Hybrid Carriers Stand to Benefit From Product Initiatives, but Budding Competition Raises Concerns
We are initiating coverage of JetBlue Airways and Alaska Air Group with no-moat ratings and respective fair value estimates of $19 and $66. JetBlue and Alaska operate a hybrid model that overlaps with domestic legacy carriers and traditional low-cost carriers, in relatively small niche markets. Dissimilar to incumbent legacy carriers, JetBlue and Alaska have avoided bankruptcy over the last two decades and instead reaped the benefits of the industry's consolidation. Like legacy carriers, JetBlue...Alaska Air Group operates two airlines, Alaska Airlines, Inc. (Alaska) and Horizon Air Industries, Inc. (Horizon). The company's operation also includes McGee Air Services, an aviation services provider. The company has three segments: Mainline, which includes scheduled air transportation on Alaska's Boeing or Airbus jet aircraft for passengers and cargo throughout the United States., and in parts of Canada, Mexico, and Costa Rica; Regional, which includes Horizon's and other third-party carriers' scheduled air transportation for passengers across a shorter distance network within the United States under capacity purchase agreements (CPA); and Horizon, which includes the capacity sold to Alaska under CPA.
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