Intrinsic value of Allegiant Travel - ALGT

Previous Close

$143.20

  Intrinsic Value

$332.81

stock screener

  Rating & Target

str. buy

+132%

  Value-price divergence*

+64%

Previous close

$143.20

 
Intrinsic value

$332.81

 
Up/down potential

+132%

 
Rating

str. buy

 
Value-price divergence*

+64%

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

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

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 2.4

 

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
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
Revenue, $m
  1,363
  1,468
  1,577
  1,690
  1,808
  1,931
  2,058
  2,190
  2,328
  2,472
  2,621
  2,777
  2,939
  3,108
  3,285
  3,470
  3,663
  3,864
  4,075
  4,295
  4,525
  4,766
  5,019
  5,283
  5,560
  5,850
  6,154
  6,472
  6,806
  7,156
  7,523
Variable operating expenses, $m
 
  1,035
  1,112
  1,192
  1,275
  1,361
  1,451
  1,544
  1,641
  1,742
  1,848
  1,958
  2,072
  2,191
  2,316
  2,446
  2,582
  2,724
  2,873
  3,028
  3,190
  3,360
  3,538
  3,725
  3,920
  4,124
  4,338
  4,563
  4,798
  5,045
  5,303
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
  1,035
  1,112
  1,192
  1,275
  1,361
  1,451
  1,544
  1,641
  1,742
  1,848
  1,958
  2,072
  2,191
  2,316
  2,446
  2,582
  2,724
  2,873
  3,028
  3,190
  3,360
  3,538
  3,725
  3,920
  4,124
  4,338
  4,563
  4,798
  5,045
  5,303
Operating income, $m
  371
  433
  465
  499
  533
  570
  607
  646
  687
  729
  773
  819
  867
  917
  969
  1,024
  1,080
  1,140
  1,202
  1,267
  1,335
  1,406
  1,481
  1,559
  1,640
  1,726
  1,815
  1,909
  2,008
  2,111
  2,219
EBITDA, $m
  476
  540
  580
  622
  665
  710
  757
  805
  856
  909
  964
  1,021
  1,081
  1,143
  1,208
  1,276
  1,347
  1,421
  1,498
  1,579
  1,664
  1,753
  1,845
  1,943
  2,044
  2,151
  2,263
  2,380
  2,503
  2,631
  2,766
Interest expense (income), $m
  22
  25
  28
  31
  35
  38
  41
  45
  49
  53
  57
  61
  66
  70
  75
  80
  85
  91
  97
  103
  109
  115
  122
  130
  137
  145
  153
  162
  171
  181
  191
Earnings before tax, $m
  346
  408
  437
  467
  499
  532
  566
  601
  638
  676
  716
  758
  801
  847
  894
  944
  995
  1,049
  1,105
  1,164
  1,226
  1,291
  1,358
  1,429
  1,503
  1,581
  1,662
  1,747
  1,837
  1,930
  2,029
Tax expense, $m
  126
  110
  118
  126
  135
  144
  153
  162
  172
  183
  193
  205
  216
  229
  241
  255
  269
  283
  298
  314
  331
  348
  367
  386
  406
  427
  449
  472
  496
  521
  548
Net income, $m
  220
  298
  319
  341
  364
  388
  413
  439
  466
  494
  523
  553
  585
  618
  653
  689
  726
  766
  807
  850
  895
  942
  991
  1,043
  1,097
  1,154
  1,213
  1,276
  1,341
  1,409
  1,481

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
  1,507
  1,619
  1,735
  1,856
  1,982
  2,113
  2,249
  2,390
  2,538
  2,691
  2,851
  3,018
  3,191
  3,373
  3,562
  3,760
  3,967
  4,183
  4,410
  4,646
  4,894
  5,153
  5,424
  5,708
  6,006
  6,318
  6,645
  6,988
  7,347
  7,723
Adjusted assets (=assets-cash), $m
  1,338
  1,507
  1,619
  1,735
  1,856
  1,982
  2,113
  2,249
  2,390
  2,538
  2,691
  2,851
  3,018
  3,191
  3,373
  3,562
  3,760
  3,967
  4,183
  4,410
  4,646
  4,894
  5,153
  5,424
  5,708
  6,006
  6,318
  6,645
  6,988
  7,347
  7,723
Revenue / Adjusted assets
  1.019
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
  0.974
Average production assets, $m
  991
  1,067
  1,146
  1,229
  1,315
  1,404
  1,496
  1,592
  1,693
  1,797
  1,905
  2,019
  2,137
  2,260
  2,388
  2,523
  2,663
  2,809
  2,962
  3,122
  3,290
  3,465
  3,649
  3,841
  4,042
  4,253
  4,474
  4,705
  4,948
  5,202
  5,469
Working capital, $m
  29
  -147
  -158
  -169
  -181
  -193
  -206
  -219
  -233
  -247
  -262
  -278
  -294
  -311
  -329
  -347
  -366
  -386
  -407
  -429
  -453
  -477
  -502
  -528
  -556
  -585
  -615
  -647
  -681
  -716
  -752
Total debt, $m
  808
  807
  896
  988
  1,084
  1,184
  1,288
  1,396
  1,508
  1,625
  1,747
  1,874
  2,006
  2,144
  2,288
  2,439
  2,596
  2,760
  2,932
  3,111
  3,299
  3,496
  3,701
  3,917
  4,142
  4,379
  4,626
  4,886
  5,158
  5,443
  5,742
Total liabilities, $m
  1,198
  1,197
  1,286
  1,378
  1,474
  1,574
  1,678
  1,786
  1,898
  2,015
  2,137
  2,264
  2,396
  2,534
  2,678
  2,829
  2,986
  3,150
  3,322
  3,501
  3,689
  3,886
  4,091
  4,307
  4,532
  4,769
  5,016
  5,276
  5,548
  5,833
  6,132
Total equity, $m
  474
  310
  334
  358
  382
  408
  435
  463
  492
  523
  554
  587
  622
  657
  695
  734
  775
  817
  862
  908
  957
  1,008
  1,061
  1,117
  1,176
  1,237
  1,301
  1,369
  1,439
  1,513
  1,591
Total liabilities and equity, $m
  1,672
  1,507
  1,620
  1,736
  1,856
  1,982
  2,113
  2,249
  2,390
  2,538
  2,691
  2,851
  3,018
  3,191
  3,373
  3,563
  3,761
  3,967
  4,184
  4,409
  4,646
  4,894
  5,152
  5,424
  5,708
  6,006
  6,317
  6,645
  6,987
  7,346
  7,723
Debt-to-equity ratio
  1.705
  2.600
  2.690
  2.760
  2.830
  2.900
  2.960
  3.010
  3.060
  3.110
  3.150
  3.190
  3.230
  3.260
  3.290
  3.320
  3.350
  3.380
  3.400
  3.430
  3.450
  3.470
  3.490
  3.510
  3.520
  3.540
  3.550
  3.570
  3.580
  3.600
  3.610
Adjusted equity ratio
  0.105
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  220
  298
  319
  341
  364
  388
  413
  439
  466
  494
  523
  553
  585
  618
  653
  689
  726
  766
  807
  850
  895
  942
  991
  1,043
  1,097
  1,154
  1,213
  1,276
  1,341
  1,409
  1,481
Depreciation, amort., depletion, $m
  105
  107
  115
  123
  131
  140
  150
  159
  169
  180
  191
  202
  214
  226
  239
  252
  266
  281
  296
  312
  329
  347
  365
  384
  404
  425
  447
  471
  495
  520
  547
Funds from operations, $m
  321
  404
  434
  464
  496
  528
  563
  598
  635
  673
  713
  755
  799
  844
  892
  941
  993
  1,047
  1,103
  1,162
  1,224
  1,289
  1,356
  1,427
  1,501
  1,579
  1,661
  1,746
  1,836
  1,929
  2,028
Change in working capital, $m
  -26
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
Cash from operations, $m
  347
  415
  445
  475
  507
  541
  575
  611
  649
  688
  728
  771
  815
  861
  909
  959
  1,012
  1,067
  1,124
  1,184
  1,247
  1,313
  1,382
  1,454
  1,529
  1,608
  1,691
  1,778
  1,869
  1,964
  2,065
Maintenance CAPEX, $m
  0
  -99
  -107
  -115
  -123
  -131
  -140
  -150
  -159
  -169
  -180
  -191
  -202
  -214
  -226
  -239
  -252
  -266
  -281
  -296
  -312
  -329
  -347
  -365
  -384
  -404
  -425
  -447
  -471
  -495
  -520
New CAPEX, $m
  -200
  -77
  -79
  -82
  -86
  -89
  -93
  -96
  -100
  -104
  -109
  -113
  -118
  -123
  -129
  -134
  -140
  -146
  -153
  -160
  -168
  -175
  -183
  -192
  -201
  -211
  -221
  -231
  -243
  -254
  -267
Cash from investing activities, $m
  -402
  -176
  -186
  -197
  -209
  -220
  -233
  -246
  -259
  -273
  -289
  -304
  -320
  -337
  -355
  -373
  -392
  -412
  -434
  -456
  -480
  -504
  -530
  -557
  -585
  -615
  -646
  -678
  -714
  -749
  -787
Free cash flow, $m
  -55
  239
  259
  278
  299
  320
  342
  365
  389
  414
  440
  467
  495
  524
  555
  586
  620
  654
  690
  728
  767
  809
  852
  897
  944
  993
  1,045
  1,099
  1,156
  1,215
  1,278
Issuance/(repayment) of debt, $m
  167
  85
  89
  92
  96
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  150
  157
  164
  172
  180
  188
  197
  206
  215
  226
  236
  248
  260
  272
  285
  299
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
  85
  89
  92
  96
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  150
  157
  164
  172
  180
  188
  197
  206
  215
  226
  236
  248
  260
  272
  285
  299
Total cash flow (excl. dividends), $m
  46
  324
  347
  371
  395
  420
  446
  473
  502
  531
  562
  594
  627
  662
  699
  737
  777
  818
  862
  907
  955
  1,005
  1,057
  1,112
  1,169
  1,230
  1,293
  1,359
  1,428
  1,500
  1,577
Retained Cash Flow (-), $m
  -124
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -59
  -61
  -64
  -67
  -71
  -74
  -78
Prev. year cash balance distribution, $m
 
  186
  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
 
  487
  324
  347
  370
  394
  419
  445
  473
  501
  530
  561
  593
  627
  661
  698
  736
  776
  817
  861
  906
  954
  1,004
  1,056
  1,111
  1,168
  1,228
  1,291
  1,357
  1,426
  1,499
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
 
  467
  297
  302
  305
  305
  304
  301
  295
  288
  278
  266
  253
  238
  222
  205
  187
  169
  151
  133
  115
  99
  83
  69
  57
  45
  36
  28
  21
  16
  11
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, a leisure travel company, focuses on the provision of travel services and products to residents of under-served cities in the United States. The company offers scheduled air transportation on limited frequency nonstop flights between under-served cities and leisure destinations. As of February 1, 2016, it operated a fleet of 51 MD-80 aircraft, 12 Airbus A319 aircraft, 26 A320 series aircraft, and 5 Boeing 757-200 aircraft provided services on 294 routes to 104 cities. The company also provides air-related services and products in conjunction with air transportation, including use of its call center for purchases, baggage fees, advance seat assignments, travel protection products, convenience fee, change fees, priority boarding, food and beverage purchases on board, and other air-related services. In addition, it offers third party travel products, such as hotel rooms, ground transportation, and attractions; and air transportation services through fixed fee agreements and charter service on a year-round and ad-hoc basis. The company was founded in 1997 and is headquartered in Las Vegas, Nevada.

FINANCIAL RATIOS  of  Allegiant Travel (ALGT)

Valuation Ratios
P/E Ratio 10.8
Price to Sales 1.7
Price to Book 5
Price to Tangible Book
Price to Cash Flow 6.9
Price to Free Cash Flow 16.2
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 81.1%
Gross Margin - 3 Yr. Avg. 75%
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 7.7% 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 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 10 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 -10%. 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 16.733 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 $2.4 billion.

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COMPANY NEWS

▶ Allegiant Travel misses 2Q profit forecasts   [Jul-26-17 10:52PM  Associated Press]
▶ Florida's unemployment the lowest in a decade   [07:25AM  American City Business Journals]
▶ State unemployment the lowest in a decade   [11:00AM  American City Business Journals]
▶ Is This Tiny Airline About to Challenge Delta Air Lines?   [Jul-16-17 08:15AM  Motley Fool]
▶ Allegiant Reports June 2017 Traffic   [Jul-10-17 04:01PM  PR Newswire]
▶ ETFs with exposure to Allegiant Travel Co. : July 3, 2017   [Jul-03-17 02:48PM  Capital Cube]
▶ Allegiant will add another Louisville flight this year   [Jun-21-17 03:10PM  American City Business Journals]
▶ Allegiant Air launching 8 new nonstop flights from Phoenix-Mesa Gateway   [Jun-20-17 01:20PM  American City Business Journals]
▶ Tampa Bay area travelers get routes to four new cities   [12:30PM  American City Business Journals]
▶ RDU scores two new nonstop flights   [09:10AM  American City Business Journals]
▶ Will These Headwinds Overrun Airlines?   [Jun-14-17 04:34PM  Zacks]
▶ Allegiant Reports May 2017 Traffic   [Jun-07-17 07:47PM  PR Newswire]
▶ Allegiant launches new CVG flight today   [Jun-06-17 09:21AM  American City Business Journals]
▶ Allegiant announces second executive departure this month   [May-26-17 07:00PM  Associated Press]
▶ TSA: More screening ahead of summer travels   [May-25-17 01:59PM  Yahoo Finance Video]
▶ TSA ramps up security yet again   [01:59PM  Yahoo Finance Video]
▶ New Strong Sell Stocks for May 17th   [May-17-17 10:03AM  Zacks]
▶ U.S. laptop ban could cost economy $500,000,000 a year   [May-12-17 01:36PM  Yahoo Finance]
▶ Allegiant Reports April 2017 Traffic   [May-04-17 07:10PM  PR Newswire]
▶ Airline Stock Roundup: JBLU, HA, UAL, AAL   [Apr-26-17 05:32PM  Zacks]
▶ Allegiant Travel misses 1Q profit forecasts   [Apr-25-17 04:56PM  Associated Press]
▶ Passengers may hate airlines, but investors love them   [Apr-22-17 10:07AM  MarketWatch]
▶ Allegiant Reports March 2017 Traffic   [Apr-10-17 06:25PM  PR Newswire]
▶ [$$] Frontier Airlines to Seek IPO   [Apr-01-17 12:08AM  The Wall Street Journal]
▶ [$$] Frontier Airlines to Seek IPO   [Mar-31-17 07:08PM  at The Wall Street Journal]
▶ 10 Most Unsafe Dangerous Airlines In America   [Mar-30-17 02:53PM  Insider Monkey]
▶ Dayton director: Modernization projects crucial for airports future   [07:58AM  American City Business Journals]
▶ Cincinnati is surging in popularity as an air destination from Denver   [10:15AM  American City Business Journals]
▶ Why Denver is surging in popularity at CVG   [07:59AM  at bizjournals.com]
▶ Why Denver is surging in popularity at CVG   [07:59AM  American City Business Journals]
▶ Concord aviation director leaving for Myrtle Beach area   [Mar-09-17 02:05PM  at bizjournals.com]
▶ Allegiant Reports February 2017 Traffic   [Mar-06-17 04:36PM  Marketwired]
▶ Airline adds a new direct flight at Dayton International Airport   [Feb-28-17 07:20AM  at bizjournals.com]
▶ American Airlines launches basic economy fare, but not in Chicago   [Feb-21-17 12:05PM  at bizjournals.com]
▶ Allegiant Reports January 2017 Traffic   [Feb-06-17 05:15PM  Marketwired]
Stock chart of ALGT Financial statements of ALGT Annual reports 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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