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United Airlines Holdings Inc UAL

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Morningstar’s Analysis

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Delta Variant Has Not Slowed United's Recovery in Second Quarter; Decreasing FVE to $54 Per Share

Burkett Huey, CFA Equity Analyst

Analyst Note

| Burkett Huey, CFA |

United Airlines reported improving revenue metrics as the firm rebuilds its network to meet travel demand. The firm noted that international long haul demand and business travel demand have accelerated, and it expects that demand will fully recover by 2023, which pulls our forecast forward by a year. We are decreasing our fair value estimate to $54 per share from $55 as the demand pull forward was more than offset by higher capital expenditure assumptions, higher fuel prices, and a higher tax rate.

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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 Jun 30, 2021
Fiscal Year End Dec 31, 2019
Stock Type Cyclical
Employees 84,400