Intrinsic value of Air T - AIRT

Previous Close

$23.80

  Intrinsic Value

$51.42

stock screener

  Rating & Target

str. buy

+116%

Previous close

$23.80

 
Intrinsic value

$51.42

 
Up/down potential

+116%

 
Rating

str. buy

We calculate the intrinsic value of AIRT 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 0.0

 

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, %
  0.00
  25.70
  23.63
  21.77
  20.09
  18.58
  17.22
  16.00
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
Revenue, $m
  148
  186
  230
  280
  336
  399
  468
  542
  623
  710
  802
  900
  1,004
  1,113
  1,227
  1,346
  1,471
  1,601
  1,736
  1,877
  2,023
  2,175
  2,333
  2,498
  2,668
  2,846
  3,030
  3,222
  3,422
  3,630
  3,847
Variable operating expenses, $m
 
  178
  220
  268
  322
  382
  447
  519
  596
  679
  768
  861
  960
  1,064
  1,173
  1,287
  1,407
  1,531
  1,660
  1,795
  1,935
  2,080
  2,231
  2,388
  2,552
  2,721
  2,898
  3,081
  3,273
  3,472
  3,679
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
  154
  178
  220
  268
  322
  382
  447
  519
  596
  679
  768
  861
  960
  1,064
  1,173
  1,287
  1,407
  1,531
  1,660
  1,795
  1,935
  2,080
  2,231
  2,388
  2,552
  2,721
  2,898
  3,081
  3,273
  3,472
  3,679
Operating income, $m
  -6
  8
  10
  12
  14
  17
  20
  23
  27
  31
  35
  39
  44
  49
  54
  59
  64
  70
  76
  82
  88
  95
  102
  109
  117
  124
  132
  141
  150
  159
  168
EBITDA, $m
  -3
  8
  10
  13
  15
  18
  21
  24
  28
  32
  36
  41
  45
  50
  55
  61
  66
  72
  78
  85
  91
  98
  105
  113
  120
  128
  137
  145
  154
  164
  174
Interest expense (income), $m
  0
  1
  1
  1
  2
  3
  3
  4
  5
  5
  6
  7
  8
  9
  10
  11
  13
  14
  15
  16
  18
  19
  21
  22
  24
  26
  27
  29
  31
  33
  35
Earnings before tax, $m
  -4
  7
  9
  10
  12
  15
  17
  19
  22
  25
  28
  32
  36
  39
  43
  47
  52
  56
  61
  66
  71
  76
  81
  87
  93
  99
  105
  112
  118
  126
  133
Tax expense, $m
  1
  2
  2
  3
  3
  4
  5
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  20
  22
  23
  25
  27
  28
  30
  32
  34
  36
Net income, $m
  -3
  5
  6
  8
  9
  11
  12
  14
  16
  18
  21
  24
  26
  29
  32
  35
  38
  41
  44
  48
  52
  55
  59
  63
  68
  72
  77
  81
  86
  92
  97

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  5
  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
  65
  75
  93
  114
  136
  162
  190
  220
  253
  288
  325
  365
  407
  451
  497
  546
  596
  649
  704
  761
  820
  882
  946
  1,012
  1,082
  1,154
  1,228
  1,306
  1,387
  1,472
  1,560
Adjusted assets (=assets-cash), $m
  60
  75
  93
  114
  136
  162
  190
  220
  253
  288
  325
  365
  407
  451
  497
  546
  596
  649
  704
  761
  820
  882
  946
  1,012
  1,082
  1,154
  1,228
  1,306
  1,387
  1,472
  1,560
Revenue / Adjusted assets
  2.467
  2.480
  2.473
  2.456
  2.471
  2.463
  2.463
  2.464
  2.462
  2.465
  2.468
  2.466
  2.467
  2.468
  2.469
  2.465
  2.468
  2.467
  2.466
  2.466
  2.467
  2.466
  2.466
  2.468
  2.466
  2.466
  2.467
  2.467
  2.467
  2.466
  2.466
Average production assets, $m
  1
  1
  2
  2
  2
  3
  3
  4
  4
  5
  6
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  23
  24
  25
  27
Working capital, $m
  29
  30
  37
  45
  54
  65
  76
  88
  101
  115
  130
  146
  163
  180
  199
  218
  238
  259
  281
  304
  328
  352
  378
  405
  432
  461
  491
  522
  554
  588
  623
Total debt, $m
  18
  29
  41
  55
  71
  89
  109
  130
  153
  177
  204
  231
  261
  292
  324
  358
  393
  430
  469
  509
  550
  593
  638
  685
  733
  783
  836
  890
  947
  1,006
  1,068
Total liabilities, $m
  42
  53
  65
  79
  95
  113
  133
  154
  177
  201
  228
  255
  285
  316
  348
  382
  417
  454
  493
  533
  574
  617
  662
  709
  757
  807
  860
  914
  971
  1,030
  1,092
Total equity, $m
  23
  23
  28
  34
  41
  48
  57
  66
  76
  86
  98
  109
  122
  135
  149
  164
  179
  195
  211
  228
  246
  265
  284
  304
  324
  346
  368
  392
  416
  441
  468
Total liabilities and equity, $m
  65
  76
  93
  113
  136
  161
  190
  220
  253
  287
  326
  364
  407
  451
  497
  546
  596
  649
  704
  761
  820
  882
  946
  1,013
  1,081
  1,153
  1,228
  1,306
  1,387
  1,471
  1,560
Debt-to-equity ratio
  0.783
  1.270
  1.480
  1.630
  1.750
  1.840
  1.910
  1.970
  2.020
  2.060
  2.090
  2.110
  2.140
  2.160
  2.170
  2.190
  2.200
  2.210
  2.220
  2.230
  2.240
  2.240
  2.250
  2.250
  2.260
  2.260
  2.270
  2.270
  2.280
  2.280
  2.280
Adjusted equity ratio
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -3
  5
  6
  8
  9
  11
  12
  14
  16
  18
  21
  24
  26
  29
  32
  35
  38
  41
  44
  48
  52
  55
  59
  63
  68
  72
  77
  81
  86
  92
  97
Depreciation, amort., depletion, $m
  3
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  5
Funds from operations, $m
  -15
  6
  7
  8
  10
  12
  13
  15
  18
  20
  22
  25
  28
  30
  33
  37
  40
  43
  47
  51
  54
  58
  63
  67
  71
  76
  81
  86
  91
  97
  102
Change in working capital, $m
  -7
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
Cash from operations, $m
  -8
  0
  0
  0
  1
  1
  2
  3
  4
  6
  7
  9
  11
  13
  15
  17
  20
  22
  25
  28
  31
  34
  37
  40
  44
  47
  51
  55
  59
  63
  67
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
New CAPEX, $m
  -2
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
Cash from investing activities, $m
  -4
  0
  0
  0
  0
  0
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
Free cash flow, $m
  -12
  -1
  -1
  0
  0
  1
  1
  2
  3
  4
  6
  7
  9
  11
  13
  15
  17
  19
  22
  24
  27
  30
  33
  36
  39
  42
  46
  49
  53
  57
  61
Issuance/(repayment) of debt, $m
  17
  11
  12
  14
  16
  18
  19
  21
  23
  25
  26
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  43
  45
  47
  48
  50
  52
  54
  57
  59
  62
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  9
  11
  12
  14
  16
  18
  19
  21
  23
  25
  26
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  43
  45
  47
  48
  50
  52
  54
  57
  59
  62
Total cash flow (excl. dividends), $m
  -3
  10
  12
  14
  16
  18
  21
  23
  26
  29
  32
  35
  38
  41
  45
  49
  52
  56
  60
  64
  69
  73
  78
  82
  87
  93
  98
  104
  110
  116
  122
Retained Cash Flow (-), $m
  11
  -5
  -5
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
Prev. year cash balance distribution, $m
 
  5
  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
 
  10
  6
  8
  9
  11
  12
  14
  16
  18
  21
  23
  26
  28
  31
  34
  37
  40
  44
  47
  51
  55
  58
  62
  67
  71
  76
  80
  85
  90
  96
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  10
  5
  6
  6
  7
  7
  7
  7
  7
  6
  6
  5
  5
  4
  4
  3
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
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

Air T, Inc. is a holding company. The Company operates through five segments: overnight air cargo, ground equipment sales, ground support services, printing equipment and maintenance, and leasing. The company's overnight air cargo segment operates in the air express delivery services industry. The ground equipment sales segment manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the United States military and industrial customers. The ground support services segment provides ground support equipment maintenance and facilities maintenance services to domestic airlines and aviation service providers. The printing equipment and maintenance segment designs, manufactures and sells advanced digital print production equipment, maintenance contracts, spare parts, supplies and consumable items for these systems. The Company's leasing segment provides funding for equipment leasing transactions.

FINANCIAL RATIOS  of  Air T (AIRT)

Valuation Ratios
P/E Ratio -16.2
Price to Sales 0.3
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow -6.1
Price to Free Cash Flow -4.9
Growth Rates
Sales Growth Rate 0%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate 14.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 78.3%
Total Debt to Equity 78.3%
Interest Coverage 0
Management Effectiveness
Return On Assets -5.1%
Ret/ On Assets - 3 Yr. Avg. 2.8%
Return On Total Capital -7.8%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity -10.5%
Return On Equity - 3 Yr. Avg. 3%
Asset Turnover 2.5
Profitability Ratios
Gross Margin 22.3%
Gross Margin - 3 Yr. Avg. 19.5%
EBITDA Margin -0.7%
EBITDA Margin - 3 Yr. Avg. 2.5%
Operating Margin -4.1%
Oper. Margin - 3 Yr. Avg. 0.9%
Pre-Tax Margin -2.7%
Pre-Tax Margin - 3 Yr. Avg. 1.3%
Net Profit Margin -2%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate -25%
Eff/ Tax Rate - 3 Yr. Avg. 13.9%
Payout Ratio 0%

AIRT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AIRT stock intrinsic value calculation we used $148 million for the last fiscal year's total revenue generated by Air T. The default revenue input number comes from 2017 income statement of Air T. 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 AIRT stock valuation model: a) initial revenue growth rate of 25.7% 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 8.1%, whose default value for AIRT is calculated based on our internal credit rating of Air T, 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 Air T.
    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 AIRT stock the variable cost ratio is equal to 95.9%.

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 AIRT 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 Air T.

Corporate tax rate of 27% is the nominal tax rate for Air T. 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 AIRT 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 AIRT are equal to 0.7%.

Life of production assets of 1 years is the average useful life of capital assets used in Air T 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 AIRT is equal to 16.2%. 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 - $23 million for Air T - 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 2.043 million for Air T 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 Air T at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating
FDX FedEx 242.02 269.17  hold
ATSG Air Transport 23.35 22.70  hold
SINO Sino-Global Sh 2.60 0.50  str.sell
UPS United Parcel 118.40 93.75  sell

COMPANY NEWS

▶ Air T, Inc. Reports Unaudited Second Quarter Earnings   [Nov-14-17 06:30AM  PR Newswire]
▶ Air T, Inc. Reports Unaudited First Quarter Earnings   [Oct-26-17 05:08PM  PR Newswire]
▶ Air T, Inc. Reports Fiscal 2017 Results   [Oct-13-17 05:35PM  PR Newswire]
▶ Air T, Inc. Receives NASDAQ Notice Letter   [Aug-24-17 04:45PM  PR Newswire]
▶ Air T, Inc. Receives NASDAQ Notice Letter   [Jul-24-17 05:30PM  PR Newswire]
▶ ETFs with exposure to Air T, Inc. : July 12, 2017   [Jul-12-17 02:08PM  Capital Cube]
▶ ETFs with exposure to Air T, Inc. : May 26, 2017   [May-26-17 12:56PM  Capital Cube]
▶ ETFs with exposure to Air T, Inc. : April 19, 2017   [Apr-19-17 02:08PM  Capital Cube]
▶ ETFs with exposure to Air T, Inc. : April 5, 2017   [Apr-05-17 04:16PM  Capital Cube]
▶ Air T, Inc. Reports Unaudited Third Quarter Earnings   [Feb-13-17 08:05AM  PR Newswire]
▶ Air T Insider Invests in Company   [Dec-14-16 06:07PM  GuruFocus.com]
▶ ETFs with exposure to Air T, Inc. : December 9, 2016   [Dec-09-16 12:58PM  Capital Cube]
▶ Global Aviation Services, LLC Acquires D&D GSE   [Nov-02-16 04:30PM  PR Newswire]
▶ ETFs with exposure to Air T, Inc. : September 6, 2016   [Sep-06-16 09:48AM  Capital Cube]
▶ Air T, Inc. To Report First Quarter Results On August 15   [Aug-12-16 04:00PM  PR Newswire]
▶ Air T, Inc. To Report First Quarter Results On August 12   [Aug-09-16 09:00AM  PR Newswire]
▶ Air T, Inc. Reports Fiscal 2016 Results   [08:05AM  PR Newswire]
▶ Delphax Closes On Financing Agreement With Air T, Inc.   [Dec-03  11:54AM  PR Newswire]
▶ 10-Q for Air T, Inc.   [Aug-08  08:10PM  at Company Spotlight]
▶ 10-K for Air T, Inc.   [Jun-10  08:09PM  at Company Spotlight]
▶ Air T, Inc. Reports Fiscal 2015 Results   [08:05AM  PR Newswire]
▶ Air T, Inc. To Report Annual Results On June 8   [Jun-01  08:00AM  PR Newswire]
▶ Meet the Activist Targeting the Activist Who Runs Steak 'n Shake   [Apr-08  05:54PM  at The Wall Street Journal]
▶ 10-Q for Air T, Inc.   [Feb-05  07:07PM  at Company Spotlight]
▶ 10-Q for Air T, Inc.   [Nov-10  07:08PM  Company Spotlight]
▶ Air T, Inc. Reports Unaudited Second Quarter Earnings   [Nov-07  08:10AM  PR Newswire]
▶ 3 Stocks Advancing The Transportation Industry   [Oct-17  04:32PM  at TheStreet]
▶ Air T, Inc. Reports First Quarter Earnings   [Aug-07  06:26PM  PR Newswire]
Financial statements of AIRT
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.