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  "documentTitle": "Southwest Airlines (LUV)",
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  "authorName": "John Pike and Bobby Xu",
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      "text": "This upside is eminently achievable and may actually be conservative with strong execution; on a pro forma basis Southwest's relative margin performance vs. 2018 would still be in-line with or worse than peers",
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      "text": "Southwest's return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow",
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      "text": "Southwest’s return to best-in-class margins should drive substantial share price upside of 67% - 87% and c.$3B - 4B of annual free cash flow.",
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      "text": "Source: Company filings, peer company filings, Bloomberg as of 6/7/2024, Elliott analysis and estimates.",
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      "text": "2025E Margin and EBITDAR vs. 2018 Levels Relative to Peers",
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