Intrinsic value of GOL Linhas Aereas Inteligentes ADR - GOL

Previous Close

$14.46

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-375%

Previous close

$14.46

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-375%

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

We calculate the intrinsic value of GOL 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, %
  0.91
  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
  3,120
  3,182
  3,256
  3,339
  3,433
  3,537
  3,651
  3,776
  3,910
  4,055
  4,211
  4,378
  4,555
  4,744
  4,946
  5,159
  5,385
  5,624
  5,877
  6,145
  6,427
  6,725
  7,039
  7,370
  7,719
  8,087
  8,474
  8,881
  9,309
  9,760
  10,234
Variable operating expenses, $m
 
  3,243
  3,317
  3,402
  3,497
  3,602
  3,718
  3,844
  3,980
  4,127
  4,285
  4,437
  4,617
  4,809
  5,012
  5,229
  5,458
  5,700
  5,957
  6,228
  6,514
  6,816
  7,134
  7,470
  7,824
  8,196
  8,588
  9,001
  9,435
  9,892
  10,373
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
  2,900
  3,243
  3,317
  3,402
  3,497
  3,602
  3,718
  3,844
  3,980
  4,127
  4,285
  4,437
  4,617
  4,809
  5,012
  5,229
  5,458
  5,700
  5,957
  6,228
  6,514
  6,816
  7,134
  7,470
  7,824
  8,196
  8,588
  9,001
  9,435
  9,892
  10,373
Operating income, $m
  220
  -60
  -61
  -62
  -64
  -65
  -66
  -68
  -70
  -72
  -74
  -59
  -62
  -64
  -67
  -70
  -73
  -76
  -79
  -83
  -87
  -91
  -95
  -100
  -104
  -109
  -115
  -120
  -126
  -132
  -138
EBITDA, $m
  362
  87
  89
  91
  93
  96
  99
  103
  106
  110
  115
  119
  124
  129
  135
  140
  147
  153
  160
  167
  175
  183
  192
  201
  210
  220
  231
  242
  254
  266
  279
Interest expense (income), $m
  192
  156
  47
  52
  57
  63
  69
  76
  83
  92
  100
  110
  120
  131
  142
  154
  167
  181
  195
  211
  227
  244
  262
  281
  301
  322
  344
  368
  393
  419
  446
Earnings before tax, $m
  430
  -216
  -109
  -114
  -120
  -128
  -135
  -144
  -153
  -163
  -174
  -169
  -181
  -195
  -209
  -224
  -240
  -257
  -275
  -294
  -314
  -335
  -357
  -381
  -405
  -432
  -459
  -488
  -518
  -550
  -584
Tax expense, $m
  81
  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
  269
  -216
  -109
  -114
  -120
  -128
  -135
  -144
  -153
  -163
  -174
  -169
  -181
  -195
  -209
  -224
  -240
  -257
  -275
  -294
  -314
  -335
  -357
  -381
  -405
  -432
  -459
  -488
  -518
  -550
  -584

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  314
  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
  2,657
  2,711
  2,773
  2,844
  2,924
  3,013
  3,110
  3,216
  3,331
  3,454
  3,587
  3,729
  3,880
  4,041
  4,213
  4,394
  4,587
  4,791
  5,006
  5,234
  5,474
  5,728
  5,996
  6,278
  6,575
  6,888
  7,218
  7,565
  7,930
  8,314
  8,718
Adjusted assets (=assets-cash), $m
  2,343
  2,711
  2,773
  2,844
  2,924
  3,013
  3,110
  3,216
  3,331
  3,454
  3,587
  3,729
  3,880
  4,041
  4,213
  4,394
  4,587
  4,791
  5,006
  5,234
  5,474
  5,728
  5,996
  6,278
  6,575
  6,888
  7,218
  7,565
  7,930
  8,314
  8,718
Revenue / Adjusted assets
  1.332
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
Average production assets, $m
  1,526
  1,556
  1,592
  1,633
  1,679
  1,730
  1,786
  1,846
  1,912
  1,983
  2,059
  2,141
  2,228
  2,320
  2,418
  2,523
  2,633
  2,750
  2,874
  3,005
  3,143
  3,288
  3,442
  3,604
  3,775
  3,954
  4,144
  4,343
  4,552
  4,773
  5,005
Working capital, $m
  -875
  -318
  -326
  -334
  -343
  -354
  -365
  -378
  -391
  -406
  -421
  -438
  -456
  -474
  -495
  -516
  -538
  -562
  -588
  -614
  -643
  -672
  -704
  -737
  -772
  -809
  -847
  -888
  -931
  -976
  -1,023
Total debt, $m
  1,972
  601
  657
  721
  793
  873
  960
  1,056
  1,159
  1,270
  1,389
  1,517
  1,653
  1,798
  1,952
  2,116
  2,289
  2,473
  2,667
  2,872
  3,088
  3,316
  3,557
  3,811
  4,079
  4,360
  4,657
  4,969
  5,298
  5,643
  6,007
Total liabilities, $m
  3,811
  2,440
  2,496
  2,560
  2,632
  2,712
  2,799
  2,895
  2,998
  3,109
  3,228
  3,356
  3,492
  3,637
  3,791
  3,955
  4,128
  4,312
  4,506
  4,711
  4,927
  5,155
  5,396
  5,650
  5,918
  6,199
  6,496
  6,808
  7,137
  7,482
  7,846
Total equity, $m
  -1,154
  271
  277
  284
  292
  301
  311
  322
  333
  345
  359
  373
  388
  404
  421
  439
  459
  479
  501
  523
  547
  573
  600
  628
  658
  689
  722
  756
  793
  831
  872
Total liabilities and equity, $m
  2,657
  2,711
  2,773
  2,844
  2,924
  3,013
  3,110
  3,217
  3,331
  3,454
  3,587
  3,729
  3,880
  4,041
  4,212
  4,394
  4,587
  4,791
  5,007
  5,234
  5,474
  5,728
  5,996
  6,278
  6,576
  6,888
  7,218
  7,564
  7,930
  8,313
  8,718
Debt-to-equity ratio
  -1.709
  2.220
  2.370
  2.530
  2.710
  2.900
  3.090
  3.280
  3.480
  3.680
  3.870
  4.070
  4.260
  4.450
  4.630
  4.810
  4.990
  5.160
  5.330
  5.490
  5.640
  5.790
  5.930
  6.070
  6.200
  6.330
  6.450
  6.570
  6.680
  6.790
  6.890
Adjusted equity ratio
  -0.603
  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
  269
  -216
  -109
  -114
  -120
  -128
  -135
  -144
  -153
  -163
  -174
  -169
  -181
  -195
  -209
  -224
  -240
  -257
  -275
  -294
  -314
  -335
  -357
  -381
  -405
  -432
  -459
  -488
  -518
  -550
  -584
Depreciation, amort., depletion, $m
  142
  147
  150
  153
  157
  161
  166
  171
  176
  182
  189
  178
  186
  193
  202
  210
  219
  229
  239
  250
  262
  274
  287
  300
  315
  330
  345
  362
  379
  398
  417
Funds from operations, $m
  -440
  -69
  41
  39
  37
  34
  30
  27
  23
  19
  14
  9
  4
  -1
  -7
  -14
  -21
  -28
  -35
  -43
  -52
  -61
  -70
  -80
  -91
  -102
  -114
  -126
  -139
  -153
  -167
Change in working capital, $m
  -433
  -6
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
Cash from operations, $m
  -7
  -63
  49
  47
  46
  44
  42
  39
  37
  33
  30
  26
  22
  18
  13
  8
  2
  -4
  -10
  -17
  -24
  -31
  -39
  -47
  -56
  -65
  -75
  -85
  -96
  -108
  -120
Maintenance CAPEX, $m
  0
  -127
  -130
  -133
  -136
  -140
  -144
  -149
  -154
  -159
  -165
  -172
  -178
  -186
  -193
  -202
  -210
  -219
  -229
  -239
  -250
  -262
  -274
  -287
  -300
  -315
  -330
  -345
  -362
  -379
  -398
New CAPEX, $m
  -139
  -30
  -36
  -41
  -46
  -51
  -56
  -61
  -66
  -71
  -76
  -81
  -87
  -93
  -98
  -104
  -111
  -117
  -124
  -131
  -138
  -146
  -154
  -162
  -171
  -180
  -189
  -199
  -210
  -220
  -232
Cash from investing activities, $m
  187
  -157
  -166
  -174
  -182
  -191
  -200
  -210
  -220
  -230
  -241
  -253
  -265
  -279
  -291
  -306
  -321
  -336
  -353
  -370
  -388
  -408
  -428
  -449
  -471
  -495
  -519
  -544
  -572
  -599
  -630
Free cash flow, $m
  180
  -220
  -117
  -126
  -136
  -147
  -158
  -170
  -183
  -197
  -211
  -227
  -243
  -261
  -279
  -298
  -319
  -340
  -363
  -387
  -412
  -439
  -467
  -496
  -527
  -560
  -594
  -630
  -668
  -707
  -749
Issuance/(repayment) of debt, $m
  -273
  -1,371
  56
  64
  72
  80
  88
  95
  103
  111
  119
  128
  136
  145
  154
  164
  173
  183
  194
  205
  216
  228
  241
  254
  267
  282
  297
  312
  329
  346
  364
Issuance/(repurchase) of shares, $m
  0
  1,641
  115
  121
  128
  136
  145
  155
  165
  176
  188
  183
  197
  211
  226
  242
  259
  277
  296
  317
  338
  360
  384
  409
  435
  463
  492
  523
  555
  589
  625
Cash from financing (excl. dividends), $m  
  -336
  270
  171
  185
  200
  216
  233
  250
  268
  287
  307
  311
  333
  356
  380
  406
  432
  460
  490
  522
  554
  588
  625
  663
  702
  745
  789
  835
  884
  935
  989
Total cash flow (excl. dividends), $m
  -161
  49
  54
  59
  64
  70
  75
  80
  85
  90
  95
  84
  89
  95
  101
  107
  114
  121
  127
  135
  142
  150
  158
  167
  176
  185
  195
  205
  216
  227
  239
Retained Cash Flow (-), $m
  -283
  -1,641
  -115
  -121
  -128
  -136
  -145
  -155
  -165
  -176
  -188
  -183
  -197
  -211
  -226
  -242
  -259
  -277
  -296
  -317
  -338
  -360
  -384
  -409
  -435
  -463
  -492
  -523
  -555
  -589
  -625
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
 
  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
 
  -1,592
  -61
  -62
  -64
  -67
  -71
  -75
  -80
  -86
  -92
  -99
  -107
  -116
  -125
  -135
  -145
  -157
  -169
  -182
  -196
  -210
  -226
  -242
  -259
  -278
  -297
  -318
  -339
  -362
  -386
Discount rate, %
 
  12.60
  13.23
  13.89
  14.59
  15.32
  16.08
  16.89
  17.73
  18.62
  19.55
  20.52
  21.55
  22.63
  23.76
  24.95
  26.19
  27.50
  28.88
  30.32
  31.84
  33.43
  35.10
  36.86
  38.70
  40.64
  42.67
  44.80
  47.04
  49.39
  51.86
PV of cash for distribution, $m
 
  -1,413
  -47
  -42
  -37
  -33
  -29
  -25
  -22
  -18
  -15
  -13
  -10
  -8
  -6
  -5
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  35.1
  24.4
  16.8
  11.5
  7.7
  5.2
  3.4
  2.2
  1.5
  1.0
  0.6
  0.4
  0.3
  0.2
  0.1
  0.1
  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

Gol Linhas Aéreas Inteligentes S.A. provides regular and non-regular flight transportation services for passengers, cargoes, and mailbags in Brazil and internationally. The company operates in two segments, Flight Transportation and Smiles Loyalty Program. As of December 31, 2015, it operated a fleet of 144 aircraft, which included 98 aircraft under operating leases and 46 aircraft under finance leases. It also develops and manages its own or third party’s customer loyalty program, as well as sells redemption rights of awards related to the loyalty program. The company has a strategic partnership with Air France-KLM. Gol Linhas Aéreas Inteligentes S.A. was founded in 2001 and is based in Sao Paulo, Brazil.

FINANCIAL RATIOS  of  GOL Linhas Aereas Inteligentes ADR (GOL)

Valuation Ratios
P/E Ratio 8.4
Price to Sales 0.7
Price to Book -1.9
Price to Tangible Book
Price to Cash Flow -321.1
Price to Free Cash Flow -15.4
Growth Rates
Sales Growth Rate 0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.5%
Cap. Spend. - 3 Yr. Gr. Rate 8.8%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity -151.9%
Total Debt to Equity -170.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 14.3%
Ret/ On Assets - 3 Yr. Avg. -10%
Return On Total Capital 23.6%
Ret/ On T. Cap. - 3 Yr. Avg. -27.9%
Return On Equity -20.8%
Return On Equity - 3 Yr. Avg. -573.6%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 23.4%
Gross Margin - 3 Yr. Avg. 19.3%
EBITDA Margin 24.5%
EBITDA Margin - 3 Yr. Avg. -0.5%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. 3.4%
Pre-Tax Margin 13.8%
Pre-Tax Margin - 3 Yr. Avg. -10.3%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. -16.5%
Effective Tax Rate 18.8%
Eff/ Tax Rate - 3 Yr. Avg. -7.6%
Payout Ratio 0%

GOL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GOL stock intrinsic value calculation we used $3120 million for the last fiscal year's total revenue generated by GOL Linhas Aereas Inteligentes ADR. The default revenue input number comes from 2016 income statement of GOL Linhas Aereas Inteligentes 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 GOL 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 12.6%, whose default value for GOL is calculated based on our internal credit rating of GOL Linhas Aereas Inteligentes 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 GOL Linhas Aereas Inteligentes 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 GOL stock the variable cost ratio is equal to 101.9%.

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 GOL 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 7.9% for GOL Linhas Aereas Inteligentes ADR.

Corporate tax rate of 27% is the nominal tax rate for GOL Linhas Aereas Inteligentes 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 GOL 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 GOL are equal to 48.9%.

Life of production assets of 12 years is the average useful life of capital assets used in GOL Linhas Aereas Inteligentes 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 GOL is equal to -10%. 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 - $-1154 million for GOL Linhas Aereas Inteligentes 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 19.672 million for GOL Linhas Aereas Inteligentes 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 GOL Linhas Aereas Inteligentes ADR at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ GOL announces its 2Q17 earnings release schedule   [Jul-25-17 09:49PM  PR Newswire]
▶ Emerging Markets Roundup: 6 Hot Stocks   [Jul-10-17 05:57PM  Barrons.com]
▶ 2017 Annual General Meeting   [08:13AM  GlobeNewswire]
▶ GOL Increases 2017 Guidance   [Jun-19-17 06:43PM  PR Newswire]
▶ Golar LNG dividend information   [08:37AM  GlobeNewswire]
▶ Golar LNG Limited - Q1 2017 results presentation   [May-23-17 04:31PM  GlobeNewswire]
▶ IPO Stock News And Analysis: Find Today's Top New Issues   [01:13PM  Investor's Business Daily]
▶ Why Gol Linhas Aereas Inteligentes Stock Plummeted Today   [May-18-17 01:15PM  Motley Fool]
▶ Rallying Since Its April IPO, Airline Announces Q1 Results Monday   [May-11-17 05:19PM  Investor's Business Daily]
▶ Gol Linhas posts 1Q profit   [10:24AM  Associated Press]
▶ GOL files 2016 Form 20-F with the U.S. SEC   [May-01-17 04:30PM  PR Newswire]
▶ GOL Announces its 1Q17 Earnings Release Schedule   [Apr-26-17 05:22PM  PR Newswire]
▶ GOL Confirms dates for ADS Ratio Change   [Apr-17-17 05:30PM  PR Newswire]
▶ New Strong Buy Stocks Going Up for April 6th   [Apr-06-17 07:35PM  Zacks]
▶ Azul IPO: What Investors Need to Know   [07:11AM  Motley Fool]
▶ GOL Announces Material Fact   [Apr-05-17 05:49PM  PR Newswire]
▶ GOL Announces Investor Update   [Apr-04-17 05:13PM  PR Newswire]
▶ These 3 Stocks Have Tripled Your Money Over the Past Year   [Mar-14-17 02:09PM  at Motley Fool]
▶ 10 Emerging Market Corporate Bond Picks: Embracing Risk   [Mar-07-17 11:45AM  at Barrons.com]
▶ Golar LNG Dividend Information   [Feb-28-17 09:32AM  GlobeNewswire]
▶ GOL Announces ADS Ratio Change   [Feb-16-17 05:46PM  PR Newswire]
Stock chart of GOL Financial statements of GOL Annual reports of GOL
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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