Similar to the P/E multiple, the large gap between the trailing and leading estimate is mainly due to
JetBlue’
s large jump in EBIT for 2002 (over 100 perc
ent). JetBlue’s increase in EBIT is magnified by thesample’s increase in the EBIT multiple. The trailing multiple valuation provides a conservative $16.48 per
share ($9.87 per share when using sample median multiple). However, the leading valuation is in line withthe other multiples at $29.08 per share ($19.54 per share when using the median multiple).