre-IPO - Refiling Updates & Peer Comparison

TBO Tek (0395045D IN) is looking to raise approximately US$200m in its upcoming India IPO. In this note, we talk about its refiling updates and...

Ethan Aw

Spirit Airlines (SAV Bonds) - Tuesday, Jan 16, 2024

Invest in Spirit 8% bonds due 9/20/2025 Spirit Airlines has strong cash position and available credit Bonds are guaranteed by Spirit Airlines and...

Value Investors Club (VIC)

JetBlue – Positive 1Q Momentum Inspires Confidence 2024 Can Beat Expectations

1Q24 momentum at JetBlue sets the scene for a bullish update at Investor Day on 30 May. But we highlight much work to be done to restore JetBlue to...

Neil Glynn

Spirit Airlines - Summer 2024 a Critical Test of Organic Recovery Prospects

Detailed analysis of Spirit's recovery prospects as the market questions if it may need to file for Chapter 11 bankruptcy protection if...

Neil Glynn

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