Intrinsic value of Spirit AeroSystems Holdings Cl A - SPR

Previous Close

$85.39

  Intrinsic Value

$76.55

stock screener

  Rating & Target

hold

-10%

Previous close

$85.39

 
Intrinsic value

$76.55

 
Up/down potential

-10%

 
Rating

hold

We calculate the intrinsic value of SPR 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 10.1

 

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, %
  2.24
  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
  6,793
  6,929
  7,088
  7,270
  7,475
  7,702
  7,950
  8,221
  8,514
  8,830
  9,169
  9,531
  9,918
  10,330
  10,768
  11,232
  11,724
  12,245
  12,796
  13,379
  13,993
  14,642
  15,326
  16,047
  16,807
  17,607
  18,449
  19,336
  20,269
  21,250
  22,283
Variable operating expenses, $m
 
  6,028
  6,167
  6,325
  6,503
  6,700
  6,917
  7,152
  7,407
  7,682
  7,977
  8,292
  8,628
  8,987
  9,367
  9,772
  10,200
  10,653
  11,132
  11,639
  12,174
  12,738
  13,333
  13,960
  14,621
  15,317
  16,050
  16,822
  17,633
  18,487
  19,386
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
  6,068
  6,028
  6,167
  6,325
  6,503
  6,700
  6,917
  7,152
  7,407
  7,682
  7,977
  8,292
  8,628
  8,987
  9,367
  9,772
  10,200
  10,653
  11,132
  11,639
  12,174
  12,738
  13,333
  13,960
  14,621
  15,317
  16,050
  16,822
  17,633
  18,487
  19,386
Operating income, $m
  725
  901
  921
  945
  972
  1,001
  1,034
  1,069
  1,107
  1,148
  1,192
  1,239
  1,290
  1,343
  1,400
  1,460
  1,525
  1,592
  1,664
  1,740
  1,820
  1,904
  1,993
  2,087
  2,185
  2,289
  2,399
  2,514
  2,636
  2,763
  2,897
EBITDA, $m
  934
  1,113
  1,139
  1,168
  1,201
  1,237
  1,277
  1,321
  1,368
  1,419
  1,473
  1,531
  1,593
  1,660
  1,730
  1,805
  1,884
  1,967
  2,056
  2,149
  2,248
  2,352
  2,462
  2,578
  2,700
  2,829
  2,964
  3,107
  3,256
  3,414
  3,580
Interest expense (income), $m
  45
  43
  46
  50
  53
  58
  62
  68
  73
  79
  86
  93
  101
  109
  117
  126
  136
  146
  157
  169
  181
  193
  207
  221
  236
  252
  269
  286
  305
  324
  345
Earnings before tax, $m
  661
  857
  875
  896
  918
  944
  971
  1,001
  1,034
  1,069
  1,106
  1,146
  1,189
  1,235
  1,283
  1,334
  1,389
  1,446
  1,507
  1,571
  1,639
  1,710
  1,786
  1,865
  1,949
  2,037
  2,130
  2,228
  2,331
  2,439
  2,553
Tax expense, $m
  193
  231
  236
  242
  248
  255
  262
  270
  279
  289
  299
  310
  321
  333
  346
  360
  375
  390
  407
  424
  442
  462
  482
  504
  526
  550
  575
  602
  629
  659
  689
Net income, $m
  470
  626
  639
  654
  670
  689
  709
  731
  755
  780
  807
  837
  868
  901
  937
  974
  1,014
  1,056
  1,100
  1,147
  1,196
  1,249
  1,304
  1,362
  1,423
  1,487
  1,555
  1,626
  1,702
  1,780
  1,864

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  698
  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
  5,405
  4,802
  4,912
  5,038
  5,180
  5,337
  5,509
  5,697
  5,900
  6,119
  6,354
  6,605
  6,873
  7,159
  7,462
  7,784
  8,125
  8,486
  8,868
  9,271
  9,697
  10,147
  10,621
  11,120
  11,647
  12,201
  12,785
  13,400
  14,046
  14,727
  15,442
Adjusted assets (=assets-cash), $m
  4,707
  4,802
  4,912
  5,038
  5,180
  5,337
  5,509
  5,697
  5,900
  6,119
  6,354
  6,605
  6,873
  7,159
  7,462
  7,784
  8,125
  8,486
  8,868
  9,271
  9,697
  10,147
  10,621
  11,120
  11,647
  12,201
  12,785
  13,400
  14,046
  14,727
  15,442
Revenue / Adjusted assets
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
  1.443
Average production assets, $m
  1,974
  2,016
  2,063
  2,116
  2,175
  2,241
  2,313
  2,392
  2,478
  2,569
  2,668
  2,774
  2,886
  3,006
  3,133
  3,269
  3,412
  3,563
  3,724
  3,893
  4,072
  4,261
  4,460
  4,670
  4,891
  5,124
  5,369
  5,627
  5,898
  6,184
  6,484
Working capital, $m
  1,366
  707
  723
  742
  762
  786
  811
  839
  868
  901
  935
  972
  1,012
  1,054
  1,098
  1,146
  1,196
  1,249
  1,305
  1,365
  1,427
  1,493
  1,563
  1,637
  1,714
  1,796
  1,882
  1,972
  2,067
  2,168
  2,273
Total debt, $m
  1,087
  1,130
  1,211
  1,303
  1,407
  1,522
  1,648
  1,786
  1,935
  2,095
  2,267
  2,452
  2,648
  2,857
  3,080
  3,316
  3,566
  3,830
  4,110
  4,406
  4,718
  5,048
  5,395
  5,761
  6,147
  6,554
  6,982
  7,432
  7,906
  8,405
  8,929
Total liabilities, $m
  3,477
  3,520
  3,601
  3,693
  3,797
  3,912
  4,038
  4,176
  4,325
  4,485
  4,657
  4,842
  5,038
  5,247
  5,470
  5,706
  5,956
  6,220
  6,500
  6,796
  7,108
  7,438
  7,785
  8,151
  8,537
  8,944
  9,372
  9,822
  10,296
  10,795
  11,319
Total equity, $m
  1,928
  1,282
  1,312
  1,345
  1,383
  1,425
  1,471
  1,521
  1,575
  1,634
  1,696
  1,764
  1,835
  1,911
  1,992
  2,078
  2,169
  2,266
  2,368
  2,475
  2,589
  2,709
  2,836
  2,969
  3,110
  3,258
  3,414
  3,578
  3,750
  3,932
  4,123
Total liabilities and equity, $m
  5,405
  4,802
  4,913
  5,038
  5,180
  5,337
  5,509
  5,697
  5,900
  6,119
  6,353
  6,606
  6,873
  7,158
  7,462
  7,784
  8,125
  8,486
  8,868
  9,271
  9,697
  10,147
  10,621
  11,120
  11,647
  12,202
  12,786
  13,400
  14,046
  14,727
  15,442
Debt-to-equity ratio
  0.564
  0.880
  0.920
  0.970
  1.020
  1.070
  1.120
  1.170
  1.230
  1.280
  1.340
  1.390
  1.440
  1.490
  1.550
  1.600
  1.640
  1.690
  1.740
  1.780
  1.820
  1.860
  1.900
  1.940
  1.980
  2.010
  2.050
  2.080
  2.110
  2.140
  2.170
Adjusted equity ratio
  0.261
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267
  0.267

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  470
  626
  639
  654
  670
  689
  709
  731
  755
  780
  807
  837
  868
  901
  937
  974
  1,014
  1,056
  1,100
  1,147
  1,196
  1,249
  1,304
  1,362
  1,423
  1,487
  1,555
  1,626
  1,702
  1,780
  1,864
Depreciation, amort., depletion, $m
  209
  212
  217
  223
  229
  236
  244
  252
  261
  271
  281
  292
  304
  316
  330
  344
  359
  375
  392
  410
  429
  449
  469
  492
  515
  539
  565
  592
  621
  651
  683
Funds from operations, $m
  680
  838
  856
  877
  900
  925
  953
  983
  1,016
  1,051
  1,088
  1,129
  1,172
  1,218
  1,266
  1,318
  1,373
  1,431
  1,492
  1,557
  1,625
  1,697
  1,773
  1,853
  1,938
  2,027
  2,120
  2,219
  2,322
  2,431
  2,546
Change in working capital, $m
  -37
  14
  16
  19
  21
  23
  25
  28
  30
  32
  35
  37
  39
  42
  45
  47
  50
  53
  56
  59
  63
  66
  70
  74
  77
  82
  86
  90
  95
  100
  105
Cash from operations, $m
  717
  824
  840
  858
  879
  902
  927
  955
  986
  1,019
  1,054
  1,092
  1,132
  1,176
  1,222
  1,271
  1,323
  1,378
  1,436
  1,497
  1,562
  1,631
  1,703
  1,780
  1,860
  1,945
  2,034
  2,128
  2,227
  2,331
  2,441
Maintenance CAPEX, $m
  0
  -208
  -212
  -217
  -223
  -229
  -236
  -244
  -252
  -261
  -270
  -281
  -292
  -304
  -316
  -330
  -344
  -359
  -375
  -392
  -410
  -429
  -449
  -469
  -492
  -515
  -539
  -565
  -592
  -621
  -651
New CAPEX, $m
  -254
  -43
  -46
  -53
  -60
  -66
  -72
  -79
  -85
  -92
  -99
  -105
  -113
  -120
  -127
  -135
  -143
  -152
  -160
  -169
  -179
  -189
  -199
  -210
  -221
  -233
  -245
  -258
  -272
  -286
  -300
Cash from investing activities, $m
  -253
  -251
  -258
  -270
  -283
  -295
  -308
  -323
  -337
  -353
  -369
  -386
  -405
  -424
  -443
  -465
  -487
  -511
  -535
  -561
  -589
  -618
  -648
  -679
  -713
  -748
  -784
  -823
  -864
  -907
  -951
Free cash flow, $m
  464
  574
  581
  588
  596
  607
  619
  633
  649
  666
  685
  705
  728
  752
  778
  806
  835
  867
  900
  936
  974
  1,014
  1,056
  1,100
  1,148
  1,197
  1,250
  1,305
  1,363
  1,425
  1,489
Issuance/(repayment) of debt, $m
  -37
  70
  81
  93
  104
  115
  126
  138
  149
  160
  172
  184
  196
  209
  222
  236
  250
  265
  280
  296
  312
  329
  347
  366
  386
  406
  428
  450
  474
  499
  524
Issuance/(repurchase) of shares, $m
  -650
  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 from financing (excl. dividends), $m  
  -719
  70
  81
  93
  104
  115
  126
  138
  149
  160
  172
  184
  196
  209
  222
  236
  250
  265
  280
  296
  312
  329
  347
  366
  386
  406
  428
  450
  474
  499
  524
Total cash flow (excl. dividends), $m
  -260
  644
  662
  680
  700
  722
  745
  770
  797
  826
  857
  890
  924
  961
  1,000
  1,042
  1,085
  1,131
  1,180
  1,232
  1,286
  1,343
  1,403
  1,467
  1,533
  1,604
  1,678
  1,756
  1,837
  1,923
  2,014
Retained Cash Flow (-), $m
  192
  -25
  -29
  -34
  -38
  -42
  -46
  -50
  -54
  -58
  -63
  -67
  -72
  -76
  -81
  -86
  -91
  -96
  -102
  -108
  -114
  -120
  -127
  -133
  -141
  -148
  -156
  -164
  -173
  -182
  -191
Prev. year cash balance distribution, $m
 
  671
  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
 
  1,289
  633
  647
  663
  680
  699
  720
  743
  768
  794
  823
  853
  885
  919
  956
  994
  1,035
  1,078
  1,124
  1,172
  1,223
  1,277
  1,333
  1,393
  1,456
  1,522
  1,591
  1,665
  1,742
  1,823
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,236
  579
  563
  546
  527
  508
  487
  465
  441
  416
  391
  364
  337
  309
  281
  253
  225
  199
  173
  149
  127
  106
  87
  71
  57
  44
  34
  26
  19
  14
Current shareholders' claim on cash, %
  100
  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
  100.0

Spirit AeroSystems Holdings, Inc. is a non-original equipment manufacturer (OEM), aircraft parts designer and manufacturer of commercial aero-structures. The Company is also a supplier of aero-structures. The Company operates through three segments: Fuselage Systems, Propulsion Systems and Wing Systems. The Fuselage Systems segment includes the development, production and marketing of forward, mid and rear fuselage sections and systems. The Propulsion Systems segment includes the development, production and marketing of struts/pylons, nacelles (including thrust reversers) and related engine structural components. The Wing Systems segment includes the development, production and marketing of wings and wing components (including flight control surfaces), and other miscellaneous structural parts. The Company's maintenance, repair and overhaul (MRO) services include repair stations that provide complete on-site repair and overhaul.

FINANCIAL RATIOS  of  Spirit AeroSystems Holdings Cl A (SPR)

Valuation Ratios
P/E Ratio 22.1
Price to Sales 1.5
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 14.5
Price to Free Cash Flow 22.4
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29.4%
Cap. Spend. - 3 Yr. Gr. Rate -1.4%
Financial Strength
Quick Ratio 26
Current Ratio 0
LT Debt to Equity 55%
Total Debt to Equity 56.4%
Interest Coverage 16
Management Effectiveness
Return On Assets 9%
Ret/ On Assets - 3 Yr. Avg. 11.1%
Return On Total Capital 15%
Ret/ On T. Cap. - 3 Yr. Avg. 18.2%
Return On Equity 23.2%
Return On Equity - 3 Yr. Avg. 29.5%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 14.6%
Gross Margin - 3 Yr. Avg. 15.8%
EBITDA Margin 13.5%
EBITDA Margin - 3 Yr. Avg. 12.2%
Operating Margin 10.7%
Oper. Margin - 3 Yr. Avg. 9.6%
Pre-Tax Margin 9.7%
Pre-Tax Margin - 3 Yr. Avg. 8.6%
Net Profit Margin 6.9%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate 29.2%
Eff/ Tax Rate - 3 Yr. Avg. -1.7%
Payout Ratio 0%

SPR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SPR stock intrinsic value calculation we used $6793 million for the last fiscal year's total revenue generated by Spirit AeroSystems Holdings Cl A. The default revenue input number comes from 2016 income statement of Spirit AeroSystems Holdings Cl A. 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 SPR 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 4.3%, whose default value for SPR is calculated based on our internal credit rating of Spirit AeroSystems Holdings Cl A, 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 Spirit AeroSystems Holdings Cl A.
    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 SPR stock the variable cost ratio is equal to 87%.

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 SPR 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 4.1% for Spirit AeroSystems Holdings Cl A.

Corporate tax rate of 27% is the nominal tax rate for Spirit AeroSystems Holdings Cl A. 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 SPR 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 SPR are equal to 29.1%.

Life of production assets of 9.5 years is the average useful life of capital assets used in Spirit AeroSystems Holdings Cl A 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 SPR is equal to 10.2%. 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 - $1928 million for Spirit AeroSystems Holdings Cl A - 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 118.33 million for Spirit AeroSystems Holdings Cl A 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 Spirit AeroSystems Holdings Cl A at the current share price and the inputted number of shares is $10.1 billion.

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COMPANY NEWS

▶ Wichita wins either way in Deltas choice of Airbus over Boeing   [Dec-15-17 07:15AM  American City Business Journals]
▶ 5 Industrial Companies Gurus Are Buying   [Dec-13-17 04:08PM  GuruFocus.com]
▶ Boeing tea leaves signal more potential Wichita-boosting plans   [Dec-11-17 12:50PM  American City Business Journals]
▶ BizTalk with Bill Roy Episode 28: The Spirit AeroSystems' big announcement   [Dec-08-17 08:55AM  American City Business Journals]
▶ Spirit AeroSystems announces $1B expansion, 1,000 new jobs   [Dec-06-17 06:54PM  Associated Press]
▶ Spirit Aerosystems to invest $55.7M on North Carolina expansion   [05:10PM  American City Business Journals]
▶ Spirit Aerosystems to invest $55.7M on North Carolina expansion   [03:29PM  American City Business Journals]
▶ Stocks climb as investors prep for Santa Claus rally   [Nov-21-17 11:24AM  Yahoo Finance]
▶ Stocks crawling higher, bitcoin surges over $8,200   [Nov-20-17 11:29AM  Yahoo Finance]
▶ Historic day in Dubai includes orders for Wichita work   [12:45PM  American City Business Journals]
▶ Boeing snares huge aircraft order in China   [Nov-09-17 05:10PM  American City Business Journals]
▶ Boeing needs a busy final two months to hit 2017 delivery goal   [03:20PM  American City Business Journals]
▶ Boeing pushes further ahead of Airbus on orders in October   [Nov-08-17 04:42PM  American City Business Journals]
▶ Stocks retreat from record highs, Bitcoin goes mainstream   [Nov-07-17 11:29AM  Yahoo Finance]
▶ Airbus reportedly closing in on new chief salesperson   [Nov-06-17 04:20PM  American City Business Journals]
▶ Spirit AeroSystems growth could include acquisitions, additional C Series work   [Nov-01-17 03:25PM  American City Business Journals]
▶ Spirit Aerosystems meets 3Q profit forecasts   [07:48AM  Associated Press]
▶ Airbus expects to miss A320neo delivery target for 2017   [Oct-31-17 04:20PM  American City Business Journals]
▶ Potential Boeing 767 boost could mean more work for Wichita   [Oct-20-17 04:15PM  American City Business Journals]
▶ Spirit AeroSystems adds to aftermarket services with new work on Airbus jets   [Oct-16-17 04:10PM  American City Business Journals]
▶ Spirit AeroSystems growth outlook pushes stock to all-time high   [Oct-13-17 03:45PM  American City Business Journals]
▶ Textron Aviation pledges $250,000 for Exploration Place aviation exhibit   [Oct-06-17 12:35PM  American City Business Journals]
▶ Spirit AeroSystems finalizes new work agreement with Boeing   [Sep-26-17 03:00PM  American City Business Journals]
▶ Boeing tasks new office with study of next potential passenger jet   [12:35PM  American City Business Journals]
▶ Spirit AeroSystems Finalizes Agreement with Boeing   [Sep-25-17 06:30PM  PR Newswire]
▶ Boeing Defense CEO: We are looking at acquisitions   [Sep-20-17 12:35PM  American City Business Journals]
▶ Boeing wins contract that kicks off Air Force One modification work   [Sep-13-17 04:25PM  American City Business Journals]
▶ Spirit Announces Investor Conference   [04:08PM  PR Newswire]
▶ Spirit Announces Investor Conference   [04:08PM  CNW Group]
▶ Boeing raises its forecast on demand in China   [Sep-06-17 01:40PM  American City Business Journals]
▶ Boeing delivers first 787 Dreamliner to Israels EL AL   [Aug-23-17 04:50PM  American City Business Journals]
▶ Airbus to deliver first US-built A320 to Spirit Airlines this week   [07:00AM  American City Business Journals]
▶ Airbus nabs order agreement worth $4 billion   [Aug-21-17 04:05PM  American City Business Journals]
▶ Top Ranked Value Stocks to Buy for August 15th   [Aug-15-17 10:22AM  Zacks]
Financial statements of SPR
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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