LATAM Airlines Group SA ADR (LTM) is overvalued and United Airlines Holdings Inc (UAL) is fairly valued.
Against our estimates of intrinsic value, UAL trades at the wider discount: a margin of safety of +4%, against -20% for LTM.
Values as of the 22 Sept 2026 close.
7.0x EV/EBITDAR, with aircraft leases counted as debt, values the shares at $44.43; the price of $53.45 is 20% above that value.
Leak Score 59/100 on 3 of 12 signals
7.0x EV/EBITDAR, with aircraft leases counted as debt, values the shares at $119.98; the price of $115.21 is 4% below that value.
Leak Score 45/100 on 10 of 12 signals
| Metric | LTM | UAL |
|---|---|---|
| Verdict | Overvalued | Fairly valued |
| Price | $53.45 | $115.21 |
| Intrinsic value | $44.43 | $119.98 |
| Margin of safety | -20% | +4% |
| Leak Score | 59/100 (3/12) | 45/100 (10/12) |
| Market cap | $15.3B | $37.4B |
| Revenue growth, 5 years | 29.3% | 30.9% |
| Operating margin | 15.2% | 6.8% |
| Net margin | 9.8% | 5.6% |
| Return on equity | 107.3% | 23.3% |
| Debt to equity | 4.51 | 2.02 |
| P/E | 10.0x | 10.8x |
| Forward P/E | 8.6x | 7.8x |
| P/B | 7.7x | 2.2x |
| Dividend yield | 2.0% | — |