Intrinsic value of GOL Linhas Aereas Inteligentes ADR - GOL

Previous Close

$10.14

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$10.14

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  13.20
  12.38
  11.64
  10.98
  10.38
  9.84
  9.36
  8.92
  8.53
  8.18
  7.86
  7.57
  7.32
  7.08
  6.88
  6.69
  6.52
  6.37
  6.23
  6.11
  6.00
  5.90
  5.81
  5.73
  5.65
  5.59
  5.53
  5.48
  5.43
  5.39
Revenue, $m
  3,120
  3,532
  3,969
  4,431
  4,918
  5,428
  5,962
  6,520
  7,102
  7,708
  8,338
  8,993
  9,674
  10,382
  11,118
  11,882
  12,677
  13,503
  14,363
  15,258
  16,190
  17,161
  18,173
  19,228
  20,329
  21,479
  22,679
  23,933
  25,244
  26,615
  28,048
Variable operating expenses, $m
 
  3,597
  4,040
  4,508
  5,001
  5,519
  6,060
  6,625
  7,215
  7,829
  8,468
  9,115
  9,805
  10,523
  11,268
  12,043
  12,848
  13,686
  14,557
  15,464
  16,409
  17,393
  18,419
  19,488
  20,604
  21,769
  22,986
  24,257
  25,585
  26,974
  28,427
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
  3,597
  4,040
  4,508
  5,001
  5,519
  6,060
  6,625
  7,215
  7,829
  8,468
  9,115
  9,805
  10,523
  11,268
  12,043
  12,848
  13,686
  14,557
  15,464
  16,409
  17,393
  18,419
  19,488
  20,604
  21,769
  22,986
  24,257
  25,585
  26,974
  28,427
Operating income, $m
  220
  -65
  -71
  -77
  -84
  -90
  -98
  -105
  -113
  -121
  -130
  -122
  -131
  -140
  -150
  -161
  -171
  -183
  -194
  -206
  -219
  -232
  -246
  -260
  -275
  -290
  -307
  -324
  -341
  -360
  -379
EBITDA, $m
  362
  96
  108
  121
  134
  148
  162
  178
  193
  210
  227
  245
  263
  283
  303
  324
  345
  368
  391
  415
  441
  467
  495
  524
  554
  585
  618
  652
  687
  725
  764
Interest expense (income), $m
  192
  138
  43
  67
  91
  117
  144
  173
  203
  234
  266
  300
  335
  371
  409
  448
  489
  531
  576
  621
  669
  719
  771
  825
  881
  940
  1,001
  1,065
  1,132
  1,202
  1,275
Earnings before tax, $m
  430
  -203
  -114
  -144
  -175
  -208
  -242
  -278
  -316
  -355
  -396
  -421
  -466
  -511
  -559
  -609
  -660
  -714
  -770
  -828
  -888
  -951
  -1,016
  -1,085
  -1,156
  -1,230
  -1,308
  -1,389
  -1,474
  -1,562
  -1,655
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
  -203
  -114
  -144
  -175
  -208
  -242
  -278
  -316
  -355
  -396
  -421
  -466
  -511
  -559
  -609
  -660
  -714
  -770
  -828
  -888
  -951
  -1,016
  -1,085
  -1,156
  -1,230
  -1,308
  -1,389
  -1,474
  -1,562
  -1,655

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
  2,652
  2,980
  3,327
  3,692
  4,075
  4,476
  4,895
  5,332
  5,787
  6,260
  6,752
  7,263
  7,794
  8,347
  8,920
  9,517
  10,138
  10,783
  11,455
  12,155
  12,884
  13,643
  14,436
  15,262
  16,125
  17,026
  17,968
  18,952
  19,981
  21,057
Adjusted assets (=assets-cash), $m
  2,343
  2,652
  2,980
  3,327
  3,692
  4,075
  4,476
  4,895
  5,332
  5,787
  6,260
  6,752
  7,263
  7,794
  8,347
  8,920
  9,517
  10,138
  10,783
  11,455
  12,155
  12,884
  13,643
  14,436
  15,262
  16,125
  17,026
  17,968
  18,952
  19,981
  21,057
Revenue / Adjusted assets
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
  1.332
Average production assets, $m
  1,526
  1,727
  1,941
  2,167
  2,405
  2,654
  2,916
  3,188
  3,473
  3,769
  4,077
  4,398
  4,731
  5,077
  5,437
  5,810
  6,199
  6,603
  7,024
  7,461
  7,917
  8,392
  8,887
  9,403
  9,941
  10,503
  11,090
  11,703
  12,344
  13,015
  13,716
Working capital, $m
  -875
  -1,098
  -1,234
  -1,378
  -1,529
  -1,688
  -1,854
  -2,028
  -2,209
  -2,397
  -2,593
  -2,797
  -3,009
  -3,229
  -3,458
  -3,695
  -3,942
  -4,200
  -4,467
  -4,745
  -5,035
  -5,337
  -5,652
  -5,980
  -6,322
  -6,680
  -7,053
  -7,443
  -7,851
  -8,277
  -8,723
Total debt, $m
  1,972
  547
  843
  1,155
  1,484
  1,829
  2,190
  2,567
  2,960
  3,369
  3,795
  4,238
  4,698
  5,176
  5,673
  6,189
  6,726
  7,285
  7,866
  8,470
  9,100
  9,756
  10,440
  11,153
  11,897
  12,674
  13,485
  14,332
  15,218
  16,144
  17,112
Total liabilities, $m
  3,811
  2,386
  2,682
  2,994
  3,323
  3,668
  4,029
  4,406
  4,799
  5,208
  5,634
  6,077
  6,537
  7,015
  7,512
  8,028
  8,565
  9,124
  9,705
  10,309
  10,939
  11,595
  12,279
  12,992
  13,736
  14,513
  15,324
  16,171
  17,057
  17,983
  18,951
Total equity, $m
  -1,154
  265
  298
  333
  369
  408
  448
  490
  533
  579
  626
  675
  726
  779
  835
  892
  952
  1,014
  1,078
  1,145
  1,215
  1,288
  1,364
  1,444
  1,526
  1,613
  1,703
  1,797
  1,895
  1,998
  2,106
Total liabilities and equity, $m
  2,657
  2,651
  2,980
  3,327
  3,692
  4,076
  4,477
  4,896
  5,332
  5,787
  6,260
  6,752
  7,263
  7,794
  8,347
  8,920
  9,517
  10,138
  10,783
  11,454
  12,154
  12,883
  13,643
  14,436
  15,262
  16,126
  17,027
  17,968
  18,952
  19,981
  21,057
Debt-to-equity ratio
  -1.709
  2.060
  2.830
  3.470
  4.020
  4.490
  4.890
  5.240
  5.550
  5.820
  6.060
  6.280
  6.470
  6.640
  6.800
  6.940
  7.070
  7.190
  7.290
  7.390
  7.490
  7.570
  7.650
  7.730
  7.800
  7.860
  7.920
  7.980
  8.030
  8.080
  8.130
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
  -203
  -114
  -144
  -175
  -208
  -242
  -278
  -316
  -355
  -396
  -421
  -466
  -511
  -559
  -609
  -660
  -714
  -770
  -828
  -888
  -951
  -1,016
  -1,085
  -1,156
  -1,230
  -1,308
  -1,389
  -1,474
  -1,562
  -1,655
Depreciation, amort., depletion, $m
  142
  161
  179
  198
  217
  238
  260
  283
  307
  331
  357
  366
  394
  423
  453
  484
  517
  550
  585
  622
  660
  699
  741
  784
  828
  875
  924
  975
  1,029
  1,085
  1,143
Funds from operations, $m
  -440
  -42
  65
  54
  43
  31
  18
  5
  -9
  -24
  -39
  -55
  -71
  -88
  -106
  -125
  -144
  -164
  -184
  -206
  -228
  -252
  -276
  -301
  -328
  -355
  -384
  -414
  -445
  -477
  -512
Change in working capital, $m
  -433
  -128
  -136
  -144
  -151
  -159
  -166
  -174
  -181
  -188
  -196
  -204
  -212
  -220
  -229
  -238
  -247
  -257
  -267
  -278
  -290
  -302
  -315
  -328
  -342
  -357
  -373
  -390
  -408
  -426
  -446
Cash from operations, $m
  -7
  86
  201
  198
  194
  189
  184
  178
  172
  164
  157
  149
  140
  132
  123
  113
  103
  93
  83
  72
  62
  50
  39
  27
  15
  2
  -10
  -24
  -37
  -51
  -66
Maintenance CAPEX, $m
  0
  -127
  -144
  -162
  -181
  -200
  -221
  -243
  -266
  -289
  -314
  -340
  -366
  -394
  -423
  -453
  -484
  -517
  -550
  -585
  -622
  -660
  -699
  -741
  -784
  -828
  -875
  -924
  -975
  -1,029
  -1,085
New CAPEX, $m
  -139
  -201
  -214
  -226
  -238
  -250
  -261
  -273
  -284
  -296
  -308
  -320
  -333
  -346
  -360
  -374
  -389
  -404
  -420
  -438
  -456
  -475
  -495
  -516
  -538
  -562
  -587
  -613
  -641
  -670
  -701
Cash from investing activities, $m
  187
  -328
  -358
  -388
  -419
  -450
  -482
  -516
  -550
  -585
  -622
  -660
  -699
  -740
  -783
  -827
  -873
  -921
  -970
  -1,023
  -1,078
  -1,135
  -1,194
  -1,257
  -1,322
  -1,390
  -1,462
  -1,537
  -1,616
  -1,699
  -1,786
Free cash flow, $m
  180
  -242
  -157
  -190
  -224
  -261
  -298
  -338
  -379
  -421
  -465
  -511
  -559
  -609
  -660
  -714
  -769
  -827
  -888
  -951
  -1,016
  -1,084
  -1,155
  -1,230
  -1,307
  -1,388
  -1,473
  -1,561
  -1,653
  -1,750
  -1,851
Issuance/(repayment) of debt, $m
  -273
  -1,206
  295
  312
  329
  345
  361
  377
  393
  409
  426
  443
  460
  478
  497
  517
  537
  558
  581
  605
  630
  656
  684
  713
  744
  777
  811
  847
  886
  926
  969
Issuance/(repurchase) of shares, $m
  0
  1,717
  147
  178
  211
  246
  282
  320
  360
  401
  443
  471
  517
  565
  614
  666
  720
  776
  834
  895
  958
  1,024
  1,092
  1,164
  1,239
  1,317
  1,398
  1,483
  1,572
  1,665
  1,762
Cash from financing (excl. dividends), $m  
  -336
  511
  442
  490
  540
  591
  643
  697
  753
  810
  869
  914
  977
  1,043
  1,111
  1,183
  1,257
  1,334
  1,415
  1,500
  1,588
  1,680
  1,776
  1,877
  1,983
  2,094
  2,209
  2,330
  2,458
  2,591
  2,731
Total cash flow (excl. dividends), $m
  -161
  269
  285
  301
  316
  330
  345
  359
  374
  389
  404
  402
  418
  434
  451
  469
  488
  507
  528
  549
  572
  596
  621
  647
  676
  705
  736
  769
  804
  841
  879
Retained Cash Flow (-), $m
  -283
  -1,717
  -147
  -178
  -211
  -246
  -282
  -320
  -360
  -401
  -443
  -471
  -517
  -565
  -614
  -666
  -720
  -776
  -834
  -895
  -958
  -1,024
  -1,092
  -1,164
  -1,239
  -1,317
  -1,398
  -1,483
  -1,572
  -1,665
  -1,762
Prev. year cash balance distribution, $m
 
  95
  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
 
  -1,353
  139
  122
  104
  84
  63
  39
  14
  -12
  -40
  -69
  -99
  -130
  -163
  -197
  -232
  -269
  -307
  -346
  -386
  -428
  -472
  -516
  -563
  -611
  -662
  -714
  -768
  -824
  -883
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
 
  -1,202
  108
  83
  60
  41
  26
  13
  4
  -3
  -7
  -9
  -10
  -9
  -8
  -7
  -6
  -4
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  32.2
  20.1
  12.3
  7.4
  4.4
  2.5
  1.5
  0.8
  0.5
  0.3
  0.2
  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
  0.0
  0.0
  0.0
  0.0

Gol Linhas Aereas Inteligentes SA is a Brazil-based airline company. The Company focuses on carrying passengers to over 60 destinations, approximately 50 in Brazil and 10 in South America and the Caribbean. The Company's fleet includes approximately 120 Boeing 737 aircrafts. The Company operates through two segments: Air transportation and Loyalty program. The Air transportation segment operations originate from its subsidiary Gol Linhas Aereas SA (GLA) for the provision of air transportation services. Its operations also include cargo operations and excess baggage. The Loyalty program segment operations are represented by SMILES coalition loyalty program, which enables clients to accumulate miles and redeem tickets for more than 700 locations worldwide.

FINANCIAL RATIOS  of  GOL Linhas Aereas Inteligentes ADR (GOL)

Valuation Ratios
P/E Ratio 6
Price to Sales 0.5
Price to Book -1.4
Price to Tangible Book
Price to Cash Flow -229.3
Price to Free Cash Flow -11
Growth Rates
Sales Growth Rate 0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -26.8%
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 13.2% 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 - $-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 102.498 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 $1.0 billion.

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▶ GOL announces its 3Q17 earnings release schedule   [Oct-20-17 04:19PM  PR Newswire]
▶ GOL announces material fact - Investor Update   [Oct-05-17 08:35AM  PR Newswire]
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▶ Organisational Changes at Golar   [03:01AM  GlobeNewswire]
▶ Stock Market News For Sep 14, 2017   [Sep-14-17 10:33AM  Zacks]
▶ GOL announces transactions for 12 Boeing 737 aircraft   [Sep-05-17 06:21AM  PR Newswire]
Financial statements 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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