Again, the median figure was most representative of the sample (as it disregarded unusual outlying high andlow performers), and provided a valuation of $27.50 for JetBlue. This valuation is slightly below the rangeof the leading and trailing values generated by the P/E multiple ($28 to $34). The valuation estimate dropsto $24.93 per share when using the average total capital multiple from the sample group. However, the median figure is still conservative as it is below the 2.88 multiple of Southwest. Southwest provides the
closest proxy to JetBlue, because JetBlue duplicated Southwest’s operational practices in the unclaimed
New York hub market.