Industry & Services >> Sector Roundtables >> June 15, 1998

Roundtable Forum: Airline Industry

THOMAS S. SCHREIER is a Director in Credit Suisse First Boston's Equity Research Department and the Senior Analyst covering the airline industry. He was previously associated with Northwest Airlines as vice president-finance. Mr. Schreier earned his B.A. in Economics and German from the University of Notre Dame and his M.B.A. from Harvard Graduate School of Business. Profile
SAMUEL C. BUTTRICK is a Managing Director in the transportation group of UBS Warburg Equity Research. An analyst since 1986, Mr. Buttrick specializes in the airline industry. Prior to joining UBS Warburg, he was the airline industry analyst at PaineWebber Incorporated. Before that he worked for Kidder Peabody, Morgan Keegan & Co., L.F. Rothschild & Co., and Merrill Lynch Capital Markets. For the past 11 years he has been recognized as one of the top airline analysts on the Institutional Investor All- American Research Team. For the past six years, Mr. Buttrick has been ranked number one in airlines by Institutional Investor. He is a past President of the Society of Airline Analysts and is a Chartered Financial Analyst. Mr. Buttrick holds an MBA from the University of Chicago and an AB in Slavic languages from Stanford University. Profile
Raymond Neidl is a Director and Airline & Aerospace Industry Analyst with Calyon Securities (USA) Inc. He joined Calyon in 2004. Previously, he covered the airline/leisure companies and casino sectors as a Managing Director at Blaylock & Partners. He has frequently been selected to The Wall Street Journal's and Forbes magazine's "Best of the Best Analysts" for his earnings forecasts and stock picks. Previously, he was a Director and an Equity Research Analyst providing coverage of airline and transportation companies, including both passenger and air freight carriers, at ABN-AMRO Securities, which was purchased from ING Barings. While part of ING Barings, he helped to form the firm's research coverage of the airline and air freight industries, including a high- yield research product. In addition to his equity research coverage, he was also involved with efforts in structured aircraft financing with the firm's Aviation and Structured Leasing groups. Prior to joining the firm in 1991 (when it was known as Furman Selz), he was involved in initiating the high-yield research effort at Dillon Read, where he performed some equity analysis and had some corporate finance responsibilities. He also helped plan and implement the high- yield product for four years at McCarthy, Crisanti & Maffei, now KDP. Prior to his high-yield specialization, he was a Credit Analyst in the airline/transportation leasing area at Standard & Poor's. He also worked at American Airlines in various financial and planning positions. He is the co- author of Airline Odyssey-the Airline Industry's Turbulent Flight into the Future, published by McGraw-Hill. He also has contributed to industry publications, e.g., Airline Economics, Airline Operations, Airline Planning and Airline Financing, all McGraw-Hill publications whose contributors include numerous well-known professionals and managers in the aviation and aerospace industries. He regularly appears on various general and business news programs as an industry expert and is frequently quoted in both the general and business news publications regarding the aviation and airline industries. He received an MBA in Finance from Pace University, New York, New York, and a BS degree from Albany State University, Albany, New York, and is a member of the New York Society of Securities Analysts Airline Splinter Group. Profile
Becker, Helane
Helane Becker joined the Dahlman Rose & Co. equity research team in July 2010 as Director covering the airline, aircraft leasing, container leasing, and airfreight and logistics industries. She was previously a Managing Director at Jesup & Lamont. Ms. Becker has more than 30 years of experience on Wall Street holding positions within the research, trading and investment banking departments of several broker/dealers including the former Citi, Lehman Brothers and Smith Barney. She has been frequently ranked as the number one, two or three analyst by Institutional Investor magazine, as well as in the top 5 analysts by The Wall Street Journal. Ms. Becker holds an MBA from New York University and a bachelor’s degree from Montclair State University. Profile
TWST: Mr. Neidl, as not only an air carrier bond analyst but the author

of a book on the airlines, would you structure the industry for us?

Mr. Neidl: It's basically broken down into two