Intrinsic value of Avianca Holdings ADR - AVH

Previous Close

$7.16

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$7.16

 
Intrinsic value

$10.78

 
Up/down potential

+51%

 
Rating

str. buy

 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

*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
  3.50
  3.65
  3.78
  3.91
  4.02
  4.11
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
Revenue, $m
  4,138
  4,283
  4,439
  4,607
  4,787
  4,979
  5,184
  5,402
  5,634
  5,879
  6,139
  6,413
  6,704
  7,011
  7,334
  7,676
  8,036
  8,416
  8,815
  9,236
  9,679
  10,146
  10,636
  11,152
  11,695
  12,266
  12,866
  13,497
  14,160
  14,857
  15,589
Variable operating expenses, $m
 
  4,069
  4,217
  4,377
  4,548
  4,730
  4,925
  5,132
  5,352
  5,585
  5,832
  6,093
  6,369
  6,660
  6,968
  7,292
  7,634
  7,995
  8,375
  8,774
  9,195
  9,638
  10,104
  10,595
  11,110
  11,653
  12,223
  12,822
  13,452
  14,114
  14,810
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
  4,069
  4,217
  4,377
  4,548
  4,730
  4,925
  5,132
  5,352
  5,585
  5,832
  6,093
  6,369
  6,660
  6,968
  7,292
  7,634
  7,995
  8,375
  8,774
  9,195
  9,638
  10,104
  10,595
  11,110
  11,653
  12,223
  12,822
  13,452
  14,114
  14,810
Operating income, $m
  258
  214
  222
  230
  239
  249
  259
  270
  282
  294
  307
  321
  335
  351
  367
  384
  402
  421
  441
  462
  484
  507
  532
  558
  585
  613
  643
  675
  708
  743
  779
EBITDA, $m
  528
  484
  502
  521
  541
  563
  586
  611
  637
  665
  694
  725
  758
  793
  830
  868
  909
  952
  997
  1,045
  1,095
  1,147
  1,203
  1,261
  1,323
  1,387
  1,455
  1,527
  1,602
  1,680
  1,763
Interest expense (income), $m
  159
  135
  142
  150
  159
  168
  178
  189
  200
  212
  224
  238
  252
  267
  283
  299
  317
  336
  355
  376
  398
  420
  444
  470
  496
  524
  554
  585
  617
  652
  687
Earnings before tax, $m
  78
  79
  80
  80
  81
  81
  81
  82
  82
  82
  83
  83
  83
  84
  84
  84
  85
  85
  86
  86
  86
  87
  87
  88
  88
  89
  89
  90
  91
  91
  92
Tax expense, $m
  34
  21
  22
  22
  22
  22
  22
  22
  22
  22
  22
  22
  22
  23
  23
  23
  23
  23
  23
  23
  23
  23
  24
  24
  24
  24
  24
  24
  24
  25
  25
Net income, $m
  17
  58
  58
  59
  59
  59
  59
  59
  60
  60
  60
  60
  61
  61
  61
  62
  62
  62
  62
  63
  63
  63
  64
  64
  65
  65
  65
  66
  66
  67
  67

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
  6,041
  6,261
  6,498
  6,752
  7,023
  7,312
  7,619
  7,946
  8,292
  8,658
  9,046
  9,455
  9,888
  10,345
  10,827
  11,334
  11,870
  12,433
  13,027
  13,652
  14,310
  15,002
  15,730
  16,495
  17,300
  18,147
  19,036
  19,972
  20,955
  21,988
Adjusted assets (=assets-cash), $m
  5,836
  6,041
  6,261
  6,498
  6,752
  7,023
  7,312
  7,619
  7,946
  8,292
  8,658
  9,046
  9,455
  9,888
  10,345
  10,827
  11,334
  11,870
  12,433
  13,027
  13,652
  14,310
  15,002
  15,730
  16,495
  17,300
  18,147
  19,036
  19,972
  20,955
  21,988
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
  4,884
  5,054
  5,238
  5,436
  5,649
  5,876
  6,117
  6,375
  6,648
  6,937
  7,244
  7,568
  7,911
  8,273
  8,655
  9,058
  9,483
  9,930
  10,402
  10,899
  11,422
  11,972
  12,551
  13,160
  13,800
  14,474
  15,182
  15,926
  16,709
  17,531
  18,395
Working capital, $m
  -675
  -809
  -839
  -871
  -905
  -941
  -980
  -1,021
  -1,065
  -1,111
  -1,160
  -1,212
  -1,267
  -1,325
  -1,386
  -1,451
  -1,519
  -1,591
  -1,666
  -1,746
  -1,829
  -1,918
  -2,010
  -2,108
  -2,210
  -2,318
  -2,432
  -2,551
  -2,676
  -2,808
  -2,946
Total debt, $m
  3,274
  3,024
  3,195
  3,380
  3,577
  3,788
  4,013
  4,252
  4,506
  4,775
  5,060
  5,362
  5,680
  6,017
  6,372
  6,747
  7,142
  7,559
  7,997
  8,459
  8,945
  9,457
  9,995
  10,562
  11,157
  11,784
  12,442
  13,134
  13,862
  14,627
  15,430
Total liabilities, $m
  4,951
  4,700
  4,871
  5,056
  5,253
  5,464
  5,689
  5,928
  6,182
  6,451
  6,736
  7,038
  7,356
  7,693
  8,048
  8,423
  8,818
  9,235
  9,673
  10,135
  10,621
  11,133
  11,671
  12,238
  12,833
  13,460
  14,118
  14,810
  15,538
  16,303
  17,106
Total equity, $m
  1,401
  1,341
  1,390
  1,443
  1,499
  1,559
  1,623
  1,692
  1,764
  1,841
  1,922
  2,008
  2,099
  2,195
  2,297
  2,403
  2,516
  2,635
  2,760
  2,892
  3,031
  3,177
  3,330
  3,492
  3,662
  3,841
  4,029
  4,226
  4,434
  4,652
  4,881
Total liabilities and equity, $m
  6,352
  6,041
  6,261
  6,499
  6,752
  7,023
  7,312
  7,620
  7,946
  8,292
  8,658
  9,046
  9,455
  9,888
  10,345
  10,826
  11,334
  11,870
  12,433
  13,027
  13,652
  14,310
  15,001
  15,730
  16,495
  17,301
  18,147
  19,036
  19,972
  20,955
  21,987
Debt-to-equity ratio
  2.337
  2.250
  2.300
  2.340
  2.390
  2.430
  2.470
  2.510
  2.550
  2.590
  2.630
  2.670
  2.710
  2.740
  2.770
  2.810
  2.840
  2.870
  2.900
  2.920
  2.950
  2.980
  3.000
  3.020
  3.050
  3.070
  3.090
  3.110
  3.130
  3.140
  3.160
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
  58
  58
  59
  59
  59
  59
  59
  60
  60
  60
  60
  61
  61
  61
  62
  62
  62
  62
  63
  63
  63
  64
  64
  65
  65
  65
  66
  66
  67
  67
Depreciation, amort., depletion, $m
  270
  270
  280
  291
  302
  314
  327
  341
  355
  371
  387
  405
  423
  442
  463
  484
  507
  531
  556
  583
  611
  640
  671
  704
  738
  774
  812
  852
  894
  937
  984
Funds from operations, $m
  598
  328
  338
  349
  361
  373
  386
  400
  415
  431
  448
  465
  484
  503
  524
  546
  569
  593
  619
  646
  674
  704
  735
  768
  802
  839
  877
  917
  960
  1,004
  1,051
Change in working capital, $m
  30
  -27
  -30
  -32
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -132
  -138
Cash from operations, $m
  568
  535
  368
  381
  395
  410
  425
  442
  459
  477
  497
  517
  539
  561
  585
  610
  637
  665
  694
  725
  758
  792
  828
  865
  905
  947
  991
  1,037
  1,085
  1,136
  1,189
Maintenance CAPEX, $m
  0
  -261
  -270
  -280
  -291
  -302
  -314
  -327
  -341
  -355
  -371
  -387
  -405
  -423
  -442
  -463
  -484
  -507
  -531
  -556
  -583
  -611
  -640
  -671
  -704
  -738
  -774
  -812
  -852
  -894
  -937
New CAPEX, $m
  -232
  -170
  -184
  -198
  -212
  -227
  -242
  -257
  -273
  -289
  -307
  -324
  -343
  -362
  -382
  -403
  -425
  -448
  -472
  -497
  -523
  -550
  -579
  -609
  -640
  -674
  -708
  -744
  -782
  -822
  -864
Cash from investing activities, $m
  -118
  -431
  -454
  -478
  -503
  -529
  -556
  -584
  -614
  -644
  -678
  -711
  -748
  -785
  -824
  -866
  -909
  -955
  -1,003
  -1,053
  -1,106
  -1,161
  -1,219
  -1,280
  -1,344
  -1,412
  -1,482
  -1,556
  -1,634
  -1,716
  -1,801
Free cash flow, $m
  450
  104
  -87
  -97
  -108
  -119
  -131
  -143
  -155
  -168
  -181
  -195
  -209
  -224
  -239
  -255
  -272
  -290
  -308
  -328
  -348
  -369
  -392
  -415
  -439
  -465
  -492
  -520
  -549
  -580
  -612
Issuance/(repayment) of debt, $m
  -360
  157
  172
  184
  197
  211
  225
  239
  254
  269
  285
  302
  319
  337
  355
  375
  395
  416
  439
  462
  486
  512
  538
  566
  596
  626
  658
  692
  728
  765
  804
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
  1
  4
  7
  10
  13
  17
  21
  25
  29
  33
  38
Cash from financing (excl. dividends), $m  
  -518
  157
  172
  184
  197
  211
  225
  239
  254
  269
  285
  302
  319
  337
  355
  375
  395
  416
  439
  462
  487
  516
  545
  576
  609
  643
  679
  717
  757
  798
  842
Total cash flow (excl. dividends), $m
  -72
  260
  85
  87
  89
  92
  94
  96
  99
  102
  104
  107
  110
  113
  116
  119
  123
  126
  130
  134
  138
  142
  147
  152
  156
  162
  167
  173
  179
  185
  191
Retained Cash Flow (-), $m
  -47
  -48
  -49
  -53
  -56
  -60
  -64
  -68
  -72
  -77
  -81
  -86
  -91
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -188
  -198
  -208
  -218
  -229
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
 
  320
  36
  34
  33
  31
  30
  28
  26
  25
  23
  21
  19
  17
  15
  12
  10
  8
  5
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
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
 
  294
  30
  26
  22
  19
  16
  13
  10
  8
  6
  5
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  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
  100.0
  100.0
  100.0
  99.8
  99.5
  99.1
  98.5
  97.9
  97.1
  96.3
  95.3
  94.3
  93.2

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 278.3
Price to Sales 1.1
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 8.3
Price to Free Cash Flow 14.1
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 46.5%
Gross Margin - 3 Yr. Avg. 44%
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 3.5% 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 118%.

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 42.687 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.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
CPA Copa Holdings 109.27 prem.  prem.
LFL LATAM Airlines 12.47 prem.  prem.
VLRS Controladora V 13.33 prem.  prem.
DAL Delta Air Line 48.59 prem.  prem.

COMPANY NEWS

▶ 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.