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United Airlines Holdings Inc UAL

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Morningstar’s Analysis

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United Airlines Remains Tethered to The International Travel Recovery; FVE $57 per Share

Burkett Huey, CFA Equity Analyst

Analyst Note

| Burkett Huey, CFA |

No-moat-rated United Airlines posted a solid fourth quarter that met the firm’s pre-omicron variant guidance, which we see as impressive, and the firm brought down full-year 2022 guidance to levels that we think are more achievable. Revenue of $8.2 billion and adjusted loss per share of $1.60 beat consensus expectations by 2.9% and 23.5%, respectively. After rolling our model into 2022, we are increasing our fair value estimate to $57 per share from $55 to reflect Morningstar’s updated assumption that corporate tax increases will not occur.

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Company Profile

Business Description

United Airlines is a major U.S. network carrier. 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, 2021
Fiscal Year End Dec 31, 2019
Stock Type Cyclical
Employees 85,300