Intrinsic value of Controladora Vuela Compania de Aviacion - VLRS

Previous Close

$10.78

  Intrinsic Value

$53.85

stock screener

  Rating & Target

str. buy

+400%

  Value-price divergence*

-72%

Previous close

$10.78

 
Intrinsic value

$53.85

 
Up/down potential

+400%

 
Rating

str. buy

 
Value-price divergence*

-72%

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

We calculate the intrinsic value of VLRS 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, %
  29.32
  16.50
  15.35
  14.32
  13.38
  12.55
  11.79
  11.11
  10.50
  9.95
  9.46
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
Revenue, $m
  1,191
  1,388
  1,600
  1,830
  2,074
  2,335
  2,610
  2,900
  3,205
  3,523
  3,857
  4,204
  4,566
  4,943
  5,334
  5,741
  6,164
  6,604
  7,061
  7,535
  8,029
  8,543
  9,078
  9,634
  10,214
  10,819
  11,449
  12,106
  12,793
  13,509
  14,258
Variable operating expenses, $m
 
  1,196
  1,380
  1,577
  1,788
  2,013
  2,250
  2,500
  2,762
  3,037
  3,324
  3,624
  3,936
  4,260
  4,598
  4,949
  5,313
  5,692
  6,086
  6,496
  6,921
  7,364
  7,825
  8,305
  8,805
  9,326
  9,869
  10,436
  11,027
  11,645
  12,290
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
  1,052
  1,196
  1,380
  1,577
  1,788
  2,013
  2,250
  2,500
  2,762
  3,037
  3,324
  3,624
  3,936
  4,260
  4,598
  4,949
  5,313
  5,692
  6,086
  6,496
  6,921
  7,364
  7,825
  8,305
  8,805
  9,326
  9,869
  10,436
  11,027
  11,645
  12,290
Operating income, $m
  139
  191
  221
  252
  286
  322
  360
  400
  442
  486
  532
  580
  630
  682
  736
  792
  851
  911
  974
  1,040
  1,108
  1,179
  1,253
  1,330
  1,410
  1,493
  1,580
  1,671
  1,765
  1,864
  1,968
EBITDA, $m
  166
  223
  257
  294
  333
  375
  419
  466
  515
  566
  619
  675
  733
  794
  857
  922
  990
  1,061
  1,134
  1,210
  1,290
  1,372
  1,458
  1,547
  1,640
  1,737
  1,839
  1,944
  2,055
  2,170
  2,290
Interest expense (income), $m
  2
  2
  5
  8
  11
  15
  19
  23
  27
  31
  36
  41
  46
  52
  57
  63
  69
  75
  82
  89
  96
  103
  111
  118
  127
  135
  144
  154
  163
  174
  184
Earnings before tax, $m
  252
  190
  216
  245
  275
  307
  342
  378
  415
  455
  496
  539
  584
  630
  679
  729
  782
  836
  893
  951
  1,012
  1,076
  1,142
  1,211
  1,283
  1,358
  1,436
  1,517
  1,602
  1,691
  1,783
Tax expense, $m
  74
  51
  58
  66
  74
  83
  92
  102
  112
  123
  134
  146
  158
  170
  183
  197
  211
  226
  241
  257
  273
  291
  308
  327
  346
  367
  388
  410
  433
  457
  482
Net income, $m
  178
  139
  158
  179
  201
  224
  249
  276
  303
  332
  362
  393
  426
  460
  496
  532
  571
  610
  652
  694
  739
  785
  834
  884
  936
  991
  1,048
  1,107
  1,170
  1,234
  1,302

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  386
  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
  1,104
  836
  965
  1,103
  1,250
  1,407
  1,573
  1,748
  1,932
  2,124
  2,325
  2,534
  2,752
  2,979
  3,215
  3,461
  3,716
  3,981
  4,256
  4,542
  4,840
  5,149
  5,472
  5,807
  6,157
  6,521
  6,901
  7,297
  7,711
  8,143
  8,594
Adjusted assets (=assets-cash), $m
  718
  836
  965
  1,103
  1,250
  1,407
  1,573
  1,748
  1,932
  2,124
  2,325
  2,534
  2,752
  2,979
  3,215
  3,461
  3,716
  3,981
  4,256
  4,542
  4,840
  5,149
  5,472
  5,807
  6,157
  6,521
  6,901
  7,297
  7,711
  8,143
  8,594
Revenue / Adjusted assets
  1.659
  1.660
  1.658
  1.659
  1.659
  1.660
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
  1.659
Average production assets, $m
  134
  157
  181
  207
  234
  264
  295
  328
  362
  398
  436
  475
  516
  559
  603
  649
  697
  746
  798
  852
  907
  965
  1,026
  1,089
  1,154
  1,223
  1,294
  1,368
  1,446
  1,527
  1,611
Working capital, $m
  185
  -172
  -198
  -227
  -257
  -290
  -324
  -360
  -397
  -437
  -478
  -521
  -566
  -613
  -661
  -712
  -764
  -819
  -876
  -934
  -996
  -1,059
  -1,126
  -1,195
  -1,267
  -1,342
  -1,420
  -1,501
  -1,586
  -1,675
  -1,768
Total debt, $m
  101
  131
  221
  318
  422
  532
  648
  771
  900
  1,035
  1,176
  1,323
  1,476
  1,635
  1,801
  1,973
  2,152
  2,338
  2,532
  2,733
  2,942
  3,159
  3,385
  3,621
  3,866
  4,122
  4,389
  4,667
  4,957
  5,260
  5,577
Total liabilities, $m
  557
  587
  677
  774
  878
  988
  1,104
  1,227
  1,356
  1,491
  1,632
  1,779
  1,932
  2,091
  2,257
  2,429
  2,608
  2,794
  2,988
  3,189
  3,398
  3,615
  3,841
  4,077
  4,322
  4,578
  4,845
  5,123
  5,413
  5,716
  6,033
Total equity, $m
  547
  249
  287
  329
  373
  419
  469
  521
  576
  633
  693
  755
  820
  888
  958
  1,031
  1,107
  1,186
  1,268
  1,354
  1,442
  1,535
  1,631
  1,731
  1,835
  1,943
  2,057
  2,175
  2,298
  2,427
  2,561
Total liabilities and equity, $m
  1,104
  836
  964
  1,103
  1,251
  1,407
  1,573
  1,748
  1,932
  2,124
  2,325
  2,534
  2,752
  2,979
  3,215
  3,460
  3,715
  3,980
  4,256
  4,543
  4,840
  5,150
  5,472
  5,808
  6,157
  6,521
  6,902
  7,298
  7,711
  8,143
  8,594
Debt-to-equity ratio
  0.185
  0.530
  0.770
  0.970
  1.130
  1.270
  1.380
  1.480
  1.560
  1.640
  1.700
  1.750
  1.800
  1.840
  1.880
  1.910
  1.940
  1.970
  2.000
  2.020
  2.040
  2.060
  2.080
  2.090
  2.110
  2.120
  2.130
  2.150
  2.160
  2.170
  2.180
Adjusted equity ratio
  0.224
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298
  0.298

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  178
  139
  158
  179
  201
  224
  249
  276
  303
  332
  362
  393
  426
  460
  496
  532
  571
  610
  652
  694
  739
  785
  834
  884
  936
  991
  1,048
  1,107
  1,170
  1,234
  1,302
Depreciation, amort., depletion, $m
  27
  31
  36
  41
  47
  53
  59
  66
  72
  80
  87
  95
  103
  112
  121
  130
  139
  149
  160
  170
  181
  193
  205
  218
  231
  245
  259
  274
  289
  305
  322
Funds from operations, $m
  -118
  170
  194
  220
  248
  277
  308
  341
  376
  412
  449
  488
  529
  572
  616
  662
  710
  760
  811
  865
  921
  979
  1,039
  1,102
  1,167
  1,236
  1,307
  1,381
  1,459
  1,540
  1,624
Change in working capital, $m
  -168
  -24
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -50
  -52
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
Cash from operations, $m
  50
  194
  220
  248
  278
  309
  342
  377
  413
  451
  491
  532
  574
  619
  665
  713
  762
  814
  868
  924
  982
  1,042
  1,105
  1,171
  1,239
  1,311
  1,385
  1,463
  1,544
  1,628
  1,717
Maintenance CAPEX, $m
  0
  -27
  -31
  -36
  -41
  -47
  -53
  -59
  -66
  -72
  -80
  -87
  -95
  -103
  -112
  -121
  -130
  -139
  -149
  -160
  -170
  -181
  -193
  -205
  -218
  -231
  -245
  -259
  -274
  -289
  -305
New CAPEX, $m
  -114
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -60
  -63
  -66
  -68
  -71
  -74
  -78
  -81
  -85
Cash from investing activities, $m
  -1
  -50
  -55
  -62
  -69
  -76
  -84
  -92
  -100
  -108
  -118
  -126
  -136
  -146
  -156
  -167
  -178
  -189
  -201
  -214
  -226
  -239
  -253
  -268
  -284
  -299
  -316
  -333
  -352
  -370
  -390
Free cash flow, $m
  49
  145
  165
  186
  209
  233
  259
  285
  313
  343
  373
  405
  438
  473
  509
  546
  585
  625
  667
  710
  756
  803
  852
  903
  956
  1,011
  1,069
  1,130
  1,193
  1,258
  1,327
Issuance/(repayment) of debt, $m
  9
  83
  90
  97
  104
  110
  116
  123
  129
  135
  141
  147
  153
  159
  166
  172
  179
  186
  193
  201
  209
  217
  226
  236
  245
  256
  267
  278
  290
  303
  317
Issuance/(repurchase) of shares, $m
  -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
Cash from financing (excl. dividends), $m  
  1
  83
  90
  97
  104
  110
  116
  123
  129
  135
  141
  147
  153
  159
  166
  172
  179
  186
  193
  201
  209
  217
  226
  236
  245
  256
  267
  278
  290
  303
  317
Total cash flow (excl. dividends), $m
  97
  228
  255
  283
  313
  343
  375
  408
  442
  478
  514
  552
  591
  632
  674
  718
  764
  811
  860
  911
  965
  1,020
  1,078
  1,138
  1,201
  1,267
  1,336
  1,408
  1,483
  1,562
  1,644
Retained Cash Flow (-), $m
  -201
  -35
  -38
  -41
  -44
  -47
  -49
  -52
  -55
  -57
  -60
  -62
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -109
  -113
  -118
  -123
  -129
  -134
Prev. year cash balance distribution, $m
 
  333
  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
 
  526
  217
  242
  269
  297
  326
  356
  388
  420
  454
  490
  526
  565
  604
  645
  688
  732
  778
  826
  876
  928
  982
  1,038
  1,097
  1,159
  1,223
  1,290
  1,360
  1,433
  1,509
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
 
  504
  199
  211
  221
  230
  236
  240
  242
  241
  238
  233
  225
  215
  203
  189
  175
  159
  143
  127
  111
  96
  81
  68
  56
  45
  36
  28
  21
  16
  11
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

Controladora Vuela Compania de Aviacion SAB de CV is a Mexico-based company engaged in the airline passenger transportation sector. The Company operates as an ultra-low-cost carrier (ULCC). Its activities are divided into two geographical regions: Mexico (national operations), as well as the Unites States and Central America (international operations). The Company offers direct, point-to-point flights. The Company serves through secondary, lower cost airports and provides a single class of service. Its fleet includes a number of Airbus aircrafts, such as A319, A320 and A321. The Company operates through Comercializadora Volaris SA de CV, Servicios Corporativos Volaris SA de CV and Servicios Operativos Terrestres Volaris SA de CV, among others.

FINANCIAL RATIOS  of  Controladora Vuela Compania de Aviacion (VLRS)

Valuation Ratios
P/E Ratio 60.5
Price to Sales 9
Price to Book 19.7
Price to Tangible Book
Price to Cash Flow 215.3
Price to Free Cash Flow -168.2
Growth Rates
Sales Growth Rate 29.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 54.1%
Cap. Spend. - 3 Yr. Gr. Rate 14.1%
Financial Strength
Quick Ratio 7
Current Ratio 0.4
LT Debt to Equity 8.8%
Total Debt to Equity 18.5%
Interest Coverage 127
Management Effectiveness
Return On Assets 19.1%
Ret/ On Assets - 3 Yr. Avg. 15.3%
Return On Total Capital 33.1%
Ret/ On T. Cap. - 3 Yr. Avg. 26.6%
Return On Equity 39.9%
Return On Equity - 3 Yr. Avg. 32.7%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 29.9%
Gross Margin - 3 Yr. Avg. 28.2%
EBITDA Margin 23.6%
EBITDA Margin - 3 Yr. Avg. 17.6%
Operating Margin 11.7%
Oper. Margin - 3 Yr. Avg. 9%
Pre-Tax Margin 21.2%
Pre-Tax Margin - 3 Yr. Avg. 15%
Net Profit Margin 14.9%
Net Profit Margin - 3 Yr. Avg. 11%
Effective Tax Rate 29.4%
Eff/ Tax Rate - 3 Yr. Avg. 21.6%
Payout Ratio 0%

VLRS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VLRS stock intrinsic value calculation we used $1191 million for the last fiscal year's total revenue generated by Controladora Vuela Compania de Aviacion . The default revenue input number comes from 2016 income statement of Controladora Vuela Compania de Aviacion . 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 VLRS stock valuation model: a) initial revenue growth rate of 16.5% 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 VLRS is calculated based on our internal credit rating of Controladora Vuela Compania de Aviacion , 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 Controladora Vuela Compania de Aviacion .
    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 VLRS stock the variable cost ratio is equal to 86.2%.

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 VLRS 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 3.5% for Controladora Vuela Compania de Aviacion .

Corporate tax rate of 27% is the nominal tax rate for Controladora Vuela Compania de Aviacion . 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 VLRS 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 VLRS are equal to 11.3%.

Life of production assets of 5 years is the average useful life of capital assets used in Controladora Vuela Compania de Aviacion 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 VLRS is equal to -12.4%. 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 - $547 million for Controladora Vuela Compania de Aviacion - 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 89.587 million for Controladora Vuela Compania de Aviacion 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 Controladora Vuela Compania de Aviacion at the current share price and the inputted number of shares is $1.0 billion.

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COMPANY NEWS

▶ Opening Bell, September 15, 2017   [Sep-15-17 09:29AM  CNBC Videos]
▶ Controladora Vuela reports 2Q loss   [Jul-21-17 08:55PM  Associated Press]
▶ Volaris to launch new nonstop flights from San Antonio to Mexico   [May-17-17 08:59AM  American City Business Journals]
▶ Volaris Files Its 20-F Report for the Year 2016   [Apr-28-17 12:02AM  Business Wire]
▶ Why These 2 Airlines Went Opposite Ways on Friday   [Apr-24-17 08:20AM  Motley Fool]
▶ Controladora Vuela reports 1Q loss   [Apr-20-17 07:58AM  Associated Press]
▶ Volaris Is Becoming More Like Spirit Airlines   [Mar-17-17 10:20AM  Motley Fool]
▶ Volaris Is Becoming More Like Spirit Airlines   [10:20AM  at Motley Fool]
▶ Volaris Links Mexico City to Houston   [11:32AM  Business Wire]
▶ Volaris Achieves Business Milestones in 2016   [Mar-01-17 04:17PM  Business Wire]
▶ 5 Airlines Are Competing to Grow in Mexico City   [Jan-30-17 12:29PM  at Motley Fool]
▶ Delta Air Lines, Inc. and Aeromexico Join Forces   [Dec-22-16 06:27PM  at Motley Fool]
▶ Is Inphi Corporation (IPHI) A Good Stock To Buy?   [Dec-07-16 08:33AM  at Insider Monkey]
▶ What Trump Means For Mexico Airlines: Cancun, Anyone?   [Nov-11-16 02:02PM  at Barrons.com]
▶ Why Volaris Stock Tanked 10.8% on Wednesday   [08:42AM  at Motley Fool]
▶ Volaris Announces Relevant Event   [Aug-22-16 05:30PM  Business Wire]
▶ Five Mexican Stocks Hedge Funds Are Bullish On   [Jun-11-16 06:04PM  at Insider Monkey]
Financial statements of VLRS
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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