Intrinsic value of Fly Leasing ADR - FLY

Previous Close

$13.05

  Intrinsic Value

$4.91

stock screener

  Rating & Target

str. sell

-62%

Previous close

$13.05

 
Intrinsic value

$4.91

 
Up/down potential

-62%

 
Rating

str. sell

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

We calculate the intrinsic value of FLY 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 0.4

 

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, %
  -26.62
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  317
  329
  343
  357
  372
  388
  404
  422
  441
  461
  482
  504
  528
  553
  579
  606
  635
  666
  698
  731
  767
  804
  843
  885
  928
  974
  1,022
  1,072
  1,125
  1,181
  1,239
Variable operating expenses, $m
 
  77
  80
  83
  87
  90
  94
  98
  103
  107
  112
  118
  123
  129
  135
  141
  148
  155
  163
  170
  179
  187
  197
  206
  216
  227
  238
  250
  262
  275
  289
Fixed operating expenses, $m
 
  194
  199
  204
  209
  214
  219
  225
  230
  236
  242
  248
  254
  261
  267
  274
  281
  288
  295
  302
  310
  317
  325
  334
  342
  350
  359
  368
  377
  387
  396
Total operating expenses, $m
  258
  271
  279
  287
  296
  304
  313
  323
  333
  343
  354
  366
  377
  390
  402
  415
  429
  443
  458
  472
  489
  504
  522
  540
  558
  577
  597
  618
  639
  662
  685
Operating income, $m
  59
  59
  64
  70
  76
  83
  91
  99
  108
  118
  128
  139
  151
  163
  177
  191
  207
  223
  240
  259
  279
  299
  322
  345
  370
  396
  424
  454
  485
  519
  554
EBITDA, $m
  179
  184
  194
  205
  217
  230
  244
  259
  275
  292
  311
  330
  351
  373
  396
  421
  447
  475
  505
  536
  569
  604
  641
  680
  722
  765
  811
  860
  912
  966
  1,023
Interest expense (income), $m
  110
  114
  109
  114
  119
  124
  130
  137
  143
  151
  158
  166
  174
  183
  192
  202
  212
  223
  235
  247
  259
  273
  287
  301
  317
  333
  350
  368
  387
  407
  428
Earnings before tax, $m
  -36
  -55
  -44
  -44
  -42
  -41
  -39
  -38
  -35
  -33
  -30
  -27
  -24
  -20
  -15
  -11
  -6
  0
  6
  12
  19
  27
  35
  44
  53
  63
  74
  86
  98
  112
  126
Tax expense, $m
  -7
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  3
  5
  7
  9
  12
  14
  17
  20
  23
  27
  30
  34
Net income, $m
  -29
  -55
  -44
  -44
  -42
  -41
  -39
  -38
  -35
  -33
  -30
  -27
  -24
  -20
  -15
  -11
  -6
  0
  4
  9
  14
  20
  25
  32
  39
  46
  54
  63
  72
  82
  92

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  518
  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
  3,447
  3,050
  3,172
  3,302
  3,441
  3,588
  3,744
  3,910
  4,084
  4,269
  4,465
  4,671
  4,888
  5,117
  5,359
  5,613
  5,881
  6,163
  6,460
  6,773
  7,101
  7,447
  7,810
  8,192
  8,594
  9,016
  9,460
  9,926
  10,416
  10,931
  11,471
Adjusted assets (=assets-cash), $m
  2,929
  3,050
  3,172
  3,302
  3,441
  3,588
  3,744
  3,910
  4,084
  4,269
  4,465
  4,671
  4,888
  5,117
  5,359
  5,613
  5,881
  6,163
  6,460
  6,773
  7,101
  7,447
  7,810
  8,192
  8,594
  9,016
  9,460
  9,926
  10,416
  10,931
  11,471
Revenue / Adjusted assets
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
  0.108
Average production assets, $m
  2,738
  2,844
  2,958
  3,080
  3,209
  3,347
  3,492
  3,646
  3,810
  3,982
  4,164
  4,356
  4,559
  4,773
  4,998
  5,236
  5,485
  5,749
  6,025
  6,317
  6,623
  6,945
  7,284
  7,641
  8,015
  8,409
  8,823
  9,258
  9,715
  10,195
  10,699
Working capital, $m
  0
  -538
  -560
  -583
  -607
  -633
  -661
  -690
  -721
  -753
  -788
  -824
  -863
  -903
  -946
  -991
  -1,038
  -1,088
  -1,140
  -1,195
  -1,253
  -1,314
  -1,378
  -1,446
  -1,517
  -1,591
  -1,669
  -1,752
  -1,838
  -1,929
  -2,024
Total debt, $m
  2,523
  2,414
  2,524
  2,641
  2,766
  2,898
  3,039
  3,188
  3,345
  3,511
  3,687
  3,873
  4,068
  4,275
  4,492
  4,721
  4,962
  5,216
  5,483
  5,764
  6,060
  6,371
  6,698
  7,042
  7,403
  7,783
  8,183
  8,602
  9,043
  9,507
  9,993
Total liabilities, $m
  2,854
  2,745
  2,855
  2,972
  3,097
  3,229
  3,370
  3,519
  3,676
  3,842
  4,018
  4,204
  4,399
  4,606
  4,823
  5,052
  5,293
  5,547
  5,814
  6,095
  6,391
  6,702
  7,029
  7,373
  7,734
  8,114
  8,514
  8,933
  9,374
  9,838
  10,324
Total equity, $m
  593
  305
  317
  330
  344
  359
  374
  391
  408
  427
  446
  467
  489
  512
  536
  561
  588
  616
  646
  677
  710
  745
  781
  819
  859
  902
  946
  993
  1,042
  1,093
  1,147
Total liabilities and equity, $m
  3,447
  3,050
  3,172
  3,302
  3,441
  3,588
  3,744
  3,910
  4,084
  4,269
  4,464
  4,671
  4,888
  5,118
  5,359
  5,613
  5,881
  6,163
  6,460
  6,772
  7,101
  7,447
  7,810
  8,192
  8,593
  9,016
  9,460
  9,926
  10,416
  10,931
  11,471
Debt-to-equity ratio
  4.255
  7.910
  7.960
  8.000
  8.040
  8.080
  8.120
  8.150
  8.190
  8.220
  8.260
  8.290
  8.320
  8.350
  8.380
  8.410
  8.440
  8.460
  8.490
  8.510
  8.530
  8.560
  8.580
  8.600
  8.610
  8.630
  8.650
  8.670
  8.680
  8.700
  8.710
Adjusted equity ratio
  0.026
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -29
  -55
  -44
  -44
  -42
  -41
  -39
  -38
  -35
  -33
  -30
  -27
  -24
  -20
  -15
  -11
  -6
  0
  4
  9
  14
  20
  25
  32
  39
  46
  54
  63
  72
  82
  92
Depreciation, amort., depletion, $m
  120
  125
  130
  135
  141
  147
  153
  160
  167
  175
  183
  191
  200
  209
  219
  230
  241
  252
  264
  277
  290
  305
  319
  335
  352
  369
  387
  406
  426
  447
  469
Funds from operations, $m
  120
  70
  85
  92
  98
  106
  114
  122
  132
  142
  153
  164
  176
  190
  204
  219
  235
  252
  268
  286
  304
  324
  345
  367
  390
  415
  441
  469
  498
  529
  561
Change in working capital, $m
  -30
  -20
  -22
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -91
  -95
Cash from operations, $m
  150
  90
  107
  115
  123
  132
  141
  152
  163
  174
  187
  200
  215
  230
  246
  264
  282
  302
  321
  341
  362
  385
  409
  434
  461
  490
  519
  551
  584
  620
  657
Maintenance CAPEX, $m
  0
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -160
  -167
  -175
  -183
  -191
  -200
  -209
  -219
  -230
  -241
  -252
  -264
  -277
  -290
  -305
  -319
  -335
  -352
  -369
  -387
  -406
  -426
  -447
New CAPEX, $m
  -552
  -107
  -114
  -122
  -129
  -137
  -146
  -154
  -163
  -172
  -182
  -192
  -203
  -214
  -225
  -237
  -250
  -263
  -277
  -291
  -306
  -322
  -339
  -356
  -375
  -394
  -414
  -435
  -457
  -480
  -504
Cash from investing activities, $m
  -123
  -227
  -239
  -252
  -264
  -278
  -293
  -307
  -323
  -339
  -357
  -375
  -394
  -414
  -434
  -456
  -480
  -504
  -529
  -555
  -583
  -612
  -644
  -675
  -710
  -746
  -783
  -822
  -863
  -906
  -951
Free cash flow, $m
  27
  -137
  -132
  -137
  -142
  -146
  -151
  -156
  -160
  -165
  -170
  -174
  -179
  -184
  -188
  -193
  -198
  -202
  -208
  -215
  -221
  -228
  -234
  -241
  -248
  -256
  -263
  -271
  -279
  -287
  -295
Issuance/(repayment) of debt, $m
  118
  -109
  110
  117
  125
  132
  140
  149
  157
  166
  176
  185
  196
  206
  217
  229
  241
  254
  267
  281
  296
  311
  327
  344
  361
  380
  399
  420
  441
  463
  487
Issuance/(repurchase) of shares, $m
  -40
  285
  57
  57
  56
  56
  55
  54
  53
  51
  50
  48
  45
  43
  40
  36
  33
  29
  26
  22
  19
  15
  11
  6
  1
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  216
  176
  167
  174
  181
  188
  195
  203
  210
  217
  226
  233
  241
  249
  257
  265
  274
  283
  293
  303
  315
  326
  338
  350
  362
  380
  399
  420
  441
  463
  487
Total cash flow (excl. dividends), $m
  242
  39
  35
  37
  39
  42
  44
  47
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
  85
  89
  94
  98
  103
  109
  114
  124
  136
  149
  162
  177
  192
Retained Cash Flow (-), $m
  64
  -285
  -57
  -57
  -56
  -56
  -55
  -54
  -53
  -51
  -50
  -48
  -45
  -43
  -40
  -36
  -33
  -29
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -51
  -54
Prev. year cash balance distribution, $m
 
  518
  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
 
  272
  -22
  -19
  -17
  -14
  -11
  -7
  -3
  1
  6
  11
  17
  23
  29
  36
  44
  52
  55
  58
  61
  64
  67
  71
  74
  82
  92
  102
  113
  125
  138
Discount rate, %
 
  10.40
  10.92
  11.47
  12.04
  12.64
  13.27
  13.94
  14.63
  15.37
  16.13
  16.94
  17.79
  18.68
  19.61
  20.59
  21.62
  22.70
  23.84
  25.03
  26.28
  27.59
  28.97
  30.42
  31.94
  33.54
  35.22
  36.98
  38.83
  40.77
  42.81
PV of cash for distribution, $m
 
  246
  -18
  -14
  -11
  -8
  -5
  -3
  -1
  0
  1
  2
  2
  2
  2
  2
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  15.6
  12.3
  9.8
  7.9
  6.4
  5.3
  4.4
  3.6
  3.1
  2.7
  2.3
  2.0
  1.8
  1.6
  1.5
  1.4
  1.3
  1.2
  1.1
  1.1
  1.1
  1.0
  1.0
  1.0
  1.0
  1.0
  1.0
  1.0
  1.0
  1.0

Fly Leasing Limited is engaged in purchasing commercial aircraft, which it leases under multi-year contracts to a range of airlines throughout the world. The Company primarily acquires aircraft by entering into purchase and leaseback transactions with airlines for new aircraft; purchasing portfolios, which consists of aircraft of various types and ages, and acquiring individual aircraft. As of December 31, 2016, the Company had 76 aircraft in its portfolio, of which 75 were held for operating lease and one was recorded as an investment in finance lease. As of December 31, 2016, its portfolio included 65 narrow-body passenger aircraft (including one freighter) and 11 wide-body passenger aircraft (including two freighters). Its aircraft are leased under multi-year contracts to various group of airlines in Europe; Asia and South Pacific; Mexico, South and Central America; North America, and Middle East and Africa. Its portfolio includes aircrafts, such as B737-700 and A320-200.

FINANCIAL RATIOS  of  Fly Leasing ADR (FLY)

Valuation Ratios
P/E Ratio -14.5
Price to Sales 1.3
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 2.8
Price to Free Cash Flow -1
Growth Rates
Sales Growth Rate -26.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -2.8%
Cap. Spend. - 3 Yr. Gr. Rate -2.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 425.5%
Total Debt to Equity 425.5%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.7%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital -0.9%
Ret/ On T. Cap. - 3 Yr. Avg. 0.5%
Return On Equity -4.6%
Return On Equity - 3 Yr. Avg. 2.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 61.2%
EBITDA Margin - 3 Yr. Avg. 74.3%
Operating Margin 18.6%
Oper. Margin - 3 Yr. Avg. 33.4%
Pre-Tax Margin -11.4%
Pre-Tax Margin - 3 Yr. Avg. 4%
Net Profit Margin -9.1%
Net Profit Margin - 3 Yr. Avg. 3.6%
Effective Tax Rate 19.4%
Eff/ Tax Rate - 3 Yr. Avg. 16.8%
Payout Ratio 0%

FLY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FLY stock intrinsic value calculation we used $317 million for the last fiscal year's total revenue generated by Fly Leasing ADR. The default revenue input number comes from 2016 income statement of Fly Leasing 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 FLY stock valuation model: a) initial revenue growth rate of 3.9% 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 10.4%, whose default value for FLY is calculated based on our internal credit rating of Fly Leasing 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 Fly Leasing 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 FLY stock the variable cost ratio is equal to 23.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $189 million in the base year in the intrinsic value calculation for FLY 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 4.5% for Fly Leasing ADR.

Corporate tax rate of 27% is the nominal tax rate for Fly Leasing 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 FLY 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 FLY are equal to 863.6%.

Life of production assets of 22.8 years is the average useful life of capital assets used in Fly Leasing 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 FLY is equal to -163.4%. 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 - $593 million for Fly Leasing 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 30.175 million for Fly Leasing 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 Fly Leasing ADR at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Fly Leasing Closes $332 Million Debt Facility   [Dec-11-17 07:00AM  PR Newswire]
▶ Fly Leasing reports 3Q loss   [Nov-09-17 07:33AM  Associated Press]
▶ Fly Leasing Reprices 2012 Term Loan   [Nov-01-17 04:30PM  PR Newswire]
▶ Fly Leasing beats 2Q profit forecasts   [Aug-10-17 11:51PM  Associated Press]
▶ FLY Leasing Acquires Four New Aircraft   [Jul-10-17 07:00AM  PR Newswire]
▶ New Strong Sell Stocks for May 16th   [May-16-17 10:29AM  Zacks]
▶ Fly Leasing beats 1Q profit forecasts   [07:40AM  Associated Press]
▶ FLY Leasing Reprices, Extends and Upsizes 2012 Term Loan   [May-01-17 07:00AM  PR Newswire]
▶ 5 Small-Cap Stocks to Buy in April   [Apr-04-17 07:34AM  Motley Fool]
▶ FLY Leasing Posts Annual Report To Website   [Mar-31-17 08:00AM  PR Newswire]
▶ Fly Leasing reports 4Q loss   [07:18AM  Associated Press]
▶ Is Axcelis Technologies Inc (ACLS) A Good Stock to Buy?   [Dec-14-16 08:29PM  at Insider Monkey]
▶ FLY Leasing Extends 2012 Term Loan   [Oct-20-16 07:00AM  PR Newswire]
▶ FLY Leasing Acquires Five Aircraft   [Jul-26-16 08:03AM  PR Newswire]
▶ FLY LEASING LTD Financials   [May-07-16 01:04PM  EDGAR Online Financials]
Financial statements of FLY
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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