United Airlines Holdings Inc

UAL: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$64.00	Rvqv	Hgcrmsk

United Airlines Earnings: Still Benefiting From Industry Capacity Constraints; Fair Value Up to $38

Nicolas Owens

Jan 24, 2024

United Airlines reported final 2023 results closely in line with our previous expectations. Management's discussion focused on a few industry trends that we believe United is positioned to benefit from, while they last. We've extended the time frame in which no-moat United is likely able to maintain high-single-digit operating margins, and we have raised our fair value estimate to $38 from $35 per share.

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