Economic Moat
PREMIUM
Capital Allocation
PREMIUM
No-moat American Airlines reported significant revenue improvement in the second quarter, as domestic leisure travel has recovered quickly and business travel begins to recover in earnest. We are maintaining our $19 per share fair value estimate as we increase short-term estimates for capacity and load factors, though this is partially offset by higher oil prices and a higher effective tax rate.
American Airlines is the world’s largest airline by scheduled revenue passenger miles. The firm’s major hubs are Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York, Philadelphia, Phoenix, and Washington, D.C. After completing a major fleet renewal, the company has the youngest fleet of U.S. legacy carriers.
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