Intrinsic value of Controladora Vuela Compania de Aviacion - VLRS

Previous Close

$13.07

  Intrinsic Value

$34.15

stock screener

  Rating & Target

str. buy

+161%

  Value-price divergence*

+5000%

Previous close

$13.07

 
Intrinsic value

$34.15

 
Up/down potential

+161%

 
Rating

str. buy

 
Value-price divergence*

+5000%

*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 1.2

 

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, %
  29.32
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.84
  5.76
  5.68
  5.62
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
  5.24
  5.21
  5.19
Revenue, $m
  1,191
  1,299
  1,412
  1,530
  1,652
  1,779
  1,911
  2,048
  2,191
  2,339
  2,493
  2,653
  2,820
  2,994
  3,175
  3,363
  3,560
  3,765
  3,979
  4,202
  4,436
  4,680
  4,935
  5,201
  5,480
  5,772
  6,078
  6,398
  6,733
  7,084
  7,452
Variable operating expenses, $m
 
  1,120
  1,217
  1,319
  1,424
  1,534
  1,647
  1,766
  1,889
  2,016
  2,149
  2,287
  2,431
  2,581
  2,737
  2,899
  3,069
  3,245
  3,430
  3,623
  3,824
  4,034
  4,254
  4,484
  4,724
  4,976
  5,239
  5,515
  5,804
  6,107
  6,424
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
  1,120
  1,217
  1,319
  1,424
  1,534
  1,647
  1,766
  1,889
  2,016
  2,149
  2,287
  2,431
  2,581
  2,737
  2,899
  3,069
  3,245
  3,430
  3,623
  3,824
  4,034
  4,254
  4,484
  4,724
  4,976
  5,239
  5,515
  5,804
  6,107
  6,424
Operating income, $m
  139
  179
  195
  211
  228
  246
  264
  283
  302
  323
  344
  366
  389
  413
  438
  464
  491
  520
  549
  580
  612
  646
  681
  718
  756
  797
  839
  883
  929
  978
  1,028
EBITDA, $m
  166
  194
  211
  228
  247
  266
  285
  306
  327
  349
  372
  396
  421
  447
  474
  502
  532
  562
  594
  627
  662
  699
  737
  777
  818
  862
  907
  955
  1,005
  1,058
  1,113
Interest expense (income), $m
  2
  2
  3
  5
  7
  9
  10
  12
  14
  16
  19
  21
  23
  26
  28
  31
  34
  37
  40
  43
  46
  50
  53
  57
  61
  65
  70
  74
  79
  84
  89
Earnings before tax, $m
  252
  178
  192
  206
  221
  237
  253
  270
  288
  306
  325
  345
  366
  387
  410
  433
  457
  483
  509
  537
  566
  596
  628
  661
  695
  731
  769
  809
  850
  894
  939
Tax expense, $m
  74
  48
  52
  56
  60
  64
  68
  73
  78
  83
  88
  93
  99
  105
  111
  117
  123
  130
  138
  145
  153
  161
  169
  178
  188
  197
  208
  218
  230
  241
  254
Net income, $m
  178
  130
  140
  150
  162
  173
  185
  197
  210
  224
  238
  252
  267
  283
  299
  316
  334
  352
  372
  392
  413
  435
  458
  482
  507
  534
  562
  590
  621
  652
  686

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  358
  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
  814
  884
  958
  1,034
  1,114
  1,197
  1,283
  1,372
  1,465
  1,561
  1,662
  1,766
  1,875
  1,988
  2,106
  2,229
  2,358
  2,492
  2,631
  2,778
  2,930
  3,090
  3,257
  3,432
  3,614
  3,806
  4,006
  4,216
  4,436
  4,666
Adjusted assets (=assets-cash), $m
  746
  814
  884
  958
  1,034
  1,114
  1,197
  1,283
  1,372
  1,465
  1,561
  1,662
  1,766
  1,875
  1,988
  2,106
  2,229
  2,358
  2,492
  2,631
  2,778
  2,930
  3,090
  3,257
  3,432
  3,614
  3,806
  4,006
  4,216
  4,436
  4,666
Revenue / Adjusted assets
  1.597
  1.596
  1.597
  1.597
  1.598
  1.597
  1.596
  1.596
  1.597
  1.597
  1.597
  1.596
  1.597
  1.597
  1.597
  1.597
  1.597
  1.597
  1.597
  1.597
  1.597
  1.597
  1.597
  1.597
  1.597
  1.597
  1.597
  1.597
  1.597
  1.597
  1.597
Average production assets, $m
  134
  147
  160
  173
  187
  201
  216
  231
  248
  264
  282
  300
  319
  338
  359
  380
  402
  425
  450
  475
  501
  529
  558
  588
  619
  652
  687
  723
  761
  801
  842
Working capital, $m
  185
  -130
  -141
  -153
  -165
  -178
  -191
  -205
  -219
  -234
  -249
  -265
  -282
  -299
  -317
  -336
  -356
  -377
  -398
  -420
  -444
  -468
  -493
  -520
  -548
  -577
  -608
  -640
  -673
  -708
  -745
Total debt, $m
  101
  94
  142
  192
  243
  297
  353
  411
  471
  534
  599
  667
  738
  811
  888
  968
  1,051
  1,138
  1,228
  1,323
  1,422
  1,525
  1,633
  1,746
  1,864
  1,987
  2,117
  2,252
  2,394
  2,543
  2,698
Total liabilities, $m
  557
  550
  598
  648
  699
  753
  809
  867
  927
  990
  1,055
  1,123
  1,194
  1,267
  1,344
  1,424
  1,507
  1,594
  1,684
  1,779
  1,878
  1,981
  2,089
  2,202
  2,320
  2,443
  2,573
  2,708
  2,850
  2,999
  3,154
Total equity, $m
  547
  264
  287
  310
  335
  361
  388
  416
  444
  475
  506
  538
  572
  607
  644
  682
  722
  764
  807
  853
  900
  949
  1,001
  1,055
  1,112
  1,171
  1,233
  1,298
  1,366
  1,437
  1,512
Total liabilities and equity, $m
  1,104
  814
  885
  958
  1,034
  1,114
  1,197
  1,283
  1,371
  1,465
  1,561
  1,661
  1,766
  1,874
  1,988
  2,106
  2,229
  2,358
  2,491
  2,632
  2,778
  2,930
  3,090
  3,257
  3,432
  3,614
  3,806
  4,006
  4,216
  4,436
  4,666
Debt-to-equity ratio
  0.185
  0.360
  0.490
  0.620
  0.730
  0.820
  0.910
  0.990
  1.060
  1.130
  1.180
  1.240
  1.290
  1.340
  1.380
  1.420
  1.460
  1.490
  1.520
  1.550
  1.580
  1.610
  1.630
  1.650
  1.680
  1.700
  1.720
  1.740
  1.750
  1.770
  1.780
Adjusted equity ratio
  0.253
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  178
  130
  140
  150
  162
  173
  185
  197
  210
  224
  238
  252
  267
  283
  299
  316
  334
  352
  372
  392
  413
  435
  458
  482
  507
  534
  562
  590
  621
  652
  686
Depreciation, amort., depletion, $m
  27
  15
  16
  17
  19
  20
  22
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  43
  45
  47
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
Funds from operations, $m
  -113
  144
  156
  168
  180
  193
  207
  220
  235
  250
  266
  282
  299
  317
  335
  354
  374
  395
  417
  439
  463
  488
  514
  541
  569
  599
  630
  663
  697
  733
  770
Change in working capital, $m
  -163
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
Cash from operations, $m
  50
  155
  167
  180
  192
  206
  220
  234
  249
  265
  281
  298
  316
  334
  353
  373
  394
  415
  438
  462
  487
  512
  539
  568
  597
  628
  661
  695
  730
  768
  807
Maintenance CAPEX, $m
  0
  -13
  -15
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
New CAPEX, $m
  -114
  -13
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
Cash from investing activities, $m
  -1
  -26
  -28
  -29
  -31
  -33
  -35
  -38
  -39
  -42
  -43
  -46
  -49
  -52
  -54
  -57
  -60
  -63
  -67
  -70
  -73
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -110
  -116
  -122
Free cash flow, $m
  49
  129
  140
  150
  161
  173
  185
  197
  210
  223
  237
  252
  267
  282
  299
  316
  334
  352
  371
  392
  413
  435
  458
  482
  507
  533
  561
  590
  620
  652
  685
Issuance/(repayment) of debt, $m
  9
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  80
  83
  87
  91
  95
  99
  103
  108
  113
  118
  124
  129
  135
  142
  149
  156
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
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  80
  83
  87
  91
  95
  99
  103
  108
  113
  118
  124
  129
  135
  142
  149
  156
Total cash flow (excl. dividends), $m
  97
  175
  187
  200
  213
  227
  241
  255
  270
  286
  302
  320
  337
  356
  375
  396
  417
  439
  462
  486
  511
  538
  566
  595
  625
  657
  690
  725
  762
  801
  841
Retained Cash Flow (-), $m
  -201
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
Prev. year cash balance distribution, $m
 
  305
  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
 
  458
  165
  176
  188
  201
  214
  227
  241
  256
  271
  287
  304
  321
  339
  357
  377
  397
  419
  441
  464
  488
  514
  541
  569
  598
  628
  660
  694
  729
  766
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
 
  439
  151
  153
  155
  156
  155
  154
  151
  147
  142
  136
  130
  122
  114
  105
  96
  86
  77
  68
  59
  51
  43
  35
  29
  23
  18
  14
  11
  8
  6
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 Compañía de Aviación, S.A.B. de C.V. provides air transportation services for passengers, cargo, and mail in Mexico and internationally. As of December 31, 2015, the company operated a fleet of 56 Airbus narrow-body aircraft, which include 18 Airbus A319s, 36 A320s, and 2 A321s. It operates approximately 272 daily flights on routes that connect 40 cities in Mexico and 22 cities in the United States and Central America. The company also offers recruitment and payroll services. Controladora Vuela Compania de Aviacion, S.A.B. de C.V. was founded in 2003 and is headquartered in Mexico City, Mexico.

FINANCIAL RATIOS  of  Controladora Vuela Compania de Aviacion (VLRS)

Valuation Ratios
P/E Ratio 73.3
Price to Sales 11
Price to Book 23.9
Price to Tangible Book
Price to Cash Flow 261.1
Price to Free Cash Flow -204
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 0.5
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 9.1% 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 10 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 -10%. 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 89.172 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 $1.2 billion.

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COMPANY NEWS

▶ 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]
Stock chart of VLRS 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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