Delta Air Lines Inc

DAL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$47.00	Zgrh	Knkbkkfx

Delta Air Lines: Situation Normal, All Filled Up? Cutting Fair Value Estimate 32% to $41

Nicolas Owens

Jun 15, 2023

We've taken a fresh look at North American airlines and instituted an industry-based demand model for air travel, capacity, and revenue. As a result, we have lowered our fair value estimate for no-moat Delta Air Lines to $41 per share from $60. We also reduced Delta's capital allocation rating from exemplary to standard to account for the limited potential of any of its internal investments to create durable economic returns.

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