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United Airlines Holdings Inc UAL

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Morningstar’s Analysis

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Economic Moat




United Is Working to Adjust Expenses to a Much Lower Revenue Environment During the Pandemic

Burkett Huey, CFA Equity Analyst

Analyst Note

| Burkett Huey, CFA |

No-moat rated United Airlines reported a dismal third quarter as the pandemic continues to significantly depress traffic, though we see reasons for optimism due to substantial sequential improvement as well as the potential for vaccine approval. We are modestly increasing our fair value to $41 from $40.50 to account for a slightly better near-term cargo and loyalty program revenue tempered by a slightly slower recovery in revenue passenger miles. 

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Company Profile

Business Description

United Airlines is the world’s third-largest airline by scheduled revenue passenger miles. United's hubs include San Francisco, Chicago, Houston, Denver, Los Angeles, New York/Newark, and Washington, D.C. United operates a hub-and-spoke system that is more focused on international travel than legacy peers.

233 South Wacker Drive
Chicago, IL, 60606
T +1 872 825-4000
Sector Industrials
Industry Airlines
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2019
Stock Type Cyclical
Employees 87,900