Intrinsic value of Atlas Air Worldwide Holdings - AAWW

Previous Close

$50.06

  Intrinsic Value

$137.73

stock screener

  Rating & Target

str. buy

+175%

Previous close

$50.06

 
Intrinsic value

$137.73

 
Up/down potential

+175%

 
Rating

str. buy

We calculate the intrinsic value of AAWW 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 0001), $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 1.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  21.80
  20.12
  18.61
  17.25
  16.02
  14.92
  13.93
  13.04
  12.23
  11.51
  10.86
  10.27
  9.74
  9.27
  8.84
  8.46
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.09
  5.98
  5.88
  5.79
Revenue, $m
  3,262
  3,918
  4,647
  5,449
  6,322
  7,265
  8,277
  9,356
  10,500
  11,708
  12,980
  14,313
  15,708
  17,164
  18,682
  20,262
  21,906
  23,615
  25,391
  27,237
  29,155
  31,149
  33,222
  35,377
  37,620
  39,955
  42,387
  44,920
  47,561
  50,315
Variable operating expenses, $m
  2,799
  3,273
  3,799
  4,377
  5,007
  5,687
  6,417
  7,195
  8,021
  8,892
  9,363
  10,325
  11,331
  12,382
  13,477
  14,617
  15,803
  17,035
  18,317
  19,648
  21,032
  22,470
  23,966
  25,521
  27,139
  28,823
  30,577
  32,404
  34,310
  36,297
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
  2,799
  3,273
  3,799
  4,377
  5,007
  5,687
  6,417
  7,195
  8,021
  8,892
  9,363
  10,325
  11,331
  12,382
  13,477
  14,617
  15,803
  17,035
  18,317
  19,648
  21,032
  22,470
  23,966
  25,521
  27,139
  28,823
  30,577
  32,404
  34,310
  36,297
Operating income, $m
  463
  645
  849
  1,072
  1,315
  1,578
  1,860
  2,160
  2,479
  2,816
  3,616
  3,988
  4,376
  4,782
  5,205
  5,645
  6,103
  6,580
  7,074
  7,589
  8,123
  8,679
  9,256
  9,857
  10,482
  11,132
  11,810
  12,515
  13,251
  14,019
EBITDA, $m
  1,229
  1,476
  1,751
  2,053
  2,382
  2,737
  3,118
  3,525
  3,956
  4,411
  4,890
  5,393
  5,918
  6,467
  7,039
  7,634
  8,254
  8,898
  9,567
  10,262
  10,985
  11,736
  12,517
  13,329
  14,174
  15,054
  15,970
  16,925
  17,920
  18,958
Interest expense (income), $m
  66
  133
  174
  220
  271
  327
  388
  454
  524
  600
  680
  764
  853
  946
  1,043
  1,145
  1,251
  1,361
  1,476
  1,596
  1,720
  1,848
  1,982
  2,122
  2,266
  2,417
  2,574
  2,737
  2,907
  3,084
  3,268
Earnings before tax, $m
  329
  471
  629
  801
  988
  1,190
  1,406
  1,636
  1,880
  2,136
  2,852
  3,135
  3,431
  3,739
  4,060
  4,394
  4,742
  5,103
  5,479
  5,869
  6,275
  6,696
  7,134
  7,590
  8,065
  8,558
  9,073
  9,609
  10,168
  10,751
Tax expense, $m
  89
  127
  170
  216
  267
  321
  380
  442
  508
  577
  770
  846
  926
  1,010
  1,096
  1,186
  1,280
  1,378
  1,479
  1,585
  1,694
  1,808
  1,926
  2,049
  2,177
  2,311
  2,450
  2,594
  2,745
  2,903
Net income, $m
  240
  344
  459
  585
  722
  869
  1,027
  1,194
  1,372
  1,560
  2,082
  2,289
  2,504
  2,729
  2,964
  3,208
  3,462
  3,725
  4,000
  4,284
  4,580
  4,888
  5,208
  5,541
  5,887
  6,248
  6,623
  7,014
  7,422
  7,848

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  6,739
  8,095
  9,602
  11,258
  13,061
  15,010
  17,101
  19,330
  21,694
  24,191
  26,818
  29,572
  32,454
  35,463
  38,599
  41,864
  45,260
  48,791
  52,461
  56,275
  60,238
  64,357
  68,640
  73,094
  77,728
  82,552
  87,576
  92,810
  98,266
  103,957
Adjusted assets (=assets-cash), $m
  6,739
  8,095
  9,602
  11,258
  13,061
  15,010
  17,101
  19,330
  21,694
  24,191
  26,818
  29,572
  32,454
  35,463
  38,599
  41,864
  45,260
  48,791
  52,461
  56,275
  60,238
  64,357
  68,640
  73,094
  77,728
  82,552
  87,576
  92,810
  98,266
  103,957
Revenue / Adjusted assets
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
  0.484
Average production assets, $m
  5,219
  6,269
  7,435
  8,718
  10,115
  11,624
  13,243
  14,969
  16,800
  18,733
  20,768
  22,901
  25,132
  27,462
  29,891
  32,419
  35,050
  37,784
  40,626
  43,579
  46,648
  49,838
  53,155
  56,604
  60,193
  63,928
  67,818
  71,872
  76,097
  80,504
Working capital, $m
  -209
  -251
  -297
  -349
  -405
  -465
  -530
  -599
  -672
  -749
  -831
  -916
  -1,005
  -1,098
  -1,196
  -1,297
  -1,402
  -1,511
  -1,625
  -1,743
  -1,866
  -1,994
  -2,126
  -2,264
  -2,408
  -2,557
  -2,713
  -2,875
  -3,044
  -3,220
Total debt, $m
  3,222
  4,071
  5,014
  6,050
  7,179
  8,399
  9,708
  11,104
  12,584
  14,147
  15,791
  17,515
  19,319
  21,203
  23,166
  25,210
  27,336
  29,546
  31,844
  34,231
  36,712
  39,291
  41,972
  44,760
  47,661
  50,680
  53,825
  57,102
  60,518
  64,080
Total liabilities, $m
  4,219
  5,068
  6,011
  7,047
  8,176
  9,396
  10,705
  12,100
  13,581
  15,144
  16,788
  18,512
  20,316
  22,200
  24,163
  26,207
  28,333
  30,543
  32,841
  35,228
  37,709
  40,288
  42,969
  45,757
  48,658
  51,677
  54,822
  58,099
  61,515
  65,077
Total equity, $m
  2,520
  3,028
  3,591
  4,210
  4,885
  5,614
  6,396
  7,229
  8,114
  9,047
  10,030
  11,060
  12,138
  13,263
  14,436
  15,657
  16,927
  18,248
  19,620
  21,047
  22,529
  24,070
  25,671
  27,337
  29,070
  30,874
  32,753
  34,711
  36,752
  38,880
Total liabilities and equity, $m
  6,739
  8,096
  9,602
  11,257
  13,061
  15,010
  17,101
  19,329
  21,695
  24,191
  26,818
  29,572
  32,454
  35,463
  38,599
  41,864
  45,260
  48,791
  52,461
  56,275
  60,238
  64,358
  68,640
  73,094
  77,728
  82,551
  87,575
  92,810
  98,267
  103,957
Debt-to-equity ratio
  1.280
  1.340
  1.400
  1.440
  1.470
  1.500
  1.520
  1.540
  1.550
  1.560
  1.570
  1.580
  1.590
  1.600
  1.600
  1.610
  1.610
  1.620
  1.620
  1.630
  1.630
  1.630
  1.630
  1.640
  1.640
  1.640
  1.640
  1.650
  1.650
  1.650
Adjusted equity ratio
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374
  0.374

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  240
  344
  459
  585
  722
  869
  1,027
  1,194
  1,372
  1,560
  2,082
  2,289
  2,504
  2,729
  2,964
  3,208
  3,462
  3,725
  4,000
  4,284
  4,580
  4,888
  5,208
  5,541
  5,887
  6,248
  6,623
  7,014
  7,422
  7,848
Depreciation, amort., depletion, $m
  766
  831
  902
  981
  1,067
  1,159
  1,259
  1,365
  1,477
  1,595
  1,274
  1,405
  1,542
  1,685
  1,834
  1,989
  2,150
  2,318
  2,492
  2,674
  2,862
  3,058
  3,261
  3,473
  3,693
  3,922
  4,161
  4,409
  4,669
  4,939
Funds from operations, $m
  1,007
  1,175
  1,361
  1,566
  1,788
  2,028
  2,285
  2,559
  2,849
  3,155
  3,356
  3,694
  4,046
  4,414
  4,798
  5,197
  5,612
  6,044
  6,492
  6,958
  7,442
  7,946
  8,469
  9,014
  9,580
  10,170
  10,784
  11,424
  12,091
  12,787
Change in working capital, $m
  -37
  -42
  -47
  -51
  -56
  -60
  -65
  -69
  -73
  -77
  -81
  -85
  -89
  -93
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -144
  -149
  -156
  -162
  -169
  -176
Cash from operations, $m
  1,044
  1,217
  1,408
  1,617
  1,844
  2,089
  2,350
  2,628
  2,922
  3,232
  3,438
  3,779
  4,135
  4,507
  4,895
  5,298
  5,717
  6,153
  6,606
  7,076
  7,565
  8,073
  8,602
  9,151
  9,724
  10,319
  10,939
  11,586
  12,260
  12,963
Maintenance CAPEX, $m
  -263
  -320
  -385
  -456
  -535
  -621
  -713
  -812
  -918
  -1,031
  -1,149
  -1,274
  -1,405
  -1,542
  -1,685
  -1,834
  -1,989
  -2,150
  -2,318
  -2,492
  -2,674
  -2,862
  -3,058
  -3,261
  -3,473
  -3,693
  -3,922
  -4,161
  -4,409
  -4,669
New CAPEX, $m
  -935
  -1,050
  -1,167
  -1,282
  -1,397
  -1,509
  -1,619
  -1,726
  -1,831
  -1,933
  -2,034
  -2,133
  -2,232
  -2,330
  -2,429
  -2,528
  -2,630
  -2,734
  -2,842
  -2,953
  -3,069
  -3,190
  -3,316
  -3,449
  -3,589
  -3,736
  -3,890
  -4,053
  -4,226
  -4,407
Cash from investing activities, $m
  -1,198
  -1,370
  -1,552
  -1,738
  -1,932
  -2,130
  -2,332
  -2,538
  -2,749
  -2,964
  -3,183
  -3,407
  -3,637
  -3,872
  -4,114
  -4,362
  -4,619
  -4,884
  -5,160
  -5,445
  -5,743
  -6,052
  -6,374
  -6,710
  -7,062
  -7,429
  -7,812
  -8,214
  -8,635
  -9,076
Free cash flow, $m
  -154
  -153
  -143
  -121
  -88
  -41
  18
  89
  173
  268
  254
  372
  499
  636
  781
  936
  1,098
  1,268
  1,446
  1,631
  1,822
  2,022
  2,228
  2,441
  2,662
  2,891
  3,127
  3,372
  3,625
  3,888
Issuance/(repayment) of debt, $m
  752
  849
  943
  1,037
  1,129
  1,220
  1,309
  1,395
  1,480
  1,563
  1,644
  1,724
  1,804
  1,883
  1,963
  2,044
  2,126
  2,210
  2,297
  2,387
  2,481
  2,579
  2,681
  2,788
  2,901
  3,020
  3,145
  3,277
  3,416
  3,563
Issuance/(repurchase) of shares, $m
  212
  163
  104
  35
  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  
  964
  1,012
  1,047
  1,072
  1,129
  1,220
  1,309
  1,395
  1,480
  1,563
  1,644
  1,724
  1,804
  1,883
  1,963
  2,044
  2,126
  2,210
  2,297
  2,387
  2,481
  2,579
  2,681
  2,788
  2,901
  3,020
  3,145
  3,277
  3,416
  3,563
Total cash flow (excl. dividends), $m
  810
  859
  904
  950
  1,042
  1,179
  1,327
  1,485
  1,653
  1,831
  1,899
  2,096
  2,303
  2,519
  2,745
  2,980
  3,224
  3,479
  3,743
  4,018
  4,303
  4,600
  4,909
  5,230
  5,563
  5,910
  6,272
  6,649
  7,041
  7,450
Retained Cash Flow (-), $m
  -453
  -507
  -563
  -619
  -675
  -729
  -782
  -834
  -884
  -934
  -982
  -1,030
  -1,078
  -1,125
  -1,173
  -1,221
  -1,270
  -1,321
  -1,373
  -1,426
  -1,482
  -1,541
  -1,602
  -1,666
  -1,733
  -1,804
  -1,879
  -1,958
  -2,041
  -2,128
Prev. year cash balance distribution, $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 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
  358
  351
  341
  330
  367
  450
  545
  651
  769
  897
  916
  1,066
  1,225
  1,394
  1,572
  1,759
  1,954
  2,158
  2,370
  2,592
  2,821
  3,060
  3,307
  3,564
  3,830
  4,106
  4,393
  4,691
  5,000
  5,322
Discount rate, %
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
  332
  301
  267
  235
  235
  256
  274
  286
  292
  290
  250
  241
  227
  209
  187
  163
  139
  116
  94
  74
  57
  43
  31
  22
  15
  10
  6
  4
  2
  1
Current shareholders' claim on cash, %
  87.2
  79.8
  76.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1
  75.1

Atlas Air Worldwide Holdings, Inc. is a holding company. The Company provides outsourced aircraft and aviation operating services throughout the world, serving Africa, Asia, Australia, Europe, the Middle East, North America and South America through contractual service arrangements, including those through which it provides aircraft to customers and value-added services, including crew, maintenance and insurance (ACMI), as well as those through which it provides crew, maintenance and insurance, but not the aircraft (CMI); cargo and passenger charter services (Charter), and dry leasing aircraft and engines (Dry Leasing). The Company's segments include ACMI, Charter and Dry Leasing. As of December 31, 2016, the Company operated fleet of 747 freighters and provided customers a range of 747, 777, 767, 757 and 737 aircraft for domestic, regional and international cargo and passenger applications. Its subsidiaries include Atlas Air, Inc. (Atlas) and Southern Air, Inc. (Southern Air).

FINANCIAL RATIOS  of  Atlas Air Worldwide Holdings (AAWW)

Valuation Ratios
P/E Ratio 29.8
Price to Sales 0.7
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow -9.5
Growth Rates
Sales Growth Rate 0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.8%
Cap. Spend. - 3 Yr. Gr. Rate -9.6%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 109.8%
Total Debt to Equity 122%
Interest Coverage 2
Management Effectiveness
Return On Assets 1.8%
Ret/ On Assets - 3 Yr. Avg. 2.1%
Return On Total Capital 1.2%
Ret/ On T. Cap. - 3 Yr. Avg. 1.6%
Return On Equity 2.8%
Return On Equity - 3 Yr. Avg. 3.7%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 48.6%
Gross Margin - 3 Yr. Avg. 44.6%
EBITDA Margin 17.6%
EBITDA Margin - 3 Yr. Avg. 15.4%
Operating Margin 9%
Oper. Margin - 3 Yr. Avg. 7.3%
Pre-Tax Margin 4.8%
Pre-Tax Margin - 3 Yr. Avg. 3%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 2.9%
Effective Tax Rate 51.7%
Eff/ Tax Rate - 3 Yr. Avg. 59.8%
Payout Ratio 0%

AAWW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AAWW stock intrinsic value calculation we used $2678 million for the last fiscal year's total revenue generated by Atlas Air Worldwide Holdings. The default revenue input number comes from 0001 income statement of Atlas Air Worldwide Holdings. 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 AAWW stock valuation model: a) initial revenue growth rate of 21.8% 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 7.7%, whose default value for AAWW is calculated based on our internal credit rating of Atlas Air Worldwide Holdings, 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 Atlas Air Worldwide Holdings.
    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 AAWW stock the variable cost ratio is equal to 88.8%.

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 AAWW 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 5.4% for Atlas Air Worldwide Holdings.

Corporate tax rate of 27% is the nominal tax rate for Atlas Air Worldwide Holdings. 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 AAWW 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 AAWW are equal to 160%.

Life of production assets of 16.3 years is the average useful life of capital assets used in Atlas Air Worldwide Holdings 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 AAWW is equal to -6.4%. 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 - $2067.964 million for Atlas Air Worldwide Holdings - 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 25.822 million for Atlas Air Worldwide Holdings 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 Atlas Air Worldwide Holdings at the current share price and the inputted number of shares is $1.3 billion.

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