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Editor's notes: Lufthansa's restructuring and balance sheet deleveraging combined with surprising robustness in its core European business could portend 30%+ upside over the next year.

Historically, the airline sector has been one of the most turbulent sectors to invest in. A myriad of issues have, for decades, plagued the sector, bringing pain to airline investors. Bankruptcies, debt, and labor strife have historically been a regular occurrence in the airline industry. However, over the past several years, many airlines have undergone something of a renaissance. Billions of debt has been cut, labor peace has been reached at many airlines, and capacity has been tamed.

As the chart above shows, many of America's domestic airlines have seen triple digit returns over the past 5 years, driven by both consolidation and fundamental shifts in the industry. However, as the domestic industry turns towards the stall...

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