오른손의 좋은 세상만들기

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. 

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KEY STATISTICS

Industry Range: Low      High Mouseover quintile for more detail

 Reuters Investment Profile Report

 

SHAREHOLDER EQUITY

Shares Outstanding	816.3 M
Institutional Ownership	83.05%
Number of Floating Shares	813.8 M
Short Interest as % of Float	2.26%

FINANCIAL STRENGTH (MRQ)

Quick Ratio	0.66x
Current Ratio	0.71x
Debt/Equity	1.06x
Debt/Assets	0.18x

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/Book	3.87x
Price/Cash Flow	7.18x

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 Margin	41.55%
Operating Margin	6.70%
EBITDA Margin	9.15%
Net Profit Margin	2.92%

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 Assets	2.25%
Return on Equity	11.52%
Return on Inves. Capital	3.24%

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
Sales	6.9
Dividend (MRQ)	150.0

DAL's EPS Growth Rate is less than 84% of its peers in the Airline industry.

DIVIDEND (TTM)

Dividend Yield	0.84%
Payout Ratio	23.15%
Annual Dividend	0.33

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 Turnover	0.77%
Inventory Turnover	27.29%
Receivables Turnover	19.92%
Effective Tax Rate	38.01%

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 Chairman	Daniel A. Carp
President	Edward H. Bastian
Chief Executive Officer	Richard H. Anderson
Non-Executive Vice Chairman	Roy J. Bostock
Chief Financial Officer	Paul A. Jacobson
Chief Operating Officer	Wayne Gilbert. West
Executive Vice President	Joanne D. Smith
Executive Vice President	Glen W. Hauenstein
Executive Vice President	Richard Ben. Hirst

COMPANY CONTACT

Employees	81,055
Headquarters	1030 Delta Blvd ATLANTA, GA 30354-1989
Phone	404-715-2600
Fax	302-636-5454
Web Address http://www.delta.com/

 

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BALANCE SHEET

• Quarterly
 
• Annual

	5 yr Trend	2010 12/31/10	2011 12/31/11	2012 12/31/12	2013 12/31/13	2014 12/31/14

ASSETS

Cash & Equivalents		2,892	2,657	2,416	2,844	2,088
Short Term Investments		718	958	958	959	1,217
Cash and Short Term Inv		3,610	3,615	3,374	3,803	3,305
Trade Accts Recvble, Gross		1,496	1,596	1,729	1,632	2,318
Prov. for Doubtful Accts		(40)	(33)	(36)	(23)	(21)
Trade Accts Recvble, Net		1,456	1,563	1,693	1,609	2,297
Other Receivables		--	--	--	3	925
Total Receivables, Net		1,456	1,563	1,693	1,612	3,222
Invent. - Raw Materials		422	468	1,150	1,181	979
Inventories - Other		(104)	(101)	(127)	(118)	(127)
Total Inventory		318	367	1,023	1,063	852
Prepaid Expenses		1,159	1,418	1,344	852	733
Restricted Cash - Current		409	305	375	--	--
Deferred Income Tax		355	461	463	1,736	3,275
Other Current Assets		--	--	--	585	1,078
Other Curr. Assets, Total		764	766	838	2,321	4,353
Total Current Assets		7,307	7,729	8,272	9,651	12,465
Machinery/Equipment		20,312	21,001	21,481	23,373	24,313
Construction in Progress		48	77	253	381	617
Other Prop./Plant/Equip.		4,111	4,617	5,635	5,892	6,339
Prop./Plant/Equip. - Gross		24,471	25,695	27,369	29,646	31,269
Accumulated Depreciation		(4,164)	(5,472)	(6,656)	(7,792)	(9,340)
Prop./Plant/Equip. - Net		20,307	20,223	20,713	21,854	21,929
Goodwill, Net		9,794	9,794	9,794	9,794	9,794
Intangibles, Gross		5,279	5,351	5,349	5,396	5,396
Accum. Intangible Amort.		(530)	(600)	(670)	(738)	(793)
Intangibles, Net		4,749	4,751	4,679	4,658	4,603
Other Long Term Assets		1,031	1,002	1,092	1,303	1,010
Total Assets		43,188	43,499	44,550	52,252	54,121

LIABILITIES

Accounts Payable		1,713	1,600	2,293	2,300	2,622
Accrued Expenses		2,024	3,234	2,808	4,176	4,393
Notes Payable/ST Debt		0	0	0	0	0
Curr. Port. LT Dbt/Cap Ls.		2,073	1,944	1,627	1,547	1,216
Customer Advances		1,690	1,849	1,806	1,861	1,580
Income Taxes Payable		579	594	585	--	--
Other Payables		--	--	455	--	--
Other Current Liabilities		3,306	3,480	3,696	4,268	7,068
Other Curr. Lblts, Total		5,575	5,923	6,542	6,129	8,648
Total Current Liabilities		11,385	12,701	13,270	14,152	16,879
Total Long Term Debt		13,179	11,847	11,082	9,795	8,561
Total Debt		15,252	13,791	12,709	11,342	9,777
Deferred Income Tax		1,924	2,028	2,047	--	--
Pension Benefits - Underfunded		11,493	14,200	16,005	12,392	15,138
Other LT Liabilities		4,310	4,119	4,277	4,270	4,730
Other Liabilities, Total		15,803	18,319	20,282	16,662	19,868
Total Liabilities		42,291	44,895	46,681	40,609	45,308

SHAREHOLDER EQUITY

Common Stock		0	0	--	0	0
Additional Paid-In Capital		13,926	13,999	14,069	13,982	12,981
Ret. Earn.(Accum. Deficit)		(9,252)	(8,398)	(7,389)	3,049	3,456
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		--	--	--	219	222
Other Equity, Total		--	--	--	(5,104)	(7,295)
Total Equity		897	(1,396)	(2,131)	11,643	8,813
Total Liabilities & Shareholders� Equity		43,188	43,499	44,550	52,252	54,121
Ttl Comm. Shares Outs.		835	845	851	851	825
Trsy. Shrs-Comm. Primary Iss.		13	16	16	18	20

() = Negative Value
Values are displayed in Millions

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INCOME STATEMENT

• Quarterly
 
• Annual

	5 yr Trend	2010 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

31,755

35,115

36,670

37,773

40,362

OPERATING EXPENSES

Cost of Revenue, Total		16,971	20,609	21,386	20,755	25,080
Selling/Gen/Admin Expense		1,896	1,980	1,862	1,812	1,933
Labor & Related Expense		6,751	6,894	7,266	7,720	8,120
Sell/Gen/AdminExpenses,Tot		8,647	8,874	9,128	9,532	10,053
Depreciation/Amortization		1,511	1,523	1,565	1,658	1,771
Inter/Invest Inc, Operating		--	--	--	--	(2,346)
Restructuring Charge		450	242	452	402	716
Other Unusual Expnse (In)		391	68	118	0	268
Unusual Expense (Income)		841	310	570	402	984
Other Operat Expse, Total		1,959	1,892	1,964	2,026	2,882
Total Operating Expense		29,929	33,208	34,613	34,373	38,424
Operating Income		1,826	1,907	2,057	3,400	1,938

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		608	769	1,025	2,527	1,072

INCOME TAXES

Income Tax - Total		15	(85)	16	(8,013)	413
Income After Tax		593	854	1,009	10,540	659

MINORITY INTEREST AND EQUITY IN AFFILIATES

Net Inc Before Extra Items		593	854	1,009	10,540	659
Net Income		593	854	1,009	10,540	659

ADJUSTMENTS TO NET INCOME

Income Available to Common Excl. Extra. Items		593	854	1,009	10,540	659
Income Available to Common Incl. Extra. Items		593	854	1,009	10,540	659

EPS RECONCILIATION

Basic/Primary Weighted Average Shares		834	838	845	849	836
Basic/Primary EPS Excl. Extra. Items		0.71	1.02	1.19	12.41	0.79
Basic/Primary EPS Incl. Extra. Items		0.71	1.02	1.19	12.41	0.79
Diluted Weighted Average Shares		843	844	850	858	845
Diluted EPS Excl. Extra. Items		0.70	1.01	1.19	12.28	0.78
Diluted EPS Incl. Extra. Items		0.70	1.01	1.19	12.28	0.78

COMMON STOCK DIVIDENDS

Div/Share-ComStockPrimIssue		0.00	0.00	0.00	0.12	0.30
Gross Divid - Common Stock		0	0	0	102	252

PRO FORMA INCOME

Pro Forma Net Income

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SUPPLEMENTAL ITEMS

Interest Expense, Suppl		1,220	193	193	154	--
Depreciat/Amort, Suppl		1,511	1,523	1,495	1,588	1,716

NORMALIZED INCOME

Total Special Items		994	336	145	8,243	984
Normalized Income Before Tax		1,602	1,105	1,170	10,770	2,056
EffectSpecItemsInclTax(STEC)		25	118	2	2,885	379
InclTaxExcl/ImpactSpecItems		40	33	18	(5,128)	792
Normalized Income After Tax		1,562	1,072	1,152	15,898	1,264
Normalized Inc Avail to Common		1,562	1,072	1,152	15,898	1,264
Basic Normalized EPS		1.87	1.28	1.36	18.73	1.51
Diluted Normalized EPS		1.85	1.27	1.35	18.53	1.50

() = Negative Value
Values are displayed in Millions

	5 yr Trend	2010 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		593	854	1,009	10,540	659
Depreciation/Depletion		1,511	1,523	1,565	1,658	1,771
Deferred Taxes		9	(2)	17	(7,991)	414
Unusual Items		573	210	240	285	1,026
Equity in Net Earnings/Loss		--	--	--	--	106
Other Non-Cash Items		(116)	245	(706)	(255)	1,973
Non-Cash Items		457	455	(466)	30	3,105
Cash Interest Pd, Suppl		1,036	925	1,036	698	560
Accounts Receivable		(141)	(76)	(116)	90	(302)
Prepaid Expenses		(105)	(16)	(134)	28	58
Other Assets		0	(24)	--	--	(922)
Payable/Accrued		516	303	899	213	228
Changes in Working Capital		262	4	351	267	(1,002)
Total Cash from Operations		2,832	2,834	2,476	4,504	4,947

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)	844	1,019	757	--
Purchase of Investments		--	(1,078)	(958)	(959)	(1,795)
Other Investing Cash Flow		10	(10)	(55)	14	48
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		71	206	144	225	19
Total Cash Dividends Paid		--	--	--	(102)	(251)
Iss (Retirmnt) of Stock,Net		--	--	--	(250)	(1,100)
Long Term Debt Issued		1,130	2,395	1,965	268	1,020
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		4,607	2,892	2,657	2,416	2,844
NetCash-EndBal/RsrvforFutUse		2,892	2,657	2,416	2,844	2,088
Depreciation, Supplemental		1,511	1,523	1,565	1,658	1,771
Cash Interest Pd, Suppl		1,036	925	1,036	698	560

() = Negative Value
Values are displayed in Millions