Frequent Flier Program Soars in Value

United Airlines' frequent flier program may be worth more than the carrier itself, according to projections for a still-speculative sell-off. The program would be worth about $7.5 billion, a Bear Stearns analyst says; United makes $19.3 billion a year, but its overall value is only about $5.45 billion—the air travel game is tough these days.

So far, United is keeping quiet on its frequent-flier plans. "We are managing our Mileage Plus program to the benefit of our customers and shareholders and will continue to do so," says a spokeswoman. Meanwhile, analysts say spinning off the program could nearly double United's share price.