United Airlines Holdings Inc

UAL: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$31.00	Lvc	Lyfbgkssg

United Airlines Earnings: Summer Starts Very Busy; Maintenance, Labor Costs Reduce Our Fair Value

Nicolas Owens

Jul 20, 2023

United AIrlines reported robust second-quarter results on July 19, slightly surpassing our expectations for passenger revenue and all but selling out capacity, but also outstripping our estimate of labor and maintenance costs, especially over coming quarters, resulting in a fair value estimate of $35 per share, down $1.

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