Intrinsic value of Atlas Air Worldwide Holdings - AAWW

Previous Close

$65.70

  Intrinsic Value

$14.52

stock screener

  Rating & Target

str. sell

-78%

  Value-price divergence*

-129%

Previous close

$65.70

 
Intrinsic value

$14.52

 
Up/down potential

-78%

 
Rating

str. sell

 
Value-price divergence*

-129%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AAWW 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 1.7

 

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, %
  0.93
  16.70
  15.53
  14.48
  13.53
  12.68
  11.91
  11.22
  10.60
  10.04
  9.53
  9.08
  8.67
  8.30
  7.97
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
Revenue, $m
  1,840
  2,147
  2,481
  2,840
  3,224
  3,633
  4,065
  4,521
  5,001
  5,502
  6,027
  6,574
  7,144
  7,738
  8,355
  8,996
  9,662
  10,355
  11,075
  11,823
  12,601
  13,410
  14,253
  15,129
  16,043
  16,995
  17,987
  19,023
  20,103
  21,231
  22,410
Variable operating expenses, $m
 
  2,082
  2,405
  2,753
  3,124
  3,520
  3,939
  4,380
  4,844
  5,329
  5,837
  6,363
  6,914
  7,489
  8,086
  8,707
  9,352
  10,022
  10,719
  11,443
  12,196
  12,979
  13,794
  14,643
  15,527
  16,448
  17,408
  18,410
  19,456
  20,548
  21,689
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
  1,674
  2,082
  2,405
  2,753
  3,124
  3,520
  3,939
  4,380
  4,844
  5,329
  5,837
  6,363
  6,914
  7,489
  8,086
  8,707
  9,352
  10,022
  10,719
  11,443
  12,196
  12,979
  13,794
  14,643
  15,527
  16,448
  17,408
  18,410
  19,456
  20,548
  21,689
Operating income, $m
  165
  65
  76
  87
  100
  113
  127
  141
  157
  173
  190
  212
  230
  249
  269
  289
  311
  333
  356
  380
  405
  431
  459
  487
  516
  547
  579
  612
  647
  683
  721
EBITDA, $m
  334
  265
  306
  350
  398
  448
  501
  558
  617
  679
  743
  811
  881
  954
  1,030
  1,109
  1,192
  1,277
  1,366
  1,458
  1,554
  1,654
  1,758
  1,866
  1,978
  2,096
  2,218
  2,346
  2,479
  2,618
  2,764
Interest expense (income), $m
  66
  60
  75
  92
  110
  129
  149
  170
  193
  217
  242
  267
  295
  323
  352
  383
  414
  447
  482
  517
  554
  593
  633
  675
  718
  763
  810
  859
  911
  964
  1,020
Earnings before tax, $m
  89
  5
  0
  -5
  -10
  -16
  -22
  -29
  -36
  -44
  -52
  -56
  -65
  -74
  -83
  -93
  -104
  -114
  -125
  -137
  -149
  -161
  -174
  -188
  -202
  -216
  -232
  -247
  -264
  -281
  -299
Tax expense, $m
  46
  1
  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
Net income, $m
  42
  3
  0
  -5
  -10
  -16
  -22
  -29
  -36
  -44
  -52
  -56
  -65
  -74
  -83
  -93
  -104
  -114
  -125
  -137
  -149
  -161
  -174
  -188
  -202
  -216
  -232
  -247
  -264
  -281
  -299

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  128
  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
  4,247
  4,804
  5,550
  6,353
  7,213
  8,127
  9,095
  10,115
  11,187
  12,310
  13,483
  14,707
  15,983
  17,310
  18,690
  20,125
  21,616
  23,166
  24,776
  26,450
  28,190
  30,001
  31,885
  33,847
  35,890
  38,019
  40,240
  42,556
  44,973
  47,497
  50,134
Adjusted assets (=assets-cash), $m
  4,119
  4,804
  5,550
  6,353
  7,213
  8,127
  9,095
  10,115
  11,187
  12,310
  13,483
  14,707
  15,983
  17,310
  18,690
  20,125
  21,616
  23,166
  24,776
  26,450
  28,190
  30,001
  31,885
  33,847
  35,890
  38,019
  40,240
  42,556
  44,973
  47,497
  50,134
Revenue / Adjusted assets
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
  0.447
Average production assets, $m
  3,505
  4,091
  4,726
  5,410
  6,142
  6,921
  7,745
  8,613
  9,526
  10,482
  11,481
  12,524
  13,610
  14,740
  15,916
  17,137
  18,407
  19,726
  21,098
  22,523
  24,005
  25,547
  27,151
  28,822
  30,562
  32,375
  34,266
  36,238
  38,296
  40,446
  42,691
Working capital, $m
  -207
  -176
  -203
  -233
  -264
  -298
  -333
  -371
  -410
  -451
  -494
  -539
  -586
  -634
  -685
  -738
  -792
  -849
  -908
  -969
  -1,033
  -1,100
  -1,169
  -1,241
  -1,316
  -1,394
  -1,475
  -1,560
  -1,648
  -1,741
  -1,838
Total debt, $m
  1,851
  2,157
  2,628
  3,136
  3,679
  4,257
  4,869
  5,514
  6,191
  6,901
  7,642
  8,416
  9,222
  10,061
  10,933
  11,840
  12,782
  13,762
  14,779
  15,837
  16,937
  18,082
  19,272
  20,512
  21,803
  23,149
  24,553
  26,016
  27,544
  29,139
  30,806
Total liabilities, $m
  2,730
  3,036
  3,507
  4,015
  4,558
  5,136
  5,748
  6,393
  7,070
  7,780
  8,521
  9,295
  10,101
  10,940
  11,812
  12,719
  13,661
  14,641
  15,658
  16,716
  17,816
  18,961
  20,151
  21,391
  22,682
  24,028
  25,432
  26,895
  28,423
  30,018
  31,685
Total equity, $m
  1,517
  1,768
  2,042
  2,338
  2,654
  2,991
  3,347
  3,722
  4,117
  4,530
  4,962
  5,412
  5,882
  6,370
  6,878
  7,406
  7,955
  8,525
  9,118
  9,734
  10,374
  11,040
  11,734
  12,456
  13,208
  13,991
  14,808
  15,661
  16,550
  17,479
  18,449
Total liabilities and equity, $m
  4,247
  4,804
  5,549
  6,353
  7,212
  8,127
  9,095
  10,115
  11,187
  12,310
  13,483
  14,707
  15,983
  17,310
  18,690
  20,125
  21,616
  23,166
  24,776
  26,450
  28,190
  30,001
  31,885
  33,847
  35,890
  38,019
  40,240
  42,556
  44,973
  47,497
  50,134
Debt-to-equity ratio
  1.220
  1.220
  1.290
  1.340
  1.390
  1.420
  1.450
  1.480
  1.500
  1.520
  1.540
  1.550
  1.570
  1.580
  1.590
  1.600
  1.610
  1.610
  1.620
  1.630
  1.630
  1.640
  1.640
  1.650
  1.650
  1.650
  1.660
  1.660
  1.660
  1.670
  1.670
Adjusted equity ratio
  0.337
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  42
  3
  0
  -5
  -10
  -16
  -22
  -29
  -36
  -44
  -52
  -56
  -65
  -74
  -83
  -93
  -104
  -114
  -125
  -137
  -149
  -161
  -174
  -188
  -202
  -216
  -232
  -247
  -264
  -281
  -299
Depreciation, amort., depletion, $m
  169
  200
  230
  263
  298
  335
  375
  416
  460
  506
  553
  599
  651
  705
  762
  820
  881
  944
  1,009
  1,078
  1,149
  1,222
  1,299
  1,379
  1,462
  1,549
  1,640
  1,734
  1,832
  1,935
  2,043
Funds from operations, $m
  161
  203
  230
  258
  288
  319
  352
  387
  424
  462
  502
  543
  586
  631
  678
  727
  777
  830
  884
  941
  1,000
  1,061
  1,125
  1,191
  1,261
  1,333
  1,408
  1,487
  1,569
  1,654
  1,744
Change in working capital, $m
  -71
  -25
  -27
  -29
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
Cash from operations, $m
  232
  228
  258
  288
  319
  353
  388
  425
  463
  503
  545
  588
  633
  680
  729
  779
  832
  886
  943
  1,002
  1,063
  1,127
  1,194
  1,263
  1,335
  1,411
  1,489
  1,571
  1,657
  1,747
  1,840
Maintenance CAPEX, $m
  0
  -168
  -196
  -226
  -259
  -294
  -331
  -371
  -412
  -456
  -502
  -549
  -599
  -651
  -705
  -762
  -820
  -881
  -944
  -1,009
  -1,078
  -1,149
  -1,222
  -1,299
  -1,379
  -1,462
  -1,549
  -1,640
  -1,734
  -1,832
  -1,935
New CAPEX, $m
  -364
  -586
  -635
  -684
  -732
  -779
  -824
  -869
  -913
  -956
  -999
  -1,042
  -1,086
  -1,130
  -1,175
  -1,222
  -1,270
  -1,319
  -1,371
  -1,425
  -1,482
  -1,542
  -1,604
  -1,670
  -1,740
  -1,813
  -1,891
  -1,972
  -2,058
  -2,149
  -2,245
Cash from investing activities, $m
  -457
  -754
  -831
  -910
  -991
  -1,073
  -1,155
  -1,240
  -1,325
  -1,412
  -1,501
  -1,591
  -1,685
  -1,781
  -1,880
  -1,984
  -2,090
  -2,200
  -2,315
  -2,434
  -2,560
  -2,691
  -2,826
  -2,969
  -3,119
  -3,275
  -3,440
  -3,612
  -3,792
  -3,981
  -4,180
Free cash flow, $m
  -225
  -525
  -573
  -623
  -671
  -720
  -767
  -815
  -862
  -909
  -956
  -1,004
  -1,052
  -1,101
  -1,152
  -1,204
  -1,258
  -1,314
  -1,372
  -1,433
  -1,496
  -1,563
  -1,633
  -1,706
  -1,784
  -1,865
  -1,950
  -2,040
  -2,135
  -2,235
  -2,340
Issuance/(repayment) of debt, $m
  -80
  434
  471
  508
  543
  578
  612
  645
  677
  710
  742
  774
  806
  839
  872
  907
  942
  979
  1,018
  1,058
  1,100
  1,144
  1,191
  1,240
  1,291
  1,346
  1,403
  1,464
  1,528
  1,595
  1,666
Issuance/(repurchase) of shares, $m
  -11
  247
  274
  300
  326
  352
  378
  404
  431
  457
  483
  506
  534
  562
  591
  621
  652
  684
  718
  753
  789
  828
  868
  910
  954
  1,000
  1,049
  1,100
  1,153
  1,210
  1,269
Cash from financing (excl. dividends), $m  
  -75
  681
  745
  808
  869
  930
  990
  1,049
  1,108
  1,167
  1,225
  1,280
  1,340
  1,401
  1,463
  1,528
  1,594
  1,663
  1,736
  1,811
  1,889
  1,972
  2,059
  2,150
  2,245
  2,346
  2,452
  2,564
  2,681
  2,805
  2,935
Total cash flow (excl. dividends), $m
  -301
  156
  172
  185
  198
  211
  223
  234
  246
  258
  269
  277
  288
  300
  312
  324
  337
  350
  364
  378
  393
  409
  426
  443
  462
  481
  501
  523
  546
  570
  596
Retained Cash Flow (-), $m
  -63
  -251
  -275
  -300
  -326
  -352
  -378
  -404
  -431
  -457
  -483
  -506
  -534
  -562
  -591
  -621
  -652
  -684
  -718
  -753
  -789
  -828
  -868
  -910
  -954
  -1,000
  -1,049
  -1,100
  -1,153
  -1,210
  -1,269
Prev. year cash balance distribution, $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 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
 
  -94
  -102
  -115
  -128
  -142
  -156
  -170
  -184
  -199
  -214
  -230
  -246
  -262
  -280
  -297
  -315
  -334
  -354
  -375
  -396
  -419
  -442
  -467
  -492
  -519
  -547
  -577
  -607
  -640
  -674
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  -87
  -86
  -88
  -89
  -88
  -85
  -81
  -76
  -70
  -64
  -57
  -50
  -43
  -37
  -30
  -25
  -20
  -15
  -12
  -9
  -6
  -5
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  87.1
  76.4
  67.4
  59.8
  53.4
  47.9
  43.1
  39.0
  35.5
  32.3
  29.6
  27.1
  25.0
  23.0
  21.3
  19.7
  18.3
  17.0
  15.8
  14.7
  13.7
  12.8
  12.0
  11.2
  10.5
  9.8
  9.2
  8.6
  8.1
  7.6

Atlas Air Worldwide Holdings, Inc. is a holding company. The Company provides outsourced aircraft and aviation operating services throughout the world, serving Africa, Asia, Australia, Europe, the Middle East, North America and South America through contractual service arrangements, including those through which it provides aircraft to customers and value-added services, including crew, maintenance and insurance (ACMI), as well as those through which it provides crew, maintenance and insurance, but not the aircraft (CMI); cargo and passenger charter services (Charter), and dry leasing aircraft and engines (Dry Leasing). The Company's segments include ACMI, Charter and Dry Leasing. As of December 31, 2016, the Company operated fleet of 747 freighters and provided customers a range of 747, 777, 767, 757 and 737 aircraft for domestic, regional and international cargo and passenger applications. Its subsidiaries include Atlas Air, Inc. (Atlas) and Southern Air, Inc. (Southern Air).

FINANCIAL RATIOS  of  Atlas Air Worldwide Holdings (AAWW)

Valuation Ratios
P/E Ratio 39.1
Price to Sales 0.9
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 7.1
Price to Free Cash Flow -12.5
Growth Rates
Sales Growth Rate 0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.8%
Cap. Spend. - 3 Yr. Gr. Rate -9.6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 109.8%
Total Debt to Equity 122%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.8%
Ret/ On Assets - 3 Yr. Avg. 2.1%
Return On Total Capital 1.2%
Ret/ On T. Cap. - 3 Yr. Avg. 1.6%
Return On Equity 2.8%
Return On Equity - 3 Yr. Avg. 3.7%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 69%
Gross Margin - 3 Yr. Avg. 66.3%
EBITDA Margin 17.6%
EBITDA Margin - 3 Yr. Avg. 15.4%
Operating Margin 9%
Oper. Margin - 3 Yr. Avg. 7.3%
Pre-Tax Margin 4.8%
Pre-Tax Margin - 3 Yr. Avg. 3%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 2.9%
Effective Tax Rate 51.7%
Eff/ Tax Rate - 3 Yr. Avg. 59.8%
Payout Ratio 0%

AAWW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AAWW stock intrinsic value calculation we used $1840 million for the last fiscal year's total revenue generated by Atlas Air Worldwide Holdings. The default revenue input number comes from 2016 income statement of Atlas Air Worldwide Holdings. 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 AAWW stock valuation model: a) initial revenue growth rate of 16.7% 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 8.3%, whose default value for AAWW is calculated based on our internal credit rating of Atlas Air Worldwide Holdings, 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 Atlas Air Worldwide Holdings.
    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 AAWW stock the variable cost ratio is equal to 97%.

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 AAWW 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 Atlas Air Worldwide Holdings.

Corporate tax rate of 27% is the nominal tax rate for Atlas Air Worldwide Holdings. 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 AAWW 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 AAWW are equal to 190.5%.

Life of production assets of 20.9 years is the average useful life of capital assets used in Atlas Air Worldwide Holdings 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 AAWW is equal to -8.2%. 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 - $1517 million for Atlas Air Worldwide Holdings - 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 25.432 million for Atlas Air Worldwide Holdings 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 Atlas Air Worldwide Holdings at the current share price and the inputted number of shares is $1.7 billion.

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COMPANY NEWS

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▶ Amazon Prime Airplanes Will Only Fuel This Hot Trend   [Aug-11-17 09:16AM  TheStreet.com]
▶ Atlas Air tops Street 2Q forecasts   [Aug-02-17 10:54PM  Associated Press]
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▶ New Strong Sell Stocks for May 24th   [May-24-17 10:16AM  Zacks]
▶ Amazon Prime Air pilots protest   [May-23-17 03:51PM  American City Business Journals]
▶ Atlas Air Worldwide Prices Convertible Senior Notes   [May-18-17 06:55AM  GlobeNewswire]
▶ Atlas Air Worldwide Offering of Convertible Senior Notes   [May-16-17 04:08PM  GlobeNewswire]
▶ Atlas Air reports 1Q loss   [May-03-17 08:16AM  Associated Press]
▶ Atlas Air Worldwide Dispatchers Ratify Labor Agreement   [Apr-18-17 01:35PM  GlobeNewswire]
▶ Atlas Air beats 4Q profit forecasts   [09:35AM  Associated Press]
▶ [$$] Trump, Meeting With Airlines, Targets Air-Traffic Control   [12:11AM  at The Wall Street Journal]
▶ [$$] Amazon Air Cargo Operator Buys Repair Shop   [Jan-03-17 12:19PM  at The Wall Street Journal]
▶ 10 Good Stocks That Are Flying Under the Radar   [Dec-30-16 08:30AM  at Kiplinger]
▶ Is Atlas Air Worldwide Holdings, Inc. (AAWW) A Good Stock To Buy?   [Dec-12-16 05:17PM  at Insider Monkey]
▶ [$$] Amazon's Holiday Deliveries Face Disruption From Pilot Strike   [Nov-23-16 08:02PM  at The Wall Street Journal]
▶ A pilot strike could complicate Amazon's holiday deliveries   [Nov-22-16 05:55PM  at bizjournals.com]
▶ Atlas Air Worldwide Announces New Contract with FedEx   [Aug-24-16 09:15AM  GlobeNewswire]
Financial statements of AAWW
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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