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United Airlines Holdings Inc UAL

Morningstar Rating
$45.51 +0.25 (0.55%)
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Company Report

United Airlines Earnings: Still Benefiting From Industry Capacity Constraints; Fair Value Up to $38

United Airlines reported final 2023 results closely in line with our previous expectations. Management's discussion focused on a few industry trends that we believe United is positioned to benefit from, while they last. We've extended the time frame in which no-moat United is likely able to maintain high-single-digit operating margins, and we have raised our fair value estimate to $38 from $35 per share.

Price vs Fair Value

UAL is trading at a 20% premium.
Price
$45.51
Fair Value
$14.00
Uncertainty
High
1-Star Price
$43.60
5-Star Price
$27.10
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

The United Next strategy will boost capacity and drive stronger profitability with more efficient planes.

Bears

United's debt burden and fleet investment plans mean shareholders won't likely see buybacks for a while.

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News

Trading Information

Previous Close Price
$45.26
Day Range
$44.9645.78
52-Week Range
$33.6858.23
Bid/Ask
$45.30 / $45.45
Market Cap
$14.93 Bil
Volume/Avg
6.6 Mil / 8.5 Mil

Key Statistics

Price/Earnings (Normalized)
4.08
Price/Sales
0.26
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield

Company Profile

United Airlines is a major U.S. network carrier with hubs in 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 and long-haul travel than its large U.S. peers.
Sector
Industrials
Industry
Airlines
Stock Style Box
Mid Core
Total Number of Employees
102,000

Competitors

Valuation

Metric
UAL
AAL
DAL
Price/Earnings (Normalized)
4.084.226.54
Price/Book Value
1.512.37
Price/Sales
0.260.200.45
Price/Cash Flow
2.062.814.04
Price/Earnings
UAL
AAL
DAL

Financial Strength

Metric
UAL
AAL
DAL
Quick Ratio
0.780.440.26
Current Ratio
0.890.620.39
Interest Coverage
2.661.257.72
Quick Ratio
UAL
AAL
DAL

Profitability

Metric
UAL
AAL
DAL
Return on Assets (Normalized)
4.95%2.75%5.49%
Return on Equity (Normalized)
49.92%48.70%
Return on Invested Capital (Normalized)
9.92%7.97%12.85%
Return on Assets
UAL
AAL
DAL
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Airlines Industry Comparables

Ticker
Name
Morningstar Rating for Stocks
Economic Moat
Market Cap
DAL
Delta Air Lines IncXrg$26.8 Bil
RYAAY
Ryanair Holdings PLC ADRSrfs$25.2 Bil
RYAOF
Ryanair Holdings PLCVjm$25.2 Bil
LUV
Southwest Airlines CoCch$20.2 Bil
AICAF
Air China Ltd Class HPxppr$14.9 Bil
AIRYY
Air China Ltd ADRWcy$14.9 Bil
SINGF
Singapore Airlines LtdRdpc$14.5 Bil
SINGY
Singapore Airlines Ltd ADRKbqdt$14.5 Bil
AAL
American Airlines Group IncQrw$9.9 Bil

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