Intrinsic value of GOL Linhas Aereas Inteligentes ADR - GOL

Previous Close

$22.40

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-175%

Previous close

$22.40

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-175%

*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 1.0

 

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
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  3,120
  3,338
  3,565
  3,801
  4,047
  4,302
  4,568
  4,845
  5,134
  5,435
  5,749
  6,076
  6,418
  6,775
  7,148
  7,539
  7,947
  8,373
  8,820
  9,287
  9,777
  10,290
  10,827
  11,389
  11,979
  12,597
  13,245
  13,924
  14,637
  15,384
  16,167
Variable operating expenses, $m
 
  3,401
  3,631
  3,870
  4,119
  4,378
  4,647
  4,928
  5,220
  5,525
  5,843
  6,158
  6,505
  6,867
  7,245
  7,641
  8,054
  8,487
  8,939
  9,413
  9,909
  10,429
  10,973
  11,543
  12,141
  12,767
  13,424
  14,112
  14,834
  15,592
  16,386
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
  3,401
  3,631
  3,870
  4,119
  4,378
  4,647
  4,928
  5,220
  5,525
  5,843
  6,158
  6,505
  6,867
  7,245
  7,641
  8,054
  8,487
  8,939
  9,413
  9,909
  10,429
  10,973
  11,543
  12,141
  12,767
  13,424
  14,112
  14,834
  15,592
  16,386
Operating income, $m
  220
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -91
  -95
  -82
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -126
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -188
  -198
  -208
  -219
EBITDA, $m
  362
  91
  97
  104
  110
  117
  124
  132
  140
  148
  157
  165
  175
  184
  195
  205
  216
  228
  240
  253
  266
  280
  295
  310
  326
  343
  361
  379
  399
  419
  440
Interest expense (income), $m
  192
  138
  33
  45
  58
  71
  84
  99
  113
  129
  145
  162
  179
  197
  216
  236
  257
  279
  302
  326
  350
  377
  404
  433
  463
  494
  527
  562
  598
  636
  676
Earnings before tax, $m
  430
  -201
  -98
  -114
  -129
  -146
  -163
  -181
  -200
  -219
  -240
  -244
  -266
  -289
  -313
  -338
  -365
  -392
  -421
  -451
  -483
  -516
  -550
  -587
  -625
  -664
  -706
  -750
  -796
  -844
  -894
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
  -201
  -98
  -114
  -129
  -146
  -163
  -181
  -200
  -219
  -240
  -244
  -266
  -289
  -313
  -338
  -365
  -392
  -421
  -451
  -483
  -516
  -550
  -587
  -625
  -664
  -706
  -750
  -796
  -844
  -894

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
  2,506
  2,677
  2,854
  3,038
  3,230
  3,430
  3,638
  3,854
  4,080
  4,316
  4,562
  4,818
  5,087
  5,367
  5,660
  5,966
  6,286
  6,622
  6,973
  7,340
  7,725
  8,128
  8,550
  8,993
  9,457
  9,944
  10,454
  10,988
  11,549
  12,138
Adjusted assets (=assets-cash), $m
  2,343
  2,506
  2,677
  2,854
  3,038
  3,230
  3,430
  3,638
  3,854
  4,080
  4,316
  4,562
  4,818
  5,087
  5,367
  5,660
  5,966
  6,286
  6,622
  6,973
  7,340
  7,725
  8,128
  8,550
  8,993
  9,457
  9,944
  10,454
  10,988
  11,549
  12,138
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
  1,632
  1,743
  1,859
  1,979
  2,104
  2,234
  2,369
  2,510
  2,658
  2,811
  2,971
  3,138
  3,313
  3,496
  3,686
  3,886
  4,095
  4,313
  4,542
  4,781
  5,032
  5,294
  5,569
  5,858
  6,160
  6,477
  6,809
  7,157
  7,523
  7,906
Working capital, $m
  -875
  -1,038
  -1,109
  -1,182
  -1,259
  -1,338
  -1,421
  -1,507
  -1,597
  -1,690
  -1,788
  -1,890
  -1,996
  -2,107
  -2,223
  -2,345
  -2,471
  -2,604
  -2,743
  -2,888
  -3,041
  -3,200
  -3,367
  -3,542
  -3,725
  -3,918
  -4,119
  -4,330
  -4,552
  -4,784
  -5,028
Total debt, $m
  1,972
  417
  570
  730
  895
  1,068
  1,248
  1,435
  1,630
  1,833
  2,045
  2,267
  2,498
  2,739
  2,991
  3,255
  3,530
  3,819
  4,120
  4,436
  4,767
  5,113
  5,476
  5,856
  6,255
  6,672
  7,110
  7,569
  8,051
  8,555
  9,085
Total liabilities, $m
  3,811
  2,256
  2,409
  2,569
  2,734
  2,907
  3,087
  3,274
  3,469
  3,672
  3,884
  4,106
  4,337
  4,578
  4,830
  5,094
  5,369
  5,658
  5,959
  6,275
  6,606
  6,952
  7,315
  7,695
  8,094
  8,511
  8,949
  9,408
  9,890
  10,394
  10,924
Total equity, $m
  -1,154
  251
  268
  285
  304
  323
  343
  364
  385
  408
  432
  456
  482
  509
  537
  566
  597
  629
  662
  697
  734
  772
  813
  855
  899
  946
  994
  1,045
  1,099
  1,155
  1,214
Total liabilities and equity, $m
  2,657
  2,507
  2,677
  2,854
  3,038
  3,230
  3,430
  3,638
  3,854
  4,080
  4,316
  4,562
  4,819
  5,087
  5,367
  5,660
  5,966
  6,287
  6,621
  6,972
  7,340
  7,724
  8,128
  8,550
  8,993
  9,457
  9,943
  10,453
  10,989
  11,549
  12,138
Debt-to-equity ratio
  -1.709
  1.660
  2.130
  2.560
  2.950
  3.310
  3.640
  3.940
  4.230
  4.490
  4.740
  4.970
  5.180
  5.380
  5.570
  5.750
  5.920
  6.070
  6.220
  6.360
  6.490
  6.620
  6.740
  6.850
  6.960
  7.060
  7.150
  7.240
  7.330
  7.410
  7.480
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
  -201
  -98
  -114
  -129
  -146
  -163
  -181
  -200
  -219
  -240
  -244
  -266
  -289
  -313
  -338
  -365
  -392
  -421
  -451
  -483
  -516
  -550
  -587
  -625
  -664
  -706
  -750
  -796
  -844
  -894
Depreciation, amort., depletion, $m
  142
  153
  162
  172
  182
  192
  203
  215
  226
  239
  251
  248
  262
  276
  291
  307
  324
  341
  359
  378
  398
  419
  441
  464
  488
  513
  540
  567
  596
  627
  659
Funds from operations, $m
  -440
  -48
  64
  58
  53
  46
  40
  33
  26
  19
  12
  4
  -4
  -13
  -22
  -31
  -41
  -51
  -62
  -73
  -84
  -96
  -109
  -122
  -136
  -151
  -166
  -183
  -199
  -217
  -236
Change in working capital, $m
  -433
  -68
  -71
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -127
  -133
  -139
  -145
  -152
  -159
  -167
  -175
  -183
  -192
  -202
  -211
  -222
  -232
  -244
Cash from operations, $m
  -7
  20
  135
  132
  129
  126
  123
  120
  116
  113
  109
  106
  102
  98
  94
  90
  86
  82
  77
  73
  68
  63
  58
  52
  47
  41
  35
  29
  22
  15
  8
Maintenance CAPEX, $m
  0
  -127
  -136
  -145
  -155
  -165
  -175
  -186
  -197
  -209
  -221
  -234
  -248
  -262
  -276
  -291
  -307
  -324
  -341
  -359
  -378
  -398
  -419
  -441
  -464
  -488
  -513
  -540
  -567
  -596
  -627
New CAPEX, $m
  -139
  -106
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -160
  -167
  -175
  -182
  -191
  -199
  -209
  -218
  -229
  -239
  -251
  -263
  -275
  -288
  -302
  -317
  -332
  -348
  -365
  -383
Cash from investing activities, $m
  187
  -233
  -247
  -260
  -275
  -290
  -305
  -321
  -338
  -356
  -374
  -394
  -415
  -437
  -458
  -482
  -506
  -533
  -559
  -588
  -617
  -649
  -682
  -716
  -752
  -790
  -830
  -872
  -915
  -961
  -1,010
Free cash flow, $m
  180
  -213
  -112
  -129
  -146
  -164
  -183
  -202
  -222
  -244
  -266
  -289
  -313
  -338
  -364
  -392
  -421
  -451
  -482
  -515
  -550
  -586
  -624
  -664
  -706
  -749
  -795
  -843
  -894
  -947
  -1,002
Issuance/(repayment) of debt, $m
  -273
  -1,336
  153
  159
  166
  173
  180
  187
  195
  203
  212
  221
  231
  241
  252
  264
  276
  288
  302
  316
  331
  346
  363
  380
  398
  418
  438
  459
  481
  505
  530
Issuance/(repurchase) of shares, $m
  0
  1,700
  115
  131
  148
  165
  183
  202
  222
  242
  263
  268
  291
  316
  341
  367
  395
  424
  454
  486
  519
  554
  591
  629
  669
  711
  755
  801
  849
  900
  953
Cash from financing (excl. dividends), $m  
  -336
  364
  268
  290
  314
  338
  363
  389
  417
  445
  475
  489
  522
  557
  593
  631
  671
  712
  756
  802
  850
  900
  954
  1,009
  1,067
  1,129
  1,193
  1,260
  1,330
  1,405
  1,483
Total cash flow (excl. dividends), $m
  -161
  151
  156
  162
  168
  174
  180
  187
  194
  202
  210
  201
  210
  219
  229
  239
  250
  262
  274
  287
  300
  314
  329
  345
  362
  379
  398
  417
  437
  458
  481
Retained Cash Flow (-), $m
  -283
  -1,700
  -115
  -131
  -148
  -165
  -183
  -202
  -222
  -242
  -263
  -268
  -291
  -316
  -341
  -367
  -395
  -424
  -454
  -486
  -519
  -554
  -591
  -629
  -669
  -711
  -755
  -801
  -849
  -900
  -953
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
 
  -1,455
  41
  31
  20
  9
  -3
  -15
  -27
  -40
  -54
  -67
  -82
  -97
  -112
  -128
  -145
  -162
  -180
  -199
  -219
  -240
  -261
  -284
  -307
  -332
  -357
  -384
  -412
  -442
  -472
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
 
  -1,292
  32
  21
  12
  4
  -1
  -5
  -7
  -9
  -9
  -9
  -8
  -7
  -6
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  34.2
  23.0
  15.1
  9.8
  6.3
  3.9
  2.4
  1.5
  0.9
  0.6
  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
  0.0
  0.0

Gol Linhas Aereas Inteligentes S.A. (GOL) is an airline company. The Company is engaged in providing mobile geolocation services to its passengers and designing a Website featuring accessibility resources to assist people with visual and motor impairments. The Company operates through two segments: Air transportation and Loyalty program. Air transportation segment operations originate from its subsidiary Gol Linhas Aereas S.A. (GLA) for the provision of air transportation services. Its operations also include cargo operations and excess baggage. Loyalty program segment operations are represented by the sale of mileage to air and non-air partner companies, which includes the management of the program, the sale of reward redemption rights and the creation and management of an individual and corporate database. The Company's fleet has approximately 130 Boeing Boeing 737-700 and Boeing 737-800.

FINANCIAL RATIOS  of  GOL Linhas Aereas Inteligentes ADR (GOL)

Valuation Ratios
P/E Ratio 12.5
Price to Sales 1.1
Price to Book -2.9
Price to Tangible Book
Price to Cash Flow -478.8
Price to Free Cash Flow -23
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 7% 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 43.3 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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COMPANY NEWS

▶ 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]
▶ Stock Gains Fade: Is Yellen Saying Goodbye?   [Aug-25-17 12:10PM  Investor's Business Daily]
▶ Golar LNG Limited: Fortuna FLNG Offtake Awarded to Gunvor   [Aug-21-17 08:02AM  GlobeNewswire]
▶ Golar LNG Limited 2017 Annual General Meeting   [Aug-18-17 09:02AM  GlobeNewswire]
▶ Gol Linhas reports 2Q loss   [Aug-10-17 08:07PM  Associated Press]
▶ 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]
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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