Intrinsic value of Allegiant Travel - ALGT

Previous Close

$169.15

  Intrinsic Value

$306.19

stock screener

  Rating & Target

str. buy

+81%

Previous close

$169.15

 
Intrinsic value

$306.19

 
Up/down potential

+81%

 
Rating

str. buy

We calculate the intrinsic value of ALGT 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  8.00
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  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
Revenue, $m
  1,363
  1,428
  1,497
  1,570
  1,646
  1,726
  1,810
  1,899
  1,992
  2,090
  2,193
  2,301
  2,415
  2,534
  2,659
  2,791
  2,929
  3,075
  3,228
  3,388
  3,556
  3,733
  3,919
  4,114
  4,319
  4,535
  4,761
  4,998
  5,248
  5,509
  5,784
Variable operating expenses, $m
 
  1,007
  1,056
  1,107
  1,160
  1,217
  1,276
  1,339
  1,404
  1,473
  1,546
  1,622
  1,702
  1,786
  1,875
  1,968
  2,065
  2,168
  2,275
  2,388
  2,507
  2,632
  2,763
  2,901
  3,045
  3,197
  3,356
  3,524
  3,699
  3,884
  4,078
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
  992
  1,007
  1,056
  1,107
  1,160
  1,217
  1,276
  1,339
  1,404
  1,473
  1,546
  1,622
  1,702
  1,786
  1,875
  1,968
  2,065
  2,168
  2,275
  2,388
  2,507
  2,632
  2,763
  2,901
  3,045
  3,197
  3,356
  3,524
  3,699
  3,884
  4,078
Operating income, $m
  371
  421
  442
  463
  486
  509
  534
  560
  588
  617
  647
  679
  712
  747
  784
  823
  864
  907
  952
  999
  1,049
  1,101
  1,156
  1,214
  1,274
  1,338
  1,404
  1,474
  1,548
  1,625
  1,706
EBITDA, $m
  476
  532
  557
  584
  613
  643
  674
  707
  742
  778
  816
  857
  899
  943
  990
  1,039
  1,091
  1,145
  1,202
  1,261
  1,324
  1,390
  1,459
  1,532
  1,608
  1,688
  1,773
  1,861
  1,954
  2,051
  2,154
Interest expense (income), $m
  22
  25
  27
  29
  31
  33
  36
  38
  41
  43
  46
  49
  52
  55
  59
  62
  66
  70
  74
  78
  83
  88
  93
  98
  104
  110
  116
  122
  129
  136
  144
Earnings before tax, $m
  346
  396
  415
  434
  454
  476
  498
  522
  547
  573
  601
  630
  660
  692
  726
  761
  798
  837
  878
  921
  966
  1,013
  1,063
  1,116
  1,170
  1,228
  1,289
  1,352
  1,419
  1,489
  1,563
Tax expense, $m
  126
  107
  112
  117
  123
  128
  135
  141
  148
  155
  162
  170
  178
  187
  196
  205
  216
  226
  237
  249
  261
  274
  287
  301
  316
  332
  348
  365
  383
  402
  422
Net income, $m
  220
  289
  303
  317
  332
  347
  364
  381
  399
  419
  439
  460
  482
  505
  530
  556
  583
  611
  641
  672
  705
  740
  776
  814
  854
  897
  941
  987
  1,036
  1,087
  1,141

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  334
  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
  1,672
  1,402
  1,469
  1,540
  1,615
  1,694
  1,777
  1,863
  1,955
  2,051
  2,152
  2,258
  2,369
  2,487
  2,610
  2,739
  2,875
  3,017
  3,167
  3,325
  3,490
  3,664
  3,846
  4,038
  4,239
  4,450
  4,672
  4,905
  5,150
  5,407
  5,676
Adjusted assets (=assets-cash), $m
  1,338
  1,402
  1,469
  1,540
  1,615
  1,694
  1,777
  1,863
  1,955
  2,051
  2,152
  2,258
  2,369
  2,487
  2,610
  2,739
  2,875
  3,017
  3,167
  3,325
  3,490
  3,664
  3,846
  4,038
  4,239
  4,450
  4,672
  4,905
  5,150
  5,407
  5,676
Revenue / Adjusted assets
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
  1.019
Average production assets, $m
  991
  1,038
  1,089
  1,141
  1,197
  1,255
  1,316
  1,381
  1,448
  1,519
  1,594
  1,673
  1,755
  1,842
  1,933
  2,029
  2,130
  2,235
  2,346
  2,463
  2,586
  2,714
  2,849
  2,991
  3,140
  3,297
  3,461
  3,634
  3,815
  4,005
  4,205
Working capital, $m
  29
  -230
  -241
  -253
  -265
  -278
  -291
  -306
  -321
  -336
  -353
  -370
  -389
  -408
  -428
  -449
  -472
  -495
  -520
  -545
  -573
  -601
  -631
  -662
  -695
  -730
  -766
  -805
  -845
  -887
  -931
Total debt, $m
  808
  775
  831
  890
  952
  1,018
  1,086
  1,159
  1,235
  1,314
  1,398
  1,486
  1,579
  1,676
  1,779
  1,886
  1,999
  2,118
  2,242
  2,373
  2,510
  2,655
  2,806
  2,965
  3,132
  3,308
  3,492
  3,686
  3,889
  4,103
  4,327
Total liabilities, $m
  1,198
  1,165
  1,221
  1,280
  1,342
  1,408
  1,476
  1,549
  1,625
  1,704
  1,788
  1,876
  1,969
  2,066
  2,169
  2,276
  2,389
  2,508
  2,632
  2,763
  2,900
  3,045
  3,196
  3,355
  3,522
  3,698
  3,882
  4,076
  4,279
  4,493
  4,717
Total equity, $m
  474
  237
  248
  260
  273
  286
  300
  315
  330
  347
  364
  382
  400
  420
  441
  463
  486
  510
  535
  562
  590
  619
  650
  682
  716
  752
  790
  829
  870
  914
  959
Total liabilities and equity, $m
  1,672
  1,402
  1,469
  1,540
  1,615
  1,694
  1,776
  1,864
  1,955
  2,051
  2,152
  2,258
  2,369
  2,486
  2,610
  2,739
  2,875
  3,018
  3,167
  3,325
  3,490
  3,664
  3,846
  4,037
  4,238
  4,450
  4,672
  4,905
  5,149
  5,407
  5,676
Debt-to-equity ratio
  1.705
  3.270
  3.350
  3.420
  3.490
  3.550
  3.620
  3.680
  3.740
  3.790
  3.840
  3.900
  3.940
  3.990
  4.030
  4.070
  4.110
  4.150
  4.190
  4.220
  4.260
  4.290
  4.320
  4.350
  4.370
  4.400
  4.420
  4.450
  4.470
  4.490
  4.510
Adjusted equity ratio
  0.105
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  220
  289
  303
  317
  332
  347
  364
  381
  399
  419
  439
  460
  482
  505
  530
  556
  583
  611
  641
  672
  705
  740
  776
  814
  854
  897
  941
  987
  1,036
  1,087
  1,141
Depreciation, amort., depletion, $m
  105
  110
  116
  121
  127
  133
  140
  147
  154
  162
  170
  178
  187
  196
  206
  216
  227
  238
  250
  262
  275
  289
  303
  318
  334
  351
  368
  387
  406
  426
  447
Funds from operations, $m
  321
  400
  418
  438
  459
  481
  504
  528
  553
  580
  608
  638
  669
  701
  736
  771
  809
  849
  891
  934
  980
  1,029
  1,079
  1,133
  1,188
  1,247
  1,309
  1,374
  1,442
  1,513
  1,588
Change in working capital, $m
  -26
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
Cash from operations, $m
  347
  410
  430
  450
  471
  494
  517
  542
  568
  596
  625
  655
  687
  721
  756
  793
  832
  872
  915
  960
  1,007
  1,057
  1,109
  1,164
  1,221
  1,282
  1,345
  1,412
  1,482
  1,555
  1,632
Maintenance CAPEX, $m
  0
  -105
  -110
  -116
  -121
  -127
  -133
  -140
  -147
  -154
  -162
  -170
  -178
  -187
  -196
  -206
  -216
  -227
  -238
  -250
  -262
  -275
  -289
  -303
  -318
  -334
  -351
  -368
  -387
  -406
  -426
New CAPEX, $m
  -200
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -111
  -117
  -122
  -129
  -135
  -142
  -149
  -157
  -164
  -173
  -181
  -190
  -200
Cash from investing activities, $m
  -402
  -153
  -160
  -169
  -176
  -185
  -194
  -204
  -215
  -225
  -237
  -249
  -261
  -274
  -287
  -302
  -317
  -333
  -349
  -367
  -384
  -404
  -424
  -445
  -467
  -491
  -515
  -541
  -568
  -596
  -626
Free cash flow, $m
  -55
  257
  269
  281
  294
  308
  323
  338
  354
  371
  388
  407
  426
  447
  469
  491
  515
  540
  566
  594
  623
  653
  685
  719
  754
  791
  830
  871
  914
  959
  1,006
Issuance/(repayment) of debt, $m
  167
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
  88
  93
  97
  102
  107
  113
  119
  125
  131
  137
  144
  152
  159
  167
  176
  184
  194
  203
  214
  224
Issuance/(repurchase) of shares, $m
  -66
  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  
  101
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
  88
  93
  97
  102
  107
  113
  119
  125
  131
  137
  144
  152
  159
  167
  176
  184
  194
  203
  214
  224
Total cash flow (excl. dividends), $m
  46
  310
  325
  340
  357
  374
  391
  410
  430
  451
  472
  495
  519
  544
  571
  599
  628
  659
  691
  725
  760
  798
  837
  878
  921
  967
  1,015
  1,065
  1,117
  1,173
  1,231
Retained Cash Flow (-), $m
  -124
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -46
Prev. year cash balance distribution, $m
 
  248
  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
 
  547
  314
  328
  344
  360
  377
  395
  414
  434
  455
  477
  500
  525
  550
  577
  605
  634
  666
  698
  732
  768
  806
  846
  887
  931
  977
  1,025
  1,076
  1,129
  1,185
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
 
  524
  287
  286
  283
  279
  274
  267
  259
  249
  239
  227
  213
  199
  185
  169
  154
  138
  123
  107
  93
  79
  67
  55
  45
  36
  29
  22
  17
  12
  9
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

Allegiant Travel Company is a leisure travel company. The Company is focused on providing travel services and products to residents of under-served cities in the United States. It also provides air transportation under fixed fee flying arrangements. The Company's products and services include scheduled service air transportation, air-related ancillary products and services, third-party ancillary products and services and fixed fee contract air transportation. Its scheduled service air transportation includes scheduled air transportation on limited-frequency non-stop flights between under-served cities and leisure destinations. As of February 1, 2017, its operating fleet consisted of 47 MD-80 aircraft, 34 Airbus A320 series aircraft, and four Boeing 757-200 aircraft, and it was selling travel on 377 routes to 119 cities. The Company's air-related ancillary products and services include providing unbundled air-related services and products in conjunction with air transportation.

FINANCIAL RATIOS  of  Allegiant Travel (ALGT)

Valuation Ratios
P/E Ratio 12.8
Price to Sales 2.1
Price to Book 5.9
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow 19.1
Growth Rates
Sales Growth Rate 8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.9%
Cap. Spend. - 3 Yr. Gr. Rate 2.4%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 152.3%
Total Debt to Equity 170.5%
Interest Coverage 17
Management Effectiveness
Return On Assets 15.4%
Ret/ On Assets - 3 Yr. Avg. 14.2%
Return On Total Capital 19.3%
Ret/ On T. Cap. - 3 Yr. Avg. 18.2%
Return On Equity 53.4%
Return On Equity - 3 Yr. Avg. 49.3%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 73.3%
Gross Margin - 3 Yr. Avg. 66.8%
EBITDA Margin 34.7%
EBITDA Margin - 3 Yr. Avg. 31%
Operating Margin 27.2%
Oper. Margin - 3 Yr. Avg. 23.5%
Pre-Tax Margin 25.4%
Pre-Tax Margin - 3 Yr. Avg. 21.6%
Net Profit Margin 16.1%
Net Profit Margin - 3 Yr. Avg. 13.7%
Effective Tax Rate 36.4%
Eff/ Tax Rate - 3 Yr. Avg. 36.7%
Payout Ratio 30.9%

ALGT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ALGT stock intrinsic value calculation we used $1363 million for the last fiscal year's total revenue generated by Allegiant Travel. The default revenue input number comes from 2016 income statement of Allegiant Travel. 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 ALGT stock valuation model: a) initial revenue growth rate of 4.8% 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 ALGT is calculated based on our internal credit rating of Allegiant Travel, 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 Allegiant Travel.
    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 ALGT stock the variable cost ratio is equal to 70.5%.

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 ALGT 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 Allegiant Travel.

Corporate tax rate of 27% is the nominal tax rate for Allegiant Travel. 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 ALGT 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 ALGT are equal to 72.7%.

Life of production assets of 9.4 years is the average useful life of capital assets used in Allegiant Travel 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 ALGT is equal to -16.1%. 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 - $474 million for Allegiant Travel - 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 16.155 million for Allegiant Travel 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 Allegiant Travel at the current share price and the inputted number of shares is $2.7 billion.

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COMPANY NEWS

▶ Allegiant Reports January 2018 Traffic   [Feb-08-18 07:18PM  PR Newswire]
▶ Tampa International gets new flight to Lone Star State   [03:05PM  American City Business Journals]
▶ Allegiant Travel beats Street 4Q forecasts   [Jan-31-18 04:23PM  Associated Press]
▶ Allegiant Announces Donation To Las Vegas Victims' Fund   [Jan-30-18 06:04PM  PR Newswire]
▶ Gateway Airport increases traffic in December   [Jan-26-18 02:20PM  American City Business Journals]
▶ Largest Insider Trades of the Week   [Jan-19-18 04:00PM  GuruFocus.com]
▶ Stifel Sees Potential For A 20% Return In Allegiant   [Jan-16-18 11:48AM  Benzinga]
▶ Allegiant Reports December 2017 Traffic   [Jan-11-18 07:43PM  PR Newswire]
▶ Allegiant starting flights from Sarasota-Bradenton to three US cities   [Jan-09-18 03:06PM  American City Business Journals]
▶ One of Tampa's biggest airports reaches new passenger record   [Jan-08-18 11:50AM  American City Business Journals]
▶ Delta Air Lines shines in new punctuality study   [01:45PM  American City Business Journals]
▶ Spirit Airlines Stock on the Rise Again   [Jan-01-18 07:31AM  Market Realist]
▶ How Has Southwest Airlines Stock Fared?   [Dec-20-17 09:01AM  Market Realist]
▶ Allegiant Reports November 2017 Traffic   [Dec-07-17 07:28PM  PR Newswire]
▶ St.Pete-Clearwater International hits new passenger traffic record   [Dec-06-17 12:05PM  American City Business Journals]
▶ A new master airport plan for St. Pete-Clearwater International begins to take off   [Nov-30-17 03:15PM  American City Business Journals]
▶ Allegiant Reports October 2017 Traffic   [Nov-07-17 02:42PM  PR Newswire]
▶ Allegiant, Delta scrap plans for RDU flight to Puerto Rico   [Nov-03-17 03:15PM  American City Business Journals]
▶ Allegiant Travel tops 3Q profit forecasts   [Oct-25-17 04:53PM  Associated Press]
▶ Why JetBlue Airways Stock Fell 18.8% in the 3rd Quarter   [Oct-18-17 10:54AM  Market Realist]
▶ New Strong Sell Stocks for October 13th   [Oct-13-17 07:24AM  Zacks]
▶ Allegiant Reports September 2017 Traffic   [Oct-10-17 10:41PM  PR Newswire]
▶ Will the Ride Get Bumpier for Airline Stocks?   [Oct-06-17 05:46PM  Zacks]
▶ How Allegiant flights are being affected at St. Pete-Clearwater International   [Sep-12-17 03:15PM  American City Business Journals]
▶ Here's the latest on Tampa Bay's airports after Hurricane Irma   [Sep-11-17 02:51PM  American City Business Journals]
Financial statements of ALGT
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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