Intrinsic value of Copa Holdings Cl A - CPA

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$113.09

  Intrinsic Value

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  Value-price divergence*

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$113.09

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

We calculate the intrinsic value of CPA 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 4.8

 

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, %
  -1.24
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
Revenue, $m
  2,222
  2,506
  2,808
  3,125
  3,459
  3,809
  4,175
  4,557
  4,955
  5,369
  5,800
  6,248
  6,713
  7,197
  7,699
  8,221
  8,765
  9,329
  9,917
  10,529
  11,167
  11,831
  12,523
  13,246
  14,000
  14,787
  15,609
  16,468
  17,366
  18,305
  19,288
Variable operating expenses, $m
 
  2,210
  2,476
  2,756
  3,050
  3,359
  3,681
  4,017
  4,368
  4,733
  5,112
  5,505
  5,915
  6,341
  6,784
  7,244
  7,722
  8,220
  8,738
  9,277
  9,839
  10,424
  11,034
  11,671
  12,335
  13,029
  13,753
  14,510
  15,301
  16,129
  16,994
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
  1,945
  2,210
  2,476
  2,756
  3,050
  3,359
  3,681
  4,017
  4,368
  4,733
  5,112
  5,505
  5,915
  6,341
  6,784
  7,244
  7,722
  8,220
  8,738
  9,277
  9,839
  10,424
  11,034
  11,671
  12,335
  13,029
  13,753
  14,510
  15,301
  16,129
  16,994
Operating income, $m
  277
  296
  332
  370
  409
  451
  494
  540
  587
  636
  688
  743
  798
  856
  915
  978
  1,042
  1,109
  1,179
  1,252
  1,328
  1,407
  1,489
  1,575
  1,665
  1,758
  1,856
  1,958
  2,065
  2,176
  2,293
EBITDA, $m
  436
  573
  642
  715
  791
  871
  955
  1,042
  1,133
  1,228
  1,326
  1,429
  1,535
  1,646
  1,761
  1,880
  2,004
  2,134
  2,268
  2,408
  2,554
  2,706
  2,864
  3,029
  3,202
  3,382
  3,570
  3,766
  3,972
  4,186
  4,411
Interest expense (income), $m
  37
  34
  42
  50
  59
  68
  78
  88
  99
  110
  122
  134
  146
  159
  173
  187
  202
  217
  233
  249
  266
  284
  303
  322
  342
  363
  385
  408
  432
  457
  484
Earnings before tax, $m
  373
  262
  290
  320
  350
  383
  416
  452
  488
  526
  566
  609
  652
  696
  743
  791
  841
  893
  947
  1,003
  1,062
  1,123
  1,186
  1,253
  1,322
  1,395
  1,471
  1,550
  1,633
  1,719
  1,810
Tax expense, $m
  38
  71
  78
  86
  95
  103
  112
  122
  132
  142
  153
  164
  176
  188
  200
  213
  227
  241
  256
  271
  287
  303
  320
  338
  357
  377
  397
  418
  441
  464
  489
Net income, $m
  335
  192
  212
  233
  256
  279
  304
  330
  356
  384
  413
  445
  476
  508
  542
  577
  614
  652
  691
  732
  775
  820
  866
  915
  965
  1,018
  1,074
  1,131
  1,192
  1,255
  1,321

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  815
  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
  3,846
  3,419
  3,830
  4,264
  4,720
  5,197
  5,696
  6,217
  6,760
  7,325
  7,913
  8,523
  9,158
  9,818
  10,504
  11,216
  11,957
  12,728
  13,530
  14,365
  15,234
  16,140
  17,085
  18,071
  19,099
  20,173
  21,294
  22,466
  23,692
  24,973
  26,313
Adjusted assets (=assets-cash), $m
  3,031
  3,419
  3,830
  4,264
  4,720
  5,197
  5,696
  6,217
  6,760
  7,325
  7,913
  8,523
  9,158
  9,818
  10,504
  11,216
  11,957
  12,728
  13,530
  14,365
  15,234
  16,140
  17,085
  18,071
  19,099
  20,173
  21,294
  22,466
  23,692
  24,973
  26,313
Revenue / Adjusted assets
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
Average production assets, $m
  1,385
  2,752
  3,083
  3,432
  3,798
  4,183
  4,585
  5,004
  5,441
  5,895
  6,368
  6,860
  7,371
  7,902
  8,454
  9,027
  9,623
  10,244
  10,889
  11,561
  12,261
  12,990
  13,751
  14,544
  15,372
  16,236
  17,138
  18,082
  19,068
  20,099
  21,178
Working capital, $m
  186
  -501
  -562
  -625
  -692
  -762
  -835
  -911
  -991
  -1,074
  -1,160
  -1,250
  -1,343
  -1,439
  -1,540
  -1,644
  -1,753
  -1,866
  -1,983
  -2,106
  -2,233
  -2,366
  -2,505
  -2,649
  -2,800
  -2,957
  -3,122
  -3,294
  -3,473
  -3,661
  -3,858
Total debt, $m
  1,184
  1,190
  1,431
  1,685
  1,952
  2,231
  2,524
  2,829
  3,147
  3,478
  3,823
  4,181
  4,553
  4,939
  5,341
  5,759
  6,193
  6,644
  7,114
  7,604
  8,113
  8,644
  9,198
  9,775
  10,378
  11,007
  11,665
  12,351
  13,069
  13,820
  14,606
Total liabilities, $m
  2,004
  2,004
  2,245
  2,499
  2,766
  3,045
  3,338
  3,643
  3,961
  4,292
  4,637
  4,995
  5,367
  5,753
  6,155
  6,573
  7,007
  7,458
  7,928
  8,418
  8,927
  9,458
  10,012
  10,589
  11,192
  11,821
  12,479
  13,165
  13,883
  14,634
  15,420
Total equity, $m
  1,842
  1,416
  1,586
  1,765
  1,954
  2,152
  2,358
  2,574
  2,799
  3,033
  3,276
  3,529
  3,792
  4,065
  4,348
  4,643
  4,950
  5,269
  5,601
  5,947
  6,307
  6,682
  7,073
  7,481
  7,907
  8,352
  8,816
  9,301
  9,808
  10,339
  10,894
Total liabilities and equity, $m
  3,846
  3,420
  3,831
  4,264
  4,720
  5,197
  5,696
  6,217
  6,760
  7,325
  7,913
  8,524
  9,159
  9,818
  10,503
  11,216
  11,957
  12,727
  13,529
  14,365
  15,234
  16,140
  17,085
  18,070
  19,099
  20,173
  21,295
  22,466
  23,691
  24,973
  26,314
Debt-to-equity ratio
  0.643
  0.840
  0.900
  0.950
  1.000
  1.040
  1.070
  1.100
  1.120
  1.150
  1.170
  1.180
  1.200
  1.220
  1.230
  1.240
  1.250
  1.260
  1.270
  1.280
  1.290
  1.290
  1.300
  1.310
  1.310
  1.320
  1.320
  1.330
  1.330
  1.340
  1.340
Adjusted equity ratio
  0.339
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  335
  192
  212
  233
  256
  279
  304
  330
  356
  384
  413
  445
  476
  508
  542
  577
  614
  652
  691
  732
  775
  820
  866
  915
  965
  1,018
  1,074
  1,131
  1,192
  1,255
  1,321
Depreciation, amort., depletion, $m
  159
  277
  310
  345
  382
  420
  460
  502
  546
  592
  639
  686
  737
  790
  845
  903
  962
  1,024
  1,089
  1,156
  1,226
  1,299
  1,375
  1,454
  1,537
  1,624
  1,714
  1,808
  1,907
  2,010
  2,118
Funds from operations, $m
  734
  469
  522
  578
  638
  700
  764
  832
  902
  976
  1,052
  1,131
  1,213
  1,299
  1,387
  1,480
  1,576
  1,676
  1,780
  1,888
  2,001
  2,119
  2,241
  2,369
  2,503
  2,642
  2,787
  2,940
  3,099
  3,265
  3,439
Change in working capital, $m
  139
  -57
  -60
  -64
  -67
  -70
  -73
  -76
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -104
  -109
  -113
  -118
  -122
  -127
  -133
  -139
  -144
  -151
  -157
  -164
  -172
  -180
  -188
  -197
Cash from operations, $m
  595
  509
  582
  642
  704
  770
  838
  908
  982
  1,059
  1,138
  1,220
  1,306
  1,395
  1,488
  1,584
  1,685
  1,789
  1,898
  2,011
  2,129
  2,251
  2,380
  2,514
  2,653
  2,799
  2,952
  3,111
  3,278
  3,453
  3,635
Maintenance CAPEX, $m
  0
  -244
  -275
  -308
  -343
  -380
  -418
  -458
  -500
  -544
  -590
  -637
  -686
  -737
  -790
  -845
  -903
  -962
  -1,024
  -1,089
  -1,156
  -1,226
  -1,299
  -1,375
  -1,454
  -1,537
  -1,624
  -1,714
  -1,808
  -1,907
  -2,010
New CAPEX, $m
  -103
  -312
  -331
  -349
  -367
  -384
  -402
  -419
  -437
  -455
  -473
  -492
  -511
  -531
  -552
  -574
  -596
  -620
  -645
  -672
  -700
  -729
  -760
  -793
  -828
  -864
  -903
  -943
  -986
  -1,031
  -1,079
Cash from investing activities, $m
  -180
  -556
  -606
  -657
  -710
  -764
  -820
  -877
  -937
  -999
  -1,063
  -1,129
  -1,197
  -1,268
  -1,342
  -1,419
  -1,499
  -1,582
  -1,669
  -1,761
  -1,856
  -1,955
  -2,059
  -2,168
  -2,282
  -2,401
  -2,527
  -2,657
  -2,794
  -2,938
  -3,089
Free cash flow, $m
  415
  -47
  -24
  -15
  -5
  5
  18
  31
  45
  60
  76
  92
  109
  127
  146
  165
  186
  206
  228
  250
  273
  296
  320
  345
  371
  398
  426
  454
  484
  515
  547
Issuance/(repayment) of debt, $m
  -163
  229
  241
  254
  267
  280
  293
  305
  318
  331
  344
  358
  372
  387
  402
  418
  434
  452
  470
  489
  510
  531
  554
  577
  603
  629
  657
  687
  718
  751
  785
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  
  -163
  229
  241
  254
  267
  280
  293
  305
  318
  331
  344
  358
  372
  387
  402
  418
  434
  452
  470
  489
  510
  531
  554
  577
  603
  629
  657
  687
  718
  751
  785
Total cash flow (excl. dividends), $m
  213
  181
  217
  239
  262
  285
  310
  336
  363
  391
  420
  450
  481
  514
  548
  583
  620
  658
  698
  739
  782
  827
  874
  923
  974
  1,027
  1,083
  1,141
  1,202
  1,265
  1,332
Retained Cash Flow (-), $m
  -255
  -160
  -170
  -179
  -189
  -198
  -207
  -216
  -225
  -234
  -243
  -253
  -263
  -273
  -284
  -295
  -307
  -319
  -332
  -346
  -360
  -375
  -391
  -408
  -426
  -445
  -464
  -485
  -507
  -530
  -555
Prev. year cash balance distribution, $m
 
  592
  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
 
  614
  47
  59
  73
  88
  103
  120
  138
  157
  177
  197
  218
  241
  264
  288
  313
  339
  366
  393
  422
  452
  483
  515
  548
  583
  618
  656
  695
  735
  777
Discount rate, %
 
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
 
  576
  41
  48
  54
  60
  64
  66
  68
  68
  67
  64
  60
  56
  51
  46
  40
  34
  29
  24
  19
  15
  12
  9
  7
  5
  3
  2
  1
  1
  1
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

Copa Holdings, S.A., through its subsidiaries, provides airline passenger and cargo services in Latin America. It offers services within Colombia; and international flights from various cities in Colombia to Panama, Venezuela, Ecuador, México, Cuba, Guatemala, and Costa Rica. The company offers approximately 360 daily scheduled flights among 73 destinations in 31 countries in North, Central, and South America, as well as the Caribbean from its Panama City hub. As of December 2015, it operated a fleet of 100 aircraft comprising 14 Boeing 737-700 next generation aircraft, 63 Boeing 737-800 next generation aircraft, and 23 Embraer 190 aircraft. The company has a strategic alliance with United Continental Holdings, Inc. Copa Holdings, S.A. was founded in 1947 and is based in Panama City, Panama.

FINANCIAL RATIOS  of  Copa Holdings Cl A (CPA)

Valuation Ratios
P/E Ratio 14.2
Price to Sales 2.1
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 8
Price to Free Cash Flow 9.7
Growth Rates
Sales Growth Rate -1.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2%
Cap. Spend. - 3 Yr. Gr. Rate 1.8%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 52.2%
Total Debt to Equity 64.3%
Interest Coverage 11
Management Effectiveness
Return On Assets 9.7%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 11.3%
Ret/ On T. Cap. - 3 Yr. Avg. 5.2%
Return On Equity 19.5%
Return On Equity - 3 Yr. Avg. 8.5%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 69.4%
Gross Margin - 3 Yr. Avg. 67.3%
EBITDA Margin 25.6%
EBITDA Margin - 3 Yr. Avg. 14.8%
Operating Margin 12.5%
Oper. Margin - 3 Yr. Avg. 14.5%
Pre-Tax Margin 16.8%
Pre-Tax Margin - 3 Yr. Avg. 7.7%
Net Profit Margin 15.1%
Net Profit Margin - 3 Yr. Avg. 6.2%
Effective Tax Rate 10.2%
Eff/ Tax Rate - 3 Yr. Avg. 0.7%
Payout Ratio 25.7%

CPA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CPA stock intrinsic value calculation we used $2222 million for the last fiscal year's total revenue generated by Copa Holdings Cl A. The default revenue input number comes from 2016 income statement of Copa Holdings Cl A. 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 CPA stock valuation model: a) initial revenue growth rate of 12.8% 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 6.6%, whose default value for CPA is calculated based on our internal credit rating of Copa Holdings Cl A, 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 Copa Holdings Cl A.
    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 CPA stock the variable cost ratio is equal to 88.2%.

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 CPA 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 3.5% for Copa Holdings Cl A.

Corporate tax rate of 27% is the nominal tax rate for Copa Holdings Cl A. 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 CPA 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 CPA are equal to 109.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Copa Holdings Cl A 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 CPA is equal to -20%. 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 - $1848 million for Copa Holdings Cl A - 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 42.215 million for Copa Holdings Cl A 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 Copa Holdings Cl A at the current share price and the inputted number of shares is $4.8 billion.


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COMPANY NEWS

▶ ETFs with exposure to Copa Holdings SA : June 12, 2017   [Jun-12-17 01:56PM  Capital Cube]
▶ 4 Reasons Copa Holdings Has the Wind at Its Back   [Jun-08-17 04:33PM  Motley Fool]
▶ ETFs with exposure to Copa Holdings SA : May 31, 2017   [May-31-17 12:26PM  Capital Cube]
▶ Copa Holdings' Recovery Looks Real After a Strong Q1   [May-26-17 04:26PM  Motley Fool]
▶ Growing Fleet Lifts Copa Holdings' Revenue Early in 2017   [May-15-17 06:12PM  Motley Fool]
▶ Copa Holdings beats Street 1Q forecasts   [May-10-17 05:28PM  Associated Press]
▶ Copa Holdings S.A. Files Annual Report Form 20-F   [Apr-24-17 07:45AM  PR Newswire]
▶ ETFs with exposure to Copa Holdings SA : April 7, 2017   [Apr-07-17 04:14PM  Capital Cube]
▶ Copa Holdings' Huge Opportunity in 4 Charts   [Mar-09-17 08:23AM  Motley Fool]
▶ Copa Holdings' Huge Opportunity in 4 Charts   [08:23AM  at Motley Fool]
▶ Copa Holdings' Q4 Results Suggest Sunny Skies Ahead   [Feb-23-17 12:16PM  Motley Fool]
▶ Copa Holdings Earnings Soar as Demand Grows   [11:16AM  at Motley Fool]
▶ Cuba: What Will GE, Google & President Trump Do?   [Dec-20-16 06:29PM  at Barrons.com]
Stock chart of CPA Financial statements of CPA Annual reports of CPA
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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