Intrinsic value of AAR Corp. - AIR

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$35.99

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$35.99

 
Intrinsic value

$5.48

 
Up/down potential

-85%

 
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 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
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  1,663
  1,804
  1,951
  2,104
  2,263
  2,428
  2,600
  2,778
  2,964
  3,157
  3,357
  3,566
  3,783
  4,010
  4,246
  4,493
  4,750
  5,018
  5,298
  5,591
  5,897
  6,217
  6,551
  6,901
  7,268
  7,652
  8,053
  8,474
  8,915
  9,377
  9,862
Variable operating expenses, $m
 
  1,867
  2,018
  2,175
  2,338
  2,508
  2,684
  2,868
  3,058
  3,257
  3,463
  3,666
  3,889
  4,122
  4,365
  4,618
  4,882
  5,158
  5,446
  5,747
  6,062
  6,391
  6,735
  7,094
  7,471
  7,866
  8,279
  8,711
  9,165
  9,640
  10,137
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
  1,867
  2,018
  2,175
  2,338
  2,508
  2,684
  2,868
  3,058
  3,257
  3,463
  3,666
  3,889
  4,122
  4,365
  4,618
  4,882
  5,158
  5,446
  5,747
  6,062
  6,391
  6,735
  7,094
  7,471
  7,866
  8,279
  8,711
  9,165
  9,640
  10,137
Operating income, $m
  65
  -62
  -66
  -71
  -75
  -80
  -84
  -89
  -95
  -100
  -106
  -100
  -106
  -112
  -119
  -126
  -133
  -140
  -148
  -156
  -165
  -174
  -183
  -193
  -203
  -214
  -225
  -237
  -249
  -262
  -276
EBITDA, $m
  115
  -13
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
Interest expense (income), $m
  5
  5
  7
  8
  10
  12
  14
  16
  18
  21
  23
  25
  28
  31
  33
  36
  39
  42
  46
  49
  53
  56
  60
  64
  69
  73
  78
  83
  88
  93
  99
Earnings before tax, $m
  59
  -67
  -73
  -79
  -85
  -92
  -99
  -106
  -113
  -121
  -129
  -125
  -134
  -143
  -152
  -162
  -172
  -183
  -194
  -205
  -218
  -230
  -243
  -257
  -272
  -287
  -303
  -320
  -337
  -355
  -374
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
  -67
  -73
  -79
  -85
  -92
  -99
  -106
  -113
  -121
  -129
  -125
  -134
  -143
  -152
  -162
  -172
  -183
  -194
  -205
  -218
  -230
  -243
  -257
  -272
  -287
  -303
  -320
  -337
  -355
  -374

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
  1,546
  1,672
  1,803
  1,939
  2,081
  2,228
  2,381
  2,540
  2,705
  2,877
  3,056
  3,242
  3,436
  3,639
  3,850
  4,070
  4,300
  4,540
  4,791
  5,053
  5,327
  5,614
  5,914
  6,228
  6,557
  6,901
  7,262
  7,639
  8,035
  8,450
Adjusted assets (=assets-cash), $m
  1,425
  1,546
  1,672
  1,803
  1,939
  2,081
  2,228
  2,381
  2,540
  2,705
  2,877
  3,056
  3,242
  3,436
  3,639
  3,850
  4,070
  4,300
  4,540
  4,791
  5,053
  5,327
  5,614
  5,914
  6,228
  6,557
  6,901
  7,262
  7,639
  8,035
  8,450
Revenue / Adjusted assets
  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
  1.167
  1.167
  1.167
  1.167
  1.167
  1.167
Average production assets, $m
  263
  285
  308
  332
  358
  384
  411
  439
  468
  499
  530
  563
  598
  634
  671
  710
  750
  793
  837
  883
  932
  982
  1,035
  1,090
  1,148
  1,209
  1,272
  1,339
  1,409
  1,482
  1,558
Working capital, $m
  541
  567
  613
  661
  711
  762
  816
  872
  931
  991
  1,054
  1,120
  1,188
  1,259
  1,333
  1,411
  1,491
  1,576
  1,664
  1,755
  1,852
  1,952
  2,057
  2,167
  2,282
  2,403
  2,529
  2,661
  2,799
  2,944
  3,097
Total debt, $m
  148
  186
  237
  290
  345
  403
  463
  525
  589
  656
  726
  799
  874
  953
  1,035
  1,121
  1,210
  1,304
  1,401
  1,503
  1,609
  1,721
  1,837
  1,959
  2,087
  2,220
  2,360
  2,506
  2,660
  2,820
  2,989
Total liabilities, $m
  590
  628
  679
  732
  787
  845
  905
  967
  1,031
  1,098
  1,168
  1,241
  1,316
  1,395
  1,477
  1,563
  1,652
  1,746
  1,843
  1,945
  2,051
  2,163
  2,279
  2,401
  2,529
  2,662
  2,802
  2,948
  3,102
  3,262
  3,431
Total equity, $m
  866
  918
  993
  1,071
  1,152
  1,236
  1,323
  1,414
  1,509
  1,607
  1,709
  1,815
  1,926
  2,041
  2,161
  2,287
  2,418
  2,554
  2,697
  2,846
  3,001
  3,164
  3,335
  3,513
  3,699
  3,895
  4,099
  4,313
  4,538
  4,773
  5,020
Total liabilities and equity, $m
  1,456
  1,546
  1,672
  1,803
  1,939
  2,081
  2,228
  2,381
  2,540
  2,705
  2,877
  3,056
  3,242
  3,436
  3,638
  3,850
  4,070
  4,300
  4,540
  4,791
  5,052
  5,327
  5,614
  5,914
  6,228
  6,557
  6,901
  7,261
  7,640
  8,035
  8,451
Debt-to-equity ratio
  0.171
  0.200
  0.240
  0.270
  0.300
  0.330
  0.350
  0.370
  0.390
  0.410
  0.420
  0.440
  0.450
  0.470
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.540
  0.540
  0.550
  0.560
  0.560
  0.570
  0.580
  0.580
  0.590
  0.590
  0.600
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
  -67
  -73
  -79
  -85
  -92
  -99
  -106
  -113
  -121
  -129
  -125
  -134
  -143
  -152
  -162
  -172
  -183
  -194
  -205
  -218
  -230
  -243
  -257
  -272
  -287
  -303
  -320
  -337
  -355
  -374
Depreciation, amort., depletion, $m
  50
  49
  52
  55
  58
  62
  65
  69
  73
  76
  81
  73
  78
  82
  87
  92
  97
  103
  109
  115
  121
  128
  134
  142
  149
  157
  165
  174
  183
  192
  202
Funds from operations, $m
  -61
  -18
  -21
  -24
  -27
  -30
  -33
  -37
  -40
  -44
  -48
  -52
  -56
  -60
  -65
  -70
  -75
  -80
  -85
  -91
  -97
  -103
  -109
  -116
  -123
  -130
  -138
  -146
  -154
  -163
  -172
Change in working capital, $m
  -93
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  81
  84
  88
  92
  96
  100
  105
  110
  115
  120
  126
  132
  138
  145
  152
Cash from operations, $m
  32
  -51
  -67
  -72
  -77
  -82
  -87
  -93
  -99
  -105
  -111
  -118
  -124
  -132
  -139
  -147
  -155
  -164
  -173
  -183
  -193
  -203
  -214
  -226
  -238
  -250
  -264
  -278
  -293
  -308
  -324
Maintenance CAPEX, $m
  0
  -34
  -37
  -40
  -43
  -46
  -50
  -53
  -57
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -103
  -109
  -115
  -121
  -128
  -134
  -142
  -149
  -157
  -165
  -174
  -183
  -192
New CAPEX, $m
  -88
  -23
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -61
  -63
  -66
  -70
  -73
  -77
Cash from investing activities, $m
  -17
  -57
  -60
  -64
  -68
  -72
  -77
  -81
  -86
  -91
  -97
  -102
  -107
  -114
  -119
  -126
  -133
  -139
  -147
  -155
  -163
  -172
  -181
  -189
  -200
  -210
  -220
  -231
  -244
  -256
  -269
Free cash flow, $m
  15
  -108
  -127
  -136
  -145
  -155
  -164
  -174
  -185
  -196
  -207
  -219
  -232
  -245
  -259
  -273
  -288
  -304
  -320
  -338
  -356
  -375
  -395
  -415
  -437
  -460
  -484
  -510
  -536
  -564
  -593
Issuance/(repayment) of debt, $m
  -11
  50
  51
  53
  55
  57
  60
  62
  65
  67
  70
  73
  76
  79
  82
  86
  89
  93
  97
  102
  106
  111
  116
  122
  127
  133
  140
  146
  153
  161
  168
Issuance/(repurchase) of shares, $m
  -19
  110
  151
  161
  171
  181
  192
  203
  215
  227
  240
  253
  267
  282
  297
  313
  329
  347
  365
  385
  405
  426
  448
  472
  496
  522
  549
  577
  607
  638
  671
Cash from financing (excl. dividends), $m  
  -28
  160
  202
  214
  226
  238
  252
  265
  280
  294
  310
  326
  343
  361
  379
  399
  418
  440
  462
  487
  511
  537
  564
  594
  623
  655
  689
  723
  760
  799
  839
Total cash flow (excl. dividends), $m
  -14
  -58
  -76
  -83
  -90
  -97
  -105
  -112
  -120
  -129
  -138
  -147
  -156
  -166
  -177
  -187
  -199
  -210
  -223
  -236
  -249
  -263
  -278
  -294
  -310
  -327
  -345
  -363
  -383
  -403
  -425
Retained Cash Flow (-), $m
  -21
  -71
  -75
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -111
  -115
  -120
  -125
  -131
  -137
  -143
  -149
  -156
  -163
  -170
  -178
  -187
  -195
  -205
  -214
  -224
  -235
  -247
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
  91.6
  82.1
  73.7
  66.3
  59.7
  53.8
  48.5
  43.9
  39.7
  35.9
  32.5
  29.5
  26.7
  24.2
  22.0
  20.0
  18.1
  16.5
  15.0
  13.6
  12.4
  11.2
  10.2
  9.3
  8.5
  7.7
  7.0
  6.4
  5.8
  5.3

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 25.9
Price to Sales 0.7
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 38.8
Price to Free Cash Flow -22.2
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 8.5% 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 34.196 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.


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COMPANY NEWS

▶ 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]
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▶ 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]
▶ AAR Announces Cash Dividend   [Oct-11-16 04:10PM  PR Newswire]
Stock chart of AIR Financial statements 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.

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