United Airlines Holdings Inc

UAL: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$41.00	Mjxh	Dglmgtm

United Airlines: New Planes To Deliver Efficient Capacity but Drain Cash Flow; Lowering Fair Value

Nicolas Owens

Jun 9, 2023

We have taken a fresh look at North American airlines and instituted an industry-based demand model for air travel, capacity, and airline revenue yields. As a result, we have lowered no-moat United Airlines' fair value estimate to $36 from $60 per share.

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