Intrinsic value of Atlas Air Worldwide Holdings - AAWW

Previous Close

$47.81

  Intrinsic Value

$16.46

stock screener

  Rating & Target

str. sell

-66%

Previous close

$47.81

 
Intrinsic value

$16.46

 
Up/down potential

-66%

 
Rating

str. sell

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 1.2

 

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, %
  28.80
  26.42
  24.28
  22.35
  20.62
  19.05
  17.65
  16.38
  15.25
  14.22
  13.30
  12.47
  11.72
  11.05
  10.44
  9.90
  9.41
  8.97
  8.57
  8.22
  7.89
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.25
  6.12
Revenue, $m
  2,778
  3,511
  4,364
  5,339
  6,440
  7,667
  9,020
  10,498
  12,098
  13,818
  15,656
  17,608
  19,672
  21,846
  24,128
  26,516
  29,012
  31,614
  34,324
  37,144
  40,075
  43,123
  46,290
  49,581
  53,001
  56,556
  60,254
  64,101
  68,104
  72,273
Variable operating expenses, $m
  2,133
  2,694
  3,345
  4,090
  4,931
  5,869
  6,902
  8,032
  9,254
  10,569
  11,962
  13,454
  15,031
  16,692
  18,435
  20,260
  22,167
  24,155
  26,226
  28,380
  30,620
  32,949
  35,368
  37,883
  40,496
  43,213
  46,038
  48,977
  52,036
  55,221
Fixed operating expenses, $m
  269
  275
  281
  287
  293
  300
  306
  313
  320
  327
  334
  341
  349
  357
  365
  373
  381
  389
  398
  406
  415
  424
  434
  443
  453
  463
  473
  484
  494
  505
Total operating expenses, $m
  2,402
  2,969
  3,626
  4,377
  5,224
  6,169
  7,208
  8,345
  9,574
  10,896
  12,296
  13,795
  15,380
  17,049
  18,800
  20,633
  22,548
  24,544
  26,624
  28,786
  31,035
  33,373
  35,802
  38,326
  40,949
  43,676
  46,511
  49,461
  52,530
  55,726
Operating income, $m
  376
  543
  738
  962
  1,216
  1,499
  1,811
  2,153
  2,524
  2,923
  3,360
  3,813
  4,292
  4,798
  5,328
  5,884
  6,464
  7,070
  7,701
  8,357
  9,040
  9,750
  10,488
  11,255
  12,052
  12,881
  13,743
  14,640
  15,574
  16,547
EBITDA, $m
  637
  870
  1,142
  1,454
  1,806
  2,200
  2,635
  3,110
  3,625
  4,178
  4,770
  5,400
  6,065
  6,766
  7,502
  8,273
  9,078
  9,918
  10,793
  11,704
  12,651
  13,635
  14,658
  15,722
  16,827
  17,977
  19,172
  20,416
  21,710
  23,059
Interest expense (income), $m
  66
  120
  170
  228
  295
  373
  460
  557
  665
  782
  909
  1,045
  1,191
  1,346
  1,510
  1,682
  1,863
  2,053
  2,251
  2,457
  2,672
  2,896
  3,128
  3,370
  3,621
  3,882
  4,154
  4,436
  4,729
  5,034
  5,352
Earnings before tax, $m
  256
  373
  510
  667
  843
  1,038
  1,254
  1,488
  1,742
  2,014
  2,314
  2,622
  2,946
  3,288
  3,646
  4,020
  4,412
  4,819
  5,244
  5,685
  6,144
  6,622
  7,118
  7,633
  8,170
  8,727
  9,307
  9,911
  10,540
  11,195
Tax expense, $m
  69
  101
  138
  180
  228
  280
  339
  402
  470
  544
  625
  708
  796
  888
  984
  1,086
  1,191
  1,301
  1,416
  1,535
  1,659
  1,788
  1,922
  2,061
  2,206
  2,356
  2,513
  2,676
  2,846
  3,023
Net income, $m
  187
  273
  373
  487
  615
  758
  915
  1,086
  1,272
  1,470
  1,689
  1,914
  2,151
  2,400
  2,662
  2,935
  3,220
  3,518
  3,828
  4,150
  4,485
  4,834
  5,196
  5,572
  5,964
  6,371
  6,794
  7,235
  7,694
  8,172

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
  6,385
  8,072
  10,032
  12,274
  14,804
  17,625
  20,735
  24,133
  27,812
  31,767
  35,991
  40,479
  45,224
  50,221
  55,466
  60,957
  66,694
  72,675
  78,905
  85,387
  92,127
  99,133
  106,413
  113,978
  121,841
  130,015
  138,515
  147,358
  156,561
  166,144
Adjusted assets (=assets-cash), $m
  6,385
  8,072
  10,032
  12,274
  14,804
  17,625
  20,735
  24,133
  27,812
  31,767
  35,991
  40,479
  45,224
  50,221
  55,466
  60,957
  66,694
  72,675
  78,905
  85,387
  92,127
  99,133
  106,413
  113,978
  121,841
  130,015
  138,515
  147,358
  156,561
  166,144
Revenue / Adjusted assets
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
  0.435
Average production assets, $m
  4,930
  6,233
  7,746
  9,477
  11,431
  13,609
  16,010
  18,633
  21,474
  24,528
  27,790
  31,255
  34,918
  38,777
  42,827
  47,067
  51,496
  56,114
  60,925
  65,930
  71,134
  76,543
  82,164
  88,006
  94,077
  100,388
  106,951
  113,779
  120,885
  128,284
Working capital, $m
  -308
  -390
  -484
  -593
  -715
  -851
  -1,001
  -1,165
  -1,343
  -1,534
  -1,738
  -1,955
  -2,184
  -2,425
  -2,678
  -2,943
  -3,220
  -3,509
  -3,810
  -4,123
  -4,448
  -4,787
  -5,138
  -5,503
  -5,883
  -6,278
  -6,688
  -7,115
  -7,560
  -8,022
Total debt, $m
  3,141
  4,219
  5,472
  6,904
  8,521
  10,324
  12,311
  14,482
  16,833
  19,360
  22,060
  24,927
  27,959
  31,152
  34,504
  38,013
  41,679
  45,501
  49,482
  53,624
  57,931
  62,407
  67,059
  71,894
  76,918
  82,141
  87,572
  93,223
  99,104
  105,228
Total liabilities, $m
  4,080
  5,158
  6,410
  7,843
  9,460
  11,262
  13,250
  15,421
  17,772
  20,299
  22,998
  25,866
  28,898
  32,091
  35,443
  38,952
  42,617
  46,440
  50,420
  54,563
  58,869
  63,346
  67,998
  72,832
  77,856
  83,080
  88,511
  94,162
  100,043
  106,166
Total equity, $m
  2,305
  2,914
  3,621
  4,431
  5,344
  6,363
  7,485
  8,712
  10,040
  11,468
  12,993
  14,613
  16,326
  18,130
  20,023
  22,006
  24,076
  26,236
  28,485
  30,825
  33,258
  35,787
  38,415
  41,146
  43,985
  46,935
  50,004
  53,196
  56,519
  59,978
Total liabilities and equity, $m
  6,385
  8,072
  10,031
  12,274
  14,804
  17,625
  20,735
  24,133
  27,812
  31,767
  35,991
  40,479
  45,224
  50,221
  55,466
  60,958
  66,693
  72,676
  78,905
  85,388
  92,127
  99,133
  106,413
  113,978
  121,841
  130,015
  138,515
  147,358
  156,562
  166,144
Debt-to-equity ratio
  1.360
  1.450
  1.510
  1.560
  1.590
  1.620
  1.640
  1.660
  1.680
  1.690
  1.700
  1.710
  1.710
  1.720
  1.720
  1.730
  1.730
  1.730
  1.740
  1.740
  1.740
  1.740
  1.750
  1.750
  1.750
  1.750
  1.750
  1.750
  1.750
  1.750
Adjusted equity ratio
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361
  0.361

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  187
  273
  373
  487
  615
  758
  915
  1,086
  1,272
  1,470
  1,689
  1,914
  2,151
  2,400
  2,662
  2,935
  3,220
  3,518
  3,828
  4,150
  4,485
  4,834
  5,196
  5,572
  5,964
  6,371
  6,794
  7,235
  7,694
  8,172
Depreciation, amort., depletion, $m
  261
  327
  404
  492
  591
  701
  823
  957
  1,101
  1,256
  1,411
  1,587
  1,773
  1,968
  2,174
  2,389
  2,614
  2,848
  3,093
  3,347
  3,611
  3,885
  4,171
  4,467
  4,775
  5,096
  5,429
  5,776
  6,136
  6,512
Funds from operations, $m
  448
  600
  776
  978
  1,206
  1,459
  1,739
  2,043
  2,372
  2,726
  3,100
  3,500
  3,923
  4,368
  4,835
  5,324
  5,834
  6,366
  6,920
  7,497
  8,096
  8,719
  9,367
  10,040
  10,739
  11,467
  12,223
  13,011
  13,830
  14,684
Change in working capital, $m
  -69
  -81
  -95
  -108
  -122
  -136
  -150
  -164
  -178
  -191
  -204
  -217
  -229
  -241
  -253
  -265
  -277
  -289
  -301
  -313
  -325
  -338
  -352
  -365
  -380
  -395
  -410
  -427
  -444
  -463
Cash from operations, $m
  516
  681
  871
  1,087
  1,328
  1,596
  1,889
  2,207
  2,550
  2,917
  3,304
  3,717
  4,152
  4,610
  5,089
  5,589
  6,111
  6,655
  7,221
  7,810
  8,422
  9,057
  9,718
  10,405
  11,119
  11,861
  12,634
  13,438
  14,275
  15,147
Maintenance CAPEX, $m
  -194
  -250
  -316
  -393
  -481
  -580
  -691
  -813
  -946
  -1,090
  -1,245
  -1,411
  -1,587
  -1,773
  -1,968
  -2,174
  -2,389
  -2,614
  -2,848
  -3,093
  -3,347
  -3,611
  -3,885
  -4,171
  -4,467
  -4,775
  -5,096
  -5,429
  -5,776
  -6,136
New CAPEX, $m
  -1,103
  -1,303
  -1,513
  -1,731
  -1,954
  -2,178
  -2,402
  -2,623
  -2,841
  -3,054
  -3,262
  -3,465
  -3,664
  -3,858
  -4,050
  -4,240
  -4,429
  -4,619
  -4,810
  -5,005
  -5,204
  -5,409
  -5,621
  -5,841
  -6,071
  -6,311
  -6,563
  -6,828
  -7,106
  -7,399
Cash from investing activities, $m
  -1,297
  -1,553
  -1,829
  -2,124
  -2,435
  -2,758
  -3,093
  -3,436
  -3,787
  -4,144
  -4,507
  -4,876
  -5,251
  -5,631
  -6,018
  -6,414
  -6,818
  -7,233
  -7,658
  -8,098
  -8,551
  -9,020
  -9,506
  -10,012
  -10,538
  -11,086
  -11,659
  -12,257
  -12,882
  -13,535
Free cash flow, $m
  -780
  -872
  -959
  -1,038
  -1,107
  -1,163
  -1,204
  -1,229
  -1,237
  -1,227
  -1,203
  -1,159
  -1,098
  -1,021
  -930
  -825
  -707
  -577
  -437
  -288
  -129
  37
  212
  393
  581
  775
  975
  1,181
  1,393
  1,611
Issuance/(repayment) of debt, $m
  914
  1,078
  1,252
  1,433
  1,617
  1,802
  1,988
  2,171
  2,351
  2,527
  2,699
  2,868
  3,032
  3,193
  3,352
  3,509
  3,665
  3,822
  3,981
  4,142
  4,307
  4,477
  4,652
  4,834
  5,024
  5,223
  5,432
  5,651
  5,881
  6,124
Issuance/(repurchase) of shares, $m
  329
  336
  335
  323
  298
  260
  208
  140
  57
  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  
  1,243
  1,414
  1,587
  1,756
  1,915
  2,062
  2,196
  2,311
  2,408
  2,527
  2,699
  2,868
  3,032
  3,193
  3,352
  3,509
  3,665
  3,822
  3,981
  4,142
  4,307
  4,477
  4,652
  4,834
  5,024
  5,223
  5,432
  5,651
  5,881
  6,124
Total cash flow (excl. dividends), $m
  463
  543
  629
  718
  809
  900
  992
  1,082
  1,171
  1,300
  1,497
  1,709
  1,934
  2,172
  2,422
  2,684
  2,959
  3,245
  3,543
  3,854
  4,178
  4,514
  4,864
  5,227
  5,605
  5,998
  6,406
  6,832
  7,274
  7,735
Retained Cash Flow (-), $m
  -515
  -609
  -707
  -809
  -913
  -1,018
  -1,123
  -1,226
  -1,328
  -1,428
  -1,525
  -1,620
  -1,713
  -1,804
  -1,894
  -1,982
  -2,071
  -2,159
  -2,249
  -2,340
  -2,433
  -2,529
  -2,628
  -2,731
  -2,838
  -2,951
  -3,069
  -3,192
  -3,322
  -3,460
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
  -53
  -66
  -79
  -92
  -105
  -118
  -131
  -144
  -157
  -128
  -28
  89
  221
  368
  528
  702
  888
  1,085
  1,294
  1,514
  1,744
  1,985
  2,235
  2,496
  2,766
  3,047
  3,338
  3,639
  3,952
  4,275
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
  -49
  -57
  -62
  -65
  -67
  -67
  -66
  -63
  -60
  -41
  -8
  20
  41
  55
  63
  65
  63
  58
  51
  43
  35
  28
  21
  15
  11
  7
  5
  3
  2
  1
Current shareholders' claim on cash, %
  79.2
  65.6
  56.3
  50.0
  45.6
  42.6
  40.7
  39.6
  39.3
  39.3
  39.3
  39.3
  39.3
  39.3
  39.3
  39.3
  39.3
  39.3
  39.3
  39.3
  39.3
  39.3
  39.3
  39.3
  39.3
  39.3
  39.3
  39.3
  39.3
  39.3

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 28.5
Price to Sales 0.7
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 5.2
Price to Free Cash Flow -9.1
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 $2156.46 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 28.8% 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 76.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $263 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 177.5%.

Life of production assets of 19.7 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 -11.1%. 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 - $1789.856 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 25.575 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 $1.2 billion.

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