Delta Turns On Seat Belt Sign Amid Geopolitical Turbulence, but Our Long-Term Thesis Is Intact
Following fourth-quarter results and new guidance for 2019, we are lowering our fair value estimate for Delta Air Lines to $61 per share from $62. However, our long-term thesis is intact, and Delta remains the highest-quality airline among the North American carriers we cover with its investment-grade balance sheet, unique route structure, and persistent revenue premium. Our lowered fair value estimate rests on growing challenges for the global air travel market, like gridlock in Washington and ...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.
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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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