Loyalty ProgramsLoyalty programs are expanding with a new target of $10 billion, setting up Delta for a stable revenue model similar to other successful recurring revenue businesses.
Revenue GrowthDelta Air Lines is generating a 10% EPS CAGR, with revenue growth exceeding GDP, a strong balance sheet, and a 10%+ FCF yield, which are attributes that typically result in high valuation multiples.
Strategic PartnershipsThe DAL co-brand represents a significant portion of AMEX's card loans and spend, indicating a strong partnership and revenue stream.