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Delta Air Lines Inc DAL

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Delta's Story Is Shifting as Vaccine Distribution Increases Travel Demand; Fair Value Estimate $55

Burkett Huey, CFA Equity Analyst

Analyst Note

| Burkett Huey, CFA |

No-moat rated Delta reported a bifurcated first quarter as January and February were extensions of 2020’s difficult environment, but passenger demand improved materially in March with increased COVID-19 vaccine distribution. We’re maintaining our $55 fair value estimate as we slightly increase our expectations for operations this year and greatly increase our expectations of government support this year, but this is largely offset by lower assumptions on sale-leasebacks. While shares are trading somewhat below our fair value estimate, we do not see a compelling margin of safety.

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Company Profile

Business Description

Atlanta-based Delta Air Lines is one of the world's largest airlines, with a network of over 300 destinations in more than 50 countries. Delta operates a hub-and-spoke system network, where it gathers and distributes passengers across the globe through key locations in Atlanta, New York, Salt Lake City, Detroit, Seattle, and Minneapolis-St. Paul. Delta's sale of frequent flier miles, particularly to American Express, is a major driver of the firm's profits.

Post Office Box 20706
Atlanta, GA, 30320-6001
T +1 404 715-2600
Sector Industrials
Industry Airlines
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 74,000