Intrinsic value of AAR Corp. - AIR

Previous Close

$38.61

  Intrinsic Value

$26.51

stock screener

  Rating & Target

sell

-31%

  Value-price divergence*

+346%

Previous close

$38.61

 
Intrinsic value

$26.51

 
Up/down potential

-31%

 
Rating

sell

 
Value-price divergence*

+346%

*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 2017), $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 1.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.06
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  5.00
Revenue, $m
  1,768
  1,855
  1,946
  2,041
  2,142
  2,248
  2,359
  2,475
  2,598
  2,727
  2,862
  3,004
  3,153
  3,310
  3,475
  3,648
  3,829
  4,020
  4,221
  4,431
  4,652
  4,884
  5,128
  5,384
  5,652
  5,934
  6,231
  6,542
  6,869
  7,212
  7,572
Variable operating expenses, $m
 
  1,424
  1,493
  1,566
  1,643
  1,723
  1,808
  1,897
  1,990
  2,088
  2,191
  2,288
  2,401
  2,521
  2,646
  2,778
  2,916
  3,061
  3,214
  3,374
  3,542
  3,719
  3,905
  4,100
  4,304
  4,519
  4,745
  4,982
  5,230
  5,492
  5,766
Fixed operating expenses, $m
 
  346
  355
  364
  373
  382
  392
  402
  412
  422
  433
  443
  455
  466
  478
  490
  502
  514
  527
  540
  554
  568
  582
  596
  611
  627
  642
  658
  675
  692
  709
Total operating expenses, $m
  1,688
  1,770
  1,848
  1,930
  2,016
  2,105
  2,200
  2,299
  2,402
  2,510
  2,624
  2,731
  2,856
  2,987
  3,124
  3,268
  3,418
  3,575
  3,741
  3,914
  4,096
  4,287
  4,487
  4,696
  4,915
  5,146
  5,387
  5,640
  5,905
  6,184
  6,475
Operating income, $m
  80
  84
  97
  111
  126
  142
  159
  177
  196
  217
  238
  273
  298
  324
  351
  381
  412
  445
  479
  516
  556
  597
  641
  688
  737
  789
  844
  902
  963
  1,028
  1,097
EBITDA, $m
  133
  134
  149
  165
  182
  200
  219
  240
  261
  284
  309
  335
  362
  392
  423
  456
  490
  527
  566
  608
  651
  698
  747
  798
  853
  911
  972
  1,036
  1,105
  1,177
  1,253
Interest expense (income), $m
  4
  5
  6
  8
  9
  10
  11
  12
  14
  15
  17
  18
  20
  22
  23
  25
  27
  29
  32
  34
  36
  39
  42
  45
  48
  51
  54
  57
  61
  65
  69
Earnings before tax, $m
  74
  79
  91
  104
  118
  132
  148
  165
  183
  202
  222
  255
  278
  302
  328
  355
  384
  415
  448
  482
  519
  558
  599
  643
  689
  738
  790
  844
  902
  963
  1,028
Tax expense, $m
  24
  21
  25
  28
  32
  36
  40
  44
  49
  54
  60
  69
  75
  82
  88
  96
  104
  112
  121
  130
  140
  151
  162
  174
  186
  199
  213
  228
  244
  260
  278
Net income, $m
  57
  58
  66
  76
  86
  97
  108
  120
  133
  147
  162
  186
  203
  220
  239
  259
  280
  303
  327
  352
  379
  407
  437
  469
  503
  539
  576
  616
  659
  703
  750

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  10
  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
  1,504
  1,568
  1,645
  1,726
  1,811
  1,900
  1,994
  2,092
  2,196
  2,305
  2,419
  2,539
  2,666
  2,798
  2,937
  3,084
  3,237
  3,398
  3,568
  3,746
  3,932
  4,128
  4,334
  4,551
  4,778
  5,016
  5,267
  5,530
  5,806
  6,096
  6,401
Adjusted assets (=assets-cash), $m
  1,494
  1,568
  1,645
  1,726
  1,811
  1,900
  1,994
  2,092
  2,196
  2,305
  2,419
  2,539
  2,666
  2,798
  2,937
  3,084
  3,237
  3,398
  3,568
  3,746
  3,932
  4,128
  4,334
  4,551
  4,778
  5,016
  5,267
  5,530
  5,806
  6,096
  6,401
Revenue / Adjusted assets
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
Average production assets, $m
  255
  267
  280
  294
  308
  324
  340
  356
  374
  393
  412
  433
  454
  477
  500
  525
  551
  579
  608
  638
  670
  703
  738
  775
  814
  855
  897
  942
  989
  1,038
  1,090
Working capital, $m
  554
  573
  601
  631
  662
  695
  729
  765
  803
  843
  884
  928
  974
  1,023
  1,074
  1,127
  1,183
  1,242
  1,304
  1,369
  1,437
  1,509
  1,584
  1,664
  1,747
  1,834
  1,925
  2,021
  2,122
  2,228
  2,340
Total debt, $m
  157
  185
  215
  247
  280
  316
  353
  391
  432
  475
  520
  568
  617
  669
  724
  782
  842
  906
  973
  1,043
  1,116
  1,194
  1,275
  1,360
  1,449
  1,543
  1,642
  1,746
  1,855
  1,969
  2,089
Total liabilities, $m
  590
  618
  648
  680
  713
  749
  786
  824
  865
  908
  953
  1,001
  1,050
  1,102
  1,157
  1,215
  1,275
  1,339
  1,406
  1,476
  1,549
  1,627
  1,708
  1,793
  1,882
  1,976
  2,075
  2,179
  2,288
  2,402
  2,522
Total equity, $m
  914
  950
  997
  1,046
  1,097
  1,151
  1,208
  1,268
  1,331
  1,397
  1,466
  1,539
  1,615
  1,696
  1,780
  1,869
  1,962
  2,059
  2,162
  2,270
  2,383
  2,502
  2,627
  2,758
  2,895
  3,040
  3,192
  3,351
  3,518
  3,694
  3,879
Total liabilities and equity, $m
  1,504
  1,568
  1,645
  1,726
  1,810
  1,900
  1,994
  2,092
  2,196
  2,305
  2,419
  2,540
  2,665
  2,798
  2,937
  3,084
  3,237
  3,398
  3,568
  3,746
  3,932
  4,129
  4,335
  4,551
  4,777
  5,016
  5,267
  5,530
  5,806
  6,096
  6,401
Debt-to-equity ratio
  0.172
  0.190
  0.220
  0.240
  0.260
  0.270
  0.290
  0.310
  0.320
  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
  0.490
  0.500
  0.510
  0.510
  0.520
  0.530
  0.530
  0.540
Adjusted equity ratio
  0.605
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  57
  58
  66
  76
  86
  97
  108
  120
  133
  147
  162
  186
  203
  220
  239
  259
  280
  303
  327
  352
  379
  407
  437
  469
  503
  539
  576
  616
  659
  703
  750
Depreciation, amort., depletion, $m
  53
  50
  52
  53
  56
  58
  60
  62
  65
  68
  70
  62
  65
  68
  71
  75
  79
  83
  87
  91
  96
  100
  105
  111
  116
  122
  128
  135
  141
  148
  156
Funds from operations, $m
  -84
  107
  118
  129
  141
  154
  168
  183
  198
  215
  232
  248
  268
  289
  311
  334
  359
  386
  414
  443
  475
  508
  543
  580
  619
  661
  705
  751
  800
  852
  906
Change in working capital, $m
  -106
  27
  28
  30
  31
  33
  34
  36
  38
  40
  42
  44
  46
  48
  51
  53
  56
  59
  62
  65
  68
  72
  75
  79
  83
  87
  92
  96
  101
  106
  111
Cash from operations, $m
  22
  81
  90
  100
  110
  122
  134
  147
  160
  175
  191
  204
  221
  240
  260
  281
  303
  327
  352
  378
  406
  436
  468
  501
  536
  574
  613
  655
  699
  746
  795
Maintenance CAPEX, $m
  0
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -100
  -105
  -111
  -116
  -122
  -128
  -135
  -141
  -148
New CAPEX, $m
  -34
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
Cash from investing activities, $m
  -30
  -49
  -51
  -54
  -56
  -59
  -62
  -66
  -69
  -72
  -75
  -79
  -83
  -88
  -92
  -96
  -101
  -106
  -112
  -117
  -123
  -129
  -135
  -142
  -150
  -157
  -165
  -173
  -182
  -190
  -200
Free cash flow, $m
  -8
  32
  39
  46
  54
  62
  72
  81
  92
  103
  115
  125
  138
  153
  168
  184
  202
  220
  240
  261
  283
  307
  332
  359
  387
  417
  448
  482
  517
  555
  595
Issuance/(repayment) of debt, $m
  11
  30
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
  60
  64
  67
  70
  74
  77
  81
  85
  89
  94
  99
  104
  109
  114
  120
Issuance/(repurchase) of shares, $m
  -20
  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 from financing (excl. dividends), $m  
  -2
  30
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
  60
  64
  67
  70
  74
  77
  81
  85
  89
  94
  99
  104
  109
  114
  120
Total cash flow (excl. dividends), $m
  -11
  61
  69
  78
  87
  98
  109
  120
  133
  146
  160
  172
  188
  205
  223
  242
  262
  284
  307
  331
  357
  384
  413
  444
  476
  511
  547
  586
  626
  669
  715
Retained Cash Flow (-), $m
  -48
  -44
  -47
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -84
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -138
  -145
  -152
  -159
  -167
  -176
  -185
Prev. year cash balance distribution, $m
 
  8
  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
 
  25
  22
  29
  36
  43
  52
  60
  70
  80
  91
  99
  111
  125
  139
  153
  169
  186
  204
  223
  244
  265
  288
  313
  339
  366
  395
  426
  459
  493
  530
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
 
  24
  20
  25
  30
  34
  37
  41
  44
  46
  48
  47
  48
  47
  47
  45
  43
  41
  38
  34
  31
  27
  24
  21
  17
  14
  12
  9
  7
  5
  4
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

AAR CORP. (AAR) is a provider of services and products to the commercial aviation and government and defense markets. The Company operates in two segments: Aviation Services, which consists of supply chain and maintenance, repair and overhaul (MRO) activities, and Expeditionary Services, which includes airlift and mobility activities. Its services and products include aviation supply chain and parts support programs; MRO of aircraft and landing gear; design and manufacture of specialized pallets, shelters and containers; expeditionary airlift services; aircraft modifications, and aircraft and engine sales and leasing. It serves commercial, defense and governmental aircraft fleet operators, original equipment manufacturers and independent service providers around the world. Its landing gear overhaul facility is in Miami, Florida, where it repairs and overhauls landing gear, brakes and actuators for various types of commercial and military aircraft.

FINANCIAL RATIOS  of  AAR Corp. (AIR)

Valuation Ratios
P/E Ratio 23.3
Price to Sales 0.8
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 60.3
Price to Free Cash Flow -110.5
Growth Rates
Sales Growth Rate 4.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -61.4%
Cap. Spend. - 3 Yr. Gr. Rate 10.1%
Financial Strength
Quick Ratio 5
Current Ratio 0.4
LT Debt to Equity 17%
Total Debt to Equity 17.2%
Interest Coverage 20
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 5.5%
Ret/ On T. Cap. - 3 Yr. Avg. 3.7%
Return On Equity 6.4%
Return On Equity - 3 Yr. Avg. 4.4%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 15.7%
Gross Margin - 3 Yr. Avg. 12.6%
EBITDA Margin 7.4%
EBITDA Margin - 3 Yr. Avg. 4.4%
Operating Margin 4.5%
Oper. Margin - 3 Yr. Avg. 1%
Pre-Tax Margin 4.2%
Pre-Tax Margin - 3 Yr. Avg. 0.2%
Net Profit Margin 3.2%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate 32.4%
Eff/ Tax Rate - 3 Yr. Avg. 33.8%
Payout Ratio 17.5%

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 $1768 million for the last fiscal year's total revenue generated by AAR Corp.. The default revenue input number comes from 2017 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 4.9% 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 76.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $338 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 14.4%.

Life of production assets of 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 30.9%. 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 - $914 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 34.609 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 $1.3 billion.

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COMPANY NEWS

▶ Airbus Executive VP Says Right Time for Bombardier Deal   [Oct-17-17 10:16AM  Bloomberg Video]
▶ Airbus Executive VP on Bombardier C Series Deal   [10:14AM  Bloomberg Video]
▶ Airbus Takes Majority Stake in Bombardier C-Series   [Oct-16-17 09:48PM  Bloomberg Video]
▶ AAR Announces Cash Dividend   [Oct-11-17 05:52PM  PR Newswire]
▶ AAR meets 1Q profit forecasts   [Sep-19-17 09:08PM  Associated Press]
▶ AAR Reports First Quarter 2018 Results   [04:01PM  PR Newswire]
▶ Gabelli & Companys Aerospace & Defense Conference   [Sep-05-17 09:11AM  Business Wire]
▶ Qantas CEO Joyce on Long Range Flights, Profits   [Aug-24-17 09:28PM  Bloomberg Video]
▶ AAR Corp. Value Analysis (NYSE:AIR) : August 23, 2017   [Aug-23-17 05:12PM  Capital Cube]
▶ Gabelli & Companys Aerospace & Defense Conference   [Aug-16-17 09:08AM  Business Wire]
▶ Dow set for major milestone, all thanks to Apple   [Aug-02-17 08:56AM  Yahoo Finance]
▶ ETFs with exposure to AAR Corp. : July 31, 2017   [Jul-31-17 04:21PM  Capital Cube]
▶ New Strong Sell Stocks for July 14th   [Jul-14-17 08:15AM  Zacks]
▶ AAR posts 4Q profit   [Jul-11-17 09:20PM  Associated Press]
▶ AAR Appoints Michael D. Milligan Chief Financial Officer   [Jul-10-17 05:41PM  PR Newswire]
▶ AAR Announces Cash Dividend   [05:26PM  PR Newswire]
▶ Plane Talk at the Paris Air Show   [Jun-28-17 07:00AM  Morningstar]
▶ Airbus Leverages Big Data to Improve Customer Experience   [Jun-27-17 11:06PM  Bloomberg Video]
▶ 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]
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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