Intrinsic value of AeroVironment - AVAV

Previous Close

$48.49

  Intrinsic Value

$4.02

stock screener

  Rating & Target

str. sell

-92%

  Value-price divergence*

0%

Previous close

$48.49

 
Intrinsic value

$4.02

 
Up/down potential

-92%

 
Rating

str. sell

 
Value-price divergence*

0%

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

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

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.2

 

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
  47.10
  42.89
  39.10
  35.69
  32.62
  29.86
  27.37
  25.14
  23.12
  21.31
  19.68
  18.21
  16.89
  15.70
  14.63
  13.67
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
Revenue, $m
  265
  390
  557
  775
  1,051
  1,394
  1,811
  2,306
  2,886
  3,553
  4,311
  5,159
  6,098
  7,128
  8,248
  9,454
  10,746
  12,122
  13,579
  15,116
  16,732
  18,425
  20,195
  22,042
  23,966
  25,970
  28,053
  30,219
  32,469
  34,808
  37,239
Variable operating expenses, $m
 
  375
  536
  745
  1,011
  1,341
  1,742
  2,219
  2,776
  3,418
  4,147
  4,963
  5,867
  6,857
  7,934
  9,095
  10,338
  11,661
  13,063
  14,542
  16,096
  17,725
  19,427
  21,204
  23,056
  24,983
  26,987
  29,070
  31,236
  33,486
  35,824
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
  375
  536
  745
  1,011
  1,341
  1,742
  2,219
  2,776
  3,418
  4,147
  4,963
  5,867
  6,857
  7,934
  9,095
  10,338
  11,661
  13,063
  14,542
  16,096
  17,725
  19,427
  21,204
  23,056
  24,983
  26,987
  29,070
  31,236
  33,486
  35,824
Operating income, $m
  13
  15
  21
  29
  40
  53
  69
  88
  110
  135
  164
  196
  232
  271
  313
  359
  408
  461
  516
  574
  636
  700
  767
  838
  911
  987
  1,066
  1,148
  1,234
  1,323
  1,415
EBITDA, $m
  20
  20
  29
  41
  55
  73
  95
  121
  151
  186
  226
  270
  320
  374
  432
  495
  563
  635
  712
  792
  877
  965
  1,058
  1,155
  1,256
  1,361
  1,470
  1,583
  1,701
  1,824
  1,951
Interest expense (income), $m
  0
  0
  1
  2
  3
  5
  8
  10
  14
  18
  22
  27
  33
  39
  46
  54
  62
  71
  80
  90
  100
  111
  122
  134
  147
  160
  173
  187
  202
  217
  233
Earnings before tax, $m
  14
  15
  20
  27
  37
  48
  61
  77
  96
  117
  142
  169
  199
  232
  267
  305
  346
  390
  436
  485
  536
  589
  645
  703
  764
  827
  893
  961
  1,032
  1,106
  1,182
Tax expense, $m
  2
  4
  5
  7
  10
  13
  17
  21
  26
  32
  38
  46
  54
  63
  72
  82
  94
  105
  118
  131
  145
  159
  174
  190
  206
  223
  241
  259
  279
  299
  319
Net income, $m
  12
  11
  15
  20
  27
  35
  45
  56
  70
  86
  103
  123
  145
  169
  195
  223
  253
  285
  318
  354
  391
  430
  471
  513
  558
  604
  652
  702
  753
  807
  863

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
  343
  490
  681
  925
  1,226
  1,592
  2,028
  2,538
  3,125
  3,791
  4,537
  5,363
  6,269
  7,254
  8,315
  9,452
  10,662
  11,943
  13,295
  14,716
  16,205
  17,762
  19,386
  21,079
  22,840
  24,673
  26,578
  28,557
  30,614
  32,752
Adjusted assets (=assets-cash), $m
  233
  343
  490
  681
  925
  1,226
  1,592
  2,028
  2,538
  3,125
  3,791
  4,537
  5,363
  6,269
  7,254
  8,315
  9,452
  10,662
  11,943
  13,295
  14,716
  16,205
  17,762
  19,386
  21,079
  22,840
  24,673
  26,578
  28,557
  30,614
  32,752
Revenue / Adjusted assets
  1.137
  1.137
  1.137
  1.138
  1.136
  1.137
  1.138
  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
  40
  56
  76
  100
  130
  166
  208
  256
  310
  371
  439
  513
  594
  681
  774
  873
  978
  1,088
  1,205
  1,327
  1,454
  1,587
  1,726
  1,870
  2,020
  2,176
  2,338
  2,506
  2,681
Working capital, $m
  306
  156
  223
  310
  421
  558
  724
  923
  1,154
  1,421
  1,724
  2,064
  2,439
  2,851
  3,299
  3,782
  4,299
  4,849
  5,432
  6,047
  6,693
  7,370
  8,078
  8,817
  9,587
  10,388
  11,221
  12,087
  12,988
  13,923
  14,896
Total debt, $m
  0
  24
  56
  98
  151
  218
  298
  393
  505
  633
  779
  943
  1,124
  1,322
  1,538
  1,770
  2,019
  2,284
  2,565
  2,861
  3,172
  3,498
  3,839
  4,195
  4,565
  4,951
  5,352
  5,769
  6,203
  6,653
  7,122
Total liabilities, $m
  51
  75
  107
  149
  202
  269
  349
  444
  556
  684
  830
  994
  1,175
  1,373
  1,589
  1,821
  2,070
  2,335
  2,616
  2,912
  3,223
  3,549
  3,890
  4,246
  4,616
  5,002
  5,403
  5,820
  6,254
  6,704
  7,173
Total equity, $m
  382
  268
  383
  532
  722
  958
  1,244
  1,584
  1,982
  2,441
  2,961
  3,544
  4,189
  4,896
  5,665
  6,494
  7,382
  8,327
  9,328
  10,383
  11,493
  12,656
  13,872
  15,140
  16,462
  17,838
  19,269
  20,757
  22,303
  23,910
  25,579
Total liabilities and equity, $m
  433
  343
  490
  681
  924
  1,227
  1,593
  2,028
  2,538
  3,125
  3,791
  4,538
  5,364
  6,269
  7,254
  8,315
  9,452
  10,662
  11,944
  13,295
  14,716
  16,205
  17,762
  19,386
  21,078
  22,840
  24,672
  26,577
  28,557
  30,614
  32,752
Debt-to-equity ratio
  0.000
  0.090
  0.150
  0.180
  0.210
  0.230
  0.240
  0.250
  0.250
  0.260
  0.260
  0.270
  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
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
  35
  45
  56
  70
  86
  103
  123
  145
  169
  195
  223
  253
  285
  318
  354
  391
  430
  471
  513
  558
  604
  652
  702
  753
  807
  863
Depreciation, amort., depletion, $m
  7
  6
  8
  11
  15
  20
  26
  33
  42
  51
  62
  74
  88
  103
  119
  136
  155
  175
  196
  218
  241
  265
  291
  317
  345
  374
  404
  435
  468
  501
  536
Funds from operations, $m
  -47
  16
  23
  31
  42
  55
  71
  90
  112
  137
  165
  197
  233
  272
  314
  359
  408
  459
  514
  571
  632
  695
  762
  831
  903
  978
  1,056
  1,137
  1,221
  1,308
  1,399
Change in working capital, $m
  -36
  50
  67
  87
  111
  137
  167
  198
  232
  267
  303
  339
  376
  412
  448
  483
  517
  550
  583
  615
  646
  677
  708
  739
  770
  801
  833
  866
  900
  936
  972
Cash from operations, $m
  -11
  -33
  -44
  -56
  -69
  -82
  -96
  -109
  -120
  -130
  -137
  -142
  -143
  -140
  -134
  -124
  -109
  -91
  -69
  -43
  -14
  18
  54
  92
  133
  176
  222
  270
  321
  373
  427
Maintenance CAPEX, $m
  0
  -4
  -6
  -8
  -11
  -15
  -20
  -26
  -33
  -42
  -51
  -62
  -74
  -88
  -103
  -119
  -136
  -155
  -175
  -196
  -218
  -241
  -265
  -291
  -317
  -345
  -374
  -404
  -435
  -468
  -501
New CAPEX, $m
  -10
  -9
  -12
  -16
  -20
  -25
  -30
  -36
  -42
  -48
  -55
  -61
  -68
  -74
  -81
  -87
  -93
  -99
  -105
  -111
  -116
  -122
  -127
  -133
  -139
  -144
  -150
  -156
  -162
  -168
  -175
Cash from investing activities, $m
  -37
  -13
  -18
  -24
  -31
  -40
  -50
  -62
  -75
  -90
  -106
  -123
  -142
  -162
  -184
  -206
  -229
  -254
  -280
  -307
  -334
  -363
  -392
  -424
  -456
  -489
  -524
  -560
  -597
  -636
  -676
Free cash flow, $m
  -48
  -46
  -62
  -80
  -100
  -122
  -146
  -170
  -195
  -220
  -243
  -265
  -285
  -302
  -317
  -329
  -338
  -345
  -348
  -350
  -348
  -345
  -339
  -332
  -323
  -313
  -302
  -290
  -277
  -263
  -249
Issuance/(repayment) of debt, $m
  0
  24
  32
  42
  53
  66
  80
  95
  112
  129
  146
  163
  181
  198
  216
  232
  249
  265
  281
  296
  311
  326
  341
  356
  371
  386
  401
  417
  434
  450
  468
Issuance/(repurchase) of shares, $m
  4
  75
  100
  130
  163
  201
  241
  284
  328
  373
  417
  459
  500
  538
  574
  606
  635
  660
  683
  702
  719
  733
  745
  755
  764
  772
  779
  786
  793
  799
  807
Cash from financing (excl. dividends), $m  
  3
  99
  132
  172
  216
  267
  321
  379
  440
  502
  563
  622
  681
  736
  790
  838
  884
  925
  964
  998
  1,030
  1,059
  1,086
  1,111
  1,135
  1,158
  1,180
  1,203
  1,227
  1,249
  1,275
Total cash flow (excl. dividends), $m
  -44
  53
  71
  92
  117
  145
  176
  209
  245
  282
  319
  358
  396
  435
  472
  509
  545
  580
  615
  648
  682
  714
  747
  779
  812
  845
  879
  914
  950
  987
  1,026
Retained Cash Flow (-), $m
  -20
  -86
  -115
  -150
  -190
  -236
  -286
  -340
  -398
  -458
  -520
  -583
  -645
  -708
  -769
  -829
  -888
  -945
  -1,001
  -1,056
  -1,110
  -1,163
  -1,216
  -1,269
  -1,322
  -1,376
  -1,431
  -1,488
  -1,546
  -1,607
  -1,670
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
 
  167
  -44
  -58
  -73
  -91
  -110
  -131
  -154
  -177
  -201
  -225
  -249
  -273
  -297
  -320
  -342
  -365
  -386
  -407
  -428
  -449
  -469
  -489
  -510
  -531
  -552
  -574
  -596
  -620
  -644
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
 
  160
  -41
  -50
  -60
  -70
  -80
  -89
  -96
  -102
  -105
  -107
  -106
  -104
  -100
  -94
  -87
  -79
  -71
  -63
  -54
  -46
  -39
  -32
  -26
  -21
  -16
  -12
  -9
  -7
  -5
Current shareholders' claim on cash, %
  100
  88.0
  78.3
  70.4
  63.9
  58.5
  54.0
  50.2
  47.0
  44.2
  41.8
  39.8
  38.0
  36.5
  35.1
  33.9
  32.8
  31.9
  31.0
  30.3
  29.6
  29.0
  28.4
  27.9
  27.5
  27.1
  26.7
  26.3
  26.0
  25.7
  25.4

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 95.5
Price to Sales 4.3
Price to Book 3
Price to Tangible Book
Price to Cash Flow -104.2
Price to Free Cash Flow -54.6
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 47.1% 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 23.761 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

▶ 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   [09:16PM  Associated Press]
▶ What Investors Need to Know About Camera Drones   [Jul-30-17 11:33AM  Motley Fool]
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▶ GoPro Inc (GPRO) Stock Is Not Worth Chasing Anymore   [Jul-05-17 08:30AM  InvestorPlace]
▶ ETFs with exposure to AeroVironment, Inc. : July 3, 2017   [Jul-03-17 02:53PM  Capital Cube]
▶ AeroVironment beats Street 4Q forecasts   [Jun-27-17 09:27PM  Associated Press]
▶ Everything You Need to Know About Drones   [09:13AM  Motley Fool]
▶ What Are Drones Currently Being Used for Today?   [Jun-24-17 11:15AM  Motley Fool]
▶ 3 Top Drone Stocks to Buy in 2017   [May-25-17 04:12PM  Motley Fool]
▶ What Are the Biggest Drone Manufacturers Today?   [May-24-17 12:08PM  Motley Fool]
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▶ EV Smart Charging Takes a Big Step Forward   [Apr-01-17 12:04PM  Motley Fool]
▶ 3 Stocks That Could Make You Rich   [Mar-26-17 07:22AM  Motley Fool]
▶ Investing in EV Infrastructure: Where the Money Is Going   [Mar-15-17 01:35PM  Motley Fool]
▶ [$$] Drone Maker AeroVironment Cuts Outlook   [05:47PM  at The Wall Street Journal]
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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