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United Airlines Holdings Inc UAL

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United Improves Operating Results, but Pandemic-Related Difficulties Continue to Weigh on the Firm

Burkett Huey, CFA Equity Analyst

Analyst Note

| Burkett Huey, CFA |

No-moat United Airlines reported a difficult fourth quarter of 2020, as the pandemic continues to dramatically reduce travel demand. We’re maintaining our $41 per share fair value estimate on the assumption that a COVID-19 vaccine will be well distributed by mid-2021 and that vaccine distribution coincides with a release of pent-up travel demand and that business travel recovers in late 2021 through 2023.

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Company Profile

Business Description

United Airlines is the world’s third-largest airline by scheduled revenue passenger miles. United's hubs include San Francisco, Chicago, Houston, Denver, Los Angeles, New York/Newark, and Washington, D.C. United operates a hub-and-spoke system that is more focused on international travel than legacy peers.

233 South Wacker Drive
Chicago, IL, 60606
T +1 872 825-4000
Sector Industrials
Industry Airlines
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2019
Stock Type Cyclical
Employees 87,900