easyJet looks incredibly attractive after oil-driven pressure pushed its shares down, because strong European leisure demand should keep supporting the business. It earns over £10B of revenue and £703M of operating profit against a market cap below £3B, is back to net profit and yields about 3.5%. Its load factor is 92%, travel demand has held up through cost-of-living pressures, and budget airlines often gain share in weak economies as travellers trade down. x.com 

Delta Air Lines looks cheap on forecast earnings: about 10x next year's estimated $7.89 per share versus 19x typical for airlines yields a $131.90-$167.87 fair range against $82.14. The estimate is 31% above trailing earnings; this is a levels-only screen based on reported forecasts, not fundamental diligence. x.com 

Allegiant Travel looks cheap against its forward earnings. It trades at about 8x next year's earnings, versus the roughly 19x airlines usually get, implying fair value of about $166-212, or 19x next year's $9.94 forecast EPS, give or take 12%. The view relies heavily on that forecast, which is 750% above trailing earnings, and is based on valuation levels only, not fundamental work. x.com 

United Airlines is showing that even a supposedly uninvestable airline can produce powerful earnings growth. Despite razor-thin margins, fuel, labor, debt and cyclical demand, Q1 FY26 revenue rose 11% to $14.6 billion, operating income 64% to $997 million, net income 81% to $699 million and diluted EPS 84% to $2.14. The quarter earns an A grade. x.com 

Delta Air Lines and American Airlines look vulnerable because jet fuel supply is extremely tight. x.com 

Booking Holdings is a great business at a nice discount and one of the best ways to play an end to the war and the reopening of the Middle East, as @vijaythirumalai argues. It is a best-in-class asset-light travel business trading at about 16x earnings with roughly 15% EPS growth and a near-10% free cash flow yield, with limited AI disruption risk, unlike Uber with autonomy. The war has created some overhang. Lower prices would be even better for the long term. x.com