Jet Airways is still not completely out of the rough weather, despite steering clear of an 'overvalued' merger deal with Air Sahara, according to analysts.While Jet's decision to call off the Air Sahara buyout is a positive development, the valuations are still not compelling, a global investment banking major said in its latest research report sent to its institutional customers.The cost related to the cancellation of the deal would also have an impact on the company's earnings, said the bank, which has maintained its neutral outlook on the company, which was previously downgraded from a positive outlook in January when the deal was signed between Jet and Air Sahara.Jet's share price has plunged nearly 30% since the deal was signed in January, as most of the market analysts have consistently termed it as an overvalued deal and consequently termed the cancellation as a 'blessing in disguse' for Jet Airways.The market also welcomed the decision with a jump of more than 5% in the company's share price on June 21, when the concrete reports came about an imminent cancellation of the deal.The reports of the deal entering a rough patch pushed the share price more than 17% till June 21 since bottoming out at Rs 600 on June 9.Air Sahara's implied valuation of nearly $500 million has been always termed on the higher side by the analysts when compared with Jet's equity value of nearly $2.3 billion, which is calculated to be five-times of Sahara besides having profit-making operations.
