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  "documentTitle": "Southwest Airlines (LUV)",
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  "presentationDate": "2024-06-10 00:00:00",
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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": "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": "We expect 67% - 87% share price upside as Southwest restores its best-in-class margins and we believe a turnaround is eminently achievable",
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      "kind": "source-note",
      "text": "Source: Company filings, peer company filings, Bloomberg as of 6/7/2024, Elliott analysis and estimates.",
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      "kind": "title",
      "text": "The Opportunity at Southwest",
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