Return to Your Seats and Buckle Your Seatbelts: 2018 Will Be a Critical Test for American
No-moat American Airlines reported fourth-quarter and full-year results on Jan. 25 that featured revenue in line with consensus and an earnings beat. Nonetheless, jitters related to industry capacity expansion sent the shares down following earnings. We think 2018 will be a key test for American and the industry, as it represents the first year in quite some time that a network carrier (United) will dramatically increase capacity. We plan to increase our $49 fair value estimate by about $2, but ...American Airlines Group is a holding company. Through its subsidiaries, the company's business activity is the operation of a primary network carrier, providing scheduled air transportation for passengers and cargo. The company's regional carriers provide scheduled air transportation under American Eagle. The American Eagle carriers include the company's regional carriers Envoy Aviation Group Inc., PSA Airlines, Inc. and Piedmont Airlines, Inc., as well as third-party regional carriers including Republic Airline Inc., Mesa Airlines, Inc., SkyWest Airlines, Inc. and Compass Airlines, LLC. The company's cargo division provides freight and mail services, with facilities and interline connections available across the globe.
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