Intrinsic value of Avianca Holdings ADR - AVH

Previous Close

$6.70

  Intrinsic Value

$20.35

stock screener

  Rating & Target

str. buy

+204%

  Value-price divergence*

-96%

Previous close

$6.70

 
Intrinsic value

$20.35

 
Up/down potential

+204%

 
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
  4,448
  4,551
  4,667
  4,799
  4,944
  5,104
  5,278
  5,466
  5,669
  5,886
  6,119
  6,367
  6,632
  6,913
  7,211
  7,527
  7,861
  8,215
  8,589
  8,983
  9,400
  9,839
  10,302
  10,790
  11,303
  11,844
  12,413
  13,012
  13,642
  14,305
Variable operating expenses, $m
 
  3,642
  3,726
  3,820
  3,927
  4,045
  4,175
  4,316
  4,469
  4,633
  4,810
  4,968
  5,170
  5,384
  5,613
  5,855
  6,111
  6,383
  6,670
  6,974
  7,294
  7,632
  7,989
  8,364
  8,760
  9,177
  9,617
  10,079
  10,565
  11,077
  11,615
Fixed operating expenses, $m
 
  599
  614
  629
  645
  661
  677
  694
  712
  729
  748
  766
  785
  805
  825
  846
  867
  889
  911
  934
  957
  981
  1,005
  1,031
  1,056
  1,083
  1,110
  1,138
  1,166
  1,195
  1,225
Total operating expenses, $m
  3,880
  4,241
  4,340
  4,449
  4,572
  4,706
  4,852
  5,010
  5,181
  5,362
  5,558
  5,734
  5,955
  6,189
  6,438
  6,701
  6,978
  7,272
  7,581
  7,908
  8,251
  8,613
  8,994
  9,395
  9,816
  10,260
  10,727
  11,217
  11,731
  12,272
  12,840
Operating income, $m
  258
  207
  211
  218
  227
  238
  252
  268
  286
  306
  329
  384
  412
  442
  475
  510
  549
  590
  634
  682
  732
  787
  845
  907
  973
  1,043
  1,118
  1,197
  1,281
  1,371
  1,465
EBITDA, $m
  528
  466
  475
  488
  504
  522
  544
  569
  596
  627
  661
  698
  738
  782
  829
  880
  934
  992
  1,055
  1,121
  1,193
  1,268
  1,349
  1,434
  1,525
  1,622
  1,724
  1,833
  1,947
  2,069
  2,198
Interest expense (income), $m
  159
  138
  142
  147
  152
  159
  165
  173
  181
  190
  200
  210
  221
  233
  245
  259
  273
  288
  304
  321
  338
  357
  377
  398
  420
  443
  467
  493
  520
  548
  578
Earnings before tax, $m
  78
  69
  69
  71
  75
  80
  86
  95
  104
  116
  129
  174
  191
  209
  229
  251
  276
  302
  330
  361
  394
  430
  468
  509
  553
  600
  651
  704
  761
  822
  887
Tax expense, $m
  34
  19
  19
  19
  20
  22
  23
  26
  28
  31
  35
  47
  52
  56
  62
  68
  74
  81
  89
  97
  106
  116
  126
  137
  149
  162
  176
  190
  206
  222
  240
Net income, $m
  17
  51
  51
  52
  55
  58
  63
  69
  76
  84
  94
  127
  139
  153
  167
  184
  201
  220
  241
  264
  288
  314
  342
  372
  404
  438
  475
  514
  556
  600
  648

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
  5,868
  6,003
  6,158
  6,331
  6,523
  6,733
  6,963
  7,211
  7,478
  7,765
  8,072
  8,400
  8,749
  9,120
  9,513
  9,930
  10,371
  10,838
  11,331
  11,851
  12,401
  12,980
  13,591
  14,234
  14,912
  15,625
  16,376
  17,167
  17,998
  18,872
Adjusted assets (=assets-cash), $m
  5,836
  5,868
  6,003
  6,158
  6,331
  6,523
  6,733
  6,963
  7,211
  7,478
  7,765
  8,072
  8,400
  8,749
  9,120
  9,513
  9,930
  10,371
  10,838
  11,331
  11,851
  12,401
  12,980
  13,591
  14,234
  14,912
  15,625
  16,376
  17,167
  17,998
  18,872
Revenue / Adjusted assets
  0.709
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
  0.758
Average production assets, $m
  4,730
  4,715
  4,824
  4,948
  5,087
  5,241
  5,410
  5,594
  5,794
  6,009
  6,239
  6,486
  6,749
  7,029
  7,327
  7,643
  7,978
  8,333
  8,708
  9,104
  9,522
  9,964
  10,429
  10,920
  11,437
  11,981
  12,555
  13,158
  13,793
  14,461
  15,164
Working capital, $m
  -675
  -738
  -755
  -775
  -797
  -821
  -847
  -876
  -907
  -941
  -977
  -1,016
  -1,057
  -1,101
  -1,147
  -1,197
  -1,249
  -1,305
  -1,364
  -1,426
  -1,491
  -1,560
  -1,633
  -1,710
  -1,791
  -1,876
  -1,966
  -2,061
  -2,160
  -2,265
  -2,375
Total debt, $m
  3,274
  3,154
  3,262
  3,385
  3,523
  3,677
  3,845
  4,028
  4,227
  4,440
  4,669
  4,915
  5,177
  5,455
  5,752
  6,066
  6,399
  6,752
  7,124
  7,518
  7,934
  8,373
  8,836
  9,324
  9,838
  10,380
  10,950
  11,550
  12,181
  12,845
  13,544
Total liabilities, $m
  4,951
  4,689
  4,797
  4,920
  5,058
  5,212
  5,380
  5,563
  5,762
  5,975
  6,204
  6,450
  6,712
  6,990
  7,287
  7,601
  7,934
  8,287
  8,659
  9,053
  9,469
  9,908
  10,371
  10,859
  11,373
  11,915
  12,485
  13,085
  13,716
  14,380
  15,079
Total equity, $m
  1,401
  1,180
  1,207
  1,238
  1,272
  1,311
  1,353
  1,399
  1,449
  1,503
  1,561
  1,623
  1,688
  1,759
  1,833
  1,912
  1,996
  2,085
  2,178
  2,278
  2,382
  2,493
  2,609
  2,732
  2,861
  2,997
  3,141
  3,292
  3,450
  3,618
  3,793
Total liabilities and equity, $m
  6,352
  5,869
  6,004
  6,158
  6,330
  6,523
  6,733
  6,962
  7,211
  7,478
  7,765
  8,073
  8,400
  8,749
  9,120
  9,513
  9,930
  10,372
  10,837
  11,331
  11,851
  12,401
  12,980
  13,591
  14,234
  14,912
  15,626
  16,377
  17,166
  17,998
  18,872
Debt-to-equity ratio
  2.337
  2.670
  2.700
  2.730
  2.770
  2.800
  2.840
  2.880
  2.920
  2.950
  2.990
  3.030
  3.070
  3.100
  3.140
  3.170
  3.210
  3.240
  3.270
  3.300
  3.330
  3.360
  3.390
  3.410
  3.440
  3.460
  3.490
  3.510
  3.530
  3.550
  3.570
Adjusted equity ratio
  0.152
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  17
  51
  51
  52
  55
  58
  63
  69
  76
  84
  94
  127
  139
  153
  167
  184
  201
  220
  241
  264
  288
  314
  342
  372
  404
  438
  475
  514
  556
  600
  648
Depreciation, amort., depletion, $m
  270
  259
  264
  270
  277
  284
  292
  301
  311
  321
  332
  313
  326
  340
  354
  369
  385
  403
  421
  440
  460
  481
  504
  528
  553
  579
  607
  636
  666
  699
  733
Funds from operations, $m
  598
  309
  315
  322
  331
  342
  355
  370
  387
  406
  426
  441
  465
  492
  521
  553
  587
  623
  662
  703
  748
  795
  846
  899
  956
  1,017
  1,081
  1,150
  1,222
  1,299
  1,380
Change in working capital, $m
  30
  -14
  -17
  -19
  -22
  -24
  -26
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -49
  -52
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -105
  -110
Cash from operations, $m
  568
  404
  332
  341
  353
  366
  382
  399
  418
  439
  462
  479
  507
  536
  568
  602
  639
  678
  720
  765
  813
  864
  918
  976
  1,037
  1,102
  1,171
  1,244
  1,322
  1,404
  1,490
Maintenance CAPEX, $m
  0
  -223
  -228
  -233
  -239
  -246
  -253
  -261
  -270
  -280
  -290
  -301
  -313
  -326
  -340
  -354
  -369
  -385
  -403
  -421
  -440
  -460
  -481
  -504
  -528
  -553
  -579
  -607
  -636
  -666
  -699
New CAPEX, $m
  -232
  -91
  -108
  -124
  -139
  -154
  -169
  -184
  -199
  -215
  -231
  -247
  -263
  -280
  -298
  -316
  -335
  -355
  -375
  -396
  -418
  -441
  -465
  -491
  -517
  -544
  -573
  -603
  -635
  -668
  -703
Cash from investing activities, $m
  -118
  -314
  -336
  -357
  -378
  -400
  -422
  -445
  -469
  -495
  -521
  -548
  -576
  -606
  -638
  -670
  -704
  -740
  -778
  -817
  -858
  -901
  -946
  -995
  -1,045
  -1,097
  -1,152
  -1,210
  -1,271
  -1,334
  -1,402
Free cash flow, $m
  450
  90
  -5
  -16
  -25
  -34
  -41
  -47
  -52
  -56
  -59
  -69
  -70
  -70
  -69
  -68
  -65
  -62
  -57
  -51
  -45
  -37
  -28
  -18
  -7
  5
  19
  34
  51
  69
  89
Issuance/(repayment) of debt, $m
  -360
  94
  108
  123
  138
  153
  168
  183
  198
  214
  229
  245
  262
  279
  296
  314
  333
  353
  373
  394
  416
  439
  463
  488
  514
  541
  570
  600
  631
  664
  699
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -518
  94
  108
  123
  138
  153
  168
  183
  198
  214
  229
  245
  262
  279
  296
  314
  333
  353
  373
  394
  416
  439
  463
  488
  514
  541
  570
  600
  631
  664
  699
Total cash flow (excl. dividends), $m
  -72
  184
  103
  108
  113
  120
  128
  137
  147
  158
  171
  176
  192
  209
  227
  247
  268
  291
  316
  343
  371
  402
  435
  470
  507
  547
  589
  634
  682
  733
  788
Retained Cash Flow (-), $m
  -47
  -21
  -27
  -31
  -35
  -39
  -42
  -46
  -50
  -54
  -58
  -62
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -99
  -105
  -110
  -116
  -123
  -129
  -136
  -143
  -151
  -159
  -167
  -176
Prev. year cash balance distribution, $m
 
  195
  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
 
  359
  76
  77
  78
  81
  85
  90
  97
  104
  113
  115
  126
  138
  152
  167
  184
  202
  222
  243
  266
  291
  318
  347
  378
  411
  446
  483
  524
  566
  612
Discount rate, %
 
  9.20
  9.66
  10.14
  10.65
  11.18
  11.74
  12.33
  12.95
  13.59
  14.27
  14.99
  15.74
  16.52
  17.35
  18.22
  19.13
  20.08
  21.09
  22.14
  23.25
  24.41
  25.63
  26.91
  28.26
  29.67
  31.15
  32.71
  34.35
  36.07
  37.87
PV of cash for distribution, $m
 
  328
  63
  57
  52
  48
  44
  40
  37
  33
  30
  25
  22
  19
  16
  14
  11
  9
  7
  5
  4
  3
  2
  1
  1
  1
  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
  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

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 260.4
Price to Sales 1.1
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 7.8
Price to Free Cash Flow 13.2
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 $4361 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 9.2%, 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 81.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $584 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 4.5% 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 106%.

Life of production assets of 20.7 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 -16.6%. 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 - $1354 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

▶ 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]
▶ AVIANCA HOLDINGS S.A. Financials   [01:04PM  EDGAR Online Financials]
Stock chart of AVH Financial statements of AVH Annual reports 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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