Intrinsic value of WestJet Airlines Ltd. variable voting an - WJA

Previous Close

$26.27

  Intrinsic Value

$83.50

stock screener

  Rating & Target

str. buy

+218%

Previous close

$26.27

 
Intrinsic value

$83.50

 
Up/down potential

+218%

 
Rating

str. buy

We calculate the intrinsic value of WJA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.33
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
Revenue, $m
  4,123
  4,461
  4,813
  5,178
  5,558
  5,952
  6,362
  6,789
  7,232
  7,693
  8,173
  8,673
  9,194
  9,737
  10,303
  10,893
  11,510
  12,153
  12,826
  13,529
  14,264
  15,032
  15,837
  16,678
  17,560
  18,482
  19,449
  20,462
  21,523
  22,635
  23,801
Variable operating expenses, $m
 
  3,832
  4,134
  4,448
  4,774
  5,113
  5,465
  5,831
  6,212
  6,608
  7,021
  7,450
  7,898
  8,364
  8,850
  9,357
  9,887
  10,440
  11,017
  11,621
  12,253
  12,913
  13,604
  14,327
  15,084
  15,876
  16,707
  17,577
  18,488
  19,443
  20,445
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,683
  3,832
  4,134
  4,448
  4,774
  5,113
  5,465
  5,831
  6,212
  6,608
  7,021
  7,450
  7,898
  8,364
  8,850
  9,357
  9,887
  10,440
  11,017
  11,621
  12,253
  12,913
  13,604
  14,327
  15,084
  15,876
  16,707
  17,577
  18,488
  19,443
  20,445
Operating income, $m
  440
  629
  679
  730
  784
  839
  897
  957
  1,020
  1,085
  1,152
  1,223
  1,296
  1,373
  1,453
  1,536
  1,623
  1,714
  1,808
  1,908
  2,011
  2,120
  2,233
  2,352
  2,476
  2,606
  2,742
  2,885
  3,035
  3,192
  3,356
EBITDA, $m
  790
  1,008
  1,088
  1,170
  1,256
  1,345
  1,438
  1,535
  1,635
  1,739
  1,848
  1,961
  2,078
  2,201
  2,329
  2,462
  2,602
  2,747
  2,899
  3,058
  3,224
  3,398
  3,580
  3,770
  3,969
  4,178
  4,396
  4,625
  4,865
  5,117
  5,380
Interest expense (income), $m
  56
  67
  78
  90
  102
  115
  128
  142
  156
  171
  186
  203
  219
  237
  255
  274
  294
  315
  336
  359
  383
  407
  433
  460
  488
  518
  549
  581
  615
  651
  688
Earnings before tax, $m
  416
  562
  601
  640
  682
  725
  769
  815
  864
  914
  966
  1,020
  1,077
  1,136
  1,198
  1,262
  1,329
  1,399
  1,472
  1,549
  1,629
  1,712
  1,800
  1,892
  1,988
  2,088
  2,193
  2,304
  2,419
  2,540
  2,668
Tax expense, $m
  121
  152
  162
  173
  184
  196
  208
  220
  233
  247
  261
  275
  291
  307
  323
  341
  359
  378
  397
  418
  440
  462
  486
  511
  537
  564
  592
  622
  653
  686
  720
Net income, $m
  295
  411
  438
  467
  498
  529
  561
  595
  630
  667
  705
  745
  786
  829
  874
  921
  970
  1,021
  1,075
  1,131
  1,189
  1,250
  1,314
  1,381
  1,451
  1,524
  1,601
  1,682
  1,766
  1,855
  1,947

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,558
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  6,164
  4,984
  5,377
  5,785
  6,210
  6,651
  7,109
  7,585
  8,080
  8,596
  9,132
  9,691
  10,272
  10,879
  11,511
  12,171
  12,860
  13,579
  14,331
  15,116
  15,937
  16,796
  17,695
  18,635
  19,620
  20,651
  21,731
  22,862
  24,048
  25,291
  26,593
Adjusted assets (=assets-cash), $m
  4,606
  4,984
  5,377
  5,785
  6,210
  6,651
  7,109
  7,585
  8,080
  8,596
  9,132
  9,691
  10,272
  10,879
  11,511
  12,171
  12,860
  13,579
  14,331
  15,116
  15,937
  16,796
  17,695
  18,635
  19,620
  20,651
  21,731
  22,862
  24,048
  25,291
  26,593
Revenue / Adjusted assets
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
  0.895
Average production assets, $m
  3,820
  4,135
  4,461
  4,800
  5,152
  5,518
  5,898
  6,293
  6,704
  7,132
  7,577
  8,040
  8,523
  9,026
  9,551
  10,098
  10,669
  11,266
  11,890
  12,541
  13,222
  13,935
  14,681
  15,461
  16,278
  17,133
  18,029
  18,968
  19,952
  20,983
  22,063
Working capital, $m
  345
  -1,155
  -1,246
  -1,341
  -1,439
  -1,542
  -1,648
  -1,758
  -1,873
  -1,993
  -2,117
  -2,246
  -2,381
  -2,522
  -2,668
  -2,821
  -2,981
  -3,148
  -3,322
  -3,504
  -3,694
  -3,893
  -4,102
  -4,320
  -4,548
  -4,787
  -5,037
  -5,300
  -5,574
  -5,862
  -6,164
Total debt, $m
  2,047
  2,226
  2,563
  2,914
  3,278
  3,657
  4,050
  4,460
  4,885
  5,328
  5,788
  6,268
  6,768
  7,289
  7,832
  8,399
  8,991
  9,609
  10,254
  10,929
  11,634
  12,372
  13,144
  13,952
  14,797
  15,683
  16,611
  17,583
  18,601
  19,669
  20,788
Total liabilities, $m
  4,104
  4,282
  4,619
  4,970
  5,334
  5,713
  6,106
  6,516
  6,941
  7,384
  7,844
  8,324
  8,824
  9,345
  9,888
  10,455
  11,047
  11,665
  12,310
  12,985
  13,690
  14,428
  15,200
  16,008
  16,853
  17,739
  18,667
  19,639
  20,657
  21,725
  22,844
Total equity, $m
  2,061
  703
  758
  816
  876
  938
  1,002
  1,069
  1,139
  1,212
  1,288
  1,366
  1,448
  1,534
  1,623
  1,716
  1,813
  1,915
  2,021
  2,131
  2,247
  2,368
  2,495
  2,628
  2,766
  2,912
  3,064
  3,224
  3,391
  3,566
  3,750
Total liabilities and equity, $m
  6,165
  4,985
  5,377
  5,786
  6,210
  6,651
  7,108
  7,585
  8,080
  8,596
  9,132
  9,690
  10,272
  10,879
  11,511
  12,171
  12,860
  13,580
  14,331
  15,116
  15,937
  16,796
  17,695
  18,636
  19,619
  20,651
  21,731
  22,863
  24,048
  25,291
  26,594
Debt-to-equity ratio
  0.993
  3.170
  3.380
  3.570
  3.740
  3.900
  4.040
  4.170
  4.290
  4.400
  4.500
  4.590
  4.670
  4.750
  4.830
  4.890
  4.960
  5.020
  5.070
  5.130
  5.180
  5.220
  5.270
  5.310
  5.350
  5.390
  5.420
  5.450
  5.490
  5.520
  5.540
Adjusted equity ratio
  0.109
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  295
  411
  438
  467
  498
  529
  561
  595
  630
  667
  705
  745
  786
  829
  874
  921
  970
  1,021
  1,075
  1,131
  1,189
  1,250
  1,314
  1,381
  1,451
  1,524
  1,601
  1,682
  1,766
  1,855
  1,947
Depreciation, amort., depletion, $m
  350
  379
  409
  440
  473
  506
  541
  577
  615
  654
  695
  738
  782
  828
  876
  926
  979
  1,034
  1,091
  1,151
  1,213
  1,278
  1,347
  1,418
  1,493
  1,572
  1,654
  1,740
  1,830
  1,925
  2,024
Funds from operations, $m
  680
  790
  848
  908
  970
  1,035
  1,103
  1,173
  1,245
  1,321
  1,400
  1,482
  1,568
  1,657
  1,750
  1,848
  1,949
  2,055
  2,165
  2,281
  2,402
  2,528
  2,661
  2,799
  2,944
  3,096
  3,255
  3,422
  3,597
  3,780
  3,971
Change in working capital, $m
  -25
  -88
  -91
  -95
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -135
  -141
  -147
  -153
  -160
  -167
  -174
  -182
  -190
  -199
  -208
  -218
  -228
  -239
  -250
  -262
  -275
  -288
  -302
Cash from operations, $m
  705
  878
  939
  1,002
  1,069
  1,137
  1,209
  1,283
  1,360
  1,441
  1,525
  1,612
  1,703
  1,798
  1,897
  2,001
  2,109
  2,222
  2,340
  2,463
  2,592
  2,728
  2,869
  3,017
  3,173
  3,335
  3,506
  3,684
  3,871
  4,068
  4,273
Maintenance CAPEX, $m
  0
  -350
  -379
  -409
  -440
  -473
  -506
  -541
  -577
  -615
  -654
  -695
  -738
  -782
  -828
  -876
  -926
  -979
  -1,034
  -1,091
  -1,151
  -1,213
  -1,278
  -1,347
  -1,418
  -1,493
  -1,572
  -1,654
  -1,740
  -1,830
  -1,925
New CAPEX, $m
  -925
  -315
  -326
  -339
  -352
  -366
  -380
  -395
  -411
  -428
  -445
  -463
  -483
  -503
  -525
  -547
  -571
  -597
  -623
  -652
  -681
  -713
  -746
  -780
  -817
  -855
  -896
  -939
  -984
  -1,031
  -1,081
Cash from investing activities, $m
  -942
  -665
  -705
  -748
  -792
  -839
  -886
  -936
  -988
  -1,043
  -1,099
  -1,158
  -1,221
  -1,285
  -1,353
  -1,423
  -1,497
  -1,576
  -1,657
  -1,743
  -1,832
  -1,926
  -2,024
  -2,127
  -2,235
  -2,348
  -2,468
  -2,593
  -2,724
  -2,861
  -3,006
Free cash flow, $m
  -237
  212
  234
  254
  276
  299
  322
  347
  372
  398
  425
  453
  483
  513
  544
  577
  611
  646
  683
  721
  761
  802
  845
  890
  937
  986
  1,038
  1,091
  1,148
  1,206
  1,268
Issuance/(repayment) of debt, $m
  842
  324
  337
  351
  364
  379
  394
  409
  426
  443
  461
  480
  500
  521
  543
  567
  592
  618
  645
  675
  705
  738
  772
  808
  846
  886
  928
  972
  1,018
  1,067
  1,119
Issuance/(repurchase) of shares, $m
  -126
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  645
  324
  337
  351
  364
  379
  394
  409
  426
  443
  461
  480
  500
  521
  543
  567
  592
  618
  645
  675
  705
  738
  772
  808
  846
  886
  928
  972
  1,018
  1,067
  1,119
Total cash flow (excl. dividends), $m
  404
  535
  571
  605
  641
  678
  716
  756
  798
  841
  886
  933
  982
  1,034
  1,088
  1,144
  1,202
  1,264
  1,328
  1,395
  1,466
  1,540
  1,617
  1,698
  1,783
  1,872
  1,965
  2,063
  2,166
  2,274
  2,387
Retained Cash Flow (-), $m
  -101
  -55
  -55
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -145
  -152
  -160
  -167
  -175
  -184
Prev. year cash balance distribution, $m
 
  1,413
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,893
  516
  548
  581
  615
  651
  689
  728
  768
  810
  854
  900
  948
  998
  1,051
  1,105
  1,162
  1,222
  1,285
  1,350
  1,419
  1,490
  1,565
  1,644
  1,727
  1,813
  1,904
  1,999
  2,098
  2,203
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,815
  472
  477
  478
  477
  473
  465
  455
  441
  425
  406
  384
  361
  335
  308
  281
  253
  225
  198
  172
  147
  124
  103
  84
  67
  53
  41
  31
  23
  17
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

WestJet Airlines Ltd. is a Canada-based company, which provides airline service and travel packages. The Company operates WestJet Vacations, which provides air, hotel, car and excursion packages, and WestJet Encore, which is a regional airline that operates a fleet of turboprop aircraft in a network of destinations in Canada and the United States. Its airline offers scheduled service to over 100 destinations in North America, Central America, the Caribbean and Europe with its fleet of over 110 Boeing 737 Next Generation aircraft, over 30 Bombardier Q400 aircraft and over four wide-body Boeing 767-300ERW aircraft. It serves over 180 destinations. Its destinations include the United States; international sun destinations, and new London Gatwick routes. It offers vacation packages to Marina El Cid Spa and Beach Resort Riviera Maya; The Venetian Resort and Casino and The Palazzo Resort Hotel Casino in Las Vegas, and Half Moon, A Rock Resort in Jamaica.

FINANCIAL RATIOS  of  WestJet Airlines Ltd. variable voting an (WJA)

Valuation Ratios
P/E Ratio 10.4
Price to Sales 0.7
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 4.4
Price to Free Cash Flow -14
Growth Rates
Sales Growth Rate 2.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.1%
Cap. Spend. - 3 Yr. Gr. Rate 5.3%
Financial Strength
Quick Ratio 11
Current Ratio 0.1
LT Debt to Equity 92.3%
Total Debt to Equity 99.3%
Interest Coverage 8
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 8.1%
Ret/ On T. Cap. - 3 Yr. Avg. 10.2%
Return On Equity 14.7%
Return On Equity - 3 Yr. Avg. 17.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 72%
Gross Margin - 3 Yr. Avg. 69.4%
EBITDA Margin 19.9%
EBITDA Margin - 3 Yr. Avg. 19%
Operating Margin 10.7%
Oper. Margin - 3 Yr. Avg. 12.3%
Pre-Tax Margin 10.1%
Pre-Tax Margin - 3 Yr. Avg. 10.9%
Net Profit Margin 7.2%
Net Profit Margin - 3 Yr. Avg. 7.8%
Effective Tax Rate 29.1%
Eff/ Tax Rate - 3 Yr. Avg. 28.5%
Payout Ratio 22.7%

WJA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WJA stock intrinsic value calculation we used $4123 million for the last fiscal year's total revenue generated by WestJet Airlines Ltd. variable voting an. The default revenue input number comes from 2016 income statement of WestJet Airlines Ltd. variable voting an. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our WJA stock valuation model: a) initial revenue growth rate of 8.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for WJA is calculated based on our internal credit rating of WestJet Airlines Ltd. variable voting an, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of WestJet Airlines Ltd. variable voting an.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of WJA stock the variable cost ratio is equal to 85.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for WJA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for WestJet Airlines Ltd. variable voting an.

Corporate tax rate of 27% is the nominal tax rate for WestJet Airlines Ltd. variable voting an. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the WJA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for WJA are equal to 92.7%.

Life of production assets of 10.9 years is the average useful life of capital assets used in WestJet Airlines Ltd. variable voting an operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for WJA is equal to -25.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2061 million for WestJet Airlines Ltd. variable voting an - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 115.249 million for WestJet Airlines Ltd. variable voting an is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of WestJet Airlines Ltd. variable voting an at the current share price and the inputted number of shares is $3.0 billion.

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Financial statements of WJA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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