Scheduled Airlines - Passenger 2018 Capitalization Rate Study Completed: March 26, 2018
Capital Structure
Equity 60.00% Page AP-4
Debt 40.00% Page AP-4
Equity Cost of Capital
Capital Asset Pricing Model 10.38% Page AP-5
Dividend Growth Model (g = Earnings Growth) 10.00% Page AP-9
Dividend Growth Model (g = Dividends Growth) 14.40% Page AP-9
10.25%
Debt Cost of Capital
Mergent's Corporate Bond Yields:
A 4.00%
Baa - Corporate (Annual Avg) 4.44%
Baa - Corporate (4th Qtr Avg) 4.27%
Baa - Corporate (December) 4.22%
4.44%
Source of
Capital
Capital
Structure Cost of Capital
Marginal Tax
Rate
After-tax Cost
of Capital Weighted Cost
Equity 60.00% 10.25% 10.25% 6.15%
Debt 40.00% 4.44% 24.00% 3.37% 1.35%
WACC 100.00% 7.50%
WACC (Rounded) 7.50%
Passenger Airlines - Weighted Average Cost of Capital (WACC)
2018 Assessment Year
Industry: Scheduled Passenger Airlines
Yield Capitalization Rate Study
MONTANA DEPARTMENT OF REVENUE
AP-2
Capital Structure
Equity 60.00% Page AP-4
Debt 40.00% Page AP-4
Equity Cost of Capital
NOI After-tax 8.00% Page AP-11
GCF 14.40% Page AP-11
Debt Cost of Capital
Calculated Current Yield 4.50% Page AP-12
Source of
Capital
Capital
Structure Cost of Capital
Marginal Tax
Rate
After-tax Cost
of Capital Weighted Cost
Equity 60.00% 8.00% 8.00% 4.80%
Debt 40.00% 4.50% 24.00% 3.42% 1.37%
Total 100.00% 6.17%
Total (Rounded) 6.20%
Source of
Capital
Capital
Structure Cost of Capital
Marginal Tax
Rate
After-tax Cost
of Capital Weighted Cost
Equity 60.00% 14.40% 14.40% 8.64%
Debt 40.00% 4.50% 24.00% 3.42% 1.37%
WACC 100.00% 10.01%
Total (Rounded) 10.10%
Passenger Airlines - GCF Direct Capitalization Rate
2018 Assessment Year
Industry: Scheduled Passenger Airlines
Direct Capitalization Rate Study
MONTANA DEPARTMENT OF REVENUE
Passenger Airlines - NOI After-tax Direct Capitalization Rate
AP-3
A B C D E F G H I J K L M N
Company
Ticker
Symbol
Industry
Group
Financial
Strength
Shares
Outstanding
End of
Year
Closing
Stock
Price**
MV Common
Stock
MV Preferred
Stock*
MV Long
Term Debt*
PV of
Operating
Leases
Total Common,
Preferred, LT
Debt, &
OpLeases % Common
%
Preferred
% Debt &
OpLeases
Value Line Value Line 10-K Yahoo ExF 10-K 10-K 10-K G+H+I+J G/K H/K (I+J)/K
(000) ($000) ($000) ($000) ($000) ($000)
American Airlines Group AAL AIRTRANS B+ 475,508 52.06 24,754,941 0 24,029,000 9,948,284 58,732,225 42% 0% 58%
Allegiant Travel ALGT AIRTRANS B++ 16,066 154.75 2,486,276 0 1,122,669 24,997 3,633,942 68% 0% 32%
Alaska Air Group ALK AIRTRANS B 123,061 73.51 9,046,187 0 2,572,000 2,524,581 14,142,769 64% 0% 36%
Delta Air Lines DAL AIRTRANS B+ 714,674 56.00 40,021,753 0 8,700,000 12,486,032 61,207,785 65% 0% 35%
JetBlue Airways JBLU AIRTRANS B++ 321,859 22.34 7,190,336 0 1,154,000 973,411 9,317,747 77% 0% 23%
Southwest Airlines LUV AIRTRANS A 807,612 65.45 52,858,181 0 2,859,000 1,214,001 56,931,183 93% 0% 7%
Spirit Airlines SAVE AIRTRANS B++ 68,197 44.85 3,058,634 0 1,583,200 1,275,469 5,917,303 52% 0% 48%
SkyWest SKYW AIRTRANS B+ 80,398 53.10 4,269,139 0 2,698,400 617,650 7,585,189 56% 0% 44%
United Cont'l Hldgs. UAL AIRTRANS B 286,973 67.40 19,341,993 0 13,787,000 13,199,456 46,328,449 42% 0% 58%
All Companies 163,027,441 0 58,505,269 42,263,882 263,796,592 62% 0% 38%
Average 62% 0% 38%
Median 64% 0% 36%
Trimmed Average 61% 0% 39%
High 93% 0% 58%
Low 42% 0% 7%
Say 60% 40%
*Market value of preferred stock assumed to equal book value. Market value of long term debt is fair value.
**End of year closing price was used instead of 4th quarter average to better reflect investor expectations as a result of tax policy changes.
Notes/Rational for Changes to Guideline Companies
2018 - No changes to guideline companies
MONTANA DEPARTMENT OF REVENUE
Support for Capital Structure
Industry: Scheduled Passenger Airlines
2018 Assessment Year
AP-4
EU
k e = Cost of Equity 10.38%
R f = Risk Free Rate 2.58%
β = Beta 1.30
ERP = Equity Risk Premium (Rm - Rf) 6.00%
R m = Market Rate of Return 8.58%
Risk Free Rate Measures (Rf):
The Value Line Investment Survey: Selection & Opinion1
January 5, 2018 Page 2573
Selected Yields on Taxable U.S. Treasury Securities
10-year 2.41%
30-year 2.75%
Federal Reserve Statistical Release2 and U.S. Department of the Treasury, Daily Treasury Yield Curve Rates
3
U.S. government securities, Treasury constant maturities, Nominal, December 29, 2017
10-year 2.40%
20-year 2.58%
30-year 2.74%
Risk Free Rate Selected 2.58%
1
2https://www.federalreserve.gov/datadownload/Choose.aspx?rel=H.15
3https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldYear&year=2017
MONTANA DEPARTMENT OF REVENUE
Capital Asset Pricing Model (CAPM)
Industry: Scheduled Passenger Airlines
2018 Assessment Year
k e = R f + β x ERP
"Value Line Selection & Opinion", Value Line (January 5, 2018)
AP-5
MONTANA DEPARTMENT OF REVENUE
Capital Asset Pricing Model (CAPM)
Industry: Scheduled Passenger Airlines
2018 Assessment Year
k e = R f + β x ERP
Equity Risk Premium Measures (ERP = Rm - Rf)
DOR 3 Stage Dividend Growth Model, S & P 500, See Exhibit
Rm4
Rm Rf ERP
ERP - Ex Ante 8.39% 8.39% 2.58% 5.81%
Duff & Phelps, 2018 Valuation Handbook
Rm4
Rm Rf ERP
ERP "Historical" - Ex Post Arithmetic Avg. 9.65% 9.65% 2.58% 7.07%
ERP "Supply-side" - Ex Post Arithmetic Avg. 8.62% 8.62% 2.58% 6.04%
ERP "Conditional" - Ex Ante 8.50% 3.50% 5.00%
Damodaran Implied ERP (Jan 1, 2017)
Rm4
Rm Rf ERP
Implied Premium (FCFE) - Ex Ante 7.66% 7.49% 2.41% 5.08%
Implied Premium (FCFE with sustainable payout) - Ex Ante 7.33% 7.16% 2.41% 4.75%
Rm4
Rm Rf ERP
Average 8.33% 8.30% 5.63%
Median 8.39% 8.45% 5.45%
High 9.65% 9.65% 7.07%
Low 7.33% 7.16% 4.75%
Equity Risk Premium Selected 8.58% 2.58% 6.00%
4R m estimated using selected Risk Free Rate (R f )
AP-6
MONTANA DEPARTMENT OF REVENUE
Capital Asset Pricing Model (CAPM)
Industry: Scheduled Passenger Airlines
2018 Assessment Year
k e = R f + β x ERP
Inflation and Growth Estimates5
Inflation
(CPI)
Real Growth
(GDP)
Nominal
Growth Low High
Livingston Survey5
2.37% 2.16% 4.53%
Survey of Professional Forecasters6
2.29% 2.16% 4.45%
Congressional Budget Office7
2.40% 1.90% 4.30%
OASDI Trustee Report8
2.60% 2.20% 4.80%
Average 2.42% 2.11% 4.52%
Median 2.39% 2.16% 4.55%
High 2.60% 2.20% 4.80%
Low 2.29% 1.90% 4.19%
Say 2.40% 2.15% 4.55% 4.19% 4.80%
Rounded 5.00%
2008 1.1428
2009 0.75% 1.1342
2010 1.21% 1.1205
2011 2.02% 1.0978
2012 1.81% 1.0780
2013 1.59% 1.0609
2014 1.76% 1.0421
2015 1.07% 1.0310
2016 1.26% 1.0180
2017 1.77% 1.0000
5Federal Reserve Bank of Philadelphia The Livingston Survey December 15, 2017 Table 3 Inflation Rate and Real GDP mean
https://www.philadelphiafed.org/research-and-data/real-time-center/livingston-survey
6Federal Reserve Bank of Philadelphia Survey of Professional Forecasters December 15, 2017 Table 8 and Table 9 Average over next 10-Year mean
https://www.philadelphiafed.org/-/media/research-and-data/real-time-center/survey-of-professional-forecasters/2018/spfq118.pdf?la=en
7Congressional Budget Office Real GDP Economic Projections Table C-1 pg 88 The Budget and Economic Outlook 2017-2027 2017-2021 1.86% Average Percentage Change From Year to Year 2022-2027 1.90%
http://www.cbo.gov/publication/52370
8Social Secirity AdministrationOASDI Trustee Report", Board of Trustees of the Federal Old-Age Survivors Insurance and Federal Disability Insurance Trust Funds (July 13, 2017)
https://www.ssa.gov/oact/TR/2017/tr2017.pdf
9Bureau of Economic Analysis, U.S. Department of Commerce. Table 1.1.9 Implicit Price Deflators for Gross Domestic Product
https://bea.gov/iTable/iTable.cfm?reqid=19&step=3&isuri=1&1921=survey&1903=13#reqid=19&step=3&isuri=1&1910=x&0=-99&1921=survey&1903=13&1904=2008&1905=2018&1906=a&1911=0
Nominal Growth
Annual Percent
Change
Conversion
FactorGDP Annual Implicit Price Deflator
9
110.012
111.416
113.419
Year
101.221
103.311
105.214
106.913
108.832
99.246
100.000
AP-7
A B C D E
Company
Ticker
Symbol
Industry
Group
Financial
Strength Beta
Value Line Value Line Value Line
American Airlines Group AAL AIRTRANS B+ 1.30
Allegiant Travel ALGT AIRTRANS B++ 0.90
Alaska Air Group ALK AIRTRANS B 1.20
Delta Air Lines DAL AIRTRANS B+ 1.30
JetBlue Airways JBLU AIRTRANS B++ 1.20
Southwest Airlines LUV AIRTRANS A 1.20
Spirit Airlines SAVE AIRTRANS B++ 1.40
SkyWest SKYW AIRTRANS B+ 1.55
United Cont'l Hldgs. UAL AIRTRANS B 1.35
Average 1.27
Median 1.30
Trimmed Average 1.28
High 1.55
Low 0.90
Say 1.30
2018 Assessment Year
Industry: Scheduled Passenger Airlines
Support for Beta Selection in CAPM
MONTANA DEPARTMENT OF REVENUE
AP-8
Ke = Cost of Equity g = Sustainable Growth
D1 = Expected Dividend b = Retention Ratio (1 - Payout Ratio)
P0 = Current Price Per Share ROE = Return on Equity
A B C D E F G H I J K L M N O
Company Name Ticker
End of
Year
Closing
Stock Price
2018 Est
Dividend
Dividend
Yield
2018 Est
Earnings
Per Share
2018 Est
Payout
Ratio Retention Ratio
2018 Est
Return on
Equity
Multistage
Long Term
Earnings
Growth
Estimate
Multistage
Long Term
Dividends
Growth
Estimate
Sustainable
Growth*
Cost of
Equity
Cost of
Equity
Cost of
Equity
P 0 D 1 D 1 /P 0 EPS D 1 /EPS
b =
1-Payout Ratio ROE
g =
Earnings g
g =
Dividends g
g =
b x ROE
K e
g = Earnings g
K e
g = Dividends g
K e
g = b x ROE
Yahoo Value Line D/C Value Line D/F 1-G Value Line
Multi Stg g
Wrksht
Multi Stg g
Wrksht H*I E+J E+K E+L
American Airlines Group AAL 52.06 0.40 0.77% 4.65 8.60% 91.40% 50.00% 2.63% 16.78% 45.70% 3.40% 17.55% 46.47%
Allegiant Travel ALGT 154.75 2.40 1.55% 11.10 21.62% 78.38% 28.50% 2.95% 12.38% 22.34% 4.50% 13.93% 23.89%
Alaska Air Group ALK 73.51 1.28 1.74% 6.00 21.33% 78.67% 22.00% 7.98% 10.49% 17.31% 9.72% 12.24% 19.05%
Delta Air Lines DAL 56.00 1.22 2.18% 6.50 18.77% 81.23% 30.50% 8.29% 12.70% 24.78% 10.47% 14.87% 26.95%
JetBlue Airways JBLU 22.34 - 0.00% 2.05 12.00% 6.09% 1.69%
Southwest Airlines LUV 65.45 0.58 0.89% 4.65 12.47% 87.53% 24.50% 9.24% 14.27% 21.44% 10.12% 15.15% 22.33%
Spirit Airlines SAVE 44.85 - 0.00% 3.45 13.00% 6.41% 1.69%
SkyWest SKYW 53.10 0.32 0.60% 4.40 7.27% 92.73% 12.50% 12.70% 12.38% 11.59% 13.30% 12.98% 12.19%
United Cont'l Hldgs. UAL 67.40 - 0.00% 7.50 23.00% 4.52% 1.69%
Average 0.86% 15.01% 84.99% 24.00% 6.76% 9.34% 23.86% 8.58% 14.46% 25.15%
Median 0.77% 15.62% 84.38% 23.00% 6.41% 12.38% 21.89% 9.92% 14.40% 23.11%
Trimmed Average 0.79% 15.29% 84.71% 22.00% 6.50% 9.37% 21.47% 8.70% 14.24% 23.06%
High 2.18% 21.62% 92.73% 50.00% 12.70% 16.78% 45.70% 13.30% 17.55% 46.47%
Low 0.00% 7.27% 78.38% 12.00% 2.63% 1.69% 11.59% 3.40% 12.24% 12.19%
Say 10.00% 14.40% 23.10%
MONTANA DEPARTMENT OF REVENUE
Support for Yield Capitalization Cost of Equity Component - Based on Dividend Growth Model
Industry: Scheduled Passenger Airlines
2018 Assessment Year
Ke = (D1 / P0) + g
AP-9
Company Amer. Airlines AAL Company Allegiant Travel ALGT Compnay Alaska Air Group ALK
Value Line 5 yr est. earnings growth 1.50% Value Line 5 yr est. earnings growth 2.00% Value Line 5 yr est. earnings growth 10.00%
LT nominal economic growth rate 4.55% LT nominal economic growth rate 4.55% LT nominal economic growth rate 4.55%
Multi-Stage Weighted Average 2.63% Multi-Stage Weighted Average 2.95% Multi-Stage Weighted Average 7.98%
Value Line 5 yr est. div'd growth 24.00% Value Line 5 yr est. div'd growth 17.00% Value Line 5 yr est. div'd growth 14.00%
LT nominal economic growth rate 4.55% LT nominal economic growth rate 4.55% LT nominal economic growth rate 4.55%
Multi-Stage Weighted Average 16.78% Multi-Stage Weighted Average 12.38% Multi-Stage Weighted Average 10.49%
Company Delta Air Lines DAL Company JetBlue Airways JBLU Company Southwest Airlines LUV
Value Line 5 yr est. earnings growth 10.50% Value Line 5 yr est. earnings growth 7.00% Value Line 5 yr est. earnings growth 12.00%
LT nominal economic growth rate 4.55% LT nominal economic growth rate 4.55% LT nominal economic growth rate 4.55%
Multi-Stage Weighted Average 8.29% Multi-Stage Weighted Average 6.09% Multi-Stage Weighted Average 9.24%
Value Line 5 yr est. div'd growth 17.50% Value Line 5 yr est. div'd growth 0.00% Value Line 5 yr est. div'd growth 20.00%
LT nominal economic growth rate 4.55% LT nominal economic growth rate 4.55% LT nominal economic growth rate 4.55%
Multi-Stage Weighted Average 12.70% Multi-Stage Weighted Average 1.69% Multi-Stage Weighted Average 14.27%
Company Spirit Airlines SAVE Company SkyWest SKYW Company United Cont'l Hldgs. UAL
Value Line 5 yr est. earnings growth 7.50% Value Line 5 yr est. earnings growth 17.50% Value Line 5 yr est. earnings growth 4.50%
LT nominal economic growth rate 4.55% LT nominal economic growth rate 4.55% LT nominal economic growth rate 4.55%
Multi-Stage Weighted Average 6.41% Multi-Stage Weighted Average 12.70% Multi-Stage Weighted Average 4.52%
Value Line 5 yr est. div'd growth 0.00% Value Line 5 yr est. div'd growth 17.00% Value Line 5 yr est. div'd growth 0.00%
LT nominal economic growth rate 4.55% LT nominal economic growth rate 4.55% LT nominal economic growth rate 4.55%
Multi-Stage Weighted Average 1.69% Multi-Stage Weighted Average 12.38% Multi-Stage Weighted Average 1.69%
Dividend Growth Dividend Growth Dividend Growth
Dividend Growth Dividend Growth Dividend Growth
Dividend GrowthDividend GrowthDividend Growth
Earnings GrowthEarnings GrowthEarnings Growth
Earnings Growth Earnings Growth Earnings Growth
MONTANA DEPARTMENT OF REVENUE
Support for Yield Capitalization Cost of Equity Component - Multi-Stage Growth Model
Industry: Scheduled Passenger Airlines
2018 Assessment Year
Earnings Growth Earnings Growth Earnings Growth
AP-10
A B C D E F G H I J K L M N O
Company
Ticker
Symbol
End of Year
Closing
Stock Price
VL Historic
EPS VL Est EPS
VL Historic
P/E Ratio
VL Est P/E
Ratio
Ke
Estimate -
Earnings
(Hist. P/E)
Ke
Estimate -
Earnings
(Est. P/E)
VL Historic
Cash Flow
Per Share
VL Est
Cash Flow
Per Share
VL Historic
P/CF Ratio
VL Est
P/CF Ratio
Ke
Estimate -
Cash Flow
(Hist. P/CF)
Ke
Estimate -
Cash Flow
(Est. P/CF)
Yahoo Value Line Value Line C/D C/E 1/F 1/G Value Line Value Line C/J C/K 1/L 1/M
American Airlines Group AAL 52.06 3.91 4.65 13.31 11.20 7.51% 8.93% 8.28 7.75 6.29 6.72 15.90% 14.89%
Allegiant Travel ALGT 154.75 9.54 11.10 16.22 13.94 6.16% 7.17% 19.53 17.35 7.92 8.92 12.62% 11.21%
Alaska Air Group ALK 73.51 6.63 6.00 11.09 12.25 9.02% 8.16% 9.54 9.70 7.71 7.58 12.98% 13.20%
Delta Air Lines DAL 56.00 4.94 6.50 11.34 8.62 8.82% 11.61% 8.10 8.23 6.91 6.80 14.46% 14.70%
JetBlue Airways JBLU 22.34 1.76 2.05 12.69 10.90 7.88% 9.18% 3.42 3.20 6.53 6.98 15.31% 14.32%
Southwest Airlines LUV 65.45 3.41 4.65 19.19 14.08 5.21% 7.10% 5.60 7.00 11.69 9.35 8.56% 10.70%
Spirit Airlines SAVE 44.85 3.18 3.45 14.10 13.00 7.09% 7.69% 5.28 5.25 8.49 8.54 11.77% 11.71%
SkyWest SKYW 53.10 3.42 4.40 15.53 12.07 6.44% 8.29% 8.11 9.15 6.55 5.80 15.27% 17.23%
United Cont'l Hldgs. UAL 67.40 6.78 7.50 9.94 8.99 10.06% 11.13% 15.36 14.45 4.39 4.66 22.79% 21.44%
Average 13.71 11.67 7.58% 8.81% 7.39 7.26 14.41% 14.38%
Median 13.31 12.07 7.51% 8.29% 6.91 6.98 14.46% 14.32%
Trimmed Average 13.47 11.76 7.56% 8.65% 7.20 7.34 14.05% 13.89%
High 19.19 14.08 10.06% 11.61% 11.69 9.35 22.79% 21.44%
Low 9.94 8.62 5.21% 7.10% 4.39 4.66 8.56% 10.70%
Say 8.00% 14.40%
MONTANA DEPARTMENT OF REVENUE
Support for Direct Capitalization Cost of Equity (ke)
Industry: Scheduled Passenger Airlines
2018 Assessment Year
AP-11
A B C D E F G H I J K
2017 YE 2017 YE 2016 YE 2016 YE 2017 YE 2017 2017 Avg 2017 2017 Avg
Company Ticker Interest Exp. MV LT Debt BV LT Debt MV LT Debt BV LT Debt MV LT Debt Current Yield BV LT Debt MTBR
Source 10-K 10-K 10-K 10-K 10-K (D+F)/2 (C/H) (E+G)/2 (H/J)
($000) ($000) ($000) ($000) ($000) ($000) ($000)
Alaska Air Group ALK 103,000 2,968,000 2,964,000 2,572,000 2,569,000 2,770,000 3.72% 2,766,500 1.00
Allegiant Travel ALGT 38,990 808,871 813,178 1,122,669 1,171,002 965,770 4.04% 992,090 0.97
American Airlines Group AAL 1,053,000 23,181,000 22,577,000 24,029,000 23,294,000 23,605,000 4.46% 22,935,500 1.03
Delta Airlines DAL 396,000 7,300,000 7,008,000 8,700,000 8,440,000 8,000,000 4.95% 7,724,000 1.04
JetBlue Airways JBLU 95,000 1,336,000 1,244,000 1,154,000 1,075,000 1,245,000 7.63% 1,159,500 1.07
SkyWest SKYW 104,925 2,566,500 2,570,900 2,698,400 2,712,400 2,632,450 3.99% 2,641,650 1.00
Southwest Airlines LUV 114,000 3,445,000 3,387,000 2,859,000 2,808,000 3,152,000 3.62% 3,097,500 1.02
Spirit Airlines SAVE 57,302 1,033,700 1,012,400 1,583,200 1,539,600 1,308,450 4.38% 1,276,000 1.03
United Cont'l Holdings UAL 643,000 11,055,000 10,767,000 13,787,000 13,268,000 12,421,000 5.18% 12,017,500 1.03
All Companies 2,605,217 56,099,670 4.64% 54,610,240 1.03
Average 4.66% 1.02
Median 4.38% 1.03
Trimmed Average 4.39% 1.02
High 7.63% 1.07
Low 3.62% 0.97
Say 4.50% 1.02
2018 Assessment Year
MONTANA DEPARTMENT OF REVENUE
Support for Direct Capitalization Cost of Debt Component - Calculated Current Yield
Industry: Scheduled Passenger Airlines
AP-12
Ticker Company Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17
End of Year
Closing
4th Qtr
Average
Annual
Average
AAL American Airlines Group high 50.00$ 48.05$ 48.14$ 47.39$ 48.82$ 51.95$ 54.48$ 52.00$ 48.60$ 53.74$ 51.16$ 53.47$ 52.06$ 49.85$ 47.50$
low 43.74$ 43.57$ 39.21$ 40.82$ 42.01$ 48.01$ 48.73$ 42.67$ 42.61$ 46.79$ 45.27$ 48.69$
ALGT Allegiant Travel high 182.25$ 178.45$ 178.20$ 169.15$ 150.05$ 147.05$ 147.00$ 131.75$ 137.75$ 145.00$ 154.20$ 162.35$ 154.75$ 143.23$ 146.75$
low 164.50$ 157.50$ 153.40$ 143.90$ 134.65$ 134.95$ 126.20$ 114.35$ 111.54$ 128.30$ 125.95$ 143.55$
ALK Alaska Air Group high 96.27$ 98.89$ 101.43$ 92.59$ 87.34$ 93.16$ 95.75$ 87.17$ 78.44$ 82.68$ 70.51$ 76.06$ 73.51$ 70.27$ 83.37$
low 86.22$ 92.37$ 89.00$ 83.76$ 82.03$ 87.04$ 83.41$ 73.29$ 71.17$ 64.77$ 61.10$ 66.50$
DAL Delta Air Lines high 52.00$ 51.96$ 51.87$ 47.55$ 50.95$ 54.53$ 55.75$ 51.55$ 49.28$ 54.06$ 53.50$ 56.84$ 56.00$ 52.07$ 49.70$
low 46.57$ 46.48$ 44.47$ 43.81$ 45.40$ 49.30$ 49.26$ 45.00$ 44.59$ 47.90$ 48.33$ 51.76$
JBLU JetBlue Airways high 23.15$ 20.32$ 21.04$ 22.74$ 23.12$ 23.37$ 24.13$ 22.62$ 19.95$ 20.79$ 21.59$ 22.74$ 22.34$ 20.51$ 20.92$
low 18.94$ 18.71$ 19.05$ 20.31$ 20.70$ 22.20$ 21.42$ 19.17$ 18.05$ 18.37$ 18.73$ 20.84$
LUV Southwest Airlines high 54.18$ 58.57$ 59.68$ 57.84$ 61.19$ 62.75$ 64.39$ 56.87$ 56.65$ 59.89$ 61.51$ 66.99$ 65.45$ 59.04$ 56.63$
low 48.71$ 52.18$ 51.11$ 52.88$ 56.17$ 57.63$ 53.77$ 50.49$ 49.76$ 53.54$ 52.78$ 59.51$
SAVE Spirit Airlines high 58.99$ 56.12$ 54.35$ 59.54$ 60.28$ 56.89$ 53.84$ 41.47$ 35.47$ 38.42$ 42.88$ 45.68$ 44.85$ 39.24$ 46.67$
low 52.50$ 50.50$ 48.29$ 50.68$ 51.89$ 50.89$ 38.62$ 33.93$ 30.32$ 32.99$ 34.08$ 41.37$
SKYW SkyWest high 37.90$ 37.20$ 37.70$ 39.85$ 37.60$ 37.85$ 39.65$ 38.75$ 44.90$ 48.45$ 52.95$ 54.85$ 53.10$ 49.12$ 39.31$
low 34.40$ 31.06$ 33.65$ 30.40$ 33.45$ 34.26$ 34.50$ 31.75$ 33.80$ 42.85$ 45.55$ 50.05$
UAL United Cont'l Hldgs. high 76.75$ 76.46$ 76.65$ 72.10$ 81.96$ 83.04$ 81.36$ 69.31$ 63.08$ 69.62$ 63.84$ 67.99$ 67.40$ 62.96$ 69.18$
low 69.34$ 70.55$ 64.16$ 67.55$ 70.24$ 74.97$ 66.45$ 61.31$ 57.34$ 58.04$ 56.51$ 61.78$
2018 Assessment Year
Industry: Scheduled Passenger Airlines
Support of Stock Price - From YAHOO Finance
MONTANA DEPARTMENT OF REVENUE
AP-13