'FUNDAMENTAL'에 해당되는 글 1건

  1. 2015.05.31 Delta Airlines, DAL
경제이야기/Stock2015. 5. 31. 06:29

델타 에어라인, Delta Airlines 에 투자하고 있습니다. 지금부터 여름까지 다시 기름값이 낮아질것으로 예상하고 있는데 아주 좋은 투자처가 될것 같습니다. 차트상으로도 특이하게 주기를 가지고 움직이는것이 보이는데 앞으로 다시 상승할 가능성도 높아보입니다. fundamental은 좋아지고 있는데 단기간 급락한 점도 좋게보는 이유중에 하나입니다.



지난주에 폭락한 이유를 찾아보면, 별다른 유가하락에도 그만큼 성장을 못하고 있다는 점이 있습니다.


Wall Street isn't happy with the airline industry.

After three years of generally steady gains, industry shares tumbled last week, reflecting concerns over pricing and capacity. Airline shares fell 5% to 10% and about $12 billion in market capitalization was destroyed.

Delta CEO Richard Anderson responded, "I think you are in an area that is in some respects not appropriate for an earnings call. But I will just say this: Look at our results. I don't think there is a more disciplined approach to the deployment of capital in this industry anywhere in the world."

Recently, it seems, Delta has slowed its Seattle growth. At the same conference where Romo defended Southwest's Love Field growth, Alaska CEO Brad Tilden said, "It looks like the first quarter is the high water mark in terms of (Delta) capacity adds ... it feels to us like things are settling down a bit." If this fight is over, it seems to have turned out that Seattle is big enough for two profitable airlines to operate successful hubs -- not exactly what Wall Street anticipated. 

-----------------------------------








ValuationDividendFinancial ratiosMarginsProfileIncome statement
PriceEarnings
per share
P/E ratioPrice
sales ratio
Mkt CapEnterprise
value
DividendCurrent
ratio
Total debt
to assets
Net profit
margin
Operating
margin
EmployeesRevenueNet incomeEBITDA
DAL42.941.4130.360.9335.05B41,032.680.090.7117.87.9514.8981,0559,388.007462,467.00
ALK64.654.8913.221.658.38B7,835.640.20.9411.9811.7418.7512,7391,269.00149314
HA24.221.5715.470.611.33B1,799.3900.7937.654.7911.885,380540.2825.8896.34
AAL42.374.589.250.7429.35B39,377.890.10.9941.069.4812.37113,3009,827.009321,912.00
LUV37.052.0917.751.424.76B24,192.390.060.7213.5610.2617.6747,0054,414.004531,047.00
UAL54.565.789.440.620.84B27,531.4600.6831.435.98.6184,0008,608.005081,234.00
SKYW14.80.15102.020.25764.80M2,205.420.041.8441.391.274.4818,500760.49.6299.77
RJET10.461.19.530.39531.70M2,689.8000.766.521.8812.085,9353416.487.2
CEA37.782.1917.281.0115.30B31,159.970.359.037.429.4669,8497,597.77564.051,482.25
ALGT157.476.7523.352.042.70B2,916.240.251.2147.5219.6932.832,245329.2464.82132.45
SAVE63.573.5218.072.344.64B4,223.1201.7616.6213.9922.144,219493.3669125.13

-----------------------------------

KEY STATISTICS
Industry Range: Low Light Quintile Light Quintile Dark Quintile Light Quintile Light Quintile High Mouseover quintile for more detail
 

SHAREHOLDER EQUITY

Shares Outstanding816.3 M
Institutional Ownership83.05%
Number of Floating Shares813.8 M
Short Interest as % of Float2.26%

FINANCIAL STRENGTH (MRQ)

Quick Ratio0.66x
Current Ratio0.71x
Debt/Equity1.06x
Debt/Assets0.18x
DAL's debt to equity ratio indicates that it has been less aggressive with using debt to finance growth than 68% of its peers in the Airline industry. The resultant effect on earnings would be less volatile than related companies.

VALUATION (MRQ)

Price/Earnings (TTM)30.35x
Price/Sales (TTM)0.86x
Price/Book3.87x
Price/Cash Flow7.18x
DAL's P/E Ratio is greater than 91% of other companies in the Airline industry. This typically means that investors are willing to pay more for its level of earnings relative to future growth.

PROFITABILITY (TTM)

Gross Margin41.55%
Operating Margin6.70%
EBITDA Margin9.15%
Net Profit Margin2.92%
DAL's Gross Margin is more than 69% of other companies in the Airline industry, which means it has more cash to spend on business operations as compared to its peers. As indicated by the Operating Margin, DAL controls its costs and expenses as well as its peers.

MANAGEMENT EFFECTIVENESS (TTM)

Return on Assets2.25%
Return on Equity11.52%
Return on Inves. Capital3.24%
The Return on Equity for DAL shows that it is able to reinvest its earnings less efficiently than 61% of its competitors in the Airline industry. Typically, companies that have lower return on equity values are less attractive to investors.

GROWTH RATE (TTM)

Earnings Per Share-88.7
Sales6.9
Dividend (MRQ)150.0
DAL's EPS Growth Rate is less than 84% of its peers in the Airline industry.

DIVIDEND (TTM)

Dividend Yield0.84%
Payout Ratio23.15%
Annual Dividend0.33
DAL's dividend yield is less than 72% of other companies in the Airline industry. As indicated by the payout ratio, DAL's earnings support the dividend payouts as well as others in the group.

OPERATING RATIOS (TTM)

Asset Turnover0.77%
Inventory Turnover27.29%
Receivables Turnover19.92%
Effective Tax Rate38.01%
These ratios give an indicator of efficiency (ability to move inventory and generate sales) within a company, particularly ones with tangible goods (i.e. automotive, computer hardware) as compared to its peers.

COMPANY OFFICERS

Non-Executive ChairmanDaniel A. Carp
PresidentEdward H. Bastian
Chief Executive OfficerRichard H. Anderson
Non-Executive Vice ChairmanRoy J. Bostock
Chief Financial OfficerPaul A. Jacobson
Chief Operating OfficerWayne Gilbert. West
Executive Vice PresidentJoanne D. Smith
Executive Vice PresidentGlen W. Hauenstein
Executive Vice PresidentRichard Ben. Hirst

COMPANY CONTACT

Employees81,055
Headquarters1030 Delta Blvd
ATLANTA, GA 30354-1989
Phone404-715-2600
Fax302-636-5454
Web Address
http://www.delta.com/
 

-----------------------------------

BALANCE SHEET
 5 yr Trend2010
12/31/10
2011
12/31/11
2012
12/31/12
2013
12/31/13
2014
12/31/14

ASSETS

Cash & Equivalents 2,8922,6572,4162,8442,088
Short Term Investments 7189589589591,217
Cash and Short Term Inv 3,6103,6153,3743,8033,305
Trade Accts Recvble, Gross 1,4961,5961,7291,6322,318
Prov. for Doubtful Accts (40)(33)(36)(23)(21)
Trade Accts Recvble, Net 1,4561,5631,6931,6092,297
Other Receivables ------3925
Total Receivables, Net 1,4561,5631,6931,6123,222
Invent. - Raw Materials 4224681,1501,181979
Inventories - Other (104)(101)(127)(118)(127)
Total Inventory 3183671,0231,063852
Prepaid Expenses 1,1591,4181,344852733
Restricted Cash - Current 409305375----
Deferred Income Tax 3554614631,7363,275
Other Current Assets ------5851,078
Other Curr. Assets, Total 7647668382,3214,353
Total Current Assets 7,3077,7298,2729,65112,465
Machinery/Equipment 20,31221,00121,48123,37324,313
Construction in Progress 4877253381617
Other Prop./Plant/Equip. 4,1114,6175,6355,8926,339
Prop./Plant/Equip. - Gross 24,47125,69527,36929,64631,269
Accumulated Depreciation (4,164)(5,472)(6,656)(7,792)(9,340)
Prop./Plant/Equip. - Net 20,30720,22320,71321,85421,929
Goodwill, Net 9,7949,7949,7949,7949,794
Intangibles, Gross 5,2795,3515,3495,3965,396
Accum. Intangible Amort. (530)(600)(670)(738)(793)
Intangibles, Net 4,7494,7514,6794,6584,603
Other Long Term Assets 1,0311,0021,0921,3031,010
Total Assets 43,18843,49944,55052,25254,121

LIABILITIES

Accounts Payable 1,7131,6002,2932,3002,622
Accrued Expenses 2,0243,2342,8084,1764,393
Notes Payable/ST Debt 00000
Curr. Port. LT Dbt/Cap Ls. 2,0731,9441,6271,5471,216
Customer Advances 1,6901,8491,8061,8611,580
Income Taxes Payable 579594585----
Other Payables ----455----
Other Current Liabilities 3,3063,4803,6964,2687,068
Other Curr. Lblts, Total 5,5755,9236,5426,1298,648
Total Current Liabilities 11,38512,70113,27014,15216,879
Total Long Term Debt 13,17911,84711,0829,7958,561
Total Debt 15,25213,79112,70911,3429,777
Deferred Income Tax 1,9242,0282,047----
Pension Benefits - Underfunded 11,49314,20016,00512,39215,138
Other LT Liabilities 4,3104,1194,2774,2704,730
Other Liabilities, Total 15,80318,31920,28216,66219,868
Total Liabilities 42,29144,89546,68140,60945,308

SHAREHOLDER EQUITY

Common Stock 00--00
Additional Paid-In Capital 13,92613,99914,06913,98212,981
Ret. Earn.(Accum. Deficit) (9,252)(8,398)(7,389)3,0493,456
Treasury Stock - Common (199)(231)(234)(258)(313)
Unrealized Gain (Loss) (3,578)(6,766)(8,577)(26)(16)
Min. Pension Lblty Adj. ------(5,323)(7,517)
Other Comprehensive Income ------219222
Other Equity, Total ------(5,104)(7,295)
Total Equity 897(1,396)(2,131)11,6438,813
Total Liabilities & Shareholders� Equity 43,18843,49944,55052,25254,121
Ttl Comm. Shares Outs. 835845851851825
Trsy. Shrs-Comm. Primary Iss. 1316161820

() = Negative Value
Values are displayed in Millions

-----------------------------------

INCOME STATEMENT
 5 yr Trend2010
12/31/10
2011
12/31/11
2012
12/31/12
2013
12/31/13
2014
12/31/14

REVENUE AND GROSS PROFIT

Total Revenue 31,75535,11536,67037,77340,362

OPERATING EXPENSES

Cost of Revenue, Total 16,97120,60921,38620,75525,080
Selling/Gen/Admin Expense 1,8961,9801,8621,8121,933
Sell/Gen/AdminExpenses,Tot 8,6478,8749,1289,53210,053
Depreciation/Amortization 1,5111,5231,5651,6581,771
Inter/Invest Inc, Operating --------(2,346)
Restructuring Charge 450242452402716
Other Unusual Expnse (In) 391681180268
Unusual Expense (Income) 841310570402984
Other Operat Expse, Total 1,9591,8921,9642,0262,882
Total Operating Expense 29,92933,20834,61334,37338,424
Operating Income 1,8261,9072,0573,4001,938

NON-OPERATING INCOME & EXPENSES

Inter Expse,Net Non-Operat (1,220)(193)(193)(154)--
Inter/Invest Inc, Non-Oper 35--------
Inter Inc(Exp),Net Non-Oper --(901)(812)(698)(650)
Other, Net (33)(44)(27)(21)(216)
Income Before Tax 6087691,0252,5271,072

INCOME TAXES

Income Tax - Total 15(85)16(8,013)413
Income After Tax 5938541,00910,540659

MINORITY INTEREST AND EQUITY IN AFFILIATES

Net Inc Before Extra Items 5938541,00910,540659
Net Income 5938541,00910,540659

ADJUSTMENTS TO NET INCOME

Income Available to Common Excl. Extra. Items 5938541,00910,540659
Income Available to Common Incl. Extra. Items 5938541,00910,540659

EPS RECONCILIATION

Basic/Primary Weighted Average Shares 834838845849836
Basic/Primary EPS Excl. Extra. Items 0.711.021.1912.410.79
Basic/Primary EPS Incl. Extra. Items 0.711.021.1912.410.79
Diluted Weighted Average Shares 843844850858845
Diluted EPS Excl. Extra. Items 0.701.011.1912.280.78
Diluted EPS Incl. Extra. Items 0.701.011.1912.280.78

COMMON STOCK DIVIDENDS

Div/Share-ComStockPrimIssue 0.000.000.000.120.30
Gross Divid - Common Stock 000102252

PRO FORMA INCOME

Pro Forma Net Income ----------

SUPPLEMENTAL ITEMS

Interest Expense, Suppl 1,220193193154--
Depreciat/Amort, Suppl 1,5111,5231,4951,5881,716

NORMALIZED INCOME

Total Special Items 9943361458,243984
Normalized Income Before Tax 1,6021,1051,17010,7702,056
EffectSpecItemsInclTax(STEC) 2511822,885379
InclTaxExcl/ImpactSpecItems 403318(5,128)792
Normalized Income After Tax 1,5621,0721,15215,8981,264
Normalized Inc Avail to Common 1,5621,0721,15215,8981,264
Basic Normalized EPS 1.871.281.3618.731.51
Diluted Normalized EPS 1.851.271.3518.531.50

() = Negative Value
Values are displayed in Millions

-----------------------------------
CASH FLOW STATEMENT
 5 yr Trend2010
12/31/10
2011
12/31/11
2012
12/31/12
2013
12/31/13
2014
12/31/14

CASH FROM (USED BY) OPERATING ACTIVITIES

Net Income 5938541,00910,540659
Depreciation/Depletion 1,5111,5231,5651,6581,771
Deferred Taxes 9(2)17(7,991)414
Unusual Items 5732102402851,026
Equity in Net Earnings/Loss --------106
Other Non-Cash Items (116)245(706)(255)1,973
Non-Cash Items 457455(466)303,105
Cash Interest Pd, Suppl 1,0369251,036698560
Accounts Receivable (141)(76)(116)90(302)
Prepaid Expenses (105)(16)(134)2858
Other Assets 0(24)----(922)
Payable/Accrued 516303899213228
Changes in Working Capital 2624351267(1,002)
Total Cash from Operations 2,8322,8342,4764,5044,947

PLUS: CASH FROM (USED BY) INVESTING ACTIVITIES

Capital Expenditures (1,342)(1,254)(1,968)(2,568)(2,249)
Sale of Fixed Assets 36--------
Sale/Maturity of Investment --------1,533
Investment, Net (730)8441,019757--
Purchase of Investments --(1,078)(958)(959)(1,795)
Other Investing Cash Flow 10(10)(55)1448
OtherInvestCashFlowItms,Tot (684)(244)6(188)(214)
Total Cash from Investing (2,026)(1,498)(1,962)(2,756)(2,463)

PLUS: CASH FROM (USED BY) FINANCING ACTIVITIES

Financing Cash Flow Items 7120614422519
Total Cash Dividends Paid ------(102)(251)
Iss (Retirmnt) of Stock,Net ------(250)(1,100)
Long Term Debt Issued 1,1302,3951,9652681,020
Long Term Debt Reduction (3,722)(4,172)(2,864)(1,461)(2,928)
Iss (Retirmnt) of Debt, Net (2,592)(1,777)(899)(1,193)(1,908)
Total Cash From Financing (2,521)(1,571)(755)(1,320)(3,240)

EQUALS: INCREASE (DECREASE) IN CASH

Net Change in Cash (1,715)(235)(241)428(756)
NetCash-BeginBal/RsvdforFutUse 4,6072,8922,6572,4162,844
NetCash-EndBal/RsrvforFutUse 2,8922,6572,4162,8442,088
Depreciation, Supplemental 1,5111,5231,5651,6581,771
Cash Interest Pd, Suppl 1,0369251,036698560

() = Negative Value
Values are displayed in Millions


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