Intrinsic value of AeroCentury - ACY

Previous Close

$13.55

  Intrinsic Value

$15.66

stock screener

  Rating & Target

hold

+16%

Previous close

$13.55

 
Intrinsic value

$15.66

 
Up/down potential

+16%

 
Rating

hold

Our model is not good at valuating stocks of financial companies, such as ACY.

We calculate the intrinsic value of ACY 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 0.0

 

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, %
  -7.41
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  25
  40
  62
  92
  134
  189
  260
  349
  458
  590
  745
  925
  1,131
  1,363
  1,622
  1,907
  2,219
  2,556
  2,918
  3,305
  3,716
  4,150
  4,607
  5,087
  5,589
  6,114
  6,661
  7,231
  7,824
  8,440
  9,081
Variable operating expenses, $m
 
  26
  40
  59
  86
  121
  166
  223
  293
  378
  477
  592
  724
  873
  1,038
  1,221
  1,420
  1,636
  1,868
  2,115
  2,378
  2,656
  2,949
  3,256
  3,577
  3,913
  4,263
  4,628
  5,007
  5,402
  5,812
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
  23
  26
  40
  59
  86
  121
  166
  223
  293
  378
  477
  592
  724
  873
  1,038
  1,221
  1,420
  1,636
  1,868
  2,115
  2,378
  2,656
  2,949
  3,256
  3,577
  3,913
  4,263
  4,628
  5,007
  5,402
  5,812
Operating income, $m
  2
  14
  22
  33
  48
  68
  94
  126
  165
  212
  268
  333
  407
  491
  584
  687
  799
  920
  1,051
  1,190
  1,338
  1,494
  1,659
  1,831
  2,012
  2,201
  2,398
  2,603
  2,817
  3,038
  3,269
EBITDA, $m
  11
  29
  44
  67
  96
  136
  187
  251
  330
  424
  536
  666
  814
  981
  1,167
  1,373
  1,597
  1,839
  2,100
  2,378
  2,674
  2,986
  3,315
  3,661
  4,022
  4,400
  4,793
  5,203
  5,630
  6,073
  6,534
Interest expense (income), $m
  5
  5
  10
  16
  25
  38
  54
  75
  101
  134
  173
  219
  272
  333
  402
  478
  563
  655
  755
  862
  977
  1,099
  1,227
  1,363
  1,505
  1,654
  1,809
  1,971
  2,140
  2,315
  2,498
Earnings before tax, $m
  2
  9
  12
  17
  23
  30
  40
  51
  64
  79
  96
  114
  135
  158
  182
  208
  236
  265
  296
  327
  361
  395
  431
  469
  507
  548
  589
  632
  677
  723
  771
Tax expense, $m
  1
  2
  3
  5
  6
  8
  11
  14
  17
  21
  26
  31
  37
  43
  49
  56
  64
  72
  80
  88
  97
  107
  116
  127
  137
  148
  159
  171
  183
  195
  208
Net income, $m
  1
  7
  9
  12
  17
  22
  29
  37
  46
  57
  70
  84
  99
  115
  133
  152
  172
  193
  216
  239
  263
  289
  315
  342
  370
  400
  430
  461
  494
  528
  563

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  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
  0
Total assets, $m
  219
  348
  537
  804
  1,166
  1,645
  2,262
  3,036
  3,986
  5,129
  6,479
  8,045
  9,836
  11,856
  14,106
  16,586
  19,294
  22,225
  25,375
  28,738
  32,310
  36,086
  40,063
  44,236
  48,604
  53,166
  57,924
  62,878
  68,033
  73,393
  78,964
Adjusted assets (=assets-cash), $m
  217
  348
  537
  804
  1,166
  1,645
  2,262
  3,036
  3,986
  5,129
  6,479
  8,045
  9,836
  11,856
  14,106
  16,586
  19,294
  22,225
  25,375
  28,738
  32,310
  36,086
  40,063
  44,236
  48,604
  53,166
  57,924
  62,878
  68,033
  73,393
  78,964
Revenue / Adjusted assets
  0.115
  0.115
  0.115
  0.114
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
  0.115
Average production assets, $m
  174
  278
  429
  641
  931
  1,313
  1,805
  2,423
  3,181
  4,094
  5,171
  6,421
  7,850
  9,462
  11,258
  13,238
  15,399
  17,738
  20,252
  22,936
  25,787
  28,801
  31,974
  35,304
  38,791
  42,432
  46,229
  50,183
  54,297
  58,575
  63,021
Working capital, $m
  0
  -3
  -5
  -7
  -11
  -15
  -21
  -28
  -37
  -47
  -60
  -74
  -90
  -109
  -130
  -153
  -178
  -204
  -233
  -264
  -297
  -332
  -369
  -407
  -447
  -489
  -533
  -578
  -626
  -675
  -726
Total debt, $m
  128
  234
  388
  604
  898
  1,286
  1,786
  2,414
  3,185
  4,112
  5,206
  6,477
  7,929
  9,567
  11,392
  13,404
  15,599
  17,977
  20,531
  23,259
  26,156
  29,218
  32,443
  35,827
  39,370
  43,070
  46,928
  50,946
  55,127
  59,474
  63,992
Total liabilities, $m
  176
  282
  436
  652
  946
  1,334
  1,834
  2,462
  3,233
  4,160
  5,254
  6,525
  7,977
  9,615
  11,440
  13,452
  15,647
  18,025
  20,579
  23,307
  26,204
  29,266
  32,491
  35,875
  39,418
  43,118
  46,976
  50,994
  55,175
  59,522
  64,040
Total equity, $m
  43
  66
  102
  152
  220
  311
  427
  574
  753
  969
  1,225
  1,521
  1,859
  2,241
  2,666
  3,135
  3,647
  4,201
  4,796
  5,432
  6,107
  6,820
  7,572
  8,361
  9,186
  10,048
  10,948
  11,884
  12,858
  13,871
  14,924
Total liabilities and equity, $m
  219
  348
  538
  804
  1,166
  1,645
  2,261
  3,036
  3,986
  5,129
  6,479
  8,046
  9,836
  11,856
  14,106
  16,587
  19,294
  22,226
  25,375
  28,739
  32,311
  36,086
  40,063
  44,236
  48,604
  53,166
  57,924
  62,878
  68,033
  73,393
  78,964
Debt-to-equity ratio
  2.977
  3.560
  3.820
  3.970
  4.070
  4.140
  4.180
  4.210
  4.230
  4.240
  4.250
  4.260
  4.270
  4.270
  4.270
  4.280
  4.280
  4.280
  4.280
  4.280
  4.280
  4.280
  4.280
  4.290
  4.290
  4.290
  4.290
  4.290
  4.290
  4.290
  4.290
Adjusted equity ratio
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1
  7
  9
  12
  17
  22
  29
  37
  46
  57
  70
  84
  99
  115
  133
  152
  172
  193
  216
  239
  263
  289
  315
  342
  370
  400
  430
  461
  494
  528
  563
Depreciation, amort., depletion, $m
  9
  14
  22
  33
  48
  68
  94
  126
  165
  212
  268
  333
  407
  490
  583
  686
  798
  919
  1,049
  1,188
  1,336
  1,492
  1,657
  1,829
  2,010
  2,199
  2,395
  2,600
  2,813
  3,035
  3,265
Funds from operations, $m
  13
  21
  31
  46
  65
  90
  122
  163
  211
  269
  338
  416
  505
  605
  716
  838
  970
  1,112
  1,265
  1,427
  1,599
  1,781
  1,972
  2,171
  2,380
  2,598
  2,825
  3,062
  3,307
  3,563
  3,828
Change in working capital, $m
  2
  -1
  -2
  -2
  -3
  -4
  -6
  -7
  -9
  -11
  -12
  -14
  -16
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -47
  -49
  -51
Cash from operations, $m
  11
  22
  33
  48
  68
  95
  128
  170
  220
  280
  350
  431
  522
  624
  737
  861
  995
  1,139
  1,294
  1,458
  1,632
  1,816
  2,008
  2,210
  2,421
  2,640
  2,869
  3,107
  3,355
  3,612
  3,880
Maintenance CAPEX, $m
  0
  -9
  -14
  -22
  -33
  -48
  -68
  -94
  -126
  -165
  -212
  -268
  -333
  -407
  -490
  -583
  -686
  -798
  -919
  -1,049
  -1,188
  -1,336
  -1,492
  -1,657
  -1,829
  -2,010
  -2,199
  -2,395
  -2,600
  -2,813
  -3,035
New CAPEX, $m
  -54
  -104
  -151
  -213
  -289
  -382
  -492
  -618
  -759
  -912
  -1,077
  -1,250
  -1,429
  -1,612
  -1,796
  -1,979
  -2,161
  -2,339
  -2,514
  -2,684
  -2,851
  -3,014
  -3,173
  -3,330
  -3,486
  -3,641
  -3,797
  -3,954
  -4,114
  -4,278
  -4,446
Cash from investing activities, $m
  -29
  -113
  -165
  -235
  -322
  -430
  -560
  -712
  -885
  -1,077
  -1,289
  -1,518
  -1,762
  -2,019
  -2,286
  -2,562
  -2,847
  -3,137
  -3,433
  -3,733
  -4,039
  -4,350
  -4,665
  -4,987
  -5,315
  -5,651
  -5,996
  -6,349
  -6,714
  -7,091
  -7,481
Free cash flow, $m
  -18
  -91
  -133
  -187
  -254
  -336
  -432
  -542
  -664
  -797
  -939
  -1,087
  -1,240
  -1,395
  -1,549
  -1,702
  -1,852
  -1,998
  -2,139
  -2,275
  -2,407
  -2,534
  -2,657
  -2,777
  -2,895
  -3,011
  -3,126
  -3,242
  -3,359
  -3,479
  -3,602
Issuance/(repayment) of debt, $m
  17
  106
  154
  216
  294
  389
  500
  628
  771
  927
  1,094
  1,270
  1,452
  1,638
  1,825
  2,011
  2,196
  2,377
  2,555
  2,728
  2,897
  3,062
  3,225
  3,384
  3,543
  3,700
  3,858
  4,018
  4,181
  4,347
  4,518
Issuance/(repurchase) of shares, $m
  0
  18
  27
  38
  52
  68
  88
  109
  133
  159
  185
  213
  240
  267
  292
  317
  340
  361
  380
  397
  412
  425
  437
  447
  455
  463
  469
  475
  480
  485
  490
Cash from financing (excl. dividends), $m  
  17
  124
  181
  254
  346
  457
  588
  737
  904
  1,086
  1,279
  1,483
  1,692
  1,905
  2,117
  2,328
  2,536
  2,738
  2,935
  3,125
  3,309
  3,487
  3,662
  3,831
  3,998
  4,163
  4,327
  4,493
  4,661
  4,832
  5,008
Total cash flow (excl. dividends), $m
  -1
  33
  48
  67
  91
  121
  156
  195
  240
  289
  341
  395
  452
  510
  568
  626
  684
  740
  795
  849
  902
  953
  1,004
  1,053
  1,103
  1,152
  1,201
  1,251
  1,301
  1,353
  1,406
Retained Cash Flow (-), $m
  -2
  -25
  -36
  -50
  -68
  -91
  -117
  -146
  -180
  -216
  -255
  -296
  -338
  -382
  -425
  -469
  -512
  -554
  -595
  -636
  -675
  -714
  -751
  -789
  -826
  -862
  -899
  -936
  -974
  -1,013
  -1,053
Prev. year cash balance distribution, $m
 
  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
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
 
  11
  12
  17
  23
  30
  39
  49
  60
  73
  86
  99
  114
  128
  143
  157
  172
  186
  200
  213
  227
  240
  252
  265
  277
  290
  302
  314
  327
  340
  353
Discount rate, %
 
  11.60
  12.18
  12.79
  13.43
  14.10
  14.80
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
PV of cash for distribution, $m
 
  9
  10
  12
  14
  16
  17
  18
  18
  17
  16
  15
  13
  11
  9
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  61.3
  38.7
  25.3
  17.0
  11.8
  8.4
  6.1
  4.6
  3.5
  2.8
  2.2
  1.8
  1.5
  1.3
  1.1
  0.9
  0.8
  0.7
  0.7
  0.6
  0.5
  0.5
  0.5
  0.4
  0.4
  0.4
  0.3
  0.3
  0.3
  0.3

AeroCentury Corp. acquires used regional aircraft and aircraft engines for lease to regional carriers all over the world. The Company's segment is leasing of regional aircraft to foreign and domestic regional airlines. The business of the Company is managed by JetFleet Management Corp. (JMC), an integrated aircraft management, marketing and financing business. JMC is a subsidiary of JetFleet Holding Corp (JHC). The Company has been engaged in the business of investing in used regional aircraft equipment leased to foreign and domestic regional air carriers. The Company owns regional aircraft and engines, which are leased to customers under triple net leases with terms that are less than the useful life of the assets. The Company's aircraft and aircraft engines that were on lease or held for lease includes turboprop aircraft, regional jet aircraft and engines.

FINANCIAL RATIOS  of  AeroCentury (ACY)

Valuation Ratios
P/E Ratio 21.3
Price to Sales 0.9
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 1.9
Price to Free Cash Flow -0.5
Growth Rates
Sales Growth Rate -7.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5300%
Cap. Spend. - 3 Yr. Gr. Rate 16.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 297.7%
Total Debt to Equity 297.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.8%
Ret/ On Assets - 3 Yr. Avg. 0.6%
Return On Total Capital 0.6%
Ret/ On T. Cap. - 3 Yr. Avg. -1.1%
Return On Equity 2.4%
Return On Equity - 3 Yr. Avg. -3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 104%
Gross Margin - 3 Yr. Avg. 98.8%
EBITDA Margin 64%
EBITDA Margin - 3 Yr. Avg. 43.3%
Operating Margin 8%
Oper. Margin - 3 Yr. Avg. -6.8%
Pre-Tax Margin 8%
Pre-Tax Margin - 3 Yr. Avg. -6.8%
Net Profit Margin 4%
Net Profit Margin - 3 Yr. Avg. -5.4%
Effective Tax Rate 50%
Eff/ Tax Rate - 3 Yr. Avg. 41.8%
Payout Ratio 0%

ACY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ACY stock intrinsic value calculation we used $25 million for the last fiscal year's total revenue generated by AeroCentury. The default revenue input number comes from 2016 income statement of AeroCentury. 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 ACY stock valuation model: a) initial revenue growth rate of 60% 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 11.6%, whose default value for ACY is calculated based on our internal credit rating of AeroCentury, 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 AeroCentury.
    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 ACY stock the variable cost ratio is equal to 64%.

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 ACY 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 4.2% for AeroCentury.

Corporate tax rate of 27% is the nominal tax rate for AeroCentury. 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 ACY 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 ACY are equal to 694%.

Life of production assets of 19.3 years is the average useful life of capital assets used in AeroCentury 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 ACY is equal to -8%. 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 - $43 million for AeroCentury - 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 1.417 million for AeroCentury 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 AeroCentury at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
AL Air Lease 44.14 11.77  str.sell
WLFC Willis Lease F 25.25 8.39  str.sell
AYR Aircastle 23.56 5.84  str.sell
AER AerCap Holding 53.06 34.56  sell
FLY Fly Leasing AD 14.03 4.91  str.sell
FTAI Fortress Trans 18.44 3.09  str.sell
GATX GATX 61.10 32.99  sell
CAI CAI Internatio 37.26 5.74  str.sell

COMPANY NEWS

▶ ETFs with exposure to AeroCentury Corp. : July 11, 2017   [Jul-11-17 01:57PM  Capital Cube]
▶ ETFs with exposure to AeroCentury Corp. : June 30, 2017   [Jun-30-17 02:39PM  Capital Cube]
▶ Top Ranked Value Stocks to Buy for June 22nd   [Jun-22-17 10:00AM  Zacks]
▶ Karen Rogge Joins AeroCentury Corp. Board of Directors   [Jun-05-17 04:05PM  GlobeNewswire]
▶ AeroCentury Corp. Completes $37 Million Aircraft Purchase   [Sep-21-16 04:20PM  GlobeNewswire]
▶ AeroCentury Corp. Earnings Q3, 2015   [Dec-02  12:29PM  Capital Cube]
▶ 10-Q for AeroCentury Corp.   [Aug-16  08:12PM  at Company Spotlight]
▶ 10-Q for AeroCentury Corp.   [May-14  08:11PM  at Company Spotlight]
▶ 10-K for AeroCentury Corp.   [May-06  08:12PM  at Company Spotlight]
▶ AeroCentury Corp. Announces Aircraft Purchase   [Dec-16  06:25PM  at noodls]
▶ 10-Q for AeroCentury Corp.   [Nov-17  07:09PM  Company Spotlight]
▶ AEROCENTURY CORP Files SEC form 10-Q, Quarterly Report   [Nov-14  12:39PM  EDGAR Online]
▶ AeroCentury Corp. Reports Third Quarter 2014 Results   [Nov-13  06:00PM  PR Newswire]
▶ AeroCentury Corp. Announces Aircraft Purchase   [Oct-02  06:00PM  PR Newswire]
▶ AEROCENTURY CORP Files SEC form 10-Q, Quarterly Report   [Aug-13  02:39PM  EDGAR Online]
▶ AeroCentury Corp. Reports Second Quarter 2014 Results   [Aug-12  06:00PM  PR Newswire]
Financial statements of ACY
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.