Intrinsic value of Era Group - ERA

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$13.04

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$13.04

 
Intrinsic value

$5.60

 
Up/down potential

-57%

 
Rating

str. sell

 
Value-price divergence* premium content

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

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

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, %
  -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
  252
  258
  264
  272
  280
  289
  299
  310
  321
  333
  347
  361
  376
  392
  408
  426
  445
  465
  486
  509
  532
  557
  583
  611
  640
  671
  703
  737
  773
  810
Variable operating expenses, $m
 
  46
  47
  48
  49
  51
  53
  54
  56
  58
  61
  63
  66
  68
  71
  74
  78
  81
  85
  89
  93
  97
  101
  106
  111
  117
  122
  128
  134
  141
  147
Fixed operating expenses, $m
 
  215
  221
  226
  232
  238
  244
  250
  256
  262
  269
  276
  282
  289
  297
  304
  312
  320
  328
  336
  344
  353
  362
  371
  380
  389
  399
  409
  419
  430
  440
Total operating expenses, $m
  250
  261
  268
  274
  281
  289
  297
  304
  312
  320
  330
  339
  348
  357
  368
  378
  390
  401
  413
  425
  437
  450
  463
  477
  491
  506
  521
  537
  553
  571
  587
Operating income, $m
  -3
  -9
  -10
  -10
  -9
  -9
  -7
  -5
  -3
  0
  4
  8
  13
  18
  24
  30
  37
  45
  53
  62
  72
  83
  94
  107
  120
  134
  150
  166
  184
  202
  222
EBITDA, $m
  46
  41
  41
  42
  44
  47
  50
  54
  59
  64
  70
  77
  84
  92
  101
  111
  121
  133
  145
  159
  173
  188
  205
  222
  241
  261
  283
  305
  330
  355
  383
Interest expense (income), $m
  15
  14
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  26
  27
  29
  31
  33
  35
  37
  40
  42
  45
  48
  50
  54
  57
  60
  64
  68
  72
  76
Earnings before tax, $m
  -19
  -23
  -24
  -25
  -25
  -25
  -25
  -24
  -23
  -21
  -19
  -16
  -13
  -9
  -5
  -1
  4
  10
  16
  23
  30
  38
  47
  56
  67
  78
  89
  102
  116
  131
  146
Tax expense, $m
  -3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  3
  4
  6
  8
  10
  13
  15
  18
  21
  24
  28
  31
  35
  40
Net income, $m
  -8
  -23
  -24
  -25
  -25
  -25
  -25
  -24
  -23
  -21
  -19
  -16
  -13
  -9
  -5
  -1
  3
  7
  12
  17
  22
  28
  34
  41
  49
  57
  65
  75
  85
  95
  107

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
  947
  969
  994
  1,022
  1,053
  1,087
  1,124
  1,164
  1,207
  1,253
  1,303
  1,356
  1,412
  1,472
  1,535
  1,603
  1,674
  1,749
  1,829
  1,913
  2,001
  2,095
  2,194
  2,297
  2,407
  2,522
  2,643
  2,771
  2,905
  3,046
Adjusted assets (=assets-cash), $m
  928
  947
  969
  994
  1,022
  1,053
  1,087
  1,124
  1,164
  1,207
  1,253
  1,303
  1,356
  1,412
  1,472
  1,535
  1,603
  1,674
  1,749
  1,829
  1,913
  2,001
  2,095
  2,194
  2,297
  2,407
  2,522
  2,643
  2,771
  2,905
  3,046
Revenue / Adjusted assets
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
  0.266
Average production assets, $m
  842
  858
  878
  901
  926
  954
  985
  1,018
  1,055
  1,094
  1,136
  1,181
  1,229
  1,280
  1,334
  1,391
  1,452
  1,517
  1,585
  1,657
  1,734
  1,814
  1,899
  1,988
  2,082
  2,181
  2,286
  2,395
  2,511
  2,633
  2,760
Working capital, $m
  70
  46
  47
  48
  49
  51
  53
  54
  56
  58
  61
  63
  66
  68
  71
  74
  78
  81
  85
  89
  93
  97
  101
  106
  111
  117
  122
  128
  134
  141
  147
Total debt, $m
  232
  240
  252
  265
  279
  296
  313
  333
  354
  376
  400
  426
  454
  483
  515
  548
  583
  620
  660
  701
  745
  792
  841
  892
  947
  1,004
  1,064
  1,127
  1,194
  1,264
  1,338
Total liabilities, $m
  487
  495
  507
  520
  534
  551
  568
  588
  609
  631
  655
  681
  709
  738
  770
  803
  838
  875
  915
  956
  1,000
  1,047
  1,096
  1,147
  1,202
  1,259
  1,319
  1,382
  1,449
  1,519
  1,593
Total equity, $m
  468
  452
  462
  474
  487
  502
  518
  536
  555
  576
  598
  621
  647
  674
  702
  732
  764
  798
  834
  872
  912
  955
  999
  1,046
  1,096
  1,148
  1,203
  1,261
  1,322
  1,386
  1,453
Total liabilities and equity, $m
  955
  947
  969
  994
  1,021
  1,053
  1,086
  1,124
  1,164
  1,207
  1,253
  1,302
  1,356
  1,412
  1,472
  1,535
  1,602
  1,673
  1,749
  1,828
  1,912
  2,002
  2,095
  2,193
  2,298
  2,407
  2,522
  2,643
  2,771
  2,905
  3,046
Debt-to-equity ratio
  0.496
  0.530
  0.540
  0.560
  0.570
  0.590
  0.600
  0.620
  0.640
  0.650
  0.670
  0.690
  0.700
  0.720
  0.730
  0.750
  0.760
  0.780
  0.790
  0.800
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
Adjusted equity ratio
  0.475
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477
  0.477

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -8
  -23
  -24
  -25
  -25
  -25
  -25
  -24
  -23
  -21
  -19
  -16
  -13
  -9
  -5
  -1
  3
  7
  12
  17
  22
  28
  34
  41
  49
  57
  65
  75
  85
  95
  107
Depreciation, amort., depletion, $m
  49
  50
  51
  52
  54
  55
  57
  59
  61
  64
  66
  69
  71
  74
  78
  81
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  139
  146
  153
  160
Funds from operations, $m
  87
  27
  27
  27
  28
  30
  32
  35
  39
  43
  47
  53
  58
  65
  72
  80
  87
  95
  104
  113
  123
  133
  145
  157
  170
  183
  198
  214
  231
  248
  267
Change in working capital, $m
  28
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
Cash from operations, $m
  59
  8
  26
  26
  27
  29
  31
  34
  37
  41
  45
  50
  56
  62
  69
  77
  84
  92
  100
  109
  119
  129
  140
  152
  165
  178
  193
  208
  224
  242
  261
Maintenance CAPEX, $m
  0
  -49
  -50
  -51
  -52
  -54
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -71
  -74
  -78
  -81
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
  -139
  -146
  -153
New CAPEX, $m
  -39
  -17
  -20
  -23
  -25
  -28
  -31
  -34
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -128
Cash from investing activities, $m
  -13
  -66
  -70
  -74
  -77
  -82
  -86
  -91
  -95
  -100
  -106
  -111
  -117
  -122
  -128
  -136
  -142
  -149
  -156
  -164
  -172
  -181
  -190
  -199
  -210
  -220
  -231
  -243
  -255
  -268
  -281
Free cash flow, $m
  46
  -58
  -44
  -47
  -51
  -53
  -55
  -57
  -59
  -60
  -60
  -61
  -61
  -60
  -59
  -58
  -58
  -57
  -56
  -55
  -54
  -52
  -50
  -48
  -45
  -42
  -39
  -35
  -30
  -26
  -20
Issuance/(repayment) of debt, $m
  -33
  10
  11
  13
  15
  16
  18
  19
  21
  23
  24
  26
  28
  29
  31
  33
  35
  37
  39
  42
  44
  46
  49
  52
  54
  57
  60
  63
  67
  70
  74
Issuance/(repurchase) of shares, $m
  0
  32
  43
  46
  49
  52
  54
  56
  57
  58
  58
  58
  58
  58
  57
  55
  55
  54
  53
  52
  50
  48
  46
  43
  40
  37
  33
  29
  25
  19
  14
Cash from financing (excl. dividends), $m  
  -33
  42
  54
  59
  64
  68
  72
  75
  78
  81
  82
  84
  86
  87
  88
  88
  90
  91
  92
  94
  94
  94
  95
  95
  94
  94
  93
  92
  92
  89
  88
Total cash flow (excl. dividends), $m
  13
  -48
  -32
  -34
  -36
  -37
  -38
  -38
  -38
  -37
  -36
  -35
  -33
  -31
  -28
  -25
  -23
  -20
  -17
  -14
  -10
  -6
  -1
  4
  9
  15
  22
  29
  36
  45
  53
Retained Cash Flow (-), $m
  3
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
Prev. year cash balance distribution, $m
 
  25
  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
 
  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
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for 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
Current shareholders' claim on cash, %
  100
  90.7
  79.9
  69.9
  60.9
  52.8
  45.8
  39.7
  34.5
  30.0
  26.2
  23.0
  20.3
  18.0
  16.1
  14.4
  13.1
  11.9
  10.8
  10.0
  9.2
  8.6
  8.0
  7.5
  7.1
  6.8
  6.5
  6.3
  6.2
  6.0
  5.9

Era Group Inc. provides helicopter transportation services primarily to the oil and gas exploration, development, and production companies. Its helicopter services include emergency search and rescue services; air medical services; Alaska flightseeing tours; and other services, as well as utility services to support firefighting, mining, power line, and pipeline survey activities. The company also provides helicopters and related services to third-party helicopter operators and foreign affiliates; engineers, manufactures, and distributes after-market helicopter parts and accessories; and provides classroom instruction, flight simulator, and other training services. As of December 31, 2015, the company owned, leased, or managed a total of 146 helicopters, including 13 heavy helicopters, 55 medium helicopters, 35 light twin engine helicopters, and 43 light single engine helicopters. It also serves cruise line passengers, utility companies, firefighting operators, and governmental agencies. The company operates in the United States, Latin America and the Caribbean, Europe, Asia, and Canada. Era Group Inc. was founded in 1948 and is based in Houston, Texas.

FINANCIAL RATIOS  of  Era Group (ERA)

Valuation Ratios
P/E Ratio -34.1
Price to Sales 1.1
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 4.6
Price to Free Cash Flow 13.7
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 $247 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 6.8%, 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 18.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $210 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 6% 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 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 ERA are equal to 340.7%.

Life of production assets of 17.2 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 18.2%. 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 - $468 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 20.902 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.


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COMPANY NEWS

▶ 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]
▶ Era Group Takes Delivery of Two AW189 Helicopters   [Dec-23  05:50PM  Marketwired]
▶ [$$] Helicopter Operator Era Group in Oil-Field Squeeze   [12:58AM  at The Wall Street Journal]
▶ [$$] Helicopter Operator in Oil-Field Squeeze   [Nov-04  10:47PM  at The Wall Street Journal]
▶ Era Group Announces Q3 2015 Earnings Release Call   [Nov-02  07:21PM  Marketwired]
▶ How Major League Baseball Makes Money   [Oct-28  02:01PM  at Investopedia]
▶ Will Petrobras Crash Era Group?   [Oct-23  04:50PM  at Investopedia]
▶ Era Group Begins S92 Flight Operations   [Oct-19  08:57PM  Marketwired]
▶ Era Group Inc. Reports Second Quarter 2015 Results   [Aug-04  06:52PM  Marketwired]
Stock chart of ERA 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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