United Airlines Holdings Inc

UAL: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$49.00	Ycgg	Slgmysr

United Continued to Recover During Q2, but Capacity Remains Constrained by Labor

Burkett Huey

Jul 21, 2022

No-moat-rated United Airlines posted a decent second quarter as demand for air travel surged, but provided a disappointing capacity outlook. Revenue of $12.1 billion and earnings per share of $1.43 missed FactSet consensus estimates by 0.1% and 22.9%, respectively. We are maintaining our $57 per share fair value estimate as we decrease our medium-term capacity outlook and increase our passenger yield and load-factor estimates.

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