Intrinsic value of Willis Lease Finance - WLFC

Previous Close

$25.25

  Intrinsic Value

$8.39

stock screener

  Rating & Target

str. sell

-67%

Previous close

$25.25

 
Intrinsic value

$8.39

 
Up/down potential

-67%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as WLFC.

We calculate the intrinsic value of WLFC 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 0.2

 

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, %
  5.03
  38.00
  34.70
  31.73
  29.06
  26.65
  24.49
  22.54
  20.78
  19.21
  17.78
  16.51
  15.36
  14.32
  13.39
  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
Revenue, $m
  209
  288
  389
  512
  660
  837
  1,041
  1,276
  1,541
  1,837
  2,164
  2,521
  2,908
  3,325
  3,770
  4,243
  4,743
  5,271
  5,824
  6,404
  7,010
  7,641
  8,299
  8,984
  9,696
  10,436
  11,205
  12,004
  12,835
  13,698
  14,596
Variable operating expenses, $m
 
  269
  362
  477
  616
  780
  972
  1,191
  1,438
  1,714
  2,019
  2,352
  2,713
  3,102
  3,517
  3,959
  4,426
  4,918
  5,434
  5,975
  6,540
  7,129
  7,743
  8,382
  9,046
  9,737
  10,454
  11,200
  11,975
  12,780
  13,618
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
  185
  269
  362
  477
  616
  780
  972
  1,191
  1,438
  1,714
  2,019
  2,352
  2,713
  3,102
  3,517
  3,959
  4,426
  4,918
  5,434
  5,975
  6,540
  7,129
  7,743
  8,382
  9,046
  9,737
  10,454
  11,200
  11,975
  12,780
  13,618
Operating income, $m
  24
  19
  26
  34
  44
  56
  70
  85
  103
  123
  145
  169
  195
  223
  253
  284
  318
  353
  390
  429
  470
  512
  556
  602
  650
  699
  751
  804
  860
  918
  978
EBITDA, $m
  90
  110
  148
  195
  252
  319
  398
  487
  589
  702
  827
  963
  1,111
  1,270
  1,440
  1,621
  1,812
  2,013
  2,225
  2,446
  2,677
  2,919
  3,170
  3,431
  3,703
  3,986
  4,280
  4,585
  4,902
  5,232
  5,575
Interest expense (income), $m
  37
  38
  56
  78
  106
  140
  180
  226
  279
  339
  406
  480
  561
  648
  742
  843
  950
  1,063
  1,182
  1,307
  1,438
  1,575
  1,718
  1,867
  2,022
  2,182
  2,350
  2,524
  2,704
  2,892
  3,087
Earnings before tax, $m
  24
  -18
  -30
  -44
  -62
  -84
  -110
  -141
  -176
  -216
  -261
  -311
  -366
  -425
  -490
  -559
  -632
  -710
  -792
  -878
  -969
  -1,063
  -1,162
  -1,265
  -1,372
  -1,483
  -1,599
  -1,719
  -1,844
  -1,974
  -2,109
Tax expense, $m
  10
  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
  14
  -18
  -30
  -44
  -62
  -84
  -110
  -141
  -176
  -216
  -261
  -311
  -366
  -425
  -490
  -559
  -632
  -710
  -792
  -878
  -969
  -1,063
  -1,162
  -1,265
  -1,372
  -1,483
  -1,599
  -1,719
  -1,844
  -1,974
  -2,109

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  10
  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
  1,338
  1,837
  2,475
  3,260
  4,207
  5,328
  6,633
  8,128
  9,817
  11,702
  13,783
  16,058
  18,524
  21,177
  24,012
  27,026
  30,213
  33,571
  37,098
  40,790
  44,648
  48,671
  52,862
  57,223
  61,758
  66,472
  71,370
  76,460
  81,751
  87,250
  92,969
Adjusted assets (=assets-cash), $m
  1,328
  1,837
  2,475
  3,260
  4,207
  5,328
  6,633
  8,128
  9,817
  11,702
  13,783
  16,058
  18,524
  21,177
  24,012
  27,026
  30,213
  33,571
  37,098
  40,790
  44,648
  48,671
  52,862
  57,223
  61,758
  66,472
  71,370
  76,460
  81,751
  87,250
  92,969
Revenue / Adjusted assets
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
  0.157
Average production assets, $m
  1,159
  1,599
  2,153
  2,837
  3,661
  4,637
  5,772
  7,073
  8,543
  10,184
  11,995
  13,975
  16,121
  18,429
  20,897
  23,519
  26,293
  29,216
  32,284
  35,497
  38,855
  42,356
  46,004
  49,799
  53,745
  57,847
  62,110
  66,540
  71,144
  75,929
  80,906
Working capital, $m
  0
  -14
  -19
  -25
  -32
  -40
  -50
  -61
  -74
  -88
  -104
  -121
  -140
  -160
  -181
  -204
  -228
  -253
  -280
  -307
  -336
  -367
  -398
  -431
  -465
  -501
  -538
  -576
  -616
  -658
  -701
Total debt, $m
  900
  1,330
  1,869
  2,532
  3,333
  4,280
  5,383
  6,646
  8,073
  9,666
  11,425
  13,347
  15,431
  17,673
  20,068
  22,615
  25,308
  28,146
  31,125
  34,245
  37,505
  40,905
  44,447
  48,132
  51,964
  55,947
  60,086
  64,387
  68,857
  73,504
  78,337
Total liabilities, $m
  1,122
  1,552
  2,091
  2,754
  3,555
  4,502
  5,605
  6,868
  8,295
  9,888
  11,647
  13,569
  15,653
  17,895
  20,290
  22,837
  25,530
  28,368
  31,347
  34,467
  37,727
  41,127
  44,669
  48,354
  52,186
  56,169
  60,308
  64,609
  69,079
  73,726
  78,559
Total equity, $m
  216
  285
  384
  505
  652
  826
  1,028
  1,260
  1,522
  1,814
  2,136
  2,489
  2,871
  3,282
  3,722
  4,189
  4,683
  5,204
  5,750
  6,322
  6,920
  7,544
  8,194
  8,870
  9,573
  10,303
  11,062
  11,851
  12,671
  13,524
  14,410
Total liabilities and equity, $m
  1,338
  1,837
  2,475
  3,259
  4,207
  5,328
  6,633
  8,128
  9,817
  11,702
  13,783
  16,058
  18,524
  21,177
  24,012
  27,026
  30,213
  33,572
  37,097
  40,789
  44,647
  48,671
  52,863
  57,224
  61,759
  66,472
  71,370
  76,460
  81,750
  87,250
  92,969
Debt-to-equity ratio
  4.167
  4.670
  4.870
  5.010
  5.110
  5.180
  5.240
  5.280
  5.310
  5.330
  5.350
  5.360
  5.370
  5.380
  5.390
  5.400
  5.400
  5.410
  5.410
  5.420
  5.420
  5.420
  5.420
  5.430
  5.430
  5.430
  5.430
  5.430
  5.430
  5.440
  5.440
Adjusted equity ratio
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155
  0.155

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  14
  -18
  -30
  -44
  -62
  -84
  -110
  -141
  -176
  -216
  -261
  -311
  -366
  -425
  -490
  -559
  -632
  -710
  -792
  -878
  -969
  -1,063
  -1,162
  -1,265
  -1,372
  -1,483
  -1,599
  -1,719
  -1,844
  -1,974
  -2,109
Depreciation, amort., depletion, $m
  66
  91
  122
  161
  208
  263
  328
  402
  485
  579
  682
  794
  916
  1,047
  1,187
  1,336
  1,494
  1,660
  1,834
  2,017
  2,208
  2,407
  2,614
  2,829
  3,054
  3,287
  3,529
  3,781
  4,042
  4,314
  4,597
Funds from operations, $m
  101
  72
  93
  117
  146
  180
  218
  261
  310
  363
  421
  483
  550
  622
  698
  778
  862
  950
  1,042
  1,139
  1,239
  1,343
  1,452
  1,565
  1,682
  1,804
  1,930
  2,061
  2,198
  2,340
  2,488
Change in working capital, $m
  0
  -4
  -5
  -6
  -7
  -8
  -10
  -11
  -13
  -14
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -38
  -40
  -41
  -43
Cash from operations, $m
  101
  76
  97
  123
  153
  188
  228
  273
  322
  377
  436
  500
  569
  642
  719
  800
  886
  975
  1,069
  1,167
  1,268
  1,374
  1,483
  1,598
  1,716
  1,839
  1,967
  2,100
  2,238
  2,381
  2,531
Maintenance CAPEX, $m
  0
  -66
  -91
  -122
  -161
  -208
  -263
  -328
  -402
  -485
  -579
  -682
  -794
  -916
  -1,047
  -1,187
  -1,336
  -1,494
  -1,660
  -1,834
  -2,017
  -2,208
  -2,407
  -2,614
  -2,829
  -3,054
  -3,287
  -3,529
  -3,781
  -4,042
  -4,314
New CAPEX, $m
  -180
  -440
  -555
  -683
  -824
  -976
  -1,135
  -1,301
  -1,470
  -1,641
  -1,811
  -1,980
  -2,146
  -2,309
  -2,467
  -2,622
  -2,774
  -2,922
  -3,069
  -3,213
  -3,357
  -3,502
  -3,647
  -3,795
  -3,946
  -4,102
  -4,263
  -4,430
  -4,604
  -4,786
  -4,977
Cash from investing activities, $m
  -123
  -506
  -646
  -805
  -985
  -1,184
  -1,398
  -1,629
  -1,872
  -2,126
  -2,390
  -2,662
  -2,940
  -3,225
  -3,514
  -3,809
  -4,110
  -4,416
  -4,729
  -5,047
  -5,374
  -5,710
  -6,054
  -6,409
  -6,775
  -7,156
  -7,550
  -7,959
  -8,385
  -8,828
  -9,291
Free cash flow, $m
  -22
  -430
  -548
  -683
  -832
  -996
  -1,171
  -1,356
  -1,550
  -1,749
  -1,954
  -2,161
  -2,371
  -2,583
  -2,795
  -3,009
  -3,224
  -3,441
  -3,660
  -3,881
  -4,106
  -4,336
  -4,570
  -4,812
  -5,060
  -5,317
  -5,583
  -5,859
  -6,147
  -6,447
  -6,760
Issuance/(repayment) of debt, $m
  35
  430
  539
  663
  800
  947
  1,102
  1,263
  1,427
  1,593
  1,759
  1,922
  2,084
  2,242
  2,396
  2,546
  2,693
  2,838
  2,980
  3,120
  3,260
  3,400
  3,541
  3,685
  3,832
  3,983
  4,139
  4,301
  4,470
  4,647
  4,832
Issuance/(repurchase) of shares, $m
  -9
  97
  129
  166
  209
  258
  312
  372
  438
  508
  584
  664
  748
  837
  929
  1,026
  1,126
  1,230
  1,338
  1,451
  1,567
  1,687
  1,812
  1,941
  2,075
  2,214
  2,358
  2,508
  2,664
  2,827
  2,996
Cash from financing (excl. dividends), $m  
  23
  527
  668
  829
  1,009
  1,205
  1,414
  1,635
  1,865
  2,101
  2,343
  2,586
  2,832
  3,079
  3,325
  3,572
  3,819
  4,068
  4,318
  4,571
  4,827
  5,087
  5,353
  5,626
  5,907
  6,197
  6,497
  6,809
  7,134
  7,474
  7,828
Total cash flow (excl. dividends), $m
  0
  98
  119
  147
  177
  209
  244
  279
  315
  352
  389
  425
  460
  495
  529
  563
  595
  627
  658
  689
  720
  751
  783
  814
  847
  880
  915
  951
  988
  1,027
  1,068
Retained Cash Flow (-), $m
  -7
  -97
  -129
  -166
  -209
  -258
  -312
  -372
  -438
  -508
  -584
  -664
  -748
  -837
  -929
  -1,026
  -1,126
  -1,230
  -1,338
  -1,451
  -1,567
  -1,687
  -1,812
  -1,941
  -2,075
  -2,214
  -2,358
  -2,508
  -2,664
  -2,827
  -2,996
Prev. year cash balance distribution, $m
 
  10
  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
 
  10
  -10
  -19
  -32
  -48
  -69
  -93
  -122
  -156
  -195
  -239
  -287
  -341
  -400
  -463
  -531
  -603
  -680
  -761
  -846
  -936
  -1,029
  -1,126
  -1,228
  -1,334
  -1,444
  -1,558
  -1,676
  -1,800
  -1,928
Discount rate, %
 
  11.90
  12.50
  13.12
  13.78
  14.46
  15.19
  15.95
  16.74
  17.58
  18.46
  19.38
  20.35
  21.37
  22.44
  23.56
  24.74
  25.98
  27.28
  28.64
  30.07
  31.57
  33.15
  34.81
  36.55
  38.38
  40.30
  42.31
  44.43
  46.65
  48.98
PV of cash for distribution, $m
 
  9
  -8
  -13
  -19
  -25
  -29
  -33
  -35
  -36
  -36
  -34
  -31
  -28
  -23
  -19
  -15
  -12
  -9
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  61.4
  38.4
  24.4
  15.7
  10.3
  6.9
  4.6
  3.2
  2.2
  1.5
  1.1
  0.8
  0.6
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Willis Lease Finance Corporation along with its subsidiaries is a lessor of commercial aircraft engines. The Company operates through two business segments, such as Leasing and Related Operations, and Spare Parts Sales. The Leasing and Related Operations segment involves acquiring and leasing, primarily pursuant to operating leases, commercial aircraft, aircraft engines and other aircraft equipment, and the selective purchase and resale of commercial aircraft engines and other aircraft equipment. The Spare Parts Sales segment involves the purchase and resale of after-market engine and airframe parts, whole engines, engine modules and portable aircraft components, and leasing of engines destined for disassembly and sale of parts. Its lease portfolio consists of approximately 200 engines and related equipment, 10 aircrafts and five spare engine parts packages. The Company's business activities also include equipment leasing and spare parts sales.

FINANCIAL RATIOS  of  Willis Lease Finance (WLFC)

Valuation Ratios
P/E Ratio 11.5
Price to Sales 0.8
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 1.6
Price to Free Cash Flow -2
Growth Rates
Sales Growth Rate 5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.3%
Cap. Spend. - 3 Yr. Gr. Rate 5.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 416.7%
Total Debt to Equity 416.7%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital 1.3%
Ret/ On T. Cap. - 3 Yr. Avg. 0.8%
Return On Equity 6.6%
Return On Equity - 3 Yr. Avg. 4.2%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 93.8%
Gross Margin - 3 Yr. Avg. 93.6%
EBITDA Margin 60.8%
EBITDA Margin - 3 Yr. Avg. 61%
Operating Margin 11.5%
Oper. Margin - 3 Yr. Avg. 8.1%
Pre-Tax Margin 11.5%
Pre-Tax Margin - 3 Yr. Avg. 8.3%
Net Profit Margin 6.7%
Net Profit Margin - 3 Yr. Avg. 4.6%
Effective Tax Rate 41.7%
Eff/ Tax Rate - 3 Yr. Avg. 45.7%
Payout Ratio 0%

WLFC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WLFC stock intrinsic value calculation we used $209 million for the last fiscal year's total revenue generated by Willis Lease Finance. The default revenue input number comes from 2016 income statement of Willis Lease Finance. 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 WLFC stock valuation model: a) initial revenue growth rate of 38% 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 11.9%, whose default value for WLFC is calculated based on our internal credit rating of Willis Lease Finance, 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 Willis Lease Finance.
    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 WLFC stock the variable cost ratio is equal to 93.3%.

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 WLFC 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 4.2% for Willis Lease Finance.

Corporate tax rate of 27% is the nominal tax rate for Willis Lease Finance. 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 WLFC 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 WLFC are equal to 554.3%.

Life of production assets of 17.6 years is the average useful life of capital assets used in Willis Lease Finance 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 WLFC is equal to -4.8%. 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 - $216 million for Willis Lease Finance - 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 6.434 million for Willis Lease Finance 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 Willis Lease Finance at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Willis Lease posts 2Q profit   [Aug-08-17 02:04PM  Associated Press]
▶ Willis Lease posts 1Q profit   [May-08-17 09:10AM  Associated Press]
▶ Willis Lease posts 4Q profit   [Mar-10-17 04:50PM  Associated Press]
▶ How GigPeak Inc (GIG) Compares To Its Peers   [Dec-16-16 11:15PM  Insider Monkey]
▶ CFO Moves: Phoenix Cos., Willis Lease Finance   [Jan-22-16 05:41PM  at The Wall Street Journal]
▶ Brad Forsyth to Resign as Willis Lease CFO   [06:00AM  GlobeNewswire]
▶ Willis Lease Finance to Promote Brian Hole to President   [Jan-18-16 11:00AM  GlobeNewswire]
▶ 10-Q for Willis Lease Finance Corp.   [Aug-08  08:10PM  at Company Spotlight]
▶ 10-Q for Willis Lease Finance Corp.   [May-10  08:11PM  at Company Spotlight]
▶ 10-K for Willis Lease Finance Corp.   [May-04  08:12PM  at Company Spotlight]
Financial statements of WLFC
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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