Intrinsic value of Allegiant Travel - ALGT

Previous Close

$138.40

  Intrinsic Value

$367.89

stock screener

  Rating & Target

str. buy

+166%

Previous close

$138.40

 
Intrinsic value

$367.89

 
Up/down potential

+166%

 
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

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 2.2

 

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, %
  8.00
  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
Revenue, $m
  1,363
  1,472
  1,585
  1,703
  1,826
  1,953
  2,085
  2,223
  2,366
  2,514
  2,669
  2,831
  2,999
  3,174
  3,357
  3,548
  3,747
  3,956
  4,173
  4,401
  4,638
  4,887
  5,148
  5,420
  5,706
  6,005
  6,318
  6,646
  6,990
  7,350
  7,728
Variable operating expenses, $m
 
  1,038
  1,118
  1,201
  1,287
  1,377
  1,470
  1,567
  1,668
  1,773
  1,882
  1,996
  2,114
  2,238
  2,367
  2,501
  2,642
  2,789
  2,942
  3,102
  3,270
  3,446
  3,629
  3,821
  4,023
  4,233
  4,454
  4,685
  4,928
  5,182
  5,448
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
  1,038
  1,118
  1,201
  1,287
  1,377
  1,470
  1,567
  1,668
  1,773
  1,882
  1,996
  2,114
  2,238
  2,367
  2,501
  2,642
  2,789
  2,942
  3,102
  3,270
  3,446
  3,629
  3,821
  4,023
  4,233
  4,454
  4,685
  4,928
  5,182
  5,448
Operating income, $m
  371
  434
  468
  502
  539
  576
  615
  656
  698
  742
  787
  835
  885
  936
  990
  1,047
  1,105
  1,167
  1,231
  1,298
  1,368
  1,442
  1,519
  1,599
  1,683
  1,771
  1,864
  1,961
  2,062
  2,168
  2,280
EBITDA, $m
  476
  548
  590
  634
  680
  727
  776
  828
  881
  936
  994
  1,054
  1,117
  1,182
  1,250
  1,321
  1,395
  1,473
  1,554
  1,639
  1,727
  1,820
  1,917
  2,018
  2,124
  2,236
  2,352
  2,475
  2,603
  2,737
  2,878
Interest expense (income), $m
  22
  25
  28
  32
  35
  38
  42
  46
  50
  54
  58
  63
  67
  72
  77
  82
  88
  93
  99
  105
  112
  119
  126
  133
  141
  149
  158
  167
  176
  186
  196
Earnings before tax, $m
  346
  409
  439
  471
  504
  538
  573
  610
  648
  688
  729
  773
  818
  864
  913
  965
  1,018
  1,074
  1,132
  1,193
  1,256
  1,323
  1,393
  1,466
  1,542
  1,622
  1,706
  1,794
  1,886
  1,982
  2,084
Tax expense, $m
  126
  110
  119
  127
  136
  145
  155
  165
  175
  186
  197
  209
  221
  233
  247
  260
  275
  290
  306
  322
  339
  357
  376
  396
  416
  438
  461
  484
  509
  535
  563
Net income, $m
  220
  299
  321
  344
  368
  392
  418
  445
  473
  502
  532
  564
  597
  631
  667
  704
  743
  784
  826
  871
  917
  966
  1,017
  1,070
  1,126
  1,184
  1,245
  1,310
  1,377
  1,447
  1,521

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
  1,445
  1,556
  1,671
  1,792
  1,916
  2,046
  2,181
  2,321
  2,467
  2,620
  2,778
  2,943
  3,115
  3,295
  3,482
  3,678
  3,882
  4,095
  4,319
  4,552
  4,796
  5,052
  5,319
  5,599
  5,893
  6,200
  6,522
  6,860
  7,213
  7,584
Adjusted assets (=assets-cash), $m
  1,338
  1,445
  1,556
  1,671
  1,792
  1,916
  2,046
  2,181
  2,321
  2,467
  2,620
  2,778
  2,943
  3,115
  3,295
  3,482
  3,678
  3,882
  4,095
  4,319
  4,552
  4,796
  5,052
  5,319
  5,599
  5,893
  6,200
  6,522
  6,860
  7,213
  7,584
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
  1,070
  1,153
  1,238
  1,327
  1,420
  1,516
  1,616
  1,720
  1,828
  1,941
  2,058
  2,180
  2,308
  2,441
  2,579
  2,724
  2,876
  3,034
  3,199
  3,372
  3,553
  3,742
  3,941
  4,148
  4,365
  4,593
  4,832
  5,082
  5,344
  5,618
Working capital, $m
  29
  -237
  -255
  -274
  -294
  -314
  -336
  -358
  -381
  -405
  -430
  -456
  -483
  -511
  -541
  -571
  -603
  -637
  -672
  -708
  -747
  -787
  -829
  -873
  -919
  -967
  -1,017
  -1,070
  -1,125
  -1,183
  -1,244
Total debt, $m
  808
  810
  903
  999
  1,099
  1,203
  1,310
  1,422
  1,539
  1,660
  1,787
  1,918
  2,056
  2,199
  2,348
  2,503
  2,666
  2,836
  3,013
  3,199
  3,393
  3,596
  3,808
  4,030
  4,263
  4,507
  4,762
  5,030
  5,310
  5,604
  5,912
Total liabilities, $m
  1,198
  1,200
  1,293
  1,389
  1,489
  1,593
  1,700
  1,812
  1,929
  2,050
  2,177
  2,308
  2,446
  2,589
  2,738
  2,893
  3,056
  3,226
  3,403
  3,589
  3,783
  3,986
  4,198
  4,420
  4,653
  4,897
  5,152
  5,420
  5,700
  5,994
  6,302
Total equity, $m
  474
  244
  263
  282
  303
  324
  346
  369
  392
  417
  443
  469
  497
  526
  557
  588
  621
  656
  692
  730
  769
  811
  854
  899
  946
  996
  1,048
  1,102
  1,159
  1,219
  1,282
Total liabilities and equity, $m
  1,672
  1,444
  1,556
  1,671
  1,792
  1,917
  2,046
  2,181
  2,321
  2,467
  2,620
  2,777
  2,943
  3,115
  3,295
  3,481
  3,677
  3,882
  4,095
  4,319
  4,552
  4,797
  5,052
  5,319
  5,599
  5,893
  6,200
  6,522
  6,859
  7,213
  7,584
Debt-to-equity ratio
  1.705
  3.320
  3.430
  3.540
  3.630
  3.710
  3.790
  3.860
  3.920
  3.980
  4.040
  4.090
  4.130
  4.180
  4.220
  4.250
  4.290
  4.320
  4.350
  4.380
  4.410
  4.440
  4.460
  4.480
  4.510
  4.530
  4.540
  4.560
  4.580
  4.600
  4.610
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
  299
  321
  344
  368
  392
  418
  445
  473
  502
  532
  564
  597
  631
  667
  704
  743
  784
  826
  871
  917
  966
  1,017
  1,070
  1,126
  1,184
  1,245
  1,310
  1,377
  1,447
  1,521
Depreciation, amort., depletion, $m
  105
  114
  123
  132
  141
  151
  161
  172
  183
  194
  206
  219
  232
  245
  260
  274
  290
  306
  323
  340
  359
  378
  398
  419
  441
  464
  489
  514
  541
  568
  598
Funds from operations, $m
  321
  412
  443
  475
  509
  543
  580
  617
  656
  697
  739
  783
  829
  877
  926
  978
  1,033
  1,090
  1,149
  1,211
  1,276
  1,344
  1,415
  1,489
  1,567
  1,649
  1,734
  1,824
  1,917
  2,016
  2,119
Change in working capital, $m
  -26
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
Cash from operations, $m
  347
  430
  462
  494
  529
  564
  601
  639
  679
  721
  764
  809
  856
  905
  956
  1,009
  1,065
  1,123
  1,184
  1,248
  1,314
  1,384
  1,457
  1,533
  1,613
  1,697
  1,784
  1,876
  1,973
  2,074
  2,180
Maintenance CAPEX, $m
  0
  -105
  -114
  -123
  -132
  -141
  -151
  -161
  -172
  -183
  -194
  -206
  -219
  -232
  -245
  -260
  -274
  -290
  -306
  -323
  -340
  -359
  -378
  -398
  -419
  -441
  -464
  -489
  -514
  -541
  -568
New CAPEX, $m
  -200
  -80
  -82
  -86
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -117
  -122
  -127
  -133
  -139
  -145
  -151
  -158
  -165
  -173
  -181
  -189
  -198
  -208
  -217
  -228
  -239
  -250
  -262
  -275
Cash from investing activities, $m
  -402
  -185
  -196
  -209
  -221
  -233
  -247
  -261
  -276
  -291
  -307
  -323
  -341
  -359
  -378
  -399
  -419
  -441
  -464
  -488
  -513
  -540
  -567
  -596
  -627
  -658
  -692
  -728
  -764
  -803
  -843
Free cash flow, $m
  -55
  245
  265
  286
  308
  330
  354
  378
  403
  429
  457
  485
  515
  545
  577
  611
  646
  682
  720
  760
  801
  844
  889
  937
  986
  1,038
  1,092
  1,149
  1,209
  1,271
  1,336
Issuance/(repayment) of debt, $m
  167
  88
  92
  96
  100
  104
  108
  112
  117
  121
  126
  132
  137
  143
  149
  156
  163
  170
  177
  185
  194
  203
  212
  222
  233
  244
  255
  268
  280
  294
  308
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
  88
  92
  96
  100
  104
  108
  112
  117
  121
  126
  132
  137
  143
  149
  156
  163
  170
  177
  185
  194
  203
  212
  222
  233
  244
  255
  268
  280
  294
  308
Total cash flow (excl. dividends), $m
  46
  333
  358
  382
  408
  434
  462
  490
  520
  551
  583
  617
  652
  688
  727
  766
  808
  852
  897
  945
  995
  1,047
  1,102
  1,159
  1,219
  1,282
  1,348
  1,417
  1,489
  1,565
  1,645
Retained Cash Flow (-), $m
  -124
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -60
  -63
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
 
  563
  339
  363
  387
  413
  440
  467
  496
  526
  557
  590
  624
  659
  696
  735
  775
  817
  861
  907
  955
  1,006
  1,059
  1,114
  1,172
  1,232
  1,296
  1,362
  1,432
  1,505
  1,582
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
 
  540
  310
  316
  319
  320
  319
  316
  310
  302
  292
  280
  266
  251
  234
  216
  197
  178
  159
  140
  121
  104
  88
  73
  60
  48
  38
  29
  22
  16
  12
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 10.5
Price to Sales 1.7
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 15.7
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 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 16.037 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 $2.2 billion.

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COMPANY NEWS

▶ 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]
▶ St. Pete-Clearwater Airport closing because of Hurricane Irma   [Sep-07-17 04:05PM  American City Business Journals]
▶ Allegiant Reports August 2017 Traffic   [02:30PM  PR Newswire]
▶ [$$] Allegiant Air Ventures Into Real Estate   [Aug-29-17 02:53PM  The Wall Street Journal]
▶ Tampa International Airport gets another flight to The Big Easy   [Aug-25-17 11:09AM  American City Business Journals]
▶ By the numbers: The fastest-growing carriers at RDU (Slideshow)   [08:40AM  American City Business Journals]
▶ U.S. airlines are still making money, just not as much as last year   [Aug-16-17 02:55PM  American City Business Journals]
▶ Allegiant Reports July 2017 Traffic   [Aug-07-17 04:30PM  PR Newswire]
▶ How to score the most comfortable airline seat   [Aug-04-17 05:01PM  MarketWatch]
▶ Airlines: Being on time costs way more money   [Jul-31-17 01:23PM  Yahoo Finance Video]
▶ FPA Capital Comments on Allegiant Travel   [Jul-28-17 01:34PM  GuruFocus.com]
▶ 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]
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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