Intrinsic value of Embraer ADR - ERJ

Previous Close

$21.62

  Intrinsic Value

$26.97

stock screener

  Rating & Target

buy

+25%

  Value-price divergence*

+414%

Previous close

$21.62

 
Intrinsic value

$26.97

 
Up/down potential

+25%

 
Rating

buy

 
Value-price divergence*

+414%

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

We calculate the intrinsic value of ERJ 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 3.9

 

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, %
  5.58
  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
  6,777
  6,913
  7,072
  7,253
  7,457
  7,683
  7,931
  8,202
  8,494
  8,809
  9,147
  9,509
  9,895
  10,306
  10,742
  11,206
  11,697
  12,216
  12,766
  13,347
  13,960
  14,607
  15,290
  16,009
  16,767
  17,565
  18,406
  19,290
  20,221
  21,200
  22,230
Variable operating expenses, $m
 
  6,539
  6,690
  6,861
  7,054
  7,268
  7,503
  7,758
  8,035
  8,333
  8,652
  8,992
  9,357
  9,746
  10,159
  10,597
  11,061
  11,553
  12,073
  12,622
  13,202
  13,814
  14,459
  15,139
  15,856
  16,611
  17,406
  18,242
  19,123
  20,049
  21,023
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
  6,550
  6,539
  6,690
  6,861
  7,054
  7,268
  7,503
  7,758
  8,035
  8,333
  8,652
  8,992
  9,357
  9,746
  10,159
  10,597
  11,061
  11,553
  12,073
  12,622
  13,202
  13,814
  14,459
  15,139
  15,856
  16,611
  17,406
  18,242
  19,123
  20,049
  21,023
Operating income, $m
  227
  373
  382
  392
  403
  415
  429
  443
  459
  476
  495
  517
  538
  560
  584
  609
  635
  664
  694
  725
  758
  794
  831
  870
  911
  954
  1,000
  1,048
  1,099
  1,152
  1,208
EBITDA, $m
  630
  786
  804
  825
  848
  874
  902
  933
  966
  1,002
  1,040
  1,081
  1,125
  1,172
  1,222
  1,274
  1,330
  1,389
  1,452
  1,518
  1,588
  1,661
  1,739
  1,821
  1,907
  1,998
  2,093
  2,194
  2,300
  2,411
  2,528
Interest expense (income), $m
  180
  147
  154
  162
  170
  180
  192
  204
  217
  231
  247
  263
  281
  300
  320
  341
  364
  388
  413
  440
  468
  498
  530
  563
  598
  635
  674
  715
  759
  804
  852
Earnings before tax, $m
  176
  226
  228
  230
  232
  235
  237
  240
  242
  245
  248
  254
  257
  260
  264
  268
  272
  276
  281
  285
  290
  295
  301
  307
  313
  319
  326
  333
  340
  348
  356
Tax expense, $m
  -11
  61
  62
  62
  63
  63
  64
  65
  65
  66
  67
  68
  69
  70
  71
  72
  73
  75
  76
  77
  78
  80
  81
  83
  84
  86
  88
  90
  92
  94
  96
Net income, $m
  185
  165
  167
  168
  170
  171
  173
  175
  177
  179
  181
  185
  187
  190
  193
  195
  198
  202
  205
  208
  212
  216
  220
  224
  228
  233
  238
  243
  248
  254
  260

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3,109
  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
  12,020
  9,204
  9,416
  9,658
  9,930
  10,231
  10,561
  10,921
  11,310
  11,730
  12,180
  12,661
  13,175
  13,722
  14,304
  14,921
  15,575
  16,267
  16,999
  17,772
  18,589
  19,451
  20,359
  21,317
  22,326
  23,389
  24,508
  25,686
  26,926
  28,230
  29,601
Adjusted assets (=assets-cash), $m
  8,911
  9,204
  9,416
  9,658
  9,930
  10,231
  10,561
  10,921
  11,310
  11,730
  12,180
  12,661
  13,175
  13,722
  14,304
  14,921
  15,575
  16,267
  16,999
  17,772
  18,589
  19,451
  20,359
  21,317
  22,326
  23,389
  24,508
  25,686
  26,926
  28,230
  29,601
Revenue / Adjusted assets
  0.761
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
  0.751
Average production assets, $m
  4,065
  4,148
  4,243
  4,352
  4,474
  4,610
  4,759
  4,921
  5,096
  5,285
  5,488
  5,705
  5,937
  6,183
  6,445
  6,723
  7,018
  7,330
  7,660
  8,008
  8,376
  8,764
  9,174
  9,605
  10,060
  10,539
  11,043
  11,574
  12,133
  12,720
  13,338
Working capital, $m
  3,710
  1,147
  1,174
  1,204
  1,238
  1,275
  1,317
  1,361
  1,410
  1,462
  1,518
  1,578
  1,643
  1,711
  1,783
  1,860
  1,942
  2,028
  2,119
  2,216
  2,317
  2,425
  2,538
  2,658
  2,783
  2,916
  3,055
  3,202
  3,357
  3,519
  3,690
Total debt, $m
  3,874
  3,497
  3,673
  3,875
  4,101
  4,353
  4,628
  4,928
  5,253
  5,603
  5,978
  6,380
  6,808
  7,264
  7,749
  8,264
  8,809
  9,387
  9,997
  10,642
  11,323
  12,042
  12,800
  13,598
  14,440
  15,326
  16,260
  17,242
  18,276
  19,363
  20,507
Total liabilities, $m
  8,054
  7,677
  7,853
  8,055
  8,281
  8,533
  8,808
  9,108
  9,433
  9,783
  10,158
  10,560
  10,988
  11,444
  11,929
  12,444
  12,989
  13,567
  14,177
  14,822
  15,503
  16,222
  16,980
  17,778
  18,620
  19,506
  20,440
  21,422
  22,456
  23,543
  24,687
Total equity, $m
  3,966
  1,528
  1,563
  1,603
  1,648
  1,698
  1,753
  1,813
  1,877
  1,947
  2,022
  2,102
  2,187
  2,278
  2,374
  2,477
  2,585
  2,700
  2,822
  2,950
  3,086
  3,229
  3,380
  3,539
  3,706
  3,883
  4,068
  4,264
  4,470
  4,686
  4,914
Total liabilities and equity, $m
  12,020
  9,205
  9,416
  9,658
  9,929
  10,231
  10,561
  10,921
  11,310
  11,730
  12,180
  12,662
  13,175
  13,722
  14,303
  14,921
  15,574
  16,267
  16,999
  17,772
  18,589
  19,451
  20,360
  21,317
  22,326
  23,389
  24,508
  25,686
  26,926
  28,229
  29,601
Debt-to-equity ratio
  0.977
  2.290
  2.350
  2.420
  2.490
  2.560
  2.640
  2.720
  2.800
  2.880
  2.960
  3.040
  3.110
  3.190
  3.260
  3.340
  3.410
  3.480
  3.540
  3.610
  3.670
  3.730
  3.790
  3.840
  3.900
  3.950
  4.000
  4.040
  4.090
  4.130
  4.170
Adjusted equity ratio
  0.096
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166
  0.166

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  185
  165
  167
  168
  170
  171
  173
  175
  177
  179
  181
  185
  187
  190
  193
  195
  198
  202
  205
  208
  212
  216
  220
  224
  228
  233
  238
  243
  248
  254
  260
Depreciation, amort., depletion, $m
  403
  413
  422
  433
  445
  459
  473
  489
  507
  526
  546
  565
  588
  612
  638
  666
  695
  726
  758
  793
  829
  868
  908
  951
  996
  1,043
  1,093
  1,146
  1,201
  1,259
  1,321
Funds from operations, $m
  -703
  578
  589
  601
  615
  630
  647
  664
  684
  705
  727
  750
  775
  802
  831
  861
  893
  927
  963
  1,001
  1,041
  1,083
  1,128
  1,175
  1,224
  1,276
  1,331
  1,389
  1,449
  1,513
  1,580
Change in working capital, $m
  -605
  22
  26
  30
  34
  38
  41
  45
  49
  52
  56
  60
  64
  68
  72
  77
  82
  86
  91
  96
  102
  107
  113
  119
  126
  133
  140
  147
  155
  163
  171
Cash from operations, $m
  -98
  555
  562
  571
  581
  592
  605
  620
  635
  652
  671
  690
  711
  734
  758
  784
  812
  841
  872
  905
  939
  976
  1,015
  1,055
  1,098
  1,144
  1,192
  1,242
  1,295
  1,351
  1,409
Maintenance CAPEX, $m
  0
  -402
  -411
  -420
  -431
  -443
  -456
  -471
  -487
  -505
  -523
  -543
  -565
  -588
  -612
  -638
  -666
  -695
  -726
  -758
  -793
  -829
  -868
  -908
  -951
  -996
  -1,043
  -1,093
  -1,146
  -1,201
  -1,259
New CAPEX, $m
  -981
  -83
  -95
  -109
  -122
  -136
  -149
  -162
  -175
  -189
  -203
  -217
  -232
  -247
  -262
  -278
  -295
  -312
  -330
  -348
  -368
  -388
  -409
  -432
  -455
  -479
  -504
  -531
  -559
  -588
  -618
Cash from investing activities, $m
  -1,069
  -485
  -506
  -529
  -553
  -579
  -605
  -633
  -662
  -694
  -726
  -760
  -797
  -835
  -874
  -916
  -961
  -1,007
  -1,056
  -1,106
  -1,161
  -1,217
  -1,277
  -1,340
  -1,406
  -1,475
  -1,547
  -1,624
  -1,705
  -1,789
  -1,877
Free cash flow, $m
  -1,167
  70
  56
  42
  28
  14
  0
  -14
  -27
  -41
  -55
  -70
  -85
  -100
  -116
  -132
  -149
  -166
  -184
  -202
  -222
  -242
  -263
  -285
  -307
  -331
  -356
  -382
  -410
  -438
  -468
Issuance/(repayment) of debt, $m
  53
  149
  177
  202
  227
  251
  275
  300
  325
  350
  375
  402
  429
  456
  485
  515
  545
  577
  610
  645
  681
  719
  758
  799
  842
  886
  933
  982
  1,034
  1,088
  1,144
Issuance/(repurchase) of shares, $m
  2
  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  
  37
  149
  177
  202
  227
  251
  275
  300
  325
  350
  375
  402
  429
  456
  485
  515
  545
  577
  610
  645
  681
  719
  758
  799
  842
  886
  933
  982
  1,034
  1,088
  1,144
Total cash flow (excl. dividends), $m
  -1,362
  219
  233
  244
  254
  265
  276
  286
  297
  308
  320
  331
  343
  356
  369
  383
  397
  411
  427
  443
  460
  477
  495
  514
  534
  555
  577
  600
  624
  649
  676
Retained Cash Flow (-), $m
  654
  -33
  -35
  -40
  -45
  -50
  -55
  -60
  -65
  -70
  -75
  -80
  -85
  -91
  -97
  -102
  -109
  -115
  -122
  -128
  -136
  -143
  -151
  -159
  -168
  -176
  -186
  -196
  -206
  -216
  -228
Prev. year cash balance distribution, $m
 
  2,472
  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
 
  2,657
  198
  203
  209
  215
  221
  227
  233
  239
  245
  251
  258
  265
  273
  280
  288
  297
  305
  314
  324
  334
  344
  355
  367
  379
  391
  405
  418
  433
  448
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  2,547
  181
  177
  172
  167
  160
  153
  145
  137
  129
  119
  110
  101
  91
  82
  73
  65
  56
  48
  41
  35
  29
  23
  19
  15
  11
  9
  6
  5
  3
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

Embraer S.A. designs, develops, manufactures, and sells aircraft and systems in Brazil, North America, Latin America, the Asia Pacific, Europe, and internationally. It operates through Commercial Aviation, Executive Jets, Defense & Security, and Other Related Businesses segments. The Commercial Aviation segment develops, produces, and sells commercial jets; and provides support services, as well as leases aircrafts. Its products include ERJ 145 family, EMBRAER 170/190 family, and E-Jets family of commercial aircrafts. The Executive Jets segment develops, produces, and sells executive jets; and offers support services, as well as leases aircrafts. It provides Legacy 600 and Legacy 650 executive jets in the super midsize and large categories; Legacy 450 and Legacy 500 executive jets in the midlight and midsize categories; Phenom executive jets in the entry jet and light jet categories; and Lineage 1000, an ultra-large executive jet. The Defense & Security segment engages in the research, development, production, modification, and support for military defense and security aircraft, as well as a range of products and integrated solutions that include radars, special space systems (satellites), and information and communications systems, such as command, control, communications, computer, intelligence, surveillance and reconnaissance (C4ISR) systems. The Other Related Businesses segment is involved in the supply of structural parts, and mechanical and hydraulic systems; and production of agricultural crop-spraying aircraft. The company was formerly known as Embraer-Empresa Brasileira de Aeronáutica S.A. and changed its name to Embraer S.A. in November 2010. Embraer S.A. was founded in 1969 and is headquartered in São José dos Campos, Brazil.

FINANCIAL RATIOS  of  Embraer ADR (ERJ)

Valuation Ratios
P/E Ratio 85.9
Price to Sales 2.3
Price to Book 4
Price to Tangible Book
Price to Cash Flow -162.1
Price to Free Cash Flow -14.7
Growth Rates
Sales Growth Rate 5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19.6%
Cap. Spend. - 3 Yr. Gr. Rate 5.4%
Financial Strength
Quick Ratio 6
Current Ratio 0.1
LT Debt to Equity 84.4%
Total Debt to Equity 97.7%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 2.4%
Return On Total Capital 2.2%
Ret/ On T. Cap. - 3 Yr. Avg. 2.8%
Return On Equity 4.3%
Return On Equity - 3 Yr. Avg. 5.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 19.9%
Gross Margin - 3 Yr. Avg. 19.4%
EBITDA Margin 11.2%
EBITDA Margin - 3 Yr. Avg. 12.5%
Operating Margin 3.3%
Oper. Margin - 3 Yr. Avg. 5.8%
Pre-Tax Margin 2.6%
Pre-Tax Margin - 3 Yr. Avg. 5.3%
Net Profit Margin 2.7%
Net Profit Margin - 3 Yr. Avg. 3.1%
Effective Tax Rate -6.3%
Eff/ Tax Rate - 3 Yr. Avg. 33%
Payout Ratio 17.3%

ERJ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ERJ stock intrinsic value calculation we used $6777 million for the last fiscal year's total revenue generated by Embraer ADR. The default revenue input number comes from 2016 income statement of Embraer 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 ERJ 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 4.3%, whose default value for ERJ is calculated based on our internal credit rating of Embraer 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 Embraer 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 ERJ stock the variable cost ratio is equal to 94.6%.

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 ERJ 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 4.4% for Embraer ADR.

Corporate tax rate of 27% is the nominal tax rate for Embraer 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 ERJ 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 ERJ are equal to 60%.

Life of production assets of 10.1 years is the average useful life of capital assets used in Embraer 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 ERJ is equal to 16.6%. 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 - $3966 million for Embraer 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 182.366 million for Embraer 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 Embraer ADR at the current share price and the inputted number of shares is $3.9 billion.

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COMPANY NEWS

▶ 6 Aerospace and Defense Companies Gurus Are Buying   [Aug-07-17 03:27PM  GuruFocus.com]
▶ 3 Growth Stocks for In-the-Know Investors   [Aug-02-17 05:15PM  Motley Fool]
▶ Embraer beats 2Q profit forecasts   [Jul-28-17 08:23PM  Associated Press]
▶ Should You Sell Embraer (ERJ) Before Earnings?   [Jul-27-17 08:53AM  Zacks]
▶ Embraer May Surprise Wall Street With Strong Q2 Results   [Jul-03-17 08:35AM  Motley Fool]
▶ How Flying Cars Will Boost Intel, Uber and Airbus   [Jun-26-17 06:00AM  Investopedia]
▶ PARIS: Embraer secures new E2 jet business   [09:19AM  Flightglobal]
▶ Embraer cites nuance in Bombardier CSeries disputes   [Jun-06-17 01:21PM  Flightglobal]
▶ AirBaltic eyes order for at least 14 jets   [Jun-05-17 05:23PM  Reuters]
▶ ETFs with exposure to Embraer SA : May 19, 2017   [May-19-17 01:51PM  Capital Cube]
▶ Brazil's Stocks Fall As Corruption Scandal Hits Pro-Business President   [May-18-17 04:09PM  Investor's Business Daily]
▶ Why JetBlue Airways Just Might Stick With Embraer   [May-08-17 04:35PM  Motley Fool]
▶ Here's how to avoid the most dreaded seat on a plane   [May-04-17 09:11AM  Business Insider]
▶ Embraer warns on E-Jet E2 margins, deliveries in 2018   [May-02-17 01:03PM  Flightglobal]
▶ Embraer misses 1Q profit forecasts   [06:33AM  Associated Press]
▶ [$$] Boeing Files Petition With Commerce Dept. Over Bombardier   [Apr-27-17 06:06PM  The Wall Street Journal]
▶ Is Falling Embraer Worth Consideration?   [Apr-20-17 01:34PM  Investopedia]
▶ Embraer business jet deliveries drop in Q1   [Apr-17-17 12:45PM  American City Business Journals]
▶ KAI wins aerostructure work on Embraer platforms   [Apr-12-17 10:01PM  Flightglobal]
Stock chart of ERJ Financial statements of ERJ
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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