Intrinsic value of AAR Corp. - AIR

Previous Close

$41.02

  Intrinsic Value

$31.53

stock screener

  Rating & Target

sell

-23%

Previous close

$41.02

 
Intrinsic value

$31.53

 
Up/down potential

-23%

 
Rating

sell

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

We calculate the intrinsic value of AIR 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.06
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.17
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
Revenue, $m
  1,768
  1,876
  1,988
  2,105
  2,227
  2,355
  2,488
  2,627
  2,772
  2,924
  3,082
  3,248
  3,422
  3,604
  3,794
  3,993
  4,202
  4,421
  4,650
  4,890
  5,142
  5,406
  5,683
  5,973
  6,277
  6,597
  6,932
  7,283
  7,652
  8,039
  8,445
Variable operating expenses, $m
 
  1,440
  1,526
  1,615
  1,708
  1,805
  1,906
  2,012
  2,122
  2,238
  2,359
  2,474
  2,606
  2,744
  2,889
  3,041
  3,200
  3,366
  3,541
  3,724
  3,915
  4,116
  4,327
  4,548
  4,780
  5,023
  5,278
  5,546
  5,827
  6,122
  6,431
Fixed operating expenses, $m
 
  346
  355
  364
  373
  382
  392
  402
  412
  422
  433
  443
  455
  466
  478
  490
  502
  514
  527
  540
  554
  568
  582
  596
  611
  627
  642
  658
  675
  692
  709
Total operating expenses, $m
  1,688
  1,786
  1,881
  1,979
  2,081
  2,187
  2,298
  2,414
  2,534
  2,660
  2,792
  2,917
  3,061
  3,210
  3,367
  3,531
  3,702
  3,880
  4,068
  4,264
  4,469
  4,684
  4,909
  5,144
  5,391
  5,650
  5,920
  6,204
  6,502
  6,814
  7,140
Operating income, $m
  80
  89
  108
  127
  147
  168
  190
  213
  238
  264
  291
  331
  362
  394
  427
  463
  500
  540
  582
  626
  672
  722
  773
  828
  886
  947
  1,011
  1,079
  1,150
  1,226
  1,305
EBITDA, $m
  133
  140
  160
  181
  204
  228
  253
  279
  306
  335
  366
  398
  432
  468
  505
  545
  587
  631
  677
  727
  778
  833
  890
  951
  1,015
  1,082
  1,154
  1,229
  1,308
  1,391
  1,479
Interest expense (income), $m
  4
  5
  7
  8
  9
  11
  12
  14
  15
  17
  19
  21
  23
  25
  27
  29
  31
  34
  36
  39
  42
  45
  48
  51
  54
  58
  62
  66
  70
  74
  79
Earnings before tax, $m
  74
  84
  101
  119
  137
  157
  178
  199
  222
  247
  272
  311
  339
  369
  400
  434
  469
  506
  545
  587
  631
  677
  726
  777
  831
  889
  949
  1,013
  1,080
  1,152
  1,227
Tax expense, $m
  24
  23
  27
  32
  37
  42
  48
  54
  60
  67
  73
  84
  92
  100
  108
  117
  127
  137
  147
  158
  170
  183
  196
  210
  224
  240
  256
  274
  292
  311
  331
Net income, $m
  57
  61
  74
  87
  100
  115
  130
  146
  162
  180
  199
  227
  247
  269
  292
  317
  342
  370
  398
  428
  460
  494
  530
  567
  607
  649
  693
  740
  789
  841
  895

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
  1,504
  1,586
  1,681
  1,780
  1,883
  1,991
  2,103
  2,221
  2,343
  2,472
  2,606
  2,746
  2,893
  3,046
  3,207
  3,376
  3,552
  3,737
  3,931
  4,134
  4,346
  4,570
  4,803
  5,049
  5,306
  5,576
  5,859
  6,157
  6,468
  6,795
  7,139
Adjusted assets (=assets-cash), $m
  1,494
  1,586
  1,681
  1,780
  1,883
  1,991
  2,103
  2,221
  2,343
  2,472
  2,606
  2,746
  2,893
  3,046
  3,207
  3,376
  3,552
  3,737
  3,931
  4,134
  4,346
  4,570
  4,803
  5,049
  5,306
  5,576
  5,859
  6,157
  6,468
  6,795
  7,139
Revenue / Adjusted assets
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
  1.183
Average production assets, $m
  255
  270
  286
  303
  321
  339
  358
  378
  399
  421
  444
  468
  493
  519
  546
  575
  605
  637
  670
  704
  740
  778
  818
  860
  904
  950
  998
  1,049
  1,102
  1,158
  1,216
Working capital, $m
  554
  580
  614
  651
  688
  728
  769
  812
  857
  903
  952
  1,004
  1,057
  1,114
  1,172
  1,234
  1,298
  1,366
  1,437
  1,511
  1,589
  1,670
  1,756
  1,846
  1,940
  2,038
  2,142
  2,251
  2,364
  2,484
  2,610
Total debt, $m
  157
  192
  229
  268
  309
  351
  396
  442
  490
  541
  594
  649
  707
  767
  831
  897
  966
  1,039
  1,116
  1,196
  1,279
  1,367
  1,460
  1,556
  1,658
  1,764
  1,876
  1,993
  2,116
  2,244
  2,380
Total liabilities, $m
  590
  625
  662
  701
  742
  784
  829
  875
  923
  974
  1,027
  1,082
  1,140
  1,200
  1,264
  1,330
  1,399
  1,472
  1,549
  1,629
  1,712
  1,800
  1,893
  1,989
  2,091
  2,197
  2,309
  2,426
  2,549
  2,677
  2,813
Total equity, $m
  914
  961
  1,018
  1,078
  1,141
  1,206
  1,274
  1,346
  1,420
  1,498
  1,579
  1,664
  1,753
  1,846
  1,944
  2,046
  2,153
  2,265
  2,382
  2,505
  2,634
  2,769
  2,911
  3,060
  3,216
  3,379
  3,551
  3,731
  3,920
  4,118
  4,326
Total liabilities and equity, $m
  1,504
  1,586
  1,680
  1,779
  1,883
  1,990
  2,103
  2,221
  2,343
  2,472
  2,606
  2,746
  2,893
  3,046
  3,208
  3,376
  3,552
  3,737
  3,931
  4,134
  4,346
  4,569
  4,804
  5,049
  5,307
  5,576
  5,860
  6,157
  6,469
  6,795
  7,139
Debt-to-equity ratio
  0.172
  0.200
  0.230
  0.250
  0.270
  0.290
  0.310
  0.330
  0.350
  0.360
  0.380
  0.390
  0.400
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.490
  0.500
  0.510
  0.520
  0.520
  0.530
  0.530
  0.540
  0.550
  0.550
Adjusted equity ratio
  0.605
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606
  0.606

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  57
  61
  74
  87
  100
  115
  130
  146
  162
  180
  199
  227
  247
  269
  292
  317
  342
  370
  398
  428
  460
  494
  530
  567
  607
  649
  693
  740
  789
  841
  895
Depreciation, amort., depletion, $m
  53
  50
  52
  55
  57
  60
  63
  66
  69
  72
  75
  67
  70
  74
  78
  82
  86
  91
  96
  101
  106
  111
  117
  123
  129
  136
  143
  150
  157
  165
  174
Funds from operations, $m
  -84
  111
  126
  141
  158
  175
  192
  211
  231
  252
  274
  293
  318
  343
  370
  399
  429
  460
  494
  529
  566
  605
  647
  690
  736
  784
  836
  889
  946
  1,006
  1,069
Change in working capital, $m
  -106
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  64
  68
  71
  74
  78
  82
  86
  90
  94
  99
  104
  109
  114
  120
  125
Cash from operations, $m
  22
  78
  91
  105
  120
  135
  151
  168
  186
  205
  225
  242
  264
  287
  312
  337
  364
  393
  423
  455
  488
  524
  561
  600
  642
  686
  732
  781
  832
  886
  944
Maintenance CAPEX, $m
  0
  -36
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -157
  -165
New CAPEX, $m
  -34
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
Cash from investing activities, $m
  -30
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -107
  -112
  -117
  -124
  -131
  -137
  -144
  -151
  -159
  -167
  -175
  -184
  -194
  -203
  -213
  -223
Free cash flow, $m
  -8
  26
  37
  47
  59
  71
  84
  97
  111
  126
  142
  155
  172
  191
  210
  231
  252
  275
  299
  325
  351
  380
  410
  442
  475
  511
  548
  588
  629
  673
  720
Issuance/(repayment) of debt, $m
  11
  37
  37
  39
  41
  42
  44
  46
  48
  51
  53
  55
  58
  61
  63
  66
  70
  73
  76
  80
  84
  88
  92
  97
  101
  106
  112
  117
  123
  129
  135
Issuance/(repurchase) of shares, $m
  -20
  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  
  -2
  37
  37
  39
  41
  42
  44
  46
  48
  51
  53
  55
  58
  61
  63
  66
  70
  73
  76
  80
  84
  88
  92
  97
  101
  106
  112
  117
  123
  129
  135
Total cash flow (excl. dividends), $m
  -11
  63
  74
  86
  100
  113
  128
  143
  159
  176
  194
  210
  230
  251
  273
  297
  322
  348
  375
  405
  435
  468
  502
  538
  577
  617
  660
  705
  752
  802
  855
Retained Cash Flow (-), $m
  -48
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -142
  -149
  -156
  -164
  -172
  -180
  -189
  -198
  -208
Prev. year cash balance distribution, $m
 
  8
  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
 
  16
  16
  26
  37
  48
  60
  72
  85
  99
  113
  125
  141
  158
  176
  195
  215
  236
  258
  282
  306
  333
  360
  390
  421
  453
  488
  525
  563
  604
  647
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
 
  15
  15
  23
  30
  37
  43
  49
  53
  57
  59
  59
  60
  60
  59
  57
  55
  51
  48
  43
  39
  34
  30
  26
  21
  18
  14
  11
  9
  7
  5
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

AAR CORP. (AAR) is a provider of services and products to the commercial aviation and government and defense markets. The Company operates in two segments: Aviation Services, which consists of supply chain and maintenance, repair and overhaul (MRO) activities, and Expeditionary Services, which includes airlift and mobility activities. Its services and products include aviation supply chain and parts support programs; MRO of aircraft and landing gear; design and manufacture of specialized pallets, shelters and containers; expeditionary airlift services; aircraft modifications, and aircraft and engine sales and leasing. It serves commercial, defense and governmental aircraft fleet operators, original equipment manufacturers and independent service providers around the world. Its landing gear overhaul facility is in Miami, Florida, where it repairs and overhauls landing gear, brakes and actuators for various types of commercial and military aircraft.

FINANCIAL RATIOS  of  AAR Corp. (AIR)

Valuation Ratios
P/E Ratio 24.7
Price to Sales 0.8
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 64
Price to Free Cash Flow -117.4
Growth Rates
Sales Growth Rate 4.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -61.4%
Cap. Spend. - 3 Yr. Gr. Rate 10.1%
Financial Strength
Quick Ratio 5
Current Ratio 0.4
LT Debt to Equity 17%
Total Debt to Equity 17.2%
Interest Coverage 20
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 5.5%
Ret/ On T. Cap. - 3 Yr. Avg. 3.7%
Return On Equity 6.4%
Return On Equity - 3 Yr. Avg. 4.4%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 15.7%
Gross Margin - 3 Yr. Avg. 12.6%
EBITDA Margin 7.4%
EBITDA Margin - 3 Yr. Avg. 4.4%
Operating Margin 4.5%
Oper. Margin - 3 Yr. Avg. 1%
Pre-Tax Margin 4.2%
Pre-Tax Margin - 3 Yr. Avg. 0.2%
Net Profit Margin 3.2%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate 32.4%
Eff/ Tax Rate - 3 Yr. Avg. 33.8%
Payout Ratio 17.5%

AIR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AIR stock intrinsic value calculation we used $1768 million for the last fiscal year's total revenue generated by AAR Corp.. The default revenue input number comes from 2017 income statement of AAR Corp.. 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 AIR stock valuation model: a) initial revenue growth rate of 6.1% 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 AIR is calculated based on our internal credit rating of AAR Corp., 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 AAR Corp..
    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 AIR stock the variable cost ratio is equal to 76.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $338 million in the base year in the intrinsic value calculation for AIR 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 AAR Corp..

Corporate tax rate of 27% is the nominal tax rate for AAR Corp.. 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 AIR 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 AIR are equal to 14.4%.

Life of production assets of 7 years is the average useful life of capital assets used in AAR Corp. 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 AIR is equal to 30.9%. 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 - $914 million for AAR Corp. - 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 34.869 million for AAR Corp. 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 AAR Corp. at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ AAR Investor Day in New York   [Jan-11-18 11:03AM  PR Newswire]
▶ AAR Announces Cash Dividend   [Jan-09-18 06:36PM  PR Newswire]
▶ AAR Corp. Value Analysis (NYSE:AIR) : December 26, 2017   [Dec-26-17 12:40PM  Capital Cube]
▶ AAR reports 2Q loss   [Dec-21-17 04:06PM  Associated Press]
▶ AAR Earnings Preview   [07:17AM  Benzinga]
▶ ETFs with exposure to AAR Corp. : November 29, 2017   [Nov-29-17 10:51AM  Capital Cube]
▶ Airbus' Eremenko Says Shenzhen the Next Silicon Valley   [Nov-21-17 10:42PM  Bloomberg Video]
▶ Airbus COO Says A380 Deal Means Long-Term Commitment   [Nov-16-17 10:23AM  Bloomberg Video]
▶ Airbus Tops Boeing With $50 Billion Dubai Show Deal   [Nov-15-17 12:05PM  Bloomberg Video]
▶ Airbus Wins Biggest Ever Deal   [04:37AM  Bloomberg Video]
▶ This Airline Cabin Is More Like a Luxury Hotel Room   [Nov-02-17 05:18AM  Bloomberg Video]
▶ ETFs with exposure to AAR Corp. : November 1, 2017   [Nov-01-17 11:48AM  Capital Cube]
▶ Airbus Shares Rise as Full-Year Profit Stays on Track   [Oct-31-17 05:29AM  Bloomberg Video]
▶ Airbus Executive VP Says Right Time for Bombardier Deal   [Oct-17-17 10:16AM  Bloomberg Video]
▶ Airbus Executive VP on Bombardier C Series Deal   [10:14AM  Bloomberg Video]
▶ Airbus Takes Majority Stake in Bombardier C-Series   [Oct-16-17 09:48PM  Bloomberg Video]
▶ AAR Announces Cash Dividend   [Oct-11-17 05:52PM  PR Newswire]
▶ AAR meets 1Q profit forecasts   [Sep-19-17 09:08PM  Associated Press]
▶ AAR Reports First Quarter 2018 Results   [04:01PM  PR Newswire]
▶ Gabelli & Companys Aerospace & Defense Conference   [Sep-05-17 09:11AM  Business Wire]
▶ Qantas CEO Joyce on Long Range Flights, Profits   [Aug-24-17 09:28PM  Bloomberg Video]
▶ AAR Corp. Value Analysis (NYSE:AIR) : August 23, 2017   [Aug-23-17 05:12PM  Capital Cube]
▶ Gabelli & Companys Aerospace & Defense Conference   [Aug-16-17 09:08AM  Business Wire]
▶ Dow set for major milestone, all thanks to Apple   [Aug-02-17 08:56AM  Yahoo Finance]
▶ ETFs with exposure to AAR Corp. : July 31, 2017   [Jul-31-17 04:21PM  Capital Cube]
▶ New Strong Sell Stocks for July 14th   [Jul-14-17 08:15AM  Zacks]
Financial statements of AIR
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