联合航空公司与捷蓝航空合作通过联运方式进入肯尼迪机场和波士顿机场

Sheila Kahyaoglu * | Equity Analyst+1 (212) 336-7216 | sheila.kahyaoglu@jefferies.comGreg Konrad, CFA * | Equity Analyst+1 (212) 284-2391 | gkonrad@jefferies.comKyle Wenclawiak * | Equity Associate+1 (212) 323-7671 | kwenclawiak@jefferies.comConor Walters * | Equity Associate+1 (212) 323-3395 | cwalters@jefferies.com Company DescriptionUnited AirlinesUnited Airlines Holdings, Inc. is a US-based airline holding company headquartered in Chicago, Illinois. The company owns and operates United Airline,which offers passenger and cargo air transportation throughout the United States and all six continents. United Airlines is a founder of the Star Alliance,the largest airline alliance with a total of 28 member airlines. The company operates its regional services through independent subsidiary carriersunder the United Express brand.Company Valuation/RisksUnited AirlinesOur price target is based on EV/EBITDAR using a discount to its historical relative valuation to the market.Upside risks: Strength in Pacific flying. United Next upgauging, cost, & margin execution.Downside risks: Reversion to the mean of international travel. Elevated maintenance & salary costs as network grows. Aircraft capex weighs onavailable free cash flow.Analyst Certification:I, Sheila Kahyaoglu, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Greg Konrad, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Kyle Wenclawiak, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.I, Conor Walters, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or Jefferiespolicies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.Please see important disclosure information on pages 2 - 7 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. May 29, 2025 8:27 A.M.May 29, 2025 8:27 A.M.2 NC - Not covered. Jefferies does not cover this company.Restricted - Describes issuers where, in conjunction with Jeffe