Delta Remains the Highest-Quality Network Carrier in Our Airline Coverage
Shares for domestic U.S. airlines traded sharply lower on fears of softening air travel demand and decelerating unit revenue growth following Delta’s investor update. We lowered our fair value estimate to $62 from $63, assuming yield growth will decelerate quicker than we initially anticipated in 2019, with oil prices finishing fiscal 2018 below our $60 Brent midcycle oil price. Our full-year total revenue per available seat mile, or TRASM, forecast for 2019 is now 17.14 cents, lower than the 17...Delta Air Lines provides scheduled air transportation for passengers and cargo. The company serves the Transatlantic, Transpacific and Latin America markets directly on the company and through joint ventures with airline partners. Internationally, the company has hubs and market presence in Amsterdam, London-Heathrow, Mexico City, Paris-Charles de Gaulle and Seoul-Incheon. These arrangements are commercial joint ventures that include joint sales and marketing coordination, co-location of airport facilities and other commercial cooperation arrangements. The company has other businesses arising from its airline operations, including providing maintenance and engineering support for its regional aircraft.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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