You are using EDITBA multiple approach to estimate the terminal value for JetBlue Airways. Which of the following statements are correct? Select all that apply.

Select one or more:

a. We can use airlines industry average as it will give a representative measure of the entire industry.

b. We should not use industry average multiples as they suffer from outlier effects and lack of comparability.

c. We can use mean EBITDA multiple for low-fare airlines, as these are more comparable to JetBlue.

d. The use of EBITDA multiples for estimating terminal value is not appropriate. PE ratios should be used instead as they capture growth opportunities more accurately.

e. All of the above