Report
Keith Schoonmaker, CFA
EUR 147.86 For Business Accounts Only

United Beats Consensus and the New Management Team Could Boost Performance, but Challenges Remain

United Continental reported third-quarter results featuring EPS and revenue ahead of consensus. We think United still faces lots of challenges on both the revenue and cost side of the business, but that the new management team has an opportunity to boost performance. We maintain our no-moat rating and $60 per share fair value estimate.
Passenger revenue per available seat mile declined 5.8%, which represents the smallest year-over-year decline in PRASM in 2016. Atlantic fares saw considerable pr...
Underlying
United Airlines Holdings Inc.

United Airlines Holdings is a holding company and its principal, wholly-owned subsidiary is United Airlines, Inc. (United). The company is engaged in the transportation of people and cargo throughout North America and to destinations in Asia, Europe, Africa, the Pacific, the Middle East and Latin America. The company, through United and its regional carriers, operates flights to airports, with its hubs at Newark Liberty International Airport, Chicago O'Hare International Airport, Denver International Airport, George Bush Intercontinental Airport, Los Angeles International Airport, A.B. Won Pat International Airport, San Francisco International Airport and Washington Dulles International Airport.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Keith Schoonmaker, CFA

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