Sorry, a little frustrated here as I wrote an answer and it didn't seem to stick.
So let's try this again. The problem with indigo is that it has averaged negative revenue growth over the past 5 years (-2% annually), so negative growth is never something investors want to see. While the recent quarter was a good one, I do like to compare it against pre-pandemic levels because there are easy comps agaainst covid numbers.
That being said, it delivered a strong quarter and on a TTM basis, revenue rose to $1.04B - the first time it eclipsed that mark over a 12 month period since 2019. So that is great news and a sign that perhaps it is ready to move forward. Since there is no guidance or analysts growth estimates, it is difficutl to pinpoint growth rates.
In terms of valuation, it is trading at 25.5 times forward earnings. In comparison, TOY is trading at 18X an both ave a similar book value (around 2X). The huge discrepancy is on a P/S basis, but worth noting that Indigo's five year average is around 0.23 - so they aren't directly comparable. Of note, since the pandemic, Indigo's P/S ratio has be at or below 0.1 but now that it is on the very of reaching pre-pandemic revenue levels, perhaps that it will return to start trading near 2019 levels which was around 0.2 - that would mean a meaningful uptick from here.
The fact the company has no debt and is trading at less than cash on the balance sheet is definitely attractive. It really does limit the company's downside. I'd say overall, there is a very attractive risk to reward ratio here. This assumes of course, the company continues to have strong quarters and demonstrates an ability to grow the business.
Mat