Intrinsic value of AAR Corp. - AIR

Previous Close

$34.32

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$34.32

 
Intrinsic value premium content
 
Up/down potential premium content
 
Rating premium content
 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

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

We calculate the intrinsic value of AIR 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 1.2

 

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, %
  4.33
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,663
  1,696
  1,735
  1,780
  1,830
  1,885
  1,946
  2,013
  2,084
  2,162
  2,245
  2,333
  2,428
  2,529
  2,636
  2,750
  2,870
  2,998
  3,133
  3,275
  3,426
  3,584
  3,752
  3,928
  4,114
  4,310
  4,517
  4,734
  4,962
  5,202
  5,455
Variable operating expenses, $m
 
  1,755
  1,796
  1,841
  1,893
  1,950
  2,012
  2,081
  2,154
  2,234
  2,319
  2,399
  2,496
  2,600
  2,710
  2,827
  2,950
  3,082
  3,220
  3,367
  3,521
  3,685
  3,857
  4,038
  4,229
  4,431
  4,643
  4,866
  5,101
  5,348
  5,608
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
  1,597
  1,755
  1,796
  1,841
  1,893
  1,950
  2,012
  2,081
  2,154
  2,234
  2,319
  2,399
  2,496
  2,600
  2,710
  2,827
  2,950
  3,082
  3,220
  3,367
  3,521
  3,685
  3,857
  4,038
  4,229
  4,431
  4,643
  4,866
  5,101
  5,348
  5,608
Operating income, $m
  65
  -59
  -60
  -61
  -63
  -64
  -66
  -68
  -70
  -72
  -74
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -121
  -126
  -132
  -139
  -145
  -153
EBITDA, $m
  115
  -13
  -13
  -13
  -14
  -14
  -14
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -41
Interest expense (income), $m
  5
  5
  5
  6
  6
  7
  7
  8
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
  21
  23
  24
  26
  28
  30
  32
  35
  37
  40
  42
  45
  48
Earnings before tax, $m
  59
  -64
  -65
  -67
  -69
  -71
  -74
  -76
  -79
  -82
  -85
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -109
  -114
  -120
  -126
  -133
  -140
  -147
  -155
  -163
  -172
  -181
  -190
  -200
Tax expense, $m
  18
  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
Net income, $m
  48
  -64
  -65
  -67
  -69
  -71
  -74
  -76
  -79
  -82
  -85
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -109
  -114
  -120
  -126
  -133
  -140
  -147
  -155
  -163
  -172
  -181
  -190
  -200

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  31
  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
  1,456
  1,454
  1,487
  1,525
  1,568
  1,616
  1,668
  1,725
  1,786
  1,852
  1,923
  1,999
  2,081
  2,167
  2,259
  2,356
  2,459
  2,569
  2,684
  2,807
  2,935
  3,072
  3,215
  3,366
  3,526
  3,693
  3,870
  4,056
  4,252
  4,458
  4,674
Adjusted assets (=assets-cash), $m
  1,425
  1,454
  1,487
  1,525
  1,568
  1,616
  1,668
  1,725
  1,786
  1,852
  1,923
  1,999
  2,081
  2,167
  2,259
  2,356
  2,459
  2,569
  2,684
  2,807
  2,935
  3,072
  3,215
  3,366
  3,526
  3,693
  3,870
  4,056
  4,252
  4,458
  4,674
Revenue / Adjusted assets
  1.167
  1.166
  1.167
  1.167
  1.167
  1.166
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
Average production assets, $m
  263
  268
  274
  281
  289
  298
  308
  318
  329
  342
  355
  369
  384
  400
  416
  434
  453
  474
  495
  517
  541
  566
  593
  621
  650
  681
  714
  748
  784
  822
  862
Working capital, $m
  541
  533
  545
  559
  575
  592
  611
  632
  654
  679
  705
  733
  762
  794
  828
  863
  901
  941
  984
  1,028
  1,076
  1,126
  1,178
  1,234
  1,292
  1,353
  1,418
  1,486
  1,558
  1,634
  1,713
Total debt, $m
  148
  148
  162
  177
  195
  214
  235
  258
  283
  310
  339
  370
  403
  438
  475
  515
  557
  601
  648
  697
  750
  805
  863
  925
  989
  1,058
  1,129
  1,205
  1,284
  1,368
  1,456
Total liabilities, $m
  590
  590
  604
  619
  637
  656
  677
  700
  725
  752
  781
  812
  845
  880
  917
  957
  999
  1,043
  1,090
  1,139
  1,192
  1,247
  1,305
  1,367
  1,431
  1,500
  1,571
  1,647
  1,726
  1,810
  1,898
Total equity, $m
  866
  863
  883
  906
  931
  960
  991
  1,024
  1,061
  1,100
  1,142
  1,188
  1,236
  1,287
  1,342
  1,400
  1,461
  1,526
  1,595
  1,667
  1,744
  1,824
  1,910
  2,000
  2,094
  2,194
  2,299
  2,409
  2,526
  2,648
  2,777
Total liabilities and equity, $m
  1,456
  1,453
  1,487
  1,525
  1,568
  1,616
  1,668
  1,724
  1,786
  1,852
  1,923
  2,000
  2,081
  2,167
  2,259
  2,357
  2,460
  2,569
  2,685
  2,806
  2,936
  3,071
  3,215
  3,367
  3,525
  3,694
  3,870
  4,056
  4,252
  4,458
  4,675
Debt-to-equity ratio
  0.171
  0.170
  0.180
  0.200
  0.210
  0.220
  0.240
  0.250
  0.270
  0.280
  0.300
  0.310
  0.330
  0.340
  0.350
  0.370
  0.380
  0.390
  0.410
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.520
Adjusted equity ratio
  0.586
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594
  0.594

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  48
  -64
  -65
  -67
  -69
  -71
  -74
  -76
  -79
  -82
  -85
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -109
  -114
  -120
  -126
  -133
  -140
  -147
  -155
  -163
  -172
  -181
  -190
  -200
Depreciation, amort., depletion, $m
  50
  47
  47
  48
  49
  50
  52
  53
  54
  56
  58
  48
  50
  52
  54
  56
  59
  62
  64
  67
  70
  74
  77
  81
  84
  88
  93
  97
  102
  107
  112
Funds from operations, $m
  -61
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -67
  -71
  -75
  -79
  -84
  -88
Change in working capital, $m
  -93
  10
  12
  14
  16
  17
  19
  21
  23
  24
  26
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  53
  55
  58
  62
  65
  68
  72
  75
  79
Cash from operations, $m
  32
  -16
  -30
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -65
  -69
  -73
  -77
  -82
  -87
  -92
  -97
  -103
  -109
  -115
  -121
  -128
  -135
  -143
  -151
  -159
  -168
Maintenance CAPEX, $m
  0
  -34
  -35
  -36
  -37
  -38
  -39
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -62
  -64
  -67
  -70
  -74
  -77
  -81
  -84
  -88
  -93
  -97
  -102
  -107
New CAPEX, $m
  -88
  -6
  -6
  -7
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
Cash from investing activities, $m
  -17
  -40
  -41
  -43
  -45
  -47
  -49
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -140
  -147
Free cash flow, $m
  15
  -56
  -71
  -76
  -80
  -85
  -89
  -94
  -100
  -105
  -111
  -117
  -124
  -130
  -137
  -145
  -153
  -161
  -170
  -179
  -188
  -198
  -209
  -220
  -231
  -244
  -256
  -270
  -284
  -299
  -315
Issuance/(repayment) of debt, $m
  -11
  12
  14
  16
  17
  19
  21
  23
  25
  27
  29
  31
  33
  35
  37
  40
  42
  44
  47
  50
  52
  55
  58
  61
  65
  68
  72
  76
  79
  84
  88
Issuance/(repurchase) of shares, $m
  -19
  41
  78
  83
  88
  94
  99
  105
  111
  118
  124
  131
  139
  147
  155
  163
  172
  181
  191
  202
  212
  224
  236
  248
  261
  275
  290
  305
  321
  338
  355
Cash from financing (excl. dividends), $m  
  -28
  53
  92
  99
  105
  113
  120
  128
  136
  145
  153
  162
  172
  182
  192
  203
  214
  225
  238
  252
  264
  279
  294
  309
  326
  343
  362
  381
  400
  422
  443
Total cash flow (excl. dividends), $m
  -14
  -44
  -58
  -60
  -63
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -167
  -175
  -185
  -194
  -205
  -215
  -227
Retained Cash Flow (-), $m
  -21
  -16
  -20
  -23
  -25
  -28
  -31
  -34
  -37
  -39
  -42
  -45
  -48
  -51
  -55
  -58
  -61
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -129
Prev. year cash balance distribution, $m
 
  19
  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, %
 
  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
 
  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
  96.5
  90.6
  84.7
  79.1
  73.6
  68.4
  63.5
  58.8
  54.4
  50.2
  46.3
  42.6
  39.2
  36.0
  33.1
  30.3
  27.8
  25.4
  23.3
  21.3
  19.5
  17.8
  16.2
  14.8
  13.5
  12.3
  11.2
  10.2
  9.3
  8.5

AAR CORP. provides products and services to commercial aviation, government, and defense markets worldwide. It operates in two segments, Aviation Services and Expeditionary Services. The Aviation Services segment offers aftermarket support and services; inventory management and distribution services; and maintenance, repair, and overhaul, as well as engineering services. This segment sells and leases new, overhauled, and repaired engine and airframe parts and components; and provides inventory supply and management, warranty claim management, and outsourcing programs for engine and airframe parts and components, as well as performance-based logistics programs in support of the U.S. Department of Defense (DoD) and foreign governments. It also offers airframe inspection, maintenance, repair and overhaul, painting, line maintenance, airframe modification, structural repair, avionic and installation, exterior and interior refurbishment, and engineering and support services; repairs and overhauls landing gears, wheels, and brakes; and sells and leases used commercial aircraft. The Expeditionary Services segment provides products and services supporting the movement of equipment and personnel by the U.S. DoD, foreign governments, and non-governmental organizations. This segment’s expeditionary airlift services offer fixed- and rotary-wing flight operations, such as search and rescue operations and transporting personnel and cargo. It designs, manufactures, and repairs transportation pallets, and various containers and shelters; and provides engineering, design, and system integration services for command and control systems. The company primarily markets and sells products and services through its employees and foreign sales representatives. As of May 31, 2016, the company’s portfolio consisted of three aircraft owned through joint ventures. AAR CORP. was founded in 1951 and is headquartered in Wood Dale, Illinois.

FINANCIAL RATIOS  of  AAR Corp. (AIR)

Valuation Ratios
P/E Ratio 24.7
Price to Sales 0.7
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 37
Price to Free Cash Flow -21.1
Growth Rates
Sales Growth Rate 4.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 109.5%
Cap. Spend. - 3 Yr. Gr. Rate 18.3%
Financial Strength
Quick Ratio 3
Current Ratio 0.4
LT Debt to Equity 15.7%
Total Debt to Equity 17.1%
Interest Coverage 13
Management Effectiveness
Return On Assets 3.5%
Ret/ On Assets - 3 Yr. Avg. 3.4%
Return On Total Capital 4.8%
Ret/ On T. Cap. - 3 Yr. Avg. 3.4%
Return On Equity 5.6%
Return On Equity - 3 Yr. Avg. 4.8%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 14.3%
Gross Margin - 3 Yr. Avg. 13.7%
EBITDA Margin 6.9%
EBITDA Margin - 3 Yr. Avg. 6.5%
Operating Margin 4%
Oper. Margin - 3 Yr. Avg. 2.6%
Pre-Tax Margin 3.5%
Pre-Tax Margin - 3 Yr. Avg. 1.4%
Net Profit Margin 2.9%
Net Profit Margin - 3 Yr. Avg. 2.6%
Effective Tax Rate 30.5%
Eff/ Tax Rate - 3 Yr. Avg. 32.2%
Payout Ratio 20.8%

AIR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AIR stock intrinsic value calculation we used $1663 million for the last fiscal year's total revenue generated by AAR Corp.. The default revenue input number comes from 2016 income statement of AAR Corp.. 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 AIR stock valuation model: a) initial revenue growth rate of 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 AIR is calculated based on our internal credit rating of AAR Corp., 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 AAR Corp..
    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 AIR stock the variable cost ratio is equal to 103.5%.

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 AIR 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 AAR Corp..

Corporate tax rate of 27% is the nominal tax rate for AAR Corp.. 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 AIR 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 AIR are equal to 15.8%.

Life of production assets of 7.7 years is the average useful life of capital assets used in AAR Corp. 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 AIR is equal to 31.4%. 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 - $866 million for AAR Corp. - 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 34.335 million for AAR Corp. 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 AAR Corp. at the current share price and the inputted number of shares is $1.2 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
TXT Textron 45.78 prem.  prem.
BA Boeing 202.23 prem.  prem.
LMT Lockheed Marti 280.64 prem.  prem.
SPR Spirit AeroSys 56.08 prem.  prem.
UTX United Technol 122.22 prem.  prem.
ATSG Air Transport 22.44 prem.  prem.

COMPANY NEWS

▶ AAR Corp. Value Analysis (NYSE:AIR) : May 19, 2017   [May-19-17 02:19PM  Capital Cube]
▶ AAR Announces Cash Dividend   [Apr-18-17 04:02PM  PR Newswire]
▶ Why the CEO of Flywheel Sports embraces failure   [Apr-10-17 07:54AM  MarketWatch]
▶ AAR Appoints Dylan Wolin VP, Strategy & Acquisitions   [Apr-06-17 04:55PM  PR Newswire]
▶ SFO Moving Into High Gear to Resolve Big Corruption Cases   [09:44AM  at The Wall Street Journal]
▶ AAR Announces Cash Dividend   [Jan-11-17 04:01PM  PR Newswire]
▶ [$$] AAR: Right Place, Right Time   [Dec-27-16 01:23PM  at Barrons.com]
▶ Dont Panic Over Weaker Jet Orders   [07:00AM  at Morningstar]
▶ Airbus Reveals New Modular Cabin Airplane Concept   [Dec-14-16 08:00AM  at Forbes]
▶ Are Hedge Funds Right To Grow More Bullish On AAR Corp. (AIR)?   [Dec-02-16 11:52AM  at Insider Monkey]
▶ WTO Ruling Against Boeing Is Meaningless   [Nov-28-16 01:58PM  at Forbes]
▶ What Trump's Election Means for Industrials   [Nov-11-16 07:00AM  at Morningstar]
Stock chart of AIR Financial statements of AIR Annual reports of AIR
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.