Intrinsic value of Aircastle - AYR

Previous Close

$23.97

  Intrinsic Value

$5.79

stock screener

  Rating & Target

str. sell

-76%

  Value-price divergence*

+30%

Previous close

$23.97

 
Intrinsic value

$5.79

 
Up/down potential

-76%

 
Rating

str. sell

 
Value-price divergence*

+30%

Our model is not good at valuating stocks of financial companies, such as AYR.

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

We calculate the intrinsic value of AYR 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 1.9

 

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, %
  -5.62
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
Revenue, $m
  773
  857
  946
  1,038
  1,135
  1,235
  1,340
  1,449
  1,563
  1,680
  1,803
  1,930
  2,062
  2,200
  2,343
  2,491
  2,646
  2,807
  2,975
  3,151
  3,333
  3,524
  3,723
  3,931
  4,148
  4,374
  4,612
  4,860
  5,120
  5,391
  5,676
Variable operating expenses, $m
 
  554
  611
  671
  733
  798
  866
  936
  1,009
  1,085
  1,165
  1,247
  1,332
  1,421
  1,513
  1,609
  1,709
  1,814
  1,922
  2,035
  2,153
  2,276
  2,405
  2,539
  2,679
  2,826
  2,979
  3,139
  3,307
  3,483
  3,667
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
  410
  554
  611
  671
  733
  798
  866
  936
  1,009
  1,085
  1,165
  1,247
  1,332
  1,421
  1,513
  1,609
  1,709
  1,814
  1,922
  2,035
  2,153
  2,276
  2,405
  2,539
  2,679
  2,826
  2,979
  3,139
  3,307
  3,483
  3,667
Operating income, $m
  363
  303
  335
  367
  402
  437
  474
  513
  553
  595
  638
  683
  730
  779
  829
  882
  937
  994
  1,053
  1,115
  1,180
  1,247
  1,318
  1,391
  1,468
  1,549
  1,633
  1,720
  1,812
  1,909
  2,009
EBITDA, $m
  668
  641
  707
  776
  848
  924
  1,002
  1,084
  1,168
  1,256
  1,348
  1,443
  1,542
  1,645
  1,752
  1,863
  1,979
  2,099
  2,225
  2,356
  2,492
  2,635
  2,784
  2,939
  3,101
  3,271
  3,449
  3,634
  3,828
  4,031
  4,244
Interest expense (income), $m
  225
  230
  259
  290
  322
  356
  391
  427
  465
  505
  546
  588
  633
  679
  727
  777
  828
  882
  939
  997
  1,058
  1,122
  1,188
  1,257
  1,330
  1,406
  1,485
  1,567
  1,654
  1,744
  1,839
Earnings before tax, $m
  157
  74
  76
  78
  80
  82
  84
  86
  88
  90
  92
  95
  97
  100
  103
  105
  108
  112
  115
  118
  122
  126
  130
  134
  138
  143
  148
  153
  159
  164
  170
Tax expense, $m
  13
  20
  20
  21
  22
  22
  23
  23
  24
  24
  25
  26
  26
  27
  28
  28
  29
  30
  31
  32
  33
  34
  35
  36
  37
  39
  40
  41
  43
  44
  46
Net income, $m
  151
  54
  55
  57
  58
  60
  61
  63
  64
  66
  67
  69
  71
  73
  75
  77
  79
  81
  84
  86
  89
  92
  95
  98
  101
  104
  108
  112
  116
  120
  124

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  456
  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
  7,245
  7,520
  8,295
  9,106
  9,953
  10,836
  11,756
  12,712
  13,706
  14,740
  15,814
  16,930
  18,089
  19,295
  20,549
  21,854
  23,213
  24,627
  26,101
  27,637
  29,239
  30,911
  32,656
  34,478
  36,382
  38,373
  40,454
  42,631
  44,909
  47,293
  49,789
Adjusted assets (=assets-cash), $m
  6,789
  7,520
  8,295
  9,106
  9,953
  10,836
  11,756
  12,712
  13,706
  14,740
  15,814
  16,930
  18,089
  19,295
  20,549
  21,854
  23,213
  24,627
  26,101
  27,637
  29,239
  30,911
  32,656
  34,478
  36,382
  38,373
  40,454
  42,631
  44,909
  47,293
  49,789
Revenue / Adjusted assets
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
Average production assets, $m
  6,057
  6,717
  7,410
  8,135
  8,891
  9,680
  10,501
  11,356
  12,244
  13,167
  14,126
  15,123
  16,159
  17,237
  18,357
  19,523
  20,736
  21,999
  23,316
  24,688
  26,119
  27,613
  29,171
  30,799
  32,500
  34,278
  36,138
  38,082
  40,117
  42,247
  44,476
Working capital, $m
  0
  -86
  -95
  -104
  -113
  -124
  -134
  -145
  -156
  -168
  -180
  -193
  -206
  -220
  -234
  -249
  -265
  -281
  -298
  -315
  -333
  -352
  -372
  -393
  -415
  -437
  -461
  -486
  -512
  -539
  -568
Total debt, $m
  4,629
  5,076
  5,680
  6,312
  6,972
  7,659
  8,376
  9,121
  9,895
  10,700
  11,537
  12,406
  13,310
  14,249
  15,226
  16,243
  17,301
  18,402
  19,550
  20,747
  21,995
  23,297
  24,657
  26,076
  27,560
  29,110
  30,732
  32,427
  34,202
  36,059
  38,003
Total liabilities, $m
  5,410
  5,858
  6,462
  7,094
  7,754
  8,441
  9,158
  9,903
  10,677
  11,482
  12,319
  13,188
  14,092
  15,031
  16,008
  17,025
  18,083
  19,184
  20,332
  21,529
  22,777
  24,079
  25,439
  26,858
  28,342
  29,892
  31,514
  33,209
  34,984
  36,841
  38,785
Total equity, $m
  1,834
  1,662
  1,833
  2,012
  2,200
  2,395
  2,598
  2,809
  3,029
  3,257
  3,495
  3,741
  3,998
  4,264
  4,541
  4,830
  5,130
  5,443
  5,768
  6,108
  6,462
  6,831
  7,217
  7,620
  8,040
  8,480
  8,940
  9,421
  9,925
  10,452
  11,003
Total liabilities and equity, $m
  7,244
  7,520
  8,295
  9,106
  9,954
  10,836
  11,756
  12,712
  13,706
  14,739
  15,814
  16,929
  18,090
  19,295
  20,549
  21,855
  23,213
  24,627
  26,100
  27,637
  29,239
  30,910
  32,656
  34,478
  36,382
  38,372
  40,454
  42,630
  44,909
  47,293
  49,788
Debt-to-equity ratio
  2.524
  3.050
  3.100
  3.140
  3.170
  3.200
  3.220
  3.250
  3.270
  3.280
  3.300
  3.320
  3.330
  3.340
  3.350
  3.360
  3.370
  3.380
  3.390
  3.400
  3.400
  3.410
  3.420
  3.420
  3.430
  3.430
  3.440
  3.440
  3.450
  3.450
  3.450
Adjusted equity ratio
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  151
  54
  55
  57
  58
  60
  61
  63
  64
  66
  67
  69
  71
  73
  75
  77
  79
  81
  84
  86
  89
  92
  95
  98
  101
  104
  108
  112
  116
  120
  124
Depreciation, amort., depletion, $m
  305
  338
  372
  409
  447
  486
  528
  571
  615
  662
  710
  760
  812
  866
  922
  981
  1,042
  1,105
  1,172
  1,241
  1,313
  1,388
  1,466
  1,548
  1,633
  1,723
  1,816
  1,914
  2,016
  2,123
  2,235
Funds from operations, $m
  467
  391
  428
  466
  505
  546
  589
  633
  679
  727
  777
  829
  883
  939
  997
  1,058
  1,121
  1,187
  1,255
  1,327
  1,401
  1,479
  1,561
  1,645
  1,734
  1,827
  1,924
  2,025
  2,132
  2,243
  2,359
Change in working capital, $m
  -1
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
Cash from operations, $m
  468
  400
  437
  475
  515
  556
  599
  644
  691
  739
  790
  842
  896
  953
  1,012
  1,073
  1,137
  1,203
  1,272
  1,344
  1,420
  1,498
  1,580
  1,666
  1,756
  1,850
  1,948
  2,050
  2,158
  2,270
  2,388
Maintenance CAPEX, $m
  0
  -304
  -338
  -372
  -409
  -447
  -486
  -528
  -571
  -615
  -662
  -710
  -760
  -812
  -866
  -922
  -981
  -1,042
  -1,105
  -1,172
  -1,241
  -1,313
  -1,388
  -1,466
  -1,548
  -1,633
  -1,723
  -1,816
  -1,914
  -2,016
  -2,123
New CAPEX, $m
  -1,331
  -660
  -693
  -725
  -757
  -789
  -821
  -854
  -888
  -923
  -959
  -997
  -1,036
  -1,077
  -1,120
  -1,166
  -1,213
  -1,263
  -1,316
  -1,372
  -1,431
  -1,493
  -1,559
  -1,628
  -1,701
  -1,778
  -1,859
  -1,945
  -2,035
  -2,130
  -2,230
Cash from investing activities, $m
  -646
  -964
  -1,031
  -1,097
  -1,166
  -1,236
  -1,307
  -1,382
  -1,459
  -1,538
  -1,621
  -1,707
  -1,796
  -1,889
  -1,986
  -2,088
  -2,194
  -2,305
  -2,421
  -2,544
  -2,672
  -2,806
  -2,947
  -3,094
  -3,249
  -3,411
  -3,582
  -3,761
  -3,949
  -4,146
  -4,353
Free cash flow, $m
  -178
  -565
  -594
  -622
  -651
  -679
  -708
  -738
  -768
  -799
  -831
  -865
  -900
  -936
  -975
  -1,015
  -1,058
  -1,102
  -1,150
  -1,199
  -1,252
  -1,307
  -1,366
  -1,428
  -1,493
  -1,562
  -1,634
  -1,710
  -1,791
  -1,876
  -1,965
Issuance/(repayment) of debt, $m
  465
  570
  604
  632
  660
  688
  716
  745
  775
  805
  837
  869
  904
  939
  977
  1,016
  1,058
  1,102
  1,148
  1,197
  1,248
  1,302
  1,359
  1,420
  1,483
  1,550
  1,621
  1,696
  1,774
  1,857
  1,944
Issuance/(repurchase) of shares, $m
  -37
  107
  116
  122
  129
  135
  142
  149
  156
  163
  170
  177
  185
  194
  202
  211
  221
  231
  242
  253
  265
  278
  291
  305
  320
  335
  352
  369
  388
  407
  427
Cash from financing (excl. dividends), $m  
  555
  677
  720
  754
  789
  823
  858
  894
  931
  968
  1,007
  1,046
  1,089
  1,133
  1,179
  1,227
  1,279
  1,333
  1,390
  1,450
  1,513
  1,580
  1,650
  1,725
  1,803
  1,885
  1,973
  2,065
  2,162
  2,264
  2,371
Total cash flow (excl. dividends), $m
  377
  112
  126
  132
  138
  144
  150
  156
  162
  168
  175
  182
  189
  197
  204
  213
  221
  231
  240
  250
  261
  272
  284
  297
  310
  324
  339
  355
  371
  389
  407
Retained Cash Flow (-), $m
  -54
  -161
  -171
  -179
  -187
  -195
  -203
  -211
  -220
  -228
  -237
  -247
  -256
  -267
  -277
  -288
  -300
  -313
  -326
  -339
  -354
  -369
  -386
  -403
  -421
  -440
  -460
  -481
  -503
  -527
  -552
Prev. year cash balance distribution, $m
 
  333
  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
 
  284
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -93
  -97
  -101
  -106
  -110
  -115
  -121
  -126
  -132
  -138
  -145
Discount rate, %
 
  10.20
  10.71
  11.25
  11.81
  12.40
  13.02
  13.67
  14.35
  15.07
  15.82
  16.61
  17.45
  18.32
  19.23
  20.20
  21.21
  22.27
  23.38
  24.55
  25.77
  27.06
  28.42
  29.84
  31.33
  32.90
  34.54
  36.27
  38.08
  39.99
  41.98
PV of cash for distribution, $m
 
  258
  -37
  -34
  -31
  -29
  -26
  -23
  -20
  -17
  -14
  -12
  -10
  -8
  -6
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  93.5
  87.6
  82.3
  77.5
  73.2
  69.2
  65.6
  62.2
  59.2
  56.3
  53.7
  51.2
  49.0
  46.8
  44.8
  42.9
  41.1
  39.4
  37.8
  36.3
  34.8
  33.5
  32.1
  30.9
  29.7
  28.5
  27.5
  26.4
  25.4
  24.4

Aircastle Limited, through its subsidiaries, acquires, leases, and sells commercial jet aircraft to airlines. The company also invests in other aviation assets. As of December 31, 2016, its aircraft portfolio comprised 206 aircraft leased to 71 lessees located in 36 countries. Aircastle Limited was founded in 2004 and is based in Stamford, Connecticut.

FINANCIAL RATIOS  of  Aircastle (AYR)

Valuation Ratios
P/E Ratio 12.5
Price to Sales 2.4
Price to Book 1
Price to Tangible Book
Price to Cash Flow 4
Price to Free Cash Flow -2.2
Growth Rates
Sales Growth Rate -5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.8%
Cap. Spend. - 3 Yr. Gr. Rate 1%
Financial Strength
Quick Ratio 4
Current Ratio NaN
LT Debt to Equity 245.7%
Total Debt to Equity 252.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 2.4%
Ret/ On T. Cap. - 3 Yr. Avg. 2.1%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 7.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 88.9%
EBITDA Margin - 3 Yr. Avg. 80.7%
Operating Margin 47%
Oper. Margin - 3 Yr. Avg. 39.3%
Pre-Tax Margin 20.3%
Pre-Tax Margin - 3 Yr. Avg. 16.5%
Net Profit Margin 19.5%
Net Profit Margin - 3 Yr. Avg. 15.6%
Effective Tax Rate 8.3%
Eff/ Tax Rate - 3 Yr. Avg. 10.3%
Payout Ratio 51%

AYR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AYR stock intrinsic value calculation we used $773 million for the last fiscal year's total revenue generated by Aircastle. The default revenue input number comes from 2016 income statement of Aircastle. 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 AYR stock valuation model: a) initial revenue growth rate of 10.9% 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 10.2%, whose default value for AYR is calculated based on our internal credit rating of Aircastle, 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 Aircastle.
    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 AYR stock the variable cost ratio is equal to 64.6%.

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 AYR 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 5.1% for Aircastle.

Corporate tax rate of 27% is the nominal tax rate for Aircastle. 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 AYR 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 AYR are equal to 783.6%.

Life of production assets of 19.9 years is the average useful life of capital assets used in Aircastle 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 AYR 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 - $1834 million for Aircastle - 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 79.148 million for Aircastle 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 Aircastle at the current share price and the inputted number of shares is $1.9 billion.

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COMPANY NEWS

▶ ETFs with exposure to Aircastle Ltd. : July 10, 2017   [Jul-10-17 02:00PM  Capital Cube]
▶ ETFs with exposure to Aircastle Ltd. : June 9, 2017   [Jun-09-17 01:17PM  Capital Cube]
▶ Aircastle misses 1Q profit forecasts   [08:49AM  Associated Press]
▶ Aircastle Ltd. Value Analysis (NYSE:AYR) : April 28, 2017   [Apr-28-17 04:38PM  Capital Cube]
▶ Top Ranked Value Stocks to Buy for April 10th   [Apr-10-17 10:14AM  Zacks]
▶ Top Ranked Income Stocks to Buy for March 22nd   [Mar-22-17 11:23AM  Zacks]
▶ 3 Dividend Stocks To Buy - And 2 To Sell Now   [Feb-06-17 09:14AM  at Forbes]
▶ 4 Top Small-Cap Stocks to Buy This Winter   [09:20AM  at Motley Fool]
▶ Aircastle Enhances Airline Coverage Team   [Dec-20-16 04:15PM  PR Newswire]
▶ Is Aircastle Limited (AYR) A Good Stock To Buy?   [10:04AM  at Insider Monkey]
Stock chart of AYR Financial statements of AYR Annual reports of AYR
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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