2025 Airline Outlook: Year of the Underdogs 2024 margin differentials between Airline leaders & laggards culminates in capacity discipline & thus better profitability in 2025, w/ risk of cycling back into oversupply well contained barring the macro. Multiples reflect this + improved SH returns w/ 1X re-rating to 6X EBITDAR since Aug (60% disct to S&P vs 54% in '19). UAL remains our favorite multi-yr story w/ visibility to LDD pre-tax margins, but underdog AAL seems most mismodeled, hence U/G to Buy. New Yea ...