Intrinsic value of GOL Linhas Aereas Inteligentes ADR - GOL

Previous Close

$11.58

  Intrinsic Value

premium content

  Rating & Target

premium content

  Value-price divergence*

premium content

Previous close

$11.58

 
Intrinsic value premium content
 
Up/down potential premium content
 
Rating premium content
 
Value-price divergence* premium content

Premium access subscription - $499/yr

please register and log in before paying

*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 0.2

 

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
  10,064
  10,296
  10,560
  10,857
  11,187
  11,548
  11,941
  12,367
  12,825
  13,318
  13,844
  14,406
  15,004
  15,640
  16,315
  17,030
  17,787
  18,587
  19,433
  20,325
  21,268
  22,261
  23,308
  24,412
  25,574
  26,798
  28,086
  29,441
  30,867
  32,367
Variable operating expenses, $m
 
  10,254
  10,489
  10,757
  11,058
  11,392
  11,758
  12,157
  12,588
  13,053
  13,552
  14,031
  14,601
  15,207
  15,851
  16,535
  17,260
  18,027
  18,838
  19,695
  20,600
  21,555
  22,562
  23,623
  24,742
  25,920
  27,160
  28,465
  29,839
  31,284
  32,804
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
  10,254
  10,489
  10,757
  11,058
  11,392
  11,758
  12,157
  12,588
  13,053
  13,552
  14,031
  14,601
  15,207
  15,851
  16,535
  17,260
  18,027
  18,838
  19,695
  20,600
  21,555
  22,562
  23,623
  24,742
  25,920
  27,160
  28,465
  29,839
  31,284
  32,804
Operating income, $m
  220
  -190
  -193
  -197
  -201
  -205
  -210
  -215
  -221
  -227
  -234
  -187
  -195
  -203
  -211
  -220
  -230
  -240
  -251
  -262
  -275
  -287
  -301
  -315
  -330
  -345
  -362
  -379
  -398
  -417
  -437
EBITDA, $m
  362
  274
  280
  288
  296
  305
  315
  325
  337
  349
  363
  377
  392
  409
  426
  444
  464
  485
  506
  529
  554
  579
  606
  635
  665
  697
  730
  765
  802
  841
  882
Interest expense (income), $m
  192
  438
  78
  90
  105
  120
  138
  157
  178
  201
  226
  252
  280
  310
  342
  376
  412
  450
  491
  533
  579
  626
  677
  730
  786
  845
  907
  972
  1,041
  1,113
  1,189
Earnings before tax, $m
  430
  -628
  -271
  -287
  -305
  -326
  -348
  -373
  -400
  -429
  -460
  -439
  -475
  -513
  -553
  -596
  -642
  -690
  -742
  -796
  -853
  -913
  -977
  -1,044
  -1,115
  -1,190
  -1,269
  -1,351
  -1,438
  -1,530
  -1,626
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
  -628
  -271
  -287
  -305
  -326
  -348
  -373
  -400
  -429
  -460
  -439
  -475
  -513
  -553
  -596
  -642
  -690
  -742
  -796
  -853
  -913
  -977
  -1,044
  -1,115
  -1,190
  -1,269
  -1,351
  -1,438
  -1,530
  -1,626

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
  7,561
  7,735
  7,934
  8,157
  8,405
  8,676
  8,972
  9,291
  9,636
  10,006
  10,401
  10,824
  11,273
  11,751
  12,258
  12,795
  13,363
  13,965
  14,600
  15,271
  15,979
  16,725
  17,512
  18,341
  19,214
  20,134
  21,101
  22,119
  23,191
  24,317
Adjusted assets (=assets-cash), $m
  2,343
  7,561
  7,735
  7,934
  8,157
  8,405
  8,676
  8,972
  9,291
  9,636
  10,006
  10,401
  10,824
  11,273
  11,751
  12,258
  12,795
  13,363
  13,965
  14,600
  15,271
  15,979
  16,725
  17,512
  18,341
  19,214
  20,134
  21,101
  22,119
  23,191
  24,317
Revenue / Adjusted assets
  1.332
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
  1.331
Average production assets, $m
  1,526
  4,921
  5,035
  5,164
  5,309
  5,470
  5,647
  5,839
  6,047
  6,272
  6,512
  6,770
  7,045
  7,337
  7,648
  7,978
  8,328
  8,698
  9,089
  9,503
  9,939
  10,400
  10,886
  11,398
  11,937
  12,506
  13,104
  13,734
  14,397
  15,094
  15,827
Working capital, $m
  -875
  -3,130
  -3,202
  -3,284
  -3,377
  -3,479
  -3,591
  -3,714
  -3,846
  -3,989
  -4,142
  -4,306
  -4,480
  -4,666
  -4,864
  -5,074
  -5,296
  -5,532
  -5,781
  -6,044
  -6,321
  -6,614
  -6,923
  -7,249
  -7,592
  -7,954
  -8,334
  -8,735
  -9,156
  -9,600
  -10,066
Total debt, $m
  1,972
  988
  1,145
  1,324
  1,525
  1,747
  1,991
  2,257
  2,545
  2,855
  3,188
  3,544
  3,924
  4,329
  4,759
  5,215
  5,698
  6,210
  6,751
  7,323
  7,927
  8,564
  9,236
  9,944
  10,690
  11,476
  12,303
  13,174
  14,090
  15,055
  16,069
Total liabilities, $m
  3,811
  6,805
  6,962
  7,141
  7,342
  7,564
  7,808
  8,074
  8,362
  8,672
  9,005
  9,361
  9,741
  10,146
  10,576
  11,032
  11,515
  12,027
  12,568
  13,140
  13,744
  14,381
  15,053
  15,761
  16,507
  17,293
  18,120
  18,991
  19,907
  20,872
  21,886
Total equity, $m
  -1,154
  756
  774
  793
  816
  840
  868
  897
  929
  964
  1,001
  1,040
  1,082
  1,127
  1,175
  1,226
  1,279
  1,336
  1,396
  1,460
  1,527
  1,598
  1,673
  1,751
  1,834
  1,921
  2,013
  2,110
  2,212
  2,319
  2,432
Total liabilities and equity, $m
  2,657
  7,561
  7,736
  7,934
  8,158
  8,404
  8,676
  8,971
  9,291
  9,636
  10,006
  10,401
  10,823
  11,273
  11,751
  12,258
  12,794
  13,363
  13,964
  14,600
  15,271
  15,979
  16,726
  17,512
  18,341
  19,214
  20,133
  21,101
  22,119
  23,191
  24,318
Debt-to-equity ratio
  -1.709
  1.310
  1.480
  1.670
  1.870
  2.080
  2.300
  2.520
  2.740
  2.960
  3.190
  3.410
  3.630
  3.840
  4.050
  4.250
  4.450
  4.650
  4.830
  5.020
  5.190
  5.360
  5.520
  5.680
  5.830
  5.970
  6.110
  6.240
  6.370
  6.490
  6.610
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
  -628
  -271
  -287
  -305
  -326
  -348
  -373
  -400
  -429
  -460
  -439
  -475
  -513
  -553
  -596
  -642
  -690
  -742
  -796
  -853
  -913
  -977
  -1,044
  -1,115
  -1,190
  -1,269
  -1,351
  -1,438
  -1,530
  -1,626
Depreciation, amort., depletion, $m
  142
  464
  474
  485
  497
  510
  525
  541
  558
  577
  597
  564
  587
  611
  637
  665
  694
  725
  757
  792
  828
  867
  907
  950
  995
  1,042
  1,092
  1,144
  1,200
  1,258
  1,319
Funds from operations, $m
  -440
  -164
  202
  197
  191
  184
  177
  168
  159
  148
  137
  125
  112
  99
  84
  69
  52
  34
  16
  -4
  -25
  -47
  -70
  -95
  -121
  -148
  -177
  -207
  -239
  -272
  -308
Change in working capital, $m
  -433
  -61
  -72
  -82
  -92
  -102
  -112
  -122
  -132
  -143
  -153
  -164
  -175
  -186
  -198
  -210
  -222
  -235
  -249
  -263
  -278
  -293
  -309
  -326
  -343
  -361
  -381
  -401
  -421
  -443
  -466
Cash from operations, $m
  -7
  -706
  274
  280
  284
  287
  289
  290
  291
  291
  290
  289
  287
  285
  282
  278
  274
  270
  265
  259
  253
  246
  239
  231
  223
  214
  204
  194
  183
  171
  159
Maintenance CAPEX, $m
  0
  -402
  -410
  -420
  -430
  -442
  -456
  -471
  -487
  -504
  -523
  -543
  -564
  -587
  -611
  -637
  -665
  -694
  -725
  -757
  -792
  -828
  -867
  -907
  -950
  -995
  -1,042
  -1,092
  -1,144
  -1,200
  -1,258
New CAPEX, $m
  -139
  -96
  -113
  -129
  -145
  -161
  -177
  -192
  -208
  -224
  -241
  -257
  -275
  -293
  -311
  -330
  -350
  -370
  -391
  -414
  -437
  -461
  -486
  -512
  -540
  -568
  -598
  -630
  -663
  -697
  -733
Cash from investing activities, $m
  187
  -498
  -523
  -549
  -575
  -603
  -633
  -663
  -695
  -728
  -764
  -800
  -839
  -880
  -922
  -967
  -1,015
  -1,064
  -1,116
  -1,171
  -1,229
  -1,289
  -1,353
  -1,419
  -1,490
  -1,563
  -1,640
  -1,722
  -1,807
  -1,897
  -1,991
Free cash flow, $m
  180
  -1,204
  -249
  -269
  -292
  -317
  -344
  -373
  -404
  -437
  -473
  -511
  -552
  -595
  -640
  -689
  -740
  -794
  -851
  -912
  -976
  -1,043
  -1,114
  -1,188
  -1,267
  -1,349
  -1,436
  -1,528
  -1,624
  -1,726
  -1,832
Issuance/(repayment) of debt, $m
  -273
  -4,557
  157
  179
  201
  223
  244
  266
  288
  310
  333
  356
  380
  405
  430
  456
  483
  512
  541
  572
  604
  637
  672
  708
  746
  786
  827
  871
  916
  964
  1,014
Issuance/(repurchase) of shares, $m
  0
  10,167
  110
  110
  113
  119
  126
  136
  148
  162
  177
  195
  214
  235
  258
  283
  310
  339
  370
  404
  439
  477
  516
  559
  604
  651
  701
  754
  810
  869
  931
Cash from financing (excl. dividends), $m  
  -336
  5,610
  267
  289
  314
  342
  370
  402
  436
  472
  510
  551
  594
  640
  688
  739
  793
  851
  911
  976
  1,043
  1,114
  1,188
  1,267
  1,350
  1,437
  1,528
  1,625
  1,726
  1,833
  1,945
Total cash flow (excl. dividends), $m
  -161
  -5,761
  -92
  -90
  -91
  -94
  -99
  -107
  -116
  -127
  -140
  -155
  -172
  -190
  -211
  -233
  -257
  -283
  -310
  -340
  -372
  -406
  -442
  -480
  -521
  -564
  -609
  -657
  -708
  -762
  -818
Retained Cash Flow (-), $m
  -283
  -4,707
  -17
  -20
  -22
  -25
  -27
  -30
  -32
  -34
  -37
  -40
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -107
  -113
Prev. year cash balance distribution, $m
 
  301
  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, %
 
  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
 
  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
  50.0
  43.7
  38.2
  33.4
  29.2
  25.4
  21.9
  18.8
  16.0
  13.5
  11.3
  9.4
  7.7
  6.3
  5.1
  4.0
  3.2
  2.5
  1.9
  1.5
  1.1
  0.9
  0.6
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1

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 6.7
Price to Sales 0.6
Price to Book -1.6
Price to Tangible Book
Price to Cash Flow -257.1
Price to Free Cash Flow -12.3
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 $9867 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 -31.1%. 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 - $-3650 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 $0.2 billion.


Premium access subscription - $499/yr

please register and log in before paying
RELATED COMPANIES Price Int.Val. Rating
CPA Copa Holdings 113.09 prem.  prem.
LFL LATAM Airlines 10.01 prem.  prem.
DAL Delta Air Line 52.81 prem.  prem.
AVH Avianca Holdin 6.61 prem.  prem.
VLRS Controladora V 14.45 prem.  prem.

COMPANY NEWS

▶ 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]
▶ GOL: Investor Update   [Jan-30-17 07:48AM  PR Newswire]
▶ GOL was Brazil's on-time performance leader in 2016   [Jan-06-17 07:16AM  PR Newswire]
▶ GOL announces Preliminary Financial Guidance for 2017   [Dec-22-16 06:01AM  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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.