Intrinsic value of AAR Corp. - AIR

Previous Close

$46.75

  Intrinsic Value

$20.16

stock screener

  Rating & Target

str. sell

-57%

Previous close

$46.75

 
Intrinsic value

$20.16

 
Up/down potential

-57%

 
Rating

str. sell

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

Revenue (in 2017), $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 1.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
Revenue, $m
  1,839
  1,914
  1,994
  2,079
  2,170
  2,265
  2,367
  2,474
  2,587
  2,706
  2,832
  2,965
  3,105
  3,252
  3,407
  3,570
  3,742
  3,923
  4,113
  4,314
  4,524
  4,745
  4,978
  5,222
  5,479
  5,749
  6,033
  6,331
  6,644
  6,973
Variable operating expenses, $m
  1,436
  1,494
  1,556
  1,622
  1,692
  1,766
  1,844
  1,927
  2,014
  2,106
  2,190
  2,293
  2,401
  2,515
  2,635
  2,761
  2,894
  3,034
  3,181
  3,336
  3,499
  3,670
  3,850
  4,039
  4,237
  4,446
  4,666
  4,896
  5,139
  5,393
Fixed operating expenses, $m
  321
  328
  335
  343
  350
  358
  366
  374
  382
  390
  399
  408
  417
  426
  435
  445
  455
  465
  475
  485
  496
  507
  518
  529
  541
  553
  565
  578
  590
  603
Total operating expenses, $m
  1,757
  1,822
  1,891
  1,965
  2,042
  2,124
  2,210
  2,301
  2,396
  2,496
  2,589
  2,701
  2,818
  2,941
  3,070
  3,206
  3,349
  3,499
  3,656
  3,821
  3,995
  4,177
  4,368
  4,568
  4,778
  4,999
  5,231
  5,474
  5,729
  5,996
Operating income, $m
  82
  92
  103
  115
  128
  142
  157
  173
  191
  209
  243
  264
  287
  311
  337
  364
  394
  425
  457
  492
  529
  569
  610
  654
  701
  750
  802
  857
  916
  977
EBITDA, $m
  152
  164
  177
  192
  208
  225
  243
  262
  283
  305
  329
  354
  381
  410
  441
  473
  507
  544
  583
  624
  667
  713
  762
  813
  867
  925
  986
  1,050
  1,118
  1,189
Interest expense (income), $m
  4
  8
  10
  11
  12
  14
  16
  17
  19
  21
  23
  25
  27
  30
  32
  35
  38
  41
  44
  47
  51
  54
  58
  62
  66
  71
  75
  80
  85
  91
  96
Earnings before tax, $m
  74
  83
  92
  103
  114
  127
  140
  154
  170
  186
  218
  237
  257
  279
  302
  327
  353
  381
  410
  442
  475
  511
  548
  588
  630
  675
  722
  772
  825
  881
Tax expense, $m
  20
  22
  25
  28
  31
  34
  38
  42
  46
  50
  59
  64
  69
  75
  82
  88
  95
  103
  111
  119
  128
  138
  148
  159
  170
  182
  195
  208
  223
  238
Net income, $m
  54
  60
  67
  75
  83
  92
  102
  113
  124
  136
  159
  173
  188
  203
  220
  238
  258
  278
  300
  323
  347
  373
  400
  429
  460
  493
  527
  564
  602
  643

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
  1,565
  1,629
  1,697
  1,770
  1,847
  1,928
  2,014
  2,105
  2,202
  2,303
  2,410
  2,523
  2,642
  2,768
  2,900
  3,039
  3,185
  3,339
  3,501
  3,671
  3,850
  4,038
  4,236
  4,444
  4,663
  4,893
  5,134
  5,388
  5,655
  5,935
Adjusted assets (=assets-cash), $m
  1,565
  1,629
  1,697
  1,770
  1,847
  1,928
  2,014
  2,105
  2,202
  2,303
  2,410
  2,523
  2,642
  2,768
  2,900
  3,039
  3,185
  3,339
  3,501
  3,671
  3,850
  4,038
  4,236
  4,444
  4,663
  4,893
  5,134
  5,388
  5,655
  5,935
Revenue / Adjusted assets
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
  1.175
Average production assets, $m
  559
  582
  606
  632
  660
  689
  719
  752
  786
  823
  861
  901
  944
  989
  1,036
  1,085
  1,138
  1,193
  1,250
  1,311
  1,375
  1,443
  1,513
  1,588
  1,666
  1,748
  1,834
  1,925
  2,020
  2,120
Working capital, $m
  279
  291
  303
  316
  330
  344
  360
  376
  393
  411
  430
  451
  472
  494
  518
  543
  569
  596
  625
  656
  688
  721
  757
  794
  833
  874
  917
  962
  1,010
  1,060
Total debt, $m
  178
  203
  229
  258
  288
  320
  354
  389
  427
  467
  509
  553
  600
  649
  701
  755
  813
  873
  936
  1,003
  1,073
  1,147
  1,225
  1,306
  1,392
  1,482
  1,577
  1,676
  1,781
  1,891
Total liabilities, $m
  613
  639
  665
  694
  724
  756
  790
  825
  863
  903
  945
  989
  1,036
  1,085
  1,137
  1,191
  1,248
  1,309
  1,372
  1,439
  1,509
  1,583
  1,661
  1,742
  1,828
  1,918
  2,013
  2,112
  2,217
  2,326
Total equity, $m
  951
  990
  1,032
  1,076
  1,123
  1,172
  1,225
  1,280
  1,339
  1,400
  1,465
  1,534
  1,606
  1,683
  1,763
  1,847
  1,936
  2,030
  2,128
  2,232
  2,341
  2,455
  2,576
  2,702
  2,835
  2,975
  3,122
  3,276
  3,438
  3,608
Total liabilities and equity, $m
  1,564
  1,629
  1,697
  1,770
  1,847
  1,928
  2,015
  2,105
  2,202
  2,303
  2,410
  2,523
  2,642
  2,768
  2,900
  3,038
  3,184
  3,339
  3,500
  3,671
  3,850
  4,038
  4,237
  4,444
  4,663
  4,893
  5,135
  5,388
  5,655
  5,934
Debt-to-equity ratio
  0.190
  0.200
  0.220
  0.240
  0.260
  0.270
  0.290
  0.300
  0.320
  0.330
  0.350
  0.360
  0.370
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.480
  0.490
  0.500
  0.510
  0.510
  0.520
  0.520
Adjusted equity ratio
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608
  0.608

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  54
  60
  67
  75
  83
  92
  102
  113
  124
  136
  159
  173
  188
  203
  220
  238
  258
  278
  300
  323
  347
  373
  400
  429
  460
  493
  527
  564
  602
  643
Depreciation, amort., depletion, $m
  69
  72
  74
  77
  79
  82
  85
  89
  92
  96
  86
  90
  94
  99
  104
  109
  114
  119
  125
  131
  138
  144
  151
  159
  167
  175
  183
  192
  202
  212
Funds from operations, $m
  123
  132
  142
  152
  163
  175
  188
  201
  216
  232
  245
  263
  282
  302
  324
  347
  371
  397
  425
  454
  484
  517
  552
  588
  627
  667
  711
  756
  804
  855
Change in working capital, $m
  11
  11
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  27
  29
  30
  32
  34
  35
  37
  39
  41
  43
  45
  48
  50
Cash from operations, $m
  113
  121
  129
  139
  149
  160
  172
  185
  199
  214
  226
  243
  261
  280
  300
  322
  345
  370
  396
  423
  452
  483
  516
  551
  588
  626
  667
  711
  757
  805
Maintenance CAPEX, $m
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -138
  -144
  -151
  -159
  -167
  -175
  -183
  -192
  -202
New CAPEX, $m
  -22
  -23
  -24
  -26
  -27
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -91
  -95
  -100
Cash from investing activities, $m
  -76
  -79
  -82
  -87
  -90
  -95
  -100
  -105
  -109
  -115
  -120
  -126
  -133
  -139
  -146
  -154
  -161
  -169
  -177
  -186
  -195
  -205
  -215
  -225
  -237
  -249
  -261
  -274
  -287
  -302
Free cash flow, $m
  37
  42
  47
  52
  58
  65
  73
  81
  89
  99
  105
  116
  128
  141
  154
  169
  184
  201
  219
  237
  257
  279
  301
  325
  351
  378
  406
  437
  469
  503
Issuance/(repayment) of debt, $m
  23
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  90
  95
  99
  105
  110
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  23
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  90
  95
  99
  105
  110
Total cash flow (excl. dividends), $m
  60
  67
  74
  81
  89
  97
  106
  116
  127
  139
  147
  161
  175
  190
  206
  223
  242
  261
  282
  304
  328
  352
  379
  407
  436
  468
  501
  536
  574
  613
Retained Cash Flow (-), $m
  -37
  -39
  -41
  -44
  -47
  -50
  -52
  -55
  -58
  -62
  -65
  -69
  -72
  -76
  -80
  -85
  -89
  -94
  -98
  -104
  -109
  -114
  -120
  -127
  -133
  -140
  -147
  -154
  -162
  -170
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
  11
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  20
  21
  22
  24
  25
  26
  27
  28
  30
  31
  33
  34
  36
  38
  40
Cash available for distribution, $m
  22
  28
  32
  37
  42
  48
  54
  61
  69
  77
  82
  92
  102
  114
  126
  139
  153
  168
  184
  201
  219
  238
  258
  280
  303
  328
  354
  382
  411
  443
Discount rate, %
  4.90
  5.15
  5.40
  5.67
  5.96
  6.25
  6.57
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
PV of cash for distribution, $m
  21
  25
  27
  29
  31
  33
  35
  36
  37
  37
  35
  35
  34
  33
  31
  29
  27
  25
  22
  19
  17
  14
  12
  10
  8
  6
  5
  3
  3
  2
Current shareholders' claim on cash, %
  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 28.2
Price to Sales 0.9
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 73
Price to Free Cash Flow -133.8
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 4% 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 4.9%, 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 78.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $314 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 5.4% 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 0.6%.

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 30.4%.

Life of production assets of 10 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 15.2%. 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 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 $1.6 billion.

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COMPANY NEWS

▶ American Airlines and Nvidia fall; Fastenal jumps   [Jul-11-18 04:29PM  Associated Press]
▶ [$$] Profits Fall at AAR as Contracts Turn Over   [Jul-10-18 06:33PM  The Wall Street Journal]
▶ AAR: Fiscal 4Q Earnings Snapshot   [04:52PM  Associated Press]
▶ AAR Announces Cash Dividend   [04:10PM  PR Newswire]
▶ AAR CORP. to Host Earnings Call   [02:45PM  ACCESSWIRE]
▶ Bombardier confirms the closing of the C Series transaction   [Jul-01-18 09:33AM  GlobeNewswire]
▶ Elon Musk sends mice, an AI robot and coffee to space   [Jun-29-18 01:11PM  Yahoo Finance Video]
▶ An AI Astronaut Heads Into Space   [Jun-28-18 08:05PM  Bloomberg Video]
▶ Why AAR Corp (NYSE:AIR) Is An Attractive Investment   [Jun-22-18 10:07AM  Simply Wall St.]
▶ Business + Coffee: Iran deal exit, Trumps lawyer, Facebook reshuffle   [May-09-18 03:23PM  Yahoo Finance Video]
▶ AAR Named to Forbes' America's Best Employers List   [May-01-18 03:25PM  PR Newswire]
▶ AAR Announces Cash Dividend   [07:36PM  PR Newswire]
▶ Airbus Will Let Travelers Sleep in the Cargo Hold   [Apr-10-18 02:12PM  Bloomberg Video]
▶ AAR (AIR) Q3 2018 Earnings Conference Call Transcript   [Mar-21-18 12:22PM  Motley Fool]
▶ AAR beats 3Q profit forecasts   [Mar-20-18 04:37PM  Associated Press]
▶ Airbus Showcases Latest A350-1000 in Singapore Airshow   [Feb-05-18 02:28PM  Bloomberg Video]
▶ Transforming the Jobs of Tomorrow   [Jan-25-18 08:53AM  Bloomberg Video]
▶ Is It The Right Time To Buy AAR Corp (NYSE:AIR)?   [Jan-22-18 06:40PM  Simply Wall St.]
▶ Airbus Secures Emirates A380s Order Worth $16 Billion   [Jan-18-18 06:24AM  Bloomberg Video]
▶ 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]
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