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ICICI Securities Report
SpiceJet Ltd. reported loss of Rs 12.5 billion in FY21 (ex-forex), in line with expectations.
Balance sheet position is weak with negative equity of Rs 26 billion and gross borrowing without lease liability of Rs 44 billion as at FY21-end.
We now estimate revenues at Rs 73.6 billion/Rs 136 billion and PAT at Rs (-) 8.9 billion / +4.7 billion for FY22E/FY23E.
We value Spicejet at Rs 85 (15x FY23E earnings adjusted for 25% tax rate since it does not pay any tax, which translates to a multiple of 11x).
Recapitalisation remains the key.
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