Intrinsic value of Atlas Air Worldwide Holdings - AAWW

Previous Close

$63.95

  Intrinsic Value

$14.54

stock screener

  Rating & Target

str. sell

-77%

Previous close

$63.95

 
Intrinsic value

$14.54

 
Up/down potential

-77%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  19.60
  18.14
  16.83
  15.64
  14.58
  13.62
  12.76
  11.98
  11.28
  10.66
  10.09
  9.58
  9.12
  8.71
  8.34
  8.01
  7.71
  7.43
  7.19
  6.97
  6.78
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
Revenue, $m
  1,840
  2,201
  2,600
  3,037
  3,512
  4,024
  4,573
  5,156
  5,774
  6,426
  7,110
  7,828
  8,578
  9,360
  10,176
  11,024
  11,907
  12,825
  13,778
  14,769
  15,799
  16,869
  17,982
  19,140
  20,344
  21,598
  22,905
  24,266
  25,685
  27,166
  28,711
Variable operating expenses, $m
 
  2,134
  2,520
  2,944
  3,403
  3,899
  4,430
  4,994
  5,592
  6,223
  6,886
  7,576
  8,302
  9,059
  9,848
  10,670
  11,524
  12,412
  13,335
  14,294
  15,290
  16,326
  17,403
  18,524
  19,690
  20,903
  22,168
  23,485
  24,859
  26,292
  27,787
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
  2,134
  2,520
  2,944
  3,403
  3,899
  4,430
  4,994
  5,592
  6,223
  6,886
  7,576
  8,302
  9,059
  9,848
  10,670
  11,524
  12,412
  13,335
  14,294
  15,290
  16,326
  17,403
  18,524
  19,690
  20,903
  22,168
  23,485
  24,859
  26,292
  27,787
Operating income, $m
  165
  67
  80
  94
  109
  125
  143
  162
  182
  203
  225
  252
  276
  301
  327
  355
  383
  413
  443
  475
  508
  543
  579
  616
  655
  695
  737
  781
  826
  874
  924
EBITDA, $m
  334
  271
  321
  375
  433
  496
  564
  636
  712
  792
  877
  965
  1,058
  1,154
  1,255
  1,360
  1,468
  1,582
  1,699
  1,821
  1,948
  2,080
  2,218
  2,360
  2,509
  2,664
  2,825
  2,993
  3,168
  3,350
  3,541
Interest expense (income), $m
  66
  60
  78
  98
  120
  143
  168
  196
  224
  255
  287
  321
  357
  394
  432
  473
  515
  558
  604
  651
  700
  751
  804
  859
  916
  976
  1,038
  1,103
  1,170
  1,240
  1,314
Earnings before tax, $m
  89
  6
  2
  -4
  -11
  -18
  -25
  -34
  -43
  -52
  -62
  -69
  -81
  -93
  -105
  -118
  -132
  -146
  -161
  -176
  -192
  -208
  -225
  -243
  -262
  -281
  -301
  -322
  -344
  -366
  -390
Tax expense, $m
  46
  2
  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
  5
  1
  -4
  -11
  -18
  -25
  -34
  -43
  -52
  -62
  -69
  -81
  -93
  -105
  -118
  -132
  -146
  -161
  -176
  -192
  -208
  -225
  -243
  -262
  -281
  -301
  -322
  -344
  -366
  -390

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
  4,923
  5,816
  6,795
  7,858
  9,003
  10,230
  11,535
  12,917
  14,375
  15,907
  17,512
  19,190
  20,940
  22,765
  24,663
  26,638
  28,690
  30,823
  33,040
  35,344
  37,738
  40,228
  42,818
  45,513
  48,318
  51,241
  54,286
  57,461
  60,773
  64,230
Adjusted assets (=assets-cash), $m
  4,119
  4,923
  5,816
  6,795
  7,858
  9,003
  10,230
  11,535
  12,917
  14,375
  15,907
  17,512
  19,190
  20,940
  22,765
  24,663
  26,638
  28,690
  30,823
  33,040
  35,344
  37,738
  40,228
  42,818
  45,513
  48,318
  51,241
  54,286
  57,461
  60,773
  64,230
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
  4,192
  4,953
  5,786
  6,691
  7,667
  8,711
  9,822
  10,999
  12,241
  13,545
  14,912
  16,341
  17,832
  19,385
  21,002
  22,683
  24,431
  26,247
  28,135
  30,096
  32,135
  34,255
  36,461
  38,756
  41,145
  43,633
  46,226
  48,930
  51,751
  54,694
Working capital, $m
  -207
  -180
  -213
  -249
  -288
  -330
  -375
  -423
  -473
  -527
  -583
  -642
  -703
  -768
  -834
  -904
  -976
  -1,052
  -1,130
  -1,211
  -1,295
  -1,383
  -1,475
  -1,569
  -1,668
  -1,771
  -1,878
  -1,990
  -2,106
  -2,228
  -2,354
Total debt, $m
  1,851
  2,232
  2,797
  3,415
  4,087
  4,811
  5,586
  6,411
  7,285
  8,206
  9,174
  10,188
  11,249
  12,355
  13,508
  14,708
  15,956
  17,253
  18,601
  20,002
  21,458
  22,971
  24,545
  26,182
  27,885
  29,658
  31,505
  33,430
  35,436
  37,530
  39,714
Total liabilities, $m
  2,730
  3,111
  3,676
  4,294
  4,966
  5,690
  6,465
  7,290
  8,164
  9,085
  10,053
  11,067
  12,128
  13,234
  14,387
  15,587
  16,835
  18,132
  19,480
  20,881
  22,337
  23,850
  25,424
  27,061
  28,764
  30,537
  32,384
  34,309
  36,315
  38,409
  40,593
Total equity, $m
  1,517
  1,812
  2,140
  2,500
  2,892
  3,313
  3,765
  4,245
  4,754
  5,290
  5,854
  6,444
  7,062
  7,706
  8,377
  9,076
  9,803
  10,558
  11,343
  12,159
  13,006
  13,888
  14,804
  15,757
  16,749
  17,781
  18,857
  19,977
  21,146
  22,365
  23,637
Total liabilities and equity, $m
  4,247
  4,923
  5,816
  6,794
  7,858
  9,003
  10,230
  11,535
  12,918
  14,375
  15,907
  17,511
  19,190
  20,940
  22,764
  24,663
  26,638
  28,690
  30,823
  33,040
  35,343
  37,738
  40,228
  42,818
  45,513
  48,318
  51,241
  54,286
  57,461
  60,774
  64,230
Debt-to-equity ratio
  1.220
  1.230
  1.310
  1.370
  1.410
  1.450
  1.480
  1.510
  1.530
  1.550
  1.570
  1.580
  1.590
  1.600
  1.610
  1.620
  1.630
  1.630
  1.640
  1.650
  1.650
  1.650
  1.660
  1.660
  1.660
  1.670
  1.670
  1.670
  1.680
  1.680
  1.680
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
  5
  1
  -4
  -11
  -18
  -25
  -34
  -43
  -52
  -62
  -69
  -81
  -93
  -105
  -118
  -132
  -146
  -161
  -176
  -192
  -208
  -225
  -243
  -262
  -281
  -301
  -322
  -344
  -366
  -390
Depreciation, amort., depletion, $m
  169
  205
  241
  281
  324
  371
  421
  474
  530
  590
  652
  713
  782
  853
  928
  1,005
  1,085
  1,169
  1,256
  1,346
  1,440
  1,538
  1,639
  1,745
  1,854
  1,969
  2,088
  2,212
  2,341
  2,476
  2,617
Funds from operations, $m
  161
  209
  242
  277
  314
  353
  396
  440
  488
  537
  590
  644
  701
  761
  822
  887
  954
  1,023
  1,095
  1,170
  1,248
  1,329
  1,414
  1,501
  1,593
  1,688
  1,787
  1,890
  1,998
  2,110
  2,227
Change in working capital, $m
  -71
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -53
  -56
  -59
  -62
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -107
  -112
  -116
  -121
  -127
Cash from operations, $m
  232
  239
  275
  313
  353
  395
  440
  488
  538
  591
  646
  703
  763
  825
  889
  956
  1,026
  1,098
  1,173
  1,252
  1,333
  1,417
  1,505
  1,596
  1,691
  1,790
  1,894
  2,001
  2,114
  2,231
  2,354
Maintenance CAPEX, $m
  0
  -168
  -201
  -237
  -277
  -320
  -367
  -417
  -470
  -526
  -586
  -648
  -713
  -782
  -853
  -928
  -1,005
  -1,085
  -1,169
  -1,256
  -1,346
  -1,440
  -1,538
  -1,639
  -1,745
  -1,854
  -1,969
  -2,088
  -2,212
  -2,341
  -2,476
New CAPEX, $m
  -364
  -687
  -760
  -833
  -905
  -976
  -1,044
  -1,111
  -1,177
  -1,241
  -1,304
  -1,367
  -1,429
  -1,491
  -1,553
  -1,617
  -1,681
  -1,748
  -1,816
  -1,888
  -1,962
  -2,039
  -2,120
  -2,205
  -2,295
  -2,389
  -2,488
  -2,593
  -2,704
  -2,820
  -2,943
Cash from investing activities, $m
  -457
  -855
  -961
  -1,070
  -1,182
  -1,296
  -1,411
  -1,528
  -1,647
  -1,767
  -1,890
  -2,015
  -2,142
  -2,273
  -2,406
  -2,545
  -2,686
  -2,833
  -2,985
  -3,144
  -3,308
  -3,479
  -3,658
  -3,844
  -4,040
  -4,243
  -4,457
  -4,681
  -4,916
  -5,161
  -5,419
Free cash flow, $m
  -225
  -616
  -686
  -758
  -829
  -900
  -971
  -1,040
  -1,109
  -1,177
  -1,244
  -1,312
  -1,380
  -1,448
  -1,517
  -1,588
  -1,660
  -1,735
  -1,812
  -1,892
  -1,975
  -2,062
  -2,153
  -2,248
  -2,348
  -2,453
  -2,563
  -2,680
  -2,802
  -2,930
  -3,066
Issuance/(repayment) of debt, $m
  -80
  509
  564
  618
  672
  724
  775
  825
  874
  921
  968
  1,014
  1,060
  1,106
  1,153
  1,200
  1,248
  1,297
  1,348
  1,401
  1,456
  1,513
  1,574
  1,637
  1,703
  1,773
  1,847
  1,925
  2,007
  2,093
  2,185
Issuance/(repurchase) of shares, $m
  -11
  290
  328
  364
  402
  439
  477
  514
  551
  589
  626
  660
  698
  737
  776
  817
  858
  901
  946
  992
  1,040
  1,089
  1,142
  1,196
  1,254
  1,314
  1,377
  1,443
  1,512
  1,585
  1,662
Cash from financing (excl. dividends), $m  
  -75
  799
  892
  982
  1,074
  1,163
  1,252
  1,339
  1,425
  1,510
  1,594
  1,674
  1,758
  1,843
  1,929
  2,017
  2,106
  2,198
  2,294
  2,393
  2,496
  2,602
  2,716
  2,833
  2,957
  3,087
  3,224
  3,368
  3,519
  3,678
  3,847
Total cash flow (excl. dividends), $m
  -301
  183
  206
  225
  244
  263
  281
  299
  316
  333
  350
  363
  379
  395
  412
  429
  446
  464
  482
  501
  520
  541
  562
  585
  609
  634
  660
  688
  717
  748
  781
Retained Cash Flow (-), $m
  -63
  -295
  -329
  -364
  -402
  -439
  -477
  -514
  -551
  -589
  -626
  -660
  -698
  -737
  -776
  -817
  -858
  -901
  -946
  -992
  -1,040
  -1,089
  -1,142
  -1,196
  -1,254
  -1,314
  -1,377
  -1,443
  -1,512
  -1,585
  -1,662
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
 
  -111
  -123
  -139
  -158
  -176
  -196
  -215
  -235
  -255
  -276
  -297
  -319
  -341
  -364
  -388
  -412
  -438
  -464
  -491
  -519
  -549
  -579
  -611
  -645
  -680
  -716
  -755
  -795
  -837
  -881
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
 
  -103
  -104
  -107
  -109
  -109
  -107
  -103
  -97
  -90
  -82
  -74
  -65
  -56
  -48
  -40
  -32
  -26
  -20
  -15
  -12
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  84.9
  72.6
  62.6
  54.5
  47.7
  42.1
  37.3
  33.3
  29.8
  26.9
  24.3
  22.1
  20.1
  18.4
  16.8
  15.5
  14.3
  13.2
  12.2
  11.3
  10.4
  9.7
  9.0
  8.4
  7.8
  7.3
  6.8
  6.4
  5.9
  5.6

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 38.1
Price to Sales 0.9
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow -12.1
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 48.6%
Gross Margin - 3 Yr. Avg. 44.6%
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 19.6% 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 25.405 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 $1.6 billion.

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COMPANY NEWS

▶ Boeing plans engine upgrades for its 747 Dreamlifter fleet   [Dec-21-17 04:15PM  American City Business Journals]
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▶ Amazon.com, Inc. May Make a Big Transportation Buy Soon   [Nov-22-17 10:06AM  InvestorPlace]
▶ New Strong Sell Stocks for November 16th   [Nov-16-17 09:45AM  Zacks]
▶ New Strong Sell Stocks for November 14th   [Nov-14-17 09:10AM  Zacks]
▶ Atlas Air reports 3Q loss   [Nov-07-17 08:19AM  Associated Press]
▶ [$$] Atlas Air Worldwide Accuses Pilots' Union of Work Slowdown   [Sep-25-17 07:30PM  The Wall Street Journal]
▶ This week in N.Y.C. funding news: Bodega, Genvid, EEVO, Call9   [Sep-15-17 03:21PM  American City Business Journals]
▶ FedEx Getting Closer To Key Technical Measure   [Sep-13-17 03:00AM  Investor's Business Daily]
▶ 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]
▶ 3 Value Stocks for Those Moving Up in the World   [Jun-21-17 09:08AM  Motley Fool]
▶ FedEx Looks For Earnings Rebound Late After Earlier Weakness   [Jun-20-17 02:33PM  Investor's Business Daily]
▶ 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]
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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