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Intrinsic value of United Airlines Holdings Inc (UAL)

Previous Close$43.55
Intrinsic Value
Upside potential
Previous Close
$43.55
Use floor (the cash flow based valuation has rendered a result, which is lower than an estimated minimum value derived from the company’s balance sheet analysis)

VALUATION INPUT DATA

Revenue, mln $
Initial revenue growth rate (norm.), %
Variable cost ratio, %
Fixed operating expenses, mln $
Production assets / Revenue, %
Working capital / Revenue, %
Interest rate on debt, %
Initial discount rate, %
Shares outstanding, mln
Adjusted equity ratio
Adjusted assets / Revenue
Cash & ST Investments
Total debt
Market cap, m$
14,101

Based on fiscal year data as of 2021-12-31 and quarterly data as of 2022-03-31.

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %60.4NaN
Revenue, $24634NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m25656NaN
Operating income, $m-1022NaN
EBITDA, $m1463NaN
Interest expense (income), $mNaN
Earnings before tax, $m-2557NaN
Tax expense, $m-593NaN
Net income, $m-1964NaN

BALANCE SHEET

Cash and short-term investments, $m18443NaN
Total assets, $m68175NaN
Adjusted assets (=assets-cash), $m49732NaN
Average production assets, $m39118NaN
Working capital, $m3530NaN
Total debt, $m41063NaN
Total liabilities, $m63146NaN
Total equity, $m5029NaN
Debt-to-equity ratio8.165NaN
Adjusted equity ratio-0.193NaN

CASH FLOW

Net income, $m-1964NaN
Depreciation, amort., depletion, $m2485NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m2067NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-2000NaN
Free cash flow, $m4067NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m3530
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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