We Plan to Raise Our Fair Value Estimate After United Flies Above First-Quarter Expectations
We plan to raise our fair value estimate around 2%-3% for no-moat United Airlines due to time value of money adjustments and after the carrier lowered CASM-ex (non-fuel unit costs) while simultaneously managing MAX groundings, a government shutdown, and spurts of severe weather in the first quarter. Concurrent with United’s lower year-over-year non-fuel unit costs, it grew unit revenue thanks to decent results in Latin American and Pacific markets. We find United’s late-cycle results impressive,...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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