Bellwether Delta Points to Clearer Skies for Airlines; Planning to Increase FVE
No-moat Delta Air Lines reported fourth-quarter and full-year 2017 results. We’re encouraged by the evolution in passenger revenue per available seat mile, which grew 4.9% this quarter on a year-over-year basis due to firming yields and robust load factors. Against this backdrop of improving pricing, we think airline stocks could be poised for a strong second half in 2018 due to falling fuel prices. We’re planning to raise our fair value estimate for Delta by about $3 because of a slightly impro...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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