Intrinsic value of Era Group - ERA

Previous Close

$13.36

  Intrinsic Value

$5.30

stock screener

  Rating & Target

str. sell

-60%

Previous close

$13.36

 
Intrinsic value

$5.30

 
Up/down potential

-60%

 
Rating

str. sell

We calculate the intrinsic value of ERA 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -12.41
  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
  247
  236
  241
  247
  254
  262
  270
  280
  290
  300
  312
  324
  337
  351
  366
  382
  399
  416
  435
  455
  476
  498
  521
  546
  572
  599
  627
  658
  689
  723
  758
Variable operating expenses, $m
 
  238
  244
  250
  257
  265
  274
  283
  293
  304
  315
  328
  341
  355
  370
  386
  403
  421
  440
  460
  481
  504
  527
  552
  578
  606
  635
  665
  697
  731
  767
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
  250
  238
  244
  250
  257
  265
  274
  283
  293
  304
  315
  328
  341
  355
  370
  386
  403
  421
  440
  460
  481
  504
  527
  552
  578
  606
  635
  665
  697
  731
  767
Operating income, $m
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
EBITDA, $m
  46
  74
  75
  77
  79
  82
  84
  87
  90
  94
  97
  101
  105
  110
  114
  119
  124
  130
  136
  142
  149
  155
  163
  170
  178
  187
  196
  205
  215
  226
  237
Interest expense (income), $m
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  24
  25
  26
  28
  30
  31
  33
  35
  37
  39
  42
  44
  47
  49
  52
  55
  58
  61
  65
  69
  72
Earnings before tax, $m
  -19
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
Tax expense, $m
  -3
  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
Net income, $m
  -8
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  27
  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
  955
  807
  825
  847
  871
  897
  926
  957
  992
  1,028
  1,068
  1,110
  1,155
  1,203
  1,254
  1,308
  1,365
  1,426
  1,490
  1,558
  1,630
  1,705
  1,785
  1,869
  1,957
  2,050
  2,149
  2,252
  2,360
  2,475
  2,595
Adjusted assets (=assets-cash), $m
  928
  807
  825
  847
  871
  897
  926
  957
  992
  1,028
  1,068
  1,110
  1,155
  1,203
  1,254
  1,308
  1,365
  1,426
  1,490
  1,558
  1,630
  1,705
  1,785
  1,869
  1,957
  2,050
  2,149
  2,252
  2,360
  2,475
  2,595
Revenue / Adjusted assets
  0.266
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.293
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
  0.292
Average production assets, $m
  842
  763
  780
  801
  823
  848
  875
  905
  937
  972
  1,010
  1,049
  1,092
  1,137
  1,186
  1,237
  1,291
  1,348
  1,409
  1,473
  1,541
  1,612
  1,688
  1,767
  1,851
  1,939
  2,031
  2,129
  2,232
  2,340
  2,454
Working capital, $m
  70
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
  14
  14
  15
Total debt, $m
  232
  211
  220
  229
  239
  251
  263
  277
  292
  308
  325
  344
  364
  385
  407
  430
  455
  482
  510
  540
  571
  604
  639
  675
  714
  755
  798
  843
  890
  940
  993
Total liabilities, $m
  487
  353
  361
  370
  380
  392
  405
  418
  433
  449
  467
  485
  505
  526
  548
  572
  597
  623
  651
  681
  712
  745
  780
  817
  855
  896
  939
  984
  1,032
  1,081
  1,134
Total equity, $m
  468
  454
  465
  477
  490
  505
  521
  539
  558
  579
  601
  625
  650
  677
  706
  736
  769
  803
  839
  877
  917
  960
  1,005
  1,052
  1,102
  1,154
  1,210
  1,268
  1,329
  1,393
  1,461
Total liabilities and equity, $m
  955
  807
  826
  847
  870
  897
  926
  957
  991
  1,028
  1,068
  1,110
  1,155
  1,203
  1,254
  1,308
  1,366
  1,426
  1,490
  1,558
  1,629
  1,705
  1,785
  1,869
  1,957
  2,050
  2,149
  2,252
  2,361
  2,474
  2,595
Debt-to-equity ratio
  0.496
  0.470
  0.470
  0.480
  0.490
  0.500
  0.510
  0.510
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.580
  0.580
  0.590
  0.600
  0.610
  0.620
  0.620
  0.630
  0.640
  0.640
  0.650
  0.650
  0.660
  0.660
  0.670
  0.670
  0.680
Adjusted equity ratio
  0.475
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -8
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -53
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
Depreciation, amort., depletion, $m
  49
  76
  78
  80
  82
  85
  88
  91
  94
  97
  101
  105
  109
  114
  119
  124
  129
  135
  141
  147
  154
  161
  169
  177
  185
  194
  203
  213
  223
  234
  245
Funds from operations, $m
  87
  58
  59
  60
  62
  63
  65
  67
  69
  71
  74
  76
  79
  82
  85
  88
  91
  95
  99
  103
  107
  111
  116
  121
  126
  132
  138
  144
  150
  157
  164
Change in working capital, $m
  28
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  59
  58
  59
  60
  62
  63
  65
  67
  69
  71
  73
  76
  79
  81
  84
  88
  91
  95
  98
  102
  107
  111
  116
  121
  126
  131
  137
  143
  150
  156
  163
Maintenance CAPEX, $m
  0
  -75
  -76
  -78
  -80
  -82
  -85
  -88
  -91
  -94
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -129
  -135
  -141
  -147
  -154
  -161
  -169
  -177
  -185
  -194
  -203
  -213
  -223
  -234
New CAPEX, $m
  -39
  -14
  -18
  -20
  -23
  -25
  -27
  -30
  -32
  -35
  -37
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -61
  -64
  -68
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -114
Cash from investing activities, $m
  -13
  -89
  -94
  -98
  -103
  -107
  -112
  -118
  -123
  -129
  -134
  -141
  -148
  -154
  -162
  -170
  -178
  -186
  -196
  -205
  -215
  -225
  -236
  -248
  -261
  -273
  -287
  -301
  -316
  -331
  -348
Free cash flow, $m
  46
  -31
  -35
  -38
  -41
  -44
  -47
  -51
  -54
  -57
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -103
  -108
  -114
  -121
  -127
  -134
  -142
  -149
  -158
  -166
  -175
  -184
Issuance/(repayment) of debt, $m
  -33
  7
  8
  9
  10
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  28
  30
  31
  33
  35
  37
  39
  41
  43
  45
  47
  50
  53
Issuance/(repurchase) of shares, $m
  0
  27
  30
  32
  34
  36
  39
  41
  44
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  83
  87
  92
  97
  103
  108
  114
  121
  127
  134
  141
  149
Cash from financing (excl. dividends), $m  
  -33
  34
  38
  41
  44
  48
  52
  55
  59
  63
  67
  71
  76
  80
  85
  90
  95
  101
  106
  113
  118
  125
  132
  140
  147
  155
  164
  172
  181
  191
  202
Total cash flow (excl. dividends), $m
  13
  2
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
Retained Cash Flow (-), $m
  3
  -27
  -30
  -32
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -103
  -108
  -114
  -121
  -127
  -134
  -141
  -149
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
  14
  14
Cash available for distribution, $m
 
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -81
  -86
  -91
  -96
  -101
  -107
  -112
  -118
  -125
  -132
Discount rate, %
 
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
 
  -23
  -24
  -23
  -23
  -22
  -22
  -21
  -20
  -18
  -17
  -16
  -14
  -13
  -11
  -10
  -8
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  92.1
  84.2
  76.7
  69.6
  62.9
  56.7
  50.9
  45.6
  40.7
  36.3
  32.3
  28.6
  25.3
  22.4
  19.7
  17.4
  15.3
  13.4
  11.7
  10.3
  9.0
  7.9
  6.9
  6.0
  5.2
  4.5
  3.9
  3.4
  3.0
  2.6

Era Group Inc. is engaged in operating helicopters. The Company's helicopters transport personnel to, from and between offshore oil and gas production platforms, drilling rigs and other installations. The Company also dry-leases helicopters to third-party helicopter operators and foreign affiliates. The primary users of the Company's helicopter services are international, integrated and independent oil and gas exploration, development and production companies. In addition to serving the oil and gas industry, it provides air medical services; utility services, including support of firefighting, mining, power line and pipeline survey activities, and Alaska flightseeing tours, among other activities. It owns and operates a range of classes of helicopters, such as Heavy helicopters, Medium helicopters and Light helicopters. Heavy helicopters have twin engines and passenger capacity ranging from 16 to 19. Medium helicopters have twin engines and passenger capacity ranging from 11 to 12.

FINANCIAL RATIOS  of  Era Group (ERA)

Valuation Ratios
P/E Ratio -35
Price to Sales 1.1
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 4.7
Price to Free Cash Flow 14
Growth Rates
Sales Growth Rate -12.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -35%
Cap. Spend. - 3 Yr. Gr. Rate -18.7%
Financial Strength
Quick Ratio 14
Current Ratio 0.2
LT Debt to Equity 49.1%
Total Debt to Equity 49.6%
Interest Coverage 0
Management Effectiveness
Return On Assets 0.5%
Ret/ On Assets - 3 Yr. Avg. 1.5%
Return On Total Capital -1.1%
Ret/ On T. Cap. - 3 Yr. Avg. 0.8%
Return On Equity -1.7%
Return On Equity - 3 Yr. Avg. 1.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 31.2%
Gross Margin - 3 Yr. Avg. 36.2%
EBITDA Margin 18.2%
EBITDA Margin - 3 Yr. Avg. 24.3%
Operating Margin -1.2%
Oper. Margin - 3 Yr. Avg. 6.7%
Pre-Tax Margin -7.7%
Pre-Tax Margin - 3 Yr. Avg. 2.6%
Net Profit Margin -3.2%
Net Profit Margin - 3 Yr. Avg. 1.7%
Effective Tax Rate 15.8%
Eff/ Tax Rate - 3 Yr. Avg. 37.8%
Payout Ratio 0%

ERA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ERA stock intrinsic value calculation we used $231 million for the last fiscal year's total revenue generated by Era Group. The default revenue input number comes from 2016 income statement of Era Group. 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 ERA 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 6.4%, whose default value for ERA is calculated based on our internal credit rating of Era Group, 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 Era Group.
    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 ERA stock the variable cost ratio is equal to 101.2%.

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 ERA 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 7.7% for Era Group.

Corporate tax rate of 27% is the nominal tax rate for Era Group. 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 ERA stock is equal to 2%.

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 ERA are equal to 323.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Era Group 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 ERA is equal to 2%. 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 - $446 million for Era Group - 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 21 million for Era Group 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 Era Group at the current share price and the inputted number of shares is $0.3 billion.

RELATED COMPANIES Price Int.Val. Rating
BRS Bristow Group 14.53 9.10  sell
AAWW Atlas Air Worl 69.00 16.84  str.sell

COMPANY NEWS

▶ Era Group: 1Q Earnings Snapshot   [May-01-18 07:09PM  Associated Press]
▶ Era Group Announces Q1 2018 Earnings Release Call   [Apr-24-18 05:30PM  GlobeNewswire]
▶ Should You Buy Era Group Inc (NYSE:ERA) At $9.25?   [Mar-29-18 04:47PM  Simply Wall St.]
▶ Era Group, Inc. to Host Earnings Call   [Mar-09-18 08:00AM  ACCESSWIRE]
▶ Era Group posts 4Q profit   [05:01AM  Associated Press]
▶ Era Group Celebrates 70 Years of Service   [Feb-13-18 05:30PM  GlobeNewswire]
▶ ETFs with exposure to Era Group, Inc. : December 5, 2017   [Dec-05-17 12:45PM  Capital Cube]
▶ ERA GROUP INC. to Host Earnings Call   [Nov-10-17 08:00AM  ACCESSWIRE]
▶ Era Group reports 3Q loss   [Nov-09-17 04:53PM  Associated Press]
▶ ERA GROUP INC. to Host Earnings Call   [Nov-03-17 08:20AM  ACCESSWIRE]
▶ Era Group Announces Q3 2017 Earnings Release Call   [Oct-27-17 08:02AM  GlobeNewswire]
▶ ETFs with exposure to Era Group, Inc. : October 23, 2017   [Oct-23-17 10:35AM  Capital Cube]
▶ ETFs with exposure to Era Group, Inc. : October 10, 2017   [Oct-10-17 11:22AM  Capital Cube]
▶ Should You Buy Era Group Inc (ERA) Now?   [Sep-21-17 04:51PM  Simply Wall St.]
▶ Investor Network: ERA GROUP INC. to Host Earnings Call   [Aug-09-17 09:00AM  ACCESSWIRE]
▶ Era Group reports 2Q loss   [Aug-08-17 11:56PM  Associated Press]
▶ LD Micro Index Reconstitution as of August 1, 2017   [Aug-01-17 09:40AM  ACCESSWIRE]
▶ Era Group Announces Q2 2017 Earnings Release Call   [Jul-31-17 05:00PM  GlobeNewswire]
▶ ETFs with exposure to Era Group, Inc. : July 12, 2017   [Jul-12-17 02:29PM  Capital Cube]
▶ ETFs with exposure to Era Group, Inc. : May 5, 2017   [May-05-17 04:07PM  Capital Cube]
▶ Era Group reports 1Q loss   [May-02-17 07:11PM  Associated Press]
▶ Era Group Announces Q1 2017 Earnings Release Call   [Apr-25-17 06:25PM  GlobeNewswire]
▶ ETFs with exposure to Era Group, Inc. : April 5, 2017   [Apr-05-17 04:42PM  Capital Cube]
▶ Era to Provide VIP Flight Experience for Big Game   [Jan-27-17 12:13PM  GlobeNewswire]
▶ Era Search and Rescue Program Recognized for Excellence   [Jan-12-17 03:29PM  GlobeNewswire]
▶ Here is What Hedge Funds Think About Era Group Inc (ERA)   [Dec-14-16 06:21AM  Insider Monkey]
▶ ETFs with exposure to Era Group, Inc. : December 13, 2016   [Dec-13-16 12:49PM  Capital Cube]
▶ ETFs with exposure to Era Group, Inc. : November 4, 2016   [Nov-04-16 12:39PM  Capital Cube]
▶ Era Group Announces Q3 2016 Earnings Release Call   [Oct-26-16 09:00AM  GlobeNewswire]
▶ Era names David Zaworski Director of Safety and Compliance   [Sep-01-16 04:45PM  GlobeNewswire]
▶ Era Group Inc. Reports Second Quarter 2016 Results   [Aug-02-16 06:02PM  Marketwired]
▶ Era Group Announces Q2 2016 Earnings Release Call   [Jul-27-16 07:34PM  Marketwired]
▶ Era Group Inc. Reports First Quarter 2016 Results   [May-03-16 08:36PM  Marketwired]
▶ Era Group Announces Q1 2016 Earnings Release Call   [Apr-25-16 05:00PM  Marketwired]
Financial statements of ERA
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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