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Financial Analysis Airline Industry
Table of Contents -
Introduction
I. Why Airlines 3
II. Selection Criteria for Individual Enterprises 3
III. Analysis Method 5
Industry Analysis
I. Tests of Solvency 7
II. Tests of Liquidity 10
III. Tests of Profitability 13
IV. Tests of Activity 20
V. Tests of Growth Rates 24
Evaluation
I. Evaluation Method 27
II. The Result 29
Introduction
I. Why Airlines
Profit margins for airlines have always been thin, falling well below the average profitability
of U.S. corporations. Since 2000, margins have been consistently negative. Major air carriers have recorded a surprising loss and have fallen down constantly for the past 7, 8 years. Depressions in the airlines industry were caused by many factors. First, unexpected accidents including 9.11 have been a big shock to the industry. It has made people fear to fly across the country. Moreover, oil price has increased substantially, due to Iraq war and the restless …(생략)
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a valuable attempt to find a steady and reliable company to invest in among them. Also, we believe that the company which can overcome such long and harsh economic hardships, (which the airlines industry has been facing for almost a decade), will also be more profitable than other competitors, when industry at last escape from a long tunnel of depression. Therefore, our objective of this report is to find stable and sustainable, and also profitable company within the airlines industry.
II. Selection Criteria for Individual Enterprises
To sort out 7 enterprises before the evaluation process, we have selected two major indexes related to the Airlines industry. One is AMEX Airline Index. It is designed to measure the performance of highly capitalized companies in the airline industry. The index tracks the aggregate performance of major U.S. and overseas airlines. Another is the listings from ATA (Air Transport Association of America) which aligned the airline companies in the order
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