Raising Fair Value Estimate After United Impresses With Third-Quarter Results; Shares Fairly Valued
We raised our fair value estimate to $87 from $85 after incorporating no-moat United’s third-quarter results. United’s choice to pursue an aggressive growth strategy in domestic markets is yielding positive results, with passenger yields showing 4% year-over-year growth and pretax margins remaining above 9.5%. We raised our capacity growth assumptions for 2018 to reflect an increase in United’s regional capacity. We now model 9% regional capacity growth in 2018, which coincides with 5% systemwid...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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