Intrinsic value of AeroVironment - AVAV

Previous Close

$50.00

  Intrinsic Value

$3.92

stock screener

  Rating & Target

str. sell

-92%

Previous close

$50.00

 
Intrinsic value

$3.92

 
Up/down potential

-92%

 
Rating

str. sell

We calculate the intrinsic value of AVAV 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
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, %
  0.38
  48.00
  43.70
  39.83
  36.35
  33.21
  30.39
  27.85
  25.57
  23.51
  21.66
  19.99
  18.49
  17.14
  15.93
  14.84
  13.85
  12.97
  12.17
  11.45
  10.81
  10.23
  9.71
  9.23
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.03
Revenue, $m
  265
  392
  564
  788
  1,075
  1,431
  1,866
  2,386
  2,996
  3,701
  4,502
  5,402
  6,402
  7,499
  8,694
  9,984
  11,367
  12,841
  14,403
  16,053
  17,788
  19,608
  21,511
  23,497
  25,567
  27,723
  29,965
  32,295
  34,718
  37,235
  39,851
Variable operating expenses, $m
 
  377
  542
  758
  1,034
  1,377
  1,795
  2,296
  2,882
  3,560
  4,331
  5,197
  6,158
  7,214
  8,363
  9,604
  10,935
  12,353
  13,856
  15,443
  17,112
  18,863
  20,693
  22,604
  24,596
  26,669
  28,826
  31,068
  33,398
  35,820
  38,336
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
  252
  377
  542
  758
  1,034
  1,377
  1,795
  2,296
  2,882
  3,560
  4,331
  5,197
  6,158
  7,214
  8,363
  9,604
  10,935
  12,353
  13,856
  15,443
  17,112
  18,863
  20,693
  22,604
  24,596
  26,669
  28,826
  31,068
  33,398
  35,820
  38,336
Operating income, $m
  13
  15
  21
  30
  41
  54
  71
  91
  114
  141
  171
  205
  243
  285
  330
  379
  432
  488
  547
  610
  676
  745
  817
  893
  972
  1,053
  1,139
  1,227
  1,319
  1,415
  1,514
EBITDA, $m
  20
  21
  30
  41
  56
  75
  98
  125
  157
  194
  236
  283
  335
  393
  456
  523
  596
  673
  755
  841
  932
  1,027
  1,127
  1,231
  1,340
  1,453
  1,570
  1,692
  1,819
  1,951
  2,088
Interest expense (income), $m
  0
  0
  1
  2
  4
  5
  8
  11
  14
  18
  23
  29
  35
  41
  49
  57
  66
  75
  85
  95
  106
  118
  130
  143
  157
  171
  185
  200
  216
  232
  249
Earnings before tax, $m
  14
  15
  21
  28
  37
  49
  63
  80
  100
  122
  148
  177
  209
  244
  282
  323
  366
  413
  463
  515
  570
  627
  687
  750
  815
  883
  954
  1,027
  1,103
  1,183
  1,265
Tax expense, $m
  2
  4
  6
  8
  10
  13
  17
  22
  27
  33
  40
  48
  56
  66
  76
  87
  99
  112
  125
  139
  154
  169
  185
  202
  220
  238
  257
  277
  298
  319
  342
Net income, $m
  12
  11
  15
  20
  27
  36
  46
  58
  73
  89
  108
  129
  152
  178
  206
  235
  267
  302
  338
  376
  416
  458
  502
  547
  595
  645
  696
  750
  805
  863
  924

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  200
  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
  433
  345
  496
  693
  945
  1,259
  1,642
  2,099
  2,635
  3,255
  3,960
  4,751
  5,630
  6,595
  7,646
  8,781
  9,997
  11,293
  12,668
  14,119
  15,645
  17,245
  18,919
  20,666
  22,487
  24,382
  26,354
  28,404
  30,534
  32,748
  35,049
Adjusted assets (=assets-cash), $m
  233
  345
  496
  693
  945
  1,259
  1,642
  2,099
  2,635
  3,255
  3,960
  4,751
  5,630
  6,595
  7,646
  8,781
  9,997
  11,293
  12,668
  14,119
  15,645
  17,245
  18,919
  20,666
  22,487
  24,382
  26,354
  28,404
  30,534
  32,748
  35,049
Revenue / Adjusted assets
  1.137
  1.136
  1.137
  1.137
  1.138
  1.137
  1.136
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
  1.137
Average production assets, $m
  19
  28
  41
  57
  77
  103
  134
  172
  216
  266
  324
  389
  461
  540
  626
  719
  818
  925
  1,037
  1,156
  1,281
  1,412
  1,549
  1,692
  1,841
  1,996
  2,157
  2,325
  2,500
  2,681
  2,869
Working capital, $m
  306
  157
  225
  315
  430
  573
  747
  954
  1,199
  1,480
  1,801
  2,161
  2,561
  3,000
  3,477
  3,993
  4,547
  5,136
  5,761
  6,421
  7,115
  7,843
  8,604
  9,399
  10,227
  11,089
  11,986
  12,918
  13,887
  14,894
  15,940
Total debt, $m
  0
  25
  58
  101
  156
  225
  308
  409
  526
  662
  816
  990
  1,182
  1,393
  1,624
  1,872
  2,138
  2,422
  2,723
  3,041
  3,375
  3,726
  4,092
  4,475
  4,874
  5,289
  5,721
  6,169
  6,636
  7,121
  7,625
Total liabilities, $m
  51
  76
  109
  152
  207
  276
  359
  460
  577
  713
  867
  1,041
  1,233
  1,444
  1,675
  1,923
  2,189
  2,473
  2,774
  3,092
  3,426
  3,777
  4,143
  4,526
  4,925
  5,340
  5,772
  6,220
  6,687
  7,172
  7,676
Total equity, $m
  382
  269
  387
  541
  738
  983
  1,282
  1,639
  2,058
  2,542
  3,093
  3,711
  4,397
  5,151
  5,972
  6,858
  7,808
  8,820
  9,894
  11,027
  12,219
  13,468
  14,776
  16,140
  17,562
  19,043
  20,583
  22,184
  23,847
  25,576
  27,373
Total liabilities and equity, $m
  433
  345
  496
  693
  945
  1,259
  1,641
  2,099
  2,635
  3,255
  3,960
  4,752
  5,630
  6,595
  7,647
  8,781
  9,997
  11,293
  12,668
  14,119
  15,645
  17,245
  18,919
  20,666
  22,487
  24,383
  26,355
  28,404
  30,534
  32,748
  35,049
Debt-to-equity ratio
  0.000
  0.090
  0.150
  0.190
  0.210
  0.230
  0.240
  0.250
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
Adjusted equity ratio
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781
  0.781

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  12
  11
  15
  20
  27
  36
  46
  58
  73
  89
  108
  129
  152
  178
  206
  235
  267
  302
  338
  376
  416
  458
  502
  547
  595
  645
  696
  750
  805
  863
  924
Depreciation, amort., depletion, $m
  7
  6
  8
  11
  15
  21
  27
  34
  43
  53
  65
  78
  92
  108
  125
  144
  164
  185
  207
  231
  256
  282
  310
  338
  368
  399
  431
  465
  500
  536
  574
Funds from operations, $m
  -47
  17
  23
  32
  43
  56
  73
  93
  116
  143
  173
  207
  244
  286
  331
  379
  431
  486
  545
  607
  672
  740
  811
  886
  963
  1,044
  1,128
  1,215
  1,305
  1,400
  1,497
Change in working capital, $m
  -36
  51
  69
  90
  115
  143
  174
  208
  244
  282
  321
  360
  400
  439
  478
  516
  553
  590
  625
  660
  694
  728
  761
  795
  828
  862
  897
  932
  969
  1,007
  1,046
Cash from operations, $m
  -11
  -34
  -45
  -58
  -72
  -86
  -101
  -115
  -128
  -139
  -148
  -153
  -155
  -153
  -147
  -137
  -122
  -103
  -80
  -53
  -22
  12
  50
  91
  135
  182
  231
  282
  336
  393
  451
Maintenance CAPEX, $m
  0
  -4
  -6
  -8
  -11
  -15
  -21
  -27
  -34
  -43
  -53
  -65
  -78
  -92
  -108
  -125
  -144
  -164
  -185
  -207
  -231
  -256
  -282
  -310
  -338
  -368
  -399
  -431
  -465
  -500
  -536
New CAPEX, $m
  -10
  -9
  -12
  -16
  -21
  -26
  -31
  -37
  -44
  -51
  -58
  -65
  -72
  -79
  -86
  -93
  -100
  -106
  -113
  -119
  -125
  -131
  -137
  -143
  -149
  -155
  -161
  -168
  -174
  -181
  -188
Cash from investing activities, $m
  -37
  -13
  -18
  -24
  -32
  -41
  -52
  -64
  -78
  -94
  -111
  -130
  -150
  -171
  -194
  -218
  -244
  -270
  -298
  -326
  -356
  -387
  -419
  -453
  -487
  -523
  -560
  -599
  -639
  -681
  -724
Free cash flow, $m
  -48
  -47
  -63
  -82
  -104
  -128
  -153
  -180
  -206
  -233
  -259
  -283
  -305
  -324
  -341
  -355
  -365
  -373
  -377
  -379
  -378
  -375
  -369
  -362
  -352
  -342
  -330
  -317
  -303
  -289
  -274
Issuance/(repayment) of debt, $m
  0
  25
  33
  43
  55
  69
  84
  100
  118
  136
  154
  173
  192
  211
  230
  248
  266
  284
  301
  318
  334
  350
  367
  383
  399
  415
  432
  449
  467
  485
  504
Issuance/(repurchase) of shares, $m
  4
  77
  103
  134
  170
  209
  253
  299
  346
  395
  443
  489
  534
  576
  615
  651
  683
  711
  736
  757
  776
  792
  806
  817
  827
  836
  844
  851
  858
  866
  873
Cash from financing (excl. dividends), $m  
  3
  102
  136
  177
  225
  278
  337
  399
  464
  531
  597
  662
  726
  787
  845
  899
  949
  995
  1,037
  1,075
  1,110
  1,142
  1,173
  1,200
  1,226
  1,251
  1,276
  1,300
  1,325
  1,351
  1,377
Total cash flow (excl. dividends), $m
  -44
  54
  72
  95
  121
  151
  184
  219
  257
  297
  338
  380
  422
  463
  504
  544
  584
  622
  659
  696
  732
  768
  803
  838
  873
  909
  946
  983
  1,022
  1,062
  1,104
Retained Cash Flow (-), $m
  -20
  -87
  -118
  -154
  -197
  -245
  -299
  -357
  -419
  -484
  -551
  -618
  -686
  -754
  -821
  -886
  -950
  -1,012
  -1,074
  -1,133
  -1,192
  -1,250
  -1,307
  -1,364
  -1,422
  -1,480
  -1,540
  -1,601
  -1,664
  -1,729
  -1,797
Prev. year cash balance distribution, $m
 
  200
  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
 
  166
  -45
  -59
  -76
  -95
  -115
  -138
  -162
  -187
  -212
  -239
  -265
  -291
  -317
  -342
  -366
  -391
  -414
  -437
  -460
  -482
  -504
  -526
  -549
  -571
  -594
  -618
  -642
  -667
  -693
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
 
  159
  -42
  -52
  -62
  -73
  -84
  -93
  -101
  -107
  -111
  -113
  -113
  -111
  -106
  -100
  -93
  -85
  -76
  -67
  -58
  -50
  -42
  -34
  -28
  -22
  -17
  -13
  -10
  -7
  -5
Current shareholders' claim on cash, %
  100
  88.4
  78.9
  71.2
  64.9
  59.6
  55.1
  51.4
  48.2
  45.5
  43.1
  41.1
  39.3
  37.8
  36.4
  35.2
  34.1
  33.2
  32.3
  31.6
  30.9
  30.3
  29.7
  29.2
  28.8
  28.3
  28.0
  27.6
  27.3
  27.0
  26.7

AeroVironment, Inc. designs, develops, produces, supports and operates a portfolio of products and services for government agencies, businesses and consumers. The Company operates through two segments: Unmanned Aircraft Systems (UAS), which focuses primarily on the design, development, production, support and operation of UAS and tactical missile systems that provide situational awareness, multi-band communications, force protection and other mission effects, and Efficient Energy Systems (EES), which focuses primarily on the design, development, production, marketing, support and operation of electric energy systems. The Company supplies UAS, tactical missile systems and related services primarily to organizations within the United States Department of Defense (DoD). The Company also supplies charging systems and services for electric vehicles (EVs), and power cycling and test systems to commercial, consumer and government customers.

FINANCIAL RATIOS  of  AeroVironment (AVAV)

Valuation Ratios
P/E Ratio 98.5
Price to Sales 4.5
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow -107.4
Price to Free Cash Flow -56.3
Growth Rates
Sales Growth Rate 0.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 42.9%
Cap. Spend. - 3 Yr. Gr. Rate 4.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 1.9%
Return On Total Capital 3.2%
Ret/ On T. Cap. - 3 Yr. Avg. 2.2%
Return On Equity 3.2%
Return On Equity - 3 Yr. Avg. 2.2%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 38.5%
Gross Margin - 3 Yr. Avg. 40.4%
EBITDA Margin 7.9%
EBITDA Margin - 3 Yr. Avg. 5.7%
Operating Margin 4.9%
Oper. Margin - 3 Yr. Avg. 3.2%
Pre-Tax Margin 5.3%
Pre-Tax Margin - 3 Yr. Avg. 3%
Net Profit Margin 4.5%
Net Profit Margin - 3 Yr. Avg. 3%
Effective Tax Rate 14.3%
Eff/ Tax Rate - 3 Yr. Avg. -16.1%
Payout Ratio 0%

AVAV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AVAV stock intrinsic value calculation we used $265 million for the last fiscal year's total revenue generated by AeroVironment. The default revenue input number comes from 2017 income statement of AeroVironment. 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 AVAV stock valuation model: a) initial revenue growth rate of 48% 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 AVAV is calculated based on our internal credit rating of AeroVironment, 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 AeroVironment.
    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 AVAV stock the variable cost ratio is equal to 96.2%.

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 AVAV 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 AeroVironment.

Corporate tax rate of 27% is the nominal tax rate for AeroVironment. 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 AVAV 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 AVAV are equal to 7.2%.

Life of production assets of 2.7 years is the average useful life of capital assets used in AeroVironment 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 AVAV is equal to 40%. 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 - $382 million for AeroVironment - 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 24.395 million for AeroVironment 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 AeroVironment at the current share price and the inputted number of shares is $1.2 billion.

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COMPANY NEWS

▶ Who Owns Most Of AeroVironment Inc (NASDAQ:AVAV)?   [Feb-19-18 07:42PM  Simply Wall St.]
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▶ Why Shares of AeroVironment, Inc. Popped 23% in December   [Jan-10-18 02:23PM  Motley Fool]
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▶ 3 Stocks Jump on Wednesday   [03:29PM  GuruFocus.com]
▶ AeroVironment beats Street 2Q forecasts   [04:27PM  Associated Press]
▶ Aerovironment beats on top line   [04:26PM  CNBC Videos]
▶ Why AeroVironment Stock Dropped 10.9% in November   [Dec-04-17 07:13PM  Motley Fool]
▶ At $44.46, Is AeroVironment Inc (AVAV) A Buy?   [Nov-28-17 02:46PM  Simply Wall St.]
▶ AeroVironment, Inc. Issues Statement   [Nov-09-17 09:10AM  Business Wire]
▶ 5 Sectors Electric Car Investors Cant Ignore   [Oct-25-17 07:30PM  Oilprice.com]
▶ 3 Stocks That Look Just Like Priceline in 1999   [Oct-18-17 02:00PM  Motley Fool]
▶ New Strong Buy Stocks for October 5th   [Oct-05-17 10:04AM  Zacks]
▶ Why AeroVironment Stock Popped 10.4% in September   [Oct-04-17 04:47PM  Motley Fool]
▶ It's Time for AeroVironment to Break Up   [Sep-22-17 07:15AM  Motley Fool]
▶ What Does AeroVironment Incs (AVAV) Share Price Indicate?   [Sep-20-17 07:45PM  Simply Wall St.]
▶ This drone makers stock has doubled in the past year   [Sep-12-17 09:28AM  MarketWatch]
▶ Why AeroVironment's Shares Popped in August   [Sep-08-17 10:08AM  Motley Fool]
▶ Is AeroVironment (AVAV) a Great Growth Stock?   [Sep-07-17 08:42AM  Zacks]
▶ This stock is up 18% today and 73% this year; Dow, Nasdaq notch up   [Aug-30-17 05:25PM  American City Business Journals]
▶ Nasdaq Jumps 1% As Netflix Shows New Strength   [02:51PM  Investor's Business Daily]
▶ AeroVironment reports 1Q loss   [Aug-29-17 09:16PM  Associated Press]
Financial statements of AVAV
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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