United Catches Tailwind in 1Q; FVE Maintained, and Shares Still a Bit Undervalued
No-moat United Airlines reported first-quarter results that featured an earnings per share beat and guidance that boosted the lower end of its 2018 EPS outlook by $0.50 to $7. We didn’t cut our valuation after United revealed aggressive capacity expansion earlier this year; now we’re encouraged by these first-quarter results and maintain our $80 fair value estimate. Assuming a solid economic backdrop and that the domestic market absorbs capacity growth, we think United will catch a tailwind for ...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.
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