Southwest Airlines

Share price down >50% over 3 years; 2024 EBITDAR tracking ~50% below 2018 despite record industry revenues

Southwest's outdated strategy collapsed margins from best-in-class 21% to worst-in-class 8%

Southwest lost 50%+ of market value and EV is below the value of its aircraft alone

Southwest lost 50%+ of market value in 3 years while peers thrived

Southwest has the worst margins of any major U.S. airline under a 74-year legacy leadership team; a new outside CEO, refreshed board and modernized commercial strategy can deliver a $49 share price, 77% upside.

Eighth guidance cut in 18 months proves leadership cannot deliver

Southwest is the most compelling airline turnaround opportunity in two decades

Worst-performing management team in airlines has destroyed more value than any peer

Southwest management has destroyed more value through inaction than anyone in the industry

Southwest's board lacks the airline-operator experience needed to lead a turnaround