A forward EPS valuation based on Fishtown Capital's framework: combine guided adjusted earnings with gains on aircraft sales, apply the accretion from repurchasing shares, capitalize the resulting run-rate EPS at a modest P/E, and cross-check the result against book value and the economics of recycling levered aircraft-sale proceeds into buybacks.
as of 2026-07-29
| Target forward P/E | $1.0 $B | $1.5 $B | $2.0 $B | $2.5 $B | $3.0 $B |
|---|---|---|---|---|---|
| 7.0 x | $128.82 | $132.76 | $136.69 | $140.62 | $144.55 |
| 8.0 x | $147.23 | $151.72 | $156.21 | $160.71 | $165.20 |
| 8.5 x | $156.43 | $161.20 | $165.98 | $170.75 | $175.52 |
| 9.5 x | $174.83 | $180.17 | $185.50 | $190.84 | $196.17 |
| 11.0 x | $202.44 | $208.62 | $214.79 | $220.97 | $227.15 |
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