Intrinsic value of Atlas Air Worldwide Holdings - AAWW

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$57.25

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$57.25

 
Intrinsic value

$14.73

 
Up/down potential

-74%

 
Rating

str. sell

 
Value-price divergence* premium content

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*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 1.4

 

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
  12.30
  11.57
  10.91
  10.32
  9.79
  9.31
  8.88
  8.49
  8.14
  7.83
  7.55
  7.29
  7.06
  6.86
  6.67
  6.50
  6.35
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  1,840
  2,066
  2,305
  2,557
  2,821
  3,097
  3,385
  3,686
  3,999
  4,325
  4,663
  5,015
  5,381
  5,761
  6,156
  6,566
  6,993
  7,437
  7,900
  8,381
  8,883
  9,406
  9,951
  10,521
  11,115
  11,735
  12,383
  13,061
  13,769
  14,511
  15,286
Variable operating expenses, $m
 
  2,004
  2,235
  2,479
  2,734
  3,001
  3,280
  3,571
  3,874
  4,189
  4,517
  4,854
  5,208
  5,575
  5,958
  6,355
  6,768
  7,198
  7,646
  8,112
  8,597
  9,103
  9,631
  10,182
  10,757
  11,358
  11,985
  12,641
  13,326
  14,044
  14,794
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
  2,004
  2,235
  2,479
  2,734
  3,001
  3,280
  3,571
  3,874
  4,189
  4,517
  4,854
  5,208
  5,575
  5,958
  6,355
  6,768
  7,198
  7,646
  8,112
  8,597
  9,103
  9,631
  10,182
  10,757
  11,358
  11,985
  12,641
  13,326
  14,044
  14,794
Operating income, $m
  165
  62
  70
  78
  87
  96
  105
  115
  125
  135
  146
  161
  173
  185
  198
  211
  225
  239
  254
  270
  286
  303
  320
  338
  358
  378
  398
  420
  443
  467
  492
EBITDA, $m
  334
  255
  284
  315
  348
  382
  417
  455
  493
  533
  575
  618
  664
  710
  759
  810
  862
  917
  974
  1,034
  1,095
  1,160
  1,227
  1,297
  1,371
  1,447
  1,527
  1,611
  1,698
  1,789
  1,885
Interest expense (income), $m
  66
  60
  71
  83
  96
  109
  122
  137
  152
  167
  183
  200
  217
  235
  254
  274
  294
  315
  337
  360
  384
  409
  435
  462
  490
  519
  550
  582
  616
  651
  687
Earnings before tax, $m
  89
  2
  -1
  -5
  -9
  -13
  -18
  -22
  -27
  -32
  -37
  -39
  -44
  -50
  -56
  -63
  -69
  -76
  -83
  -90
  -98
  -106
  -115
  -123
  -132
  -142
  -152
  -162
  -173
  -184
  -195
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
  2
  -1
  -5
  -9
  -13
  -18
  -22
  -27
  -32
  -37
  -39
  -44
  -50
  -56
  -63
  -69
  -76
  -83
  -90
  -98
  -106
  -115
  -123
  -132
  -142
  -152
  -162
  -173
  -184
  -195

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
  4,623
  5,157
  5,720
  6,311
  6,929
  7,574
  8,246
  8,946
  9,675
  10,432
  11,219
  12,037
  12,887
  13,771
  14,689
  15,645
  16,638
  17,673
  18,750
  19,873
  21,043
  22,263
  23,536
  24,865
  26,253
  27,703
  29,219
  30,804
  32,462
  34,197
Adjusted assets (=assets-cash), $m
  4,119
  4,623
  5,157
  5,720
  6,311
  6,929
  7,574
  8,246
  8,946
  9,675
  10,432
  11,219
  12,037
  12,887
  13,771
  14,689
  15,645
  16,638
  17,673
  18,750
  19,873
  21,043
  22,263
  23,536
  24,865
  26,253
  27,703
  29,219
  30,804
  32,462
  34,197
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
  3,936
  4,392
  4,871
  5,374
  5,900
  6,449
  7,022
  7,618
  8,238
  8,883
  9,554
  10,250
  10,974
  11,726
  12,508
  13,322
  14,168
  15,049
  15,966
  16,922
  17,919
  18,958
  20,042
  21,174
  22,355
  23,590
  24,881
  26,231
  27,643
  29,120
Working capital, $m
  -207
  -169
  -189
  -210
  -231
  -254
  -278
  -302
  -328
  -355
  -382
  -411
  -441
  -472
  -505
  -538
  -573
  -610
  -648
  -687
  -728
  -771
  -816
  -863
  -911
  -962
  -1,015
  -1,071
  -1,129
  -1,190
  -1,253
Total debt, $m
  1,851
  2,043
  2,381
  2,736
  3,109
  3,500
  3,908
  4,333
  4,775
  5,235
  5,714
  6,212
  6,729
  7,266
  7,824
  8,405
  9,008
  9,636
  10,290
  10,971
  11,681
  12,420
  13,191
  13,996
  14,836
  15,713
  16,630
  17,588
  18,589
  19,637
  20,733
Total liabilities, $m
  2,730
  2,922
  3,260
  3,615
  3,988
  4,379
  4,787
  5,212
  5,654
  6,114
  6,593
  7,091
  7,608
  8,145
  8,703
  9,284
  9,887
  10,515
  11,169
  11,850
  12,560
  13,299
  14,070
  14,875
  15,715
  16,592
  17,509
  18,467
  19,468
  20,516
  21,612
Total equity, $m
  1,517
  1,701
  1,898
  2,105
  2,322
  2,550
  2,787
  3,035
  3,292
  3,560
  3,839
  4,129
  4,430
  4,743
  5,068
  5,406
  5,757
  6,123
  6,504
  6,900
  7,313
  7,744
  8,193
  8,661
  9,150
  9,661
  10,195
  10,753
  11,336
  11,946
  12,584
Total liabilities and equity, $m
  4,247
  4,623
  5,158
  5,720
  6,310
  6,929
  7,574
  8,247
  8,946
  9,674
  10,432
  11,220
  12,038
  12,888
  13,771
  14,690
  15,644
  16,638
  17,673
  18,750
  19,873
  21,043
  22,263
  23,536
  24,865
  26,253
  27,704
  29,220
  30,804
  32,462
  34,196
Debt-to-equity ratio
  1.220
  1.200
  1.250
  1.300
  1.340
  1.370
  1.400
  1.430
  1.450
  1.470
  1.490
  1.500
  1.520
  1.530
  1.540
  1.550
  1.560
  1.570
  1.580
  1.590
  1.600
  1.600
  1.610
  1.620
  1.620
  1.630
  1.630
  1.640
  1.640
  1.640
  1.650
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
  2
  -1
  -5
  -9
  -13
  -18
  -22
  -27
  -32
  -37
  -39
  -44
  -50
  -56
  -63
  -69
  -76
  -83
  -90
  -98
  -106
  -115
  -123
  -132
  -142
  -152
  -162
  -173
  -184
  -195
Depreciation, amort., depletion, $m
  169
  192
  214
  237
  261
  286
  313
  340
  369
  398
  429
  457
  490
  525
  561
  598
  637
  678
  720
  764
  810
  857
  907
  959
  1,013
  1,070
  1,129
  1,190
  1,255
  1,323
  1,393
Funds from operations, $m
  161
  194
  213
  232
  252
  273
  295
  318
  342
  366
  392
  418
  446
  475
  505
  536
  568
  602
  637
  673
  711
  751
  793
  836
  881
  928
  977
  1,029
  1,083
  1,139
  1,198
Change in working capital, $m
  -71
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
Cash from operations, $m
  232
  324
  232
  253
  274
  296
  319
  342
  367
  393
  420
  447
  476
  506
  537
  570
  603
  638
  675
  713
  753
  794
  837
  882
  930
  979
  1,030
  1,084
  1,141
  1,200
  1,261
Maintenance CAPEX, $m
  0
  -168
  -188
  -210
  -233
  -257
  -282
  -309
  -336
  -365
  -394
  -425
  -457
  -490
  -525
  -561
  -598
  -637
  -678
  -720
  -764
  -810
  -857
  -907
  -959
  -1,013
  -1,070
  -1,129
  -1,190
  -1,255
  -1,323
New CAPEX, $m
  -364
  -431
  -455
  -479
  -503
  -526
  -549
  -573
  -596
  -620
  -645
  -670
  -697
  -724
  -752
  -782
  -813
  -846
  -881
  -917
  -956
  -996
  -1,039
  -1,084
  -1,132
  -1,182
  -1,235
  -1,291
  -1,350
  -1,412
  -1,477
Cash from investing activities, $m
  -457
  -599
  -643
  -689
  -736
  -783
  -831
  -882
  -932
  -985
  -1,039
  -1,095
  -1,154
  -1,214
  -1,277
  -1,343
  -1,411
  -1,483
  -1,559
  -1,637
  -1,720
  -1,806
  -1,896
  -1,991
  -2,091
  -2,195
  -2,305
  -2,420
  -2,540
  -2,667
  -2,800
Free cash flow, $m
  -225
  -275
  -411
  -437
  -462
  -487
  -513
  -539
  -565
  -592
  -620
  -648
  -678
  -708
  -740
  -774
  -809
  -845
  -884
  -924
  -967
  -1,012
  -1,059
  -1,109
  -1,161
  -1,216
  -1,274
  -1,335
  -1,400
  -1,467
  -1,538
Issuance/(repayment) of debt, $m
  -80
  320
  338
  356
  373
  390
  408
  425
  443
  460
  479
  497
  517
  537
  558
  581
  604
  628
  654
  681
  709
  739
  771
  805
  840
  877
  917
  958
  1,002
  1,048
  1,096
Issuance/(repurchase) of shares, $m
  -11
  139
  270
  288
  306
  324
  343
  361
  380
  400
  420
  440
  462
  484
  507
  531
  556
  583
  611
  640
  671
  703
  737
  773
  810
  850
  891
  935
  981
  1,030
  1,080
Cash from financing (excl. dividends), $m  
  -75
  459
  608
  644
  679
  714
  751
  786
  823
  860
  899
  937
  979
  1,021
  1,065
  1,112
  1,160
  1,211
  1,265
  1,321
  1,380
  1,442
  1,508
  1,578
  1,650
  1,727
  1,808
  1,893
  1,983
  2,078
  2,176
Total cash flow (excl. dividends), $m
  -301
  45
  -73
  -81
  -89
  -97
  -105
  -114
  -123
  -132
  -141
  -151
  -161
  -171
  -182
  -193
  -205
  -217
  -230
  -244
  -258
  -272
  -288
  -304
  -321
  -339
  -358
  -377
  -398
  -419
  -442
Retained Cash Flow (-), $m
  -63
  -184
  -197
  -207
  -217
  -227
  -237
  -247
  -258
  -268
  -279
  -290
  -301
  -313
  -325
  -338
  -352
  -366
  -381
  -396
  -413
  -431
  -449
  -469
  -489
  -511
  -534
  -558
  -583
  -610
  -638
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
 
  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
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
 
  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
Current shareholders' claim on cash, %
  100
  91.2
  78.1
  67.3
  58.3
  50.8
  44.5
  39.1
  34.5
  30.6
  27.2
  24.3
  21.7
  19.5
  17.5
  15.7
  14.2
  12.8
  11.6
  10.5
  9.5
  8.7
  7.9
  7.1
  6.5
  5.9
  5.4
  4.9
  4.5
  4.1
  3.7

Atlas Air Worldwide Holdings, Inc., through its subsidiaries, provides outsourced aircraft and aviation operating services worldwide. It operates through three segments: ACMI, Charter, and Dry Leasing. The company offers outsourced cargo and passenger aircraft operating solutions comprising contractual service arrangements, which include the provision of aircraft to customers and value-added services, such as crew, maintenance, and insurance; and crew, maintenance, and insurance services for the customer providing aircraft. It also provides cargo and passenger charter services to the U.S. Military Air Mobility Command, charter brokers, freight forwarders, direct shippers, airlines, sports teams and fans, and private charter customers; and aircraft and engines dry leasing services. The company also serves express delivery providers, as well as e-commerce retailers. Atlas Air Worldwide Holdings, Inc. was founded in 1992 and is headquartered in Purchase, New York.

FINANCIAL RATIOS  of  Atlas Air Worldwide Holdings (AAWW)

Valuation Ratios
P/E Ratio 34.1
Price to Sales 0.8
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 6.2
Price to Free Cash Flow -10.9
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 77.1%
Gross Margin - 3 Yr. Avg. 73.5%
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 12.3% 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 25.068 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 $1.4 billion.


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COMPANY NEWS

▶ 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]
▶ [$$] Amazon's Holiday Deliveries Face Disruption From Pilot Strike   [Nov-23-16 08:02PM  at The Wall Street Journal]
▶ A pilot strike could complicate Amazon's holiday deliveries   [Nov-22-16 05:55PM  at bizjournals.com]
▶ Atlas Air Worldwide Announces New Contract with FedEx   [Aug-24-16 09:15AM  GlobeNewswire]
▶ [$$] Charting the Market   [May-07-16 12:01AM  at Barrons.com]
▶ Amazon keeps expanding its empire   [May-06-16 06:40PM  at USA TODAY]
▶ Amazon Inks Air Cargo Deal, Nabs Rights For Up To 30% Of Atlas Air   [04:16PM  at Investor's Business Daily]
Stock chart of AAWW 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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