Forecasts may tell you a great deal about the forecaster; they tell you nothing about the future.Similarly, a multiples-based approach cannot be used because the only listed competitors are SpiceJet and IndiGo, both of whom have a different business model. And remember Jet is not comparable in its current form to competitors. If one forces such a valuation, it will be misleading at best. Ironically because competitor multiples have witnessed an expansion due to the situation at Jet.
Show me the incentive and I will show you the outcome.