Intrinsic value of Avianca Holdings ADR - AVH

Previous Close

$7.40

  Intrinsic Value

$11.98

stock screener

  Rating & Target

str. buy

+62%

  Value-price divergence*

-96%

Previous close

$7.40

 
Intrinsic value

$11.98

 
Up/down potential

+62%

 
Rating

str. buy

 
Value-price divergence*

-96%

*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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  4,138
  4,221
  4,318
  4,429
  4,553
  4,691
  4,843
  5,008
  5,186
  5,379
  5,585
  5,806
  6,042
  6,292
  6,559
  6,842
  7,142
  7,459
  7,795
  8,150
  8,524
  8,919
  9,336
  9,775
  10,238
  10,725
  11,238
  11,779
  12,347
  12,945
  13,574
Variable operating expenses, $m
 
  4,009
  4,101
  4,205
  4,323
  4,453
  4,596
  4,751
  4,919
  5,101
  5,295
  5,472
  5,695
  5,931
  6,182
  6,449
  6,732
  7,031
  7,347
  7,681
  8,034
  8,407
  8,800
  9,214
  9,650
  10,109
  10,593
  11,102
  11,638
  12,201
  12,794
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
  4,009
  4,101
  4,205
  4,323
  4,453
  4,596
  4,751
  4,919
  5,101
  5,295
  5,472
  5,695
  5,931
  6,182
  6,449
  6,732
  7,031
  7,347
  7,681
  8,034
  8,407
  8,800
  9,214
  9,650
  10,109
  10,593
  11,102
  11,638
  12,201
  12,794
Operating income, $m
  258
  212
  217
  224
  231
  239
  247
  257
  267
  278
  290
  334
  347
  361
  377
  393
  410
  428
  448
  468
  490
  512
  536
  562
  588
  616
  646
  677
  709
  744
  780
EBITDA, $m
  528
  500
  512
  525
  540
  556
  574
  594
  615
  638
  662
  688
  716
  746
  778
  811
  847
  884
  924
  966
  1,011
  1,058
  1,107
  1,159
  1,214
  1,272
  1,332
  1,397
  1,464
  1,535
  1,609
Interest expense (income), $m
  159
  135
  139
  144
  150
  156
  163
  171
  180
  189
  199
  209
  221
  233
  246
  260
  274
  290
  306
  323
  342
  361
  381
  403
  425
  449
  474
  501
  529
  558
  589
Earnings before tax, $m
  78
  77
  78
  80
  81
  83
  84
  86
  88
  89
  91
  124
  126
  129
  131
  134
  136
  139
  142
  145
  148
  151
  155
  159
  163
  167
  171
  176
  181
  186
  191
Tax expense, $m
  34
  21
  21
  22
  22
  22
  23
  23
  24
  24
  25
  34
  34
  35
  35
  36
  37
  38
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  49
  50
  52
Net income, $m
  17
  56
  57
  58
  59
  60
  61
  63
  64
  65
  67
  91
  92
  94
  96
  97
  99
  101
  104
  106
  108
  111
  113
  116
  119
  122
  125
  128
  132
  135
  139

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
  5,953
  6,090
  6,247
  6,422
  6,617
  6,831
  7,063
  7,315
  7,586
  7,877
  8,189
  8,521
  8,875
  9,251
  9,650
  10,073
  10,521
  10,994
  11,495
  12,023
  12,580
  13,168
  13,787
  14,440
  15,127
  15,851
  16,613
  17,415
  18,258
  19,145
Adjusted assets (=assets-cash), $m
  5,836
  5,953
  6,090
  6,247
  6,422
  6,617
  6,831
  7,063
  7,315
  7,586
  7,877
  8,189
  8,521
  8,875
  9,251
  9,650
  10,073
  10,521
  10,994
  11,495
  12,023
  12,580
  13,168
  13,787
  14,440
  15,127
  15,851
  16,613
  17,415
  18,258
  19,145
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
  4,824
  4,935
  5,062
  5,205
  5,362
  5,535
  5,724
  5,928
  6,148
  6,384
  6,636
  6,906
  7,192
  7,497
  7,820
  8,163
  8,526
  8,910
  9,315
  9,743
  10,195
  10,671
  11,173
  11,702
  12,259
  12,845
  13,463
  14,112
  14,796
  15,515
Working capital, $m
  -675
  -422
  -432
  -443
  -455
  -469
  -484
  -501
  -519
  -538
  -559
  -581
  -604
  -629
  -656
  -684
  -714
  -746
  -779
  -815
  -852
  -892
  -934
  -978
  -1,024
  -1,073
  -1,124
  -1,178
  -1,235
  -1,294
  -1,357
Total debt, $m
  3,274
  2,956
  3,062
  3,184
  3,321
  3,472
  3,638
  3,819
  4,015
  4,226
  4,453
  4,695
  4,954
  5,229
  5,521
  5,832
  6,161
  6,509
  6,878
  7,267
  7,678
  8,111
  8,568
  9,050
  9,558
  10,093
  10,656
  11,249
  11,872
  12,529
  13,219
Total liabilities, $m
  4,951
  4,632
  4,738
  4,860
  4,997
  5,148
  5,314
  5,495
  5,691
  5,902
  6,129
  6,371
  6,630
  6,905
  7,197
  7,508
  7,837
  8,185
  8,554
  8,943
  9,354
  9,787
  10,244
  10,726
  11,234
  11,769
  12,332
  12,925
  13,548
  14,205
  14,895
Total equity, $m
  1,401
  1,322
  1,352
  1,387
  1,426
  1,469
  1,516
  1,568
  1,624
  1,684
  1,749
  1,818
  1,892
  1,970
  2,054
  2,142
  2,236
  2,336
  2,441
  2,552
  2,669
  2,793
  2,923
  3,061
  3,206
  3,358
  3,519
  3,688
  3,866
  4,053
  4,250
Total liabilities and equity, $m
  6,352
  5,954
  6,090
  6,247
  6,423
  6,617
  6,830
  7,063
  7,315
  7,586
  7,878
  8,189
  8,522
  8,875
  9,251
  9,650
  10,073
  10,521
  10,995
  11,495
  12,023
  12,580
  13,167
  13,787
  14,440
  15,127
  15,851
  16,613
  17,414
  18,258
  19,145
Debt-to-equity ratio
  2.337
  2.240
  2.260
  2.300
  2.330
  2.360
  2.400
  2.440
  2.470
  2.510
  2.550
  2.580
  2.620
  2.650
  2.690
  2.720
  2.760
  2.790
  2.820
  2.850
  2.880
  2.900
  2.930
  2.960
  2.980
  3.010
  3.030
  3.050
  3.070
  3.090
  3.110
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
  56
  57
  58
  59
  60
  61
  63
  64
  65
  67
  91
  92
  94
  96
  97
  99
  101
  104
  106
  108
  111
  113
  116
  119
  122
  125
  128
  132
  135
  139
Depreciation, amort., depletion, $m
  270
  289
  295
  302
  309
  318
  327
  337
  348
  360
  372
  355
  369
  385
  401
  418
  437
  456
  476
  498
  521
  545
  571
  597
  626
  656
  687
  720
  755
  791
  830
Funds from operations, $m
  598
  345
  352
  360
  368
  378
  388
  400
  412
  425
  439
  446
  462
  479
  497
  516
  536
  557
  580
  604
  629
  656
  684
  713
  745
  777
  812
  848
  886
  927
  969
Change in working capital, $m
  30
  -8
  -10
  -11
  -12
  -14
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -30
  -32
  -34
  -35
  -37
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
Cash from operations, $m
  568
  353
  362
  371
  381
  392
  403
  416
  430
  444
  460
  468
  485
  504
  523
  544
  566
  589
  614
  639
  667
  695
  725
  757
  791
  826
  863
  902
  943
  987
  1,032
Maintenance CAPEX, $m
  0
  -253
  -258
  -264
  -271
  -278
  -287
  -296
  -306
  -317
  -329
  -341
  -355
  -369
  -385
  -401
  -418
  -437
  -456
  -476
  -498
  -521
  -545
  -571
  -597
  -626
  -656
  -687
  -720
  -755
  -791
New CAPEX, $m
  -232
  -94
  -111
  -127
  -142
  -158
  -173
  -189
  -204
  -220
  -236
  -252
  -269
  -287
  -305
  -323
  -343
  -363
  -384
  -405
  -428
  -452
  -476
  -502
  -529
  -557
  -587
  -617
  -650
  -683
  -719
Cash from investing activities, $m
  -118
  -347
  -369
  -391
  -413
  -436
  -460
  -485
  -510
  -537
  -565
  -593
  -624
  -656
  -690
  -724
  -761
  -800
  -840
  -881
  -926
  -973
  -1,021
  -1,073
  -1,126
  -1,183
  -1,243
  -1,304
  -1,370
  -1,438
  -1,510
Free cash flow, $m
  450
  6
  -7
  -20
  -32
  -44
  -56
  -68
  -81
  -93
  -105
  -126
  -139
  -152
  -166
  -180
  -195
  -210
  -226
  -242
  -260
  -277
  -296
  -315
  -336
  -357
  -379
  -402
  -426
  -452
  -478
Issuance/(repayment) of debt, $m
  -360
  89
  107
  122
  137
  151
  166
  181
  196
  211
  227
  242
  259
  275
  293
  310
  329
  348
  368
  389
  411
  434
  457
  482
  508
  535
  563
  593
  624
  656
  690
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  5
  9
  13
  17
  22
  26
  31
  36
  41
  46
  52
  58
Cash from financing (excl. dividends), $m  
  -518
  89
  107
  122
  137
  151
  166
  181
  196
  211
  227
  242
  259
  275
  293
  310
  329
  348
  370
  394
  420
  447
  474
  504
  534
  566
  599
  634
  670
  708
  748
Total cash flow (excl. dividends), $m
  -72
  94
  99
  102
  104
  107
  110
  113
  115
  118
  121
  116
  119
  123
  126
  130
  134
  138
  144
  152
  160
  169
  179
  188
  198
  209
  220
  231
  244
  256
  270
Retained Cash Flow (-), $m
  -47
  -29
  -30
  -35
  -39
  -43
  -47
  -52
  -56
  -60
  -65
  -69
  -74
  -79
  -83
  -89
  -94
  -99
  -105
  -111
  -117
  -124
  -130
  -138
  -145
  -153
  -161
  -169
  -178
  -187
  -197
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
 
  174
  69
  67
  65
  64
  62
  61
  59
  58
  57
  47
  46
  44
  43
  42
  40
  39
  39
  41
  43
  46
  48
  51
  53
  56
  59
  62
  66
  69
  73
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
 
  160
  58
  51
  44
  38
  33
  28
  23
  19
  16
  11
  8
  7
  5
  4
  3
  2
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
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
  99.9
  99.6
  99.1
  98.4
  97.5
  96.5
  95.4
  94.1
  92.7
  91.1
  89.5
  87.9
  86.1

Avianca Holdings S.A., through its subsidiaries, provides air transportation services in North America, Central America, the Caribbean, Colombia, South America, and internationally. The company offers passenger and cargo air transportation services; and aircraft maintenance, crew training, and other airport services to other carriers, as well as travel-related services to its customers. It is also involved in ground operations for third–party airlines in hub airports, and aircraft leasing activities; and operates LifeMiles, a frequent flyer program. As of December 31, 2015, the company operated a fleet of 180 aircraft, including 141 jet passenger aircrafts, 28 turboprop passenger aircrafts, and 11 cargo aircrafts. The company was formerly known as AviancaTaca Holding S.A. and changed its name to Avianca Holdings, S.A. in March 2013. The company was founded in 1919 and is headquartered in Bogotá, Colombia. Avianca Holdings S.A. operates as a subsidiary of Synergy Aerospace Corp.

FINANCIAL RATIOS  of  Avianca Holdings ADR (AVH)

Valuation Ratios
P/E Ratio 287.6
Price to Sales 1.2
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 8.6
Price to Free Cash Flow 14.6
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 2% 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 -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 - $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 42.923 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

▶ [$$] Avianca Halts Flights From Venezuela   [Jul-28-17 05:24PM  The Wall Street Journal]
▶ Avianca Suspends Flights to/from Venezuela   [Jul-26-17 05:06PM  Business Wire]
▶ ETFs with exposure to Avianca Holdings SA : July 3, 2017   [Jul-03-17 02:54PM  Capital Cube]
▶ ETFs with exposure to Avianca Holdings SA : June 22, 2017   [Jun-22-17 03:23PM  Capital Cube]
▶ PRESS DIGEST- Financial Times - March 28   [Mar-27-17 07:52PM  Reuters]
▶ [$$] 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]
▶ [$$] Charting the Market   [12:01AM  at Barrons.com]
▶ Why Shares of Avianca Holdings Soared on Friday   [Jun-03-16 03:33PM  at Motley Fool]
▶ Heres Why These Five Stocks Are in Spotlight Today   [09:58AM  at Insider Monkey]
Stock chart of AVH 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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