Intrinsic value of Alaska Air Group - ALK

Previous Close

$67.58

  Intrinsic Value

$157.59

stock screener

  Rating & Target

str. buy

+133%

Previous close

$67.58

 
Intrinsic value

$157.59

 
Up/down potential

+133%

 
Rating

str. buy

We calculate the intrinsic value of ALK stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 8.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  8,139
  8,370
  8,626
  8,907
  9,212
  9,542
  9,897
  10,278
  10,686
  11,121
  11,584
  12,076
  12,598
  13,151
  13,736
  14,355
  15,009
  15,700
  16,428
  17,196
  18,006
  18,859
  19,757
  20,703
  21,698
  22,746
  23,848
  25,007
  26,226
  27,508
Variable operating expenses, $m
  6,286
  6,459
  6,650
  6,859
  7,087
  7,334
  7,599
  7,884
  8,188
  8,513
  8,651
  9,019
  9,409
  9,822
  10,259
  10,721
  11,209
  11,725
  12,269
  12,843
  13,447
  14,084
  14,755
  15,462
  16,205
  16,987
  17,810
  18,676
  19,586
  20,544
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  6,286
  6,459
  6,650
  6,859
  7,087
  7,334
  7,599
  7,884
  8,188
  8,513
  8,651
  9,019
  9,409
  9,822
  10,259
  10,721
  11,209
  11,725
  12,269
  12,843
  13,447
  14,084
  14,755
  15,462
  16,205
  16,987
  17,810
  18,676
  19,586
  20,544
Operating income, $m
  1,853
  1,912
  1,976
  2,047
  2,125
  2,208
  2,298
  2,395
  2,498
  2,608
  2,933
  3,057
  3,189
  3,329
  3,478
  3,634
  3,800
  3,975
  4,159
  4,354
  4,558
  4,774
  5,002
  5,241
  5,493
  5,759
  6,038
  6,331
  6,640
  6,964
EBITDA, $m
  2,394
  2,462
  2,537
  2,619
  2,709
  2,806
  2,911
  3,023
  3,143
  3,271
  3,407
  3,551
  3,705
  3,868
  4,040
  4,222
  4,414
  4,617
  4,831
  5,057
  5,295
  5,546
  5,810
  6,089
  6,381
  6,689
  7,014
  7,354
  7,713
  8,090
Interest expense (income), $m
  24
  139
  149
  161
  173
  187
  202
  219
  236
  255
  275
  297
  320
  344
  370
  398
  427
  457
  490
  524
  560
  598
  639
  681
  725
  772
  822
  874
  928
  986
  1,046
Earnings before tax, $m
  1,714
  1,762
  1,816
  1,874
  1,937
  2,006
  2,079
  2,158
  2,243
  2,332
  2,636
  2,737
  2,845
  2,959
  3,080
  3,208
  3,342
  3,485
  3,635
  3,793
  3,960
  4,136
  4,321
  4,516
  4,721
  4,937
  5,164
  5,403
  5,654
  5,918
Tax expense, $m
  463
  476
  490
  506
  523
  542
  561
  583
  606
  630
  712
  739
  768
  799
  832
  866
  902
  941
  981
  1,024
  1,069
  1,117
  1,167
  1,219
  1,275
  1,333
  1,394
  1,459
  1,527
  1,598
Net income, $m
  1,251
  1,287
  1,326
  1,368
  1,414
  1,464
  1,518
  1,576
  1,637
  1,703
  1,924
  1,998
  2,077
  2,160
  2,248
  2,342
  2,440
  2,544
  2,653
  2,769
  2,891
  3,019
  3,154
  3,297
  3,446
  3,604
  3,770
  3,944
  4,127
  4,320

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  11,029
  11,342
  11,689
  12,069
  12,482
  12,929
  13,411
  13,927
  14,480
  15,069
  15,696
  16,363
  17,070
  17,820
  18,613
  19,452
  20,338
  21,273
  22,260
  23,301
  24,398
  25,554
  26,771
  28,053
  29,402
  30,821
  32,314
  33,885
  35,537
  37,273
Adjusted assets (=assets-cash), $m
  11,029
  11,342
  11,689
  12,069
  12,482
  12,929
  13,411
  13,927
  14,480
  15,069
  15,696
  16,363
  17,070
  17,820
  18,613
  19,452
  20,338
  21,273
  22,260
  23,301
  24,398
  25,554
  26,771
  28,053
  29,402
  30,821
  32,314
  33,885
  35,537
  37,273
Revenue / Adjusted assets
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
  0.738
Average production assets, $m
  7,195
  7,399
  7,626
  7,873
  8,143
  8,435
  8,749
  9,086
  9,446
  9,831
  10,240
  10,675
  11,137
  11,625
  12,143
  12,690
  13,268
  13,878
  14,522
  15,201
  15,917
  16,671
  17,465
  18,301
  19,181
  20,107
  21,082
  22,106
  23,184
  24,317
Working capital, $m
  -1,896
  -1,950
  -2,010
  -2,075
  -2,146
  -2,223
  -2,306
  -2,395
  -2,490
  -2,591
  -2,699
  -2,814
  -2,935
  -3,064
  -3,201
  -3,345
  -3,497
  -3,658
  -3,828
  -4,007
  -4,195
  -4,394
  -4,603
  -4,824
  -5,056
  -5,300
  -5,557
  -5,827
  -6,111
  -6,409
Total debt, $m
  2,761
  2,973
  3,208
  3,465
  3,746
  4,049
  4,375
  4,726
  5,100
  5,500
  5,925
  6,377
  6,857
  7,365
  7,903
  8,471
  9,072
  9,706
  10,375
  11,081
  11,825
  12,609
  13,434
  14,303
  15,217
  16,180
  17,192
  18,257
  19,377
  20,554
Total liabilities, $m
  7,478
  7,690
  7,925
  8,182
  8,463
  8,766
  9,092
  9,443
  9,817
  10,217
  10,642
  11,094
  11,574
  12,082
  12,620
  13,188
  13,789
  14,423
  15,092
  15,798
  16,542
  17,326
  18,151
  19,020
  19,934
  20,897
  21,909
  22,974
  24,094
  25,271
Total equity, $m
  3,551
  3,652
  3,764
  3,886
  4,019
  4,163
  4,318
  4,485
  4,662
  4,852
  5,054
  5,269
  5,497
  5,738
  5,993
  6,263
  6,549
  6,850
  7,168
  7,503
  7,856
  8,228
  8,620
  9,033
  9,467
  9,924
  10,405
  10,911
  11,443
  12,002
Total liabilities and equity, $m
  11,029
  11,342
  11,689
  12,068
  12,482
  12,929
  13,410
  13,928
  14,479
  15,069
  15,696
  16,363
  17,071
  17,820
  18,613
  19,451
  20,338
  21,273
  22,260
  23,301
  24,398
  25,554
  26,771
  28,053
  29,401
  30,821
  32,314
  33,885
  35,537
  37,273
Debt-to-equity ratio
  0.780
  0.810
  0.850
  0.890
  0.930
  0.970
  1.010
  1.050
  1.090
  1.130
  1.170
  1.210
  1.250
  1.280
  1.320
  1.350
  1.390
  1.420
  1.450
  1.480
  1.510
  1.530
  1.560
  1.580
  1.610
  1.630
  1.650
  1.670
  1.690
  1.710
Adjusted equity ratio
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322
  0.322

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,251
  1,287
  1,326
  1,368
  1,414
  1,464
  1,518
  1,576
  1,637
  1,703
  1,924
  1,998
  2,077
  2,160
  2,248
  2,342
  2,440
  2,544
  2,653
  2,769
  2,891
  3,019
  3,154
  3,297
  3,446
  3,604
  3,770
  3,944
  4,127
  4,320
Depreciation, amort., depletion, $m
  541
  550
  561
  572
  585
  598
  613
  628
  645
  663
  474
  494
  516
  538
  562
  588
  614
  643
  672
  704
  737
  772
  809
  847
  888
  931
  976
  1,023
  1,073
  1,126
Funds from operations, $m
  1,792
  1,837
  1,886
  1,940
  1,999
  2,062
  2,131
  2,204
  2,282
  2,365
  2,398
  2,492
  2,592
  2,698
  2,811
  2,929
  3,054
  3,186
  3,326
  3,473
  3,628
  3,791
  3,963
  4,144
  4,334
  4,535
  4,746
  4,967
  5,201
  5,446
Change in working capital, $m
  -48
  -54
  -60
  -65
  -71
  -77
  -83
  -89
  -95
  -101
  -108
  -115
  -122
  -129
  -136
  -144
  -152
  -161
  -170
  -179
  -189
  -199
  -209
  -220
  -232
  -244
  -257
  -270
  -284
  -299
Cash from operations, $m
  1,840
  1,891
  1,946
  2,005
  2,070
  2,139
  2,213
  2,293
  2,377
  2,467
  2,506
  2,607
  2,714
  2,827
  2,947
  3,073
  3,207
  3,347
  3,496
  3,652
  3,816
  3,990
  4,172
  4,364
  4,566
  4,779
  5,002
  5,237
  5,485
  5,744
Maintenance CAPEX, $m
  -325
  -333
  -343
  -353
  -365
  -377
  -391
  -405
  -421
  -437
  -455
  -474
  -494
  -516
  -538
  -562
  -588
  -614
  -643
  -672
  -704
  -737
  -772
  -809
  -847
  -888
  -931
  -976
  -1,023
  -1,073
New CAPEX, $m
  -182
  -204
  -226
  -248
  -270
  -292
  -314
  -337
  -360
  -384
  -409
  -435
  -461
  -489
  -517
  -547
  -578
  -610
  -644
  -679
  -716
  -754
  -794
  -836
  -880
  -926
  -974
  -1,025
  -1,078
  -1,133
Cash from investing activities, $m
  -507
  -537
  -569
  -601
  -635
  -669
  -705
  -742
  -781
  -821
  -864
  -909
  -955
  -1,005
  -1,055
  -1,109
  -1,166
  -1,224
  -1,287
  -1,351
  -1,420
  -1,491
  -1,566
  -1,645
  -1,727
  -1,814
  -1,905
  -2,001
  -2,101
  -2,206
Free cash flow, $m
  1,334
  1,353
  1,377
  1,405
  1,436
  1,470
  1,509
  1,551
  1,596
  1,645
  1,642
  1,698
  1,758
  1,823
  1,891
  1,964
  2,041
  2,123
  2,209
  2,300
  2,397
  2,499
  2,606
  2,720
  2,839
  2,965
  3,097
  3,237
  3,384
  3,538
Issuance/(repayment) of debt, $m
  192
  212
  235
  258
  280
  303
  326
  350
  375
  400
  425
  452
  480
  508
  538
  569
  601
  634
  669
  706
  744
  784
  825
  869
  915
  962
  1,012
  1,065
  1,120
  1,177
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  192
  212
  235
  258
  280
  303
  326
  350
  375
  400
  425
  452
  480
  508
  538
  569
  601
  634
  669
  706
  744
  784
  825
  869
  915
  962
  1,012
  1,065
  1,120
  1,177
Total cash flow (excl. dividends), $m
  1,525
  1,566
  1,612
  1,662
  1,716
  1,774
  1,835
  1,901
  1,971
  2,045
  2,067
  2,150
  2,238
  2,331
  2,429
  2,533
  2,642
  2,757
  2,878
  3,006
  3,141
  3,282
  3,432
  3,589
  3,754
  3,927
  4,110
  4,302
  4,503
  4,716
Retained Cash Flow (-), $m
  -91
  -101
  -112
  -122
  -133
  -144
  -155
  -166
  -178
  -190
  -202
  -215
  -228
  -241
  -255
  -270
  -285
  -301
  -318
  -335
  -353
  -372
  -392
  -413
  -434
  -457
  -481
  -506
  -532
  -559
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,434
  1,465
  1,500
  1,540
  1,583
  1,630
  1,680
  1,734
  1,793
  1,855
  1,865
  1,935
  2,010
  2,090
  2,174
  2,262
  2,356
  2,456
  2,560
  2,671
  2,788
  2,910
  3,040
  3,176
  3,319
  3,470
  3,629
  3,796
  3,972
  4,156
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  1,375
  1,341
  1,306
  1,268
  1,227
  1,183
  1,135
  1,084
  1,030
  972
  886
  826
  764
  702
  638
  575
  513
  452
  394
  339
  288
  241
  199
  162
  129
  101
  78
  59
  43
  31
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Alaska Air Group, Inc. is the holding company of Alaska Airlines (Alaska), Virgin America Inc., Horizon Air (Horizon) and other business units. The Company operates through three segments: Mainline, Regional and Horizon. Its Mainline segment includes Alaska's and Virgin America's scheduled air transportation for passengers and cargo throughout the United States, and in parts of Canada, Mexico, Costa Rica and Cuba. Its Regional segment includes Horizon's and other third-party carriers' scheduled air transportation for passengers across a shorter distance network within the United States under capacity purchased arrangements (CPAs). Its Horizon segment includes the capacity sold to Alaska under CPA. Alaska and Virgin America operate fleets of narrowbody passenger jets. As of December 31, 2016, it maintained two frequent flyer plans: the Alaska Airlines Mileage Plan and the Virgin America Elevate.

FINANCIAL RATIOS  of  Alaska Air Group (ALK)

Valuation Ratios
P/E Ratio 10.2
Price to Sales 1.4
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 6
Price to Free Cash Flow 11.8
Growth Rates
Sales Growth Rate 5.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -18.4%
Cap. Spend. - 3 Yr. Gr. Rate 3.6%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 90.2%
Total Debt to Equity 101.1%
Interest Coverage 57
Management Effectiveness
Return On Assets 10%
Ret/ On Assets - 3 Yr. Avg. 11.3%
Return On Total Capital 18.1%
Ret/ On T. Cap. - 3 Yr. Avg. 22.3%
Return On Equity 30.5%
Return On Equity - 3 Yr. Avg. 32.3%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 37%
Gross Margin - 3 Yr. Avg. 34.7%
EBITDA Margin 29.2%
EBITDA Margin - 3 Yr. Avg. 27.6%
Operating Margin 22.7%
Oper. Margin - 3 Yr. Avg. 21.3%
Pre-Tax Margin 22.7%
Pre-Tax Margin - 3 Yr. Avg. 21.4%
Net Profit Margin 13.7%
Net Profit Margin - 3 Yr. Avg. 13.4%
Effective Tax Rate 39.5%
Eff/ Tax Rate - 3 Yr. Avg. 37.6%
Payout Ratio 16.7%

ALK stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALK stock intrinsic value calculation we used $7933 million for the last fiscal year's total revenue generated by Alaska Air Group. The default revenue input number comes from 0001 income statement of Alaska Air Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ALK stock valuation model: a) initial revenue growth rate of 2.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ALK is calculated based on our internal credit rating of Alaska Air Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Alaska Air Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ALK stock the variable cost ratio is equal to 77.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ALK stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Alaska Air Group.

Corporate tax rate of 27% is the nominal tax rate for Alaska Air Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ALK stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ALK are equal to 88.4%.

Life of production assets of 21.6 years is the average useful life of capital assets used in Alaska Air Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ALK is equal to -23.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3460 million for Alaska Air Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 123.145 million for Alaska Air Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Alaska Air Group at the current share price and the inputted number of shares is $8.3 billion.

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COMPANY NEWS

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▶ United Airlines flexes economic muscle at SFO event   [Oct-08-18 04:57PM  American City Business Journals]
▶ Alaska Air Group affiliate wins deal for Paine Field's commercial ground operations   [Oct-03-18 05:06PM  American City Business Journals]
▶ Passenger jets at Paine Field won't cause 'significant' extra noise, FAA concludes   [Oct-01-18 03:41PM  American City Business Journals]
▶ Museum of Flight honors two Boeing retirees with Pathfinder Awards   [Sep-30-18 02:00PM  American City Business Journals]
▶ Alaska Airlines to end two Sunport routes   [Sep-27-18 04:37PM  American City Business Journals]
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▶ Alaska Airlines celebrates autumn in first-class cabins   [Sep-21-18 03:25PM  American City Business Journals]
▶ American Airlines raises baggage fees by $5   [Sep-20-18 05:20PM  CNBC]

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