Intrinsic value of Avianca Holdings ADR - AVH

Previous Close

$7.74

  Intrinsic Value

$18.79

stock screener

  Rating & Target

str. buy

+143%

  Value-price divergence*

-39%

Previous close

$7.74

 
Intrinsic value

$18.79

 
Up/down potential

+143%

 
Rating

str. buy

 
Value-price divergence*

-39%

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

We calculate the intrinsic value of AVH 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 0.3

 

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, %
  -5.11
  13.00
  12.20
  11.48
  10.83
  10.25
  9.72
  9.25
  8.83
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  4,138
  4,676
  5,246
  5,849
  6,482
  7,147
  7,841
  8,567
  9,323
  10,110
  10,929
  11,781
  12,665
  13,585
  14,540
  15,533
  16,566
  17,640
  18,757
  19,920
  21,131
  22,393
  23,709
  25,081
  26,513
  28,008
  29,569
  31,201
  32,906
  34,689
  36,554
Variable operating expenses, $m
 
  4,438
  4,976
  5,544
  6,141
  6,767
  7,422
  8,106
  8,818
  9,560
  10,332
  11,104
  11,938
  12,804
  13,705
  14,641
  15,614
  16,626
  17,680
  18,776
  19,918
  21,107
  22,347
  23,641
  24,990
  26,399
  27,871
  29,409
  31,016
  32,696
  34,454
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
  3,880
  4,438
  4,976
  5,544
  6,141
  6,767
  7,422
  8,106
  8,818
  9,560
  10,332
  11,104
  11,938
  12,804
  13,705
  14,641
  15,614
  16,626
  17,680
  18,776
  19,918
  21,107
  22,347
  23,641
  24,990
  26,399
  27,871
  29,409
  31,016
  32,696
  34,454
Operating income, $m
  258
  238
  271
  305
  342
  380
  420
  461
  505
  550
  597
  677
  728
  780
  835
  892
  952
  1,013
  1,077
  1,144
  1,214
  1,286
  1,362
  1,441
  1,523
  1,609
  1,699
  1,792
  1,890
  1,993
  2,100
EBITDA, $m
  528
  554
  622
  693
  769
  847
  930
  1,016
  1,105
  1,199
  1,296
  1,397
  1,502
  1,611
  1,724
  1,842
  1,964
  2,091
  2,224
  2,362
  2,505
  2,655
  2,811
  2,974
  3,144
  3,321
  3,506
  3,699
  3,902
  4,113
  4,334
Interest expense (income), $m
  159
  135
  162
  192
  223
  256
  290
  326
  363
  402
  443
  485
  529
  574
  622
  671
  722
  776
  831
  889
  949
  1,011
  1,076
  1,144
  1,215
  1,289
  1,366
  1,446
  1,530
  1,618
  1,710
Earnings before tax, $m
  78
  103
  108
  113
  119
  124
  130
  136
  142
  148
  154
  192
  199
  206
  213
  221
  229
  238
  246
  256
  265
  275
  286
  297
  308
  320
  333
  346
  360
  374
  390
Tax expense, $m
  34
  28
  29
  31
  32
  34
  35
  37
  38
  40
  42
  52
  54
  56
  58
  60
  62
  64
  67
  69
  72
  74
  77
  80
  83
  86
  90
  93
  97
  101
  105
Net income, $m
  17
  75
  79
  83
  87
  91
  95
  99
  103
  108
  113
  140
  145
  150
  156
  161
  167
  174
  180
  187
  194
  201
  209
  217
  225
  234
  243
  253
  263
  273
  284

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  515
  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
  6,351
  6,595
  7,400
  8,249
  9,143
  10,080
  11,060
  12,083
  13,150
  14,260
  15,415
  16,616
  17,864
  19,160
  20,508
  21,909
  23,365
  24,880
  26,456
  28,096
  29,805
  31,585
  33,440
  35,376
  37,395
  39,504
  41,706
  44,007
  46,412
  48,927
  51,557
Adjusted assets (=assets-cash), $m
  5,836
  6,595
  7,400
  8,249
  9,143
  10,080
  11,060
  12,083
  13,150
  14,260
  15,415
  16,616
  17,864
  19,160
  20,508
  21,909
  23,365
  24,880
  26,456
  28,096
  29,805
  31,585
  33,440
  35,376
  37,395
  39,504
  41,706
  44,007
  46,412
  48,927
  51,557
Revenue / Adjusted assets
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
Average production assets, $m
  4,730
  5,345
  5,997
  6,685
  7,409
  8,169
  8,963
  9,792
  10,656
  11,556
  12,492
  13,465
  14,476
  15,527
  16,619
  17,755
  18,935
  20,162
  21,439
  22,769
  24,153
  25,596
  27,100
  28,668
  30,305
  32,013
  33,798
  35,662
  37,612
  39,650
  41,781
Working capital, $m
  -675
  -884
  -992
  -1,105
  -1,225
  -1,351
  -1,482
  -1,619
  -1,762
  -1,911
  -2,066
  -2,227
  -2,394
  -2,568
  -2,748
  -2,936
  -3,131
  -3,334
  -3,545
  -3,765
  -3,994
  -4,232
  -4,481
  -4,740
  -5,011
  -5,294
  -5,589
  -5,897
  -6,219
  -6,556
  -6,909
Total debt, $m
  3,274
  3,455
  4,081
  4,742
  5,437
  6,166
  6,929
  7,725
  8,554
  9,418
  10,317
  11,251
  12,222
  13,231
  14,279
  15,369
  16,502
  17,680
  18,906
  20,183
  21,512
  22,897
  24,341
  25,846
  27,418
  29,058
  30,771
  32,561
  34,432
  36,389
  38,436
Total liabilities, $m
  4,951
  5,131
  5,757
  6,418
  7,113
  7,842
  8,605
  9,401
  10,230
  11,094
  11,993
  12,927
  13,898
  14,907
  15,955
  17,045
  18,178
  19,356
  20,582
  21,859
  23,188
  24,573
  26,017
  27,522
  29,094
  30,734
  32,447
  34,237
  36,108
  38,065
  40,112
Total equity, $m
  1,401
  1,464
  1,643
  1,831
  2,030
  2,238
  2,455
  2,682
  2,919
  3,166
  3,422
  3,689
  3,966
  4,254
  4,553
  4,864
  5,187
  5,523
  5,873
  6,237
  6,617
  7,012
  7,424
  7,853
  8,302
  8,770
  9,259
  9,769
  10,303
  10,862
  11,446
Total liabilities and equity, $m
  6,352
  6,595
  7,400
  8,249
  9,143
  10,080
  11,060
  12,083
  13,149
  14,260
  15,415
  16,616
  17,864
  19,161
  20,508
  21,909
  23,365
  24,879
  26,455
  28,096
  29,805
  31,585
  33,441
  35,375
  37,396
  39,504
  41,706
  44,006
  46,411
  48,927
  51,558
Debt-to-equity ratio
  2.337
  2.360
  2.480
  2.590
  2.680
  2.760
  2.820
  2.880
  2.930
  2.980
  3.010
  3.050
  3.080
  3.110
  3.140
  3.160
  3.180
  3.200
  3.220
  3.240
  3.250
  3.270
  3.280
  3.290
  3.300
  3.310
  3.320
  3.330
  3.340
  3.350
  3.360
Adjusted equity ratio
  0.152
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  17
  75
  79
  83
  87
  91
  95
  99
  103
  108
  113
  140
  145
  150
  156
  161
  167
  174
  180
  187
  194
  201
  209
  217
  225
  234
  243
  253
  263
  273
  284
Depreciation, amort., depletion, $m
  270
  317
  351
  388
  427
  468
  510
  554
  601
  649
  699
  720
  774
  830
  889
  949
  1,013
  1,078
  1,146
  1,218
  1,292
  1,369
  1,449
  1,533
  1,621
  1,712
  1,807
  1,907
  2,011
  2,120
  2,234
Funds from operations, $m
  598
  392
  430
  471
  514
  558
  605
  653
  704
  757
  812
  860
  919
  981
  1,045
  1,111
  1,180
  1,252
  1,326
  1,404
  1,485
  1,570
  1,658
  1,750
  1,846
  1,946
  2,050
  2,160
  2,274
  2,394
  2,519
Change in working capital, $m
  30
  -102
  -108
  -114
  -120
  -126
  -131
  -137
  -143
  -149
  -155
  -161
  -167
  -174
  -181
  -188
  -195
  -203
  -211
  -220
  -229
  -239
  -249
  -259
  -271
  -283
  -295
  -308
  -322
  -337
  -353
Cash from operations, $m
  568
  494
  538
  585
  633
  684
  736
  791
  847
  906
  966
  1,021
  1,086
  1,154
  1,225
  1,299
  1,375
  1,455
  1,538
  1,624
  1,714
  1,808
  1,906
  2,009
  2,116
  2,228
  2,345
  2,468
  2,596
  2,731
  2,871
Maintenance CAPEX, $m
  0
  -253
  -286
  -321
  -357
  -396
  -437
  -479
  -524
  -570
  -618
  -668
  -720
  -774
  -830
  -889
  -949
  -1,013
  -1,078
  -1,146
  -1,218
  -1,292
  -1,369
  -1,449
  -1,533
  -1,621
  -1,712
  -1,807
  -1,907
  -2,011
  -2,120
New CAPEX, $m
  -232
  -615
  -652
  -688
  -724
  -759
  -794
  -829
  -864
  -900
  -936
  -973
  -1,011
  -1,051
  -1,092
  -1,135
  -1,180
  -1,227
  -1,277
  -1,329
  -1,384
  -1,443
  -1,504
  -1,568
  -1,637
  -1,709
  -1,785
  -1,865
  -1,949
  -2,038
  -2,132
Cash from investing activities, $m
  -118
  -868
  -938
  -1,009
  -1,081
  -1,155
  -1,231
  -1,308
  -1,388
  -1,470
  -1,554
  -1,641
  -1,731
  -1,825
  -1,922
  -2,024
  -2,129
  -2,240
  -2,355
  -2,475
  -2,602
  -2,735
  -2,873
  -3,017
  -3,170
  -3,330
  -3,497
  -3,672
  -3,856
  -4,049
  -4,252
Free cash flow, $m
  450
  -374
  -400
  -424
  -448
  -472
  -495
  -518
  -541
  -564
  -588
  -620
  -645
  -671
  -697
  -725
  -755
  -785
  -818
  -852
  -888
  -926
  -966
  -1,009
  -1,054
  -1,101
  -1,151
  -1,204
  -1,260
  -1,319
  -1,381
Issuance/(repayment) of debt, $m
  -360
  588
  626
  661
  695
  729
  763
  796
  830
  864
  899
  934
  971
  1,009
  1,048
  1,090
  1,133
  1,178
  1,226
  1,276
  1,329
  1,385
  1,444
  1,506
  1,571
  1,640
  1,713
  1,790
  1,871
  1,957
  2,047
Issuance/(repurchase) of shares, $m
  0
  96
  100
  106
  112
  117
  123
  128
  133
  139
  144
  127
  132
  138
  143
  150
  156
  163
  170
  178
  186
  194
  203
  213
  223
  234
  246
  258
  271
  285
  300
Cash from financing (excl. dividends), $m  
  -518
  684
  726
  767
  807
  846
  886
  924
  963
  1,003
  1,043
  1,061
  1,103
  1,147
  1,191
  1,240
  1,289
  1,341
  1,396
  1,454
  1,515
  1,579
  1,647
  1,719
  1,794
  1,874
  1,959
  2,048
  2,142
  2,242
  2,347
Total cash flow (excl. dividends), $m
  -72
  310
  326
  343
  359
  375
  390
  406
  422
  438
  455
  441
  458
  476
  495
  514
  534
  556
  578
  602
  627
  653
  681
  710
  741
  774
  808
  844
  883
  923
  965
Retained Cash Flow (-), $m
  -47
  -171
  -179
  -189
  -198
  -208
  -218
  -227
  -237
  -246
  -256
  -267
  -277
  -288
  -299
  -311
  -323
  -336
  -350
  -364
  -379
  -395
  -412
  -430
  -448
  -468
  -489
  -511
  -534
  -558
  -584
Prev. year cash balance distribution, $m
 
  108
  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
 
  247
  147
  154
  160
  167
  173
  179
  185
  192
  198
  174
  181
  188
  195
  203
  211
  220
  228
  238
  248
  258
  269
  281
  293
  306
  319
  334
  349
  365
  381
Discount rate, %
 
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
 
  227
  124
  117
  109
  100
  91
  82
  73
  64
  55
  40
  34
  28
  23
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  90.4
  82.4
  75.5
  69.4
  64.1
  59.5
  55.3
  51.7
  48.4
  45.4
  43.2
  41.1
  39.1
  37.3
  35.6
  34.1
  32.6
  31.3
  30.0
  28.7
  27.6
  26.5
  25.4
  24.4
  23.5
  22.6
  21.7
  20.9
  20.1
  19.3

Avianca Holdings SA is a Panama-based company engaged, through its subsidiaries, in the provision of air transportation services for passengers and commercial purposes. The Company was originally established as a strategic alliance between Aerovias del Continente Americano SA (AVIANCA) and Grupo TACA Holdings Limited (GTH), and it mainly operates in North, Central and South America, the Caribbean and Europe. In addition, through codeshare agreements, the Company is active in the operation of other international passenger air routes. As of December 31, 2011, the Company owned such subsidiaries as Latin Airways Corporation and LifeMiles Corporation, among others. On December 28, 2012, the merger of subsidiaries Latin Airways Corporation, as absorbing company, with Synergy Ocean Air Colombia SAS and Soac 2 SAS was formalized. On June 18, 2013, the Company received the first out of 15 ATR 72-600, a turbo-propelled aircraft from ATR, a company engaged in regional aircraft.

FINANCIAL RATIOS  of  Avianca Holdings ADR (AVH)

Valuation Ratios
P/E Ratio 300.9
Price to Sales 1.2
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 9
Price to Free Cash Flow 15.2
Growth Rates
Sales Growth Rate -5.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate -4.4%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 204.6%
Total Debt to Equity 233.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.7%
Ret/ On Assets - 3 Yr. Avg. 2.1%
Return On Total Capital 0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 0.1%
Return On Equity 1.2%
Return On Equity - 3 Yr. Avg. -0.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 39.9%
Gross Margin - 3 Yr. Avg. 38.7%
EBITDA Margin 12.3%
EBITDA Margin - 3 Yr. Avg. 9.8%
Operating Margin 6.2%
Oper. Margin - 3 Yr. Avg. 5.7%
Pre-Tax Margin 1.9%
Pre-Tax Margin - 3 Yr. Avg. 1.1%
Net Profit Margin 0.4%
Net Profit Margin - 3 Yr. Avg. -0.1%
Effective Tax Rate 43.6%
Eff/ Tax Rate - 3 Yr. Avg. 14.2%
Payout Ratio 188.2%

AVH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AVH stock intrinsic value calculation we used $4138 million for the last fiscal year's total revenue generated by Avianca Holdings ADR. The default revenue input number comes from 2016 income statement of Avianca Holdings ADR. 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 AVH stock valuation model: a) initial revenue growth rate of 13% 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 8.8%, whose default value for AVH is calculated based on our internal credit rating of Avianca Holdings ADR, 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 Avianca Holdings ADR.
    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 AVH stock the variable cost ratio is equal to 95%.

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 AVH 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 4.7% for Avianca Holdings ADR.

Corporate tax rate of 27% is the nominal tax rate for Avianca Holdings ADR. 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 AVH 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 AVH are equal to 114.3%.

Life of production assets of 18.7 years is the average useful life of capital assets used in Avianca Holdings ADR 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 AVH is equal to -18.9%. 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 - $1401 million for Avianca Holdings ADR - 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 42.654 million for Avianca Holdings ADR 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 Avianca Holdings ADR at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ [$$] Pilots Union Initiates 60-Day Strike at Colombia's Avianca   [Sep-20-17 11:36AM  The Wall Street Journal]
▶ Avianca CEO Says Kingsland Suit Has No Merit   [Aug-22-17 01:26PM  Bloomberg Video]
▶ [$$] Avianca Halts Flights From Venezuela   [Jul-28-17 05:24PM  The Wall Street Journal]
▶ Avianca Suspends Flights to/from Venezuela   [Jul-26-17 05:06PM  Business Wire]
▶ ETFs with exposure to Avianca Holdings SA : July 3, 2017   [Jul-03-17 02:54PM  Capital Cube]
▶ ETFs with exposure to Avianca Holdings SA : June 22, 2017   [Jun-22-17 03:23PM  Capital Cube]
▶ PRESS DIGEST- Financial Times - March 28   [Mar-27-17 07:52PM  Reuters]
▶ [$$] Efromovich fires back over Avianca-United Continental deal   [Mar-03-17 04:13AM  at Financial Times]
▶ [$$] Avianca Shareholder Sues United Airlines Over Planned Partnership   [Mar-01-17 03:07PM  at The Wall Street Journal]
▶ [$$] Shareholder hits back at proposed Avianca-United tie-up   [Feb-28-17 08:21PM  at Financial Times]
▶ [$$] United Continental Eyes Alliance With Colombia's Avianca   [Feb-01-17 03:49PM  at The Wall Street Journal]
▶ Is Getty Realty Corp. (GTY) A Good Stock to Buy?   [Dec-14-16 08:25PM  at Insider Monkey]
▶ [$$] Colombian Officials Say Crashed Plane Ran Out of Fuel   [Dec-01-16 12:56AM  at The Wall Street Journal]
▶ [$$] Colombian Airline Avianca to Resume Flights to Venezuela   [Oct-22-16 08:12PM  at The Wall Street Journal]
▶ 5 Ways You Can Invest in Panama From Abroad   [Aug-22-16 01:00PM  at Investopedia]
▶ [$$] Missing ex-Gitmo detainee unnerves Brazil   [10:36AM  at Financial Times]
Financial statements of AVH
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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