Intrinsic value of AAR Corp. - AIR

Previous Close

$38.76

  Intrinsic Value

$42.79

stock screener

  Rating & Target

hold

+10%

Previous close

$38.76

 
Intrinsic value

$42.79

 
Up/down potential

+10%

 
Rating

hold

*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

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 1.3

 

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
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
Revenue, $m
  1,768
  1,917
  2,071
  2,232
  2,398
  2,572
  2,752
  2,939
  3,134
  3,337
  3,548
  3,767
  3,996
  4,234
  4,482
  4,741
  5,011
  5,293
  5,588
  5,896
  6,218
  6,554
  6,906
  7,275
  7,661
  8,064
  8,487
  8,930
  9,395
  9,881
  10,391
Variable operating expenses, $m
 
  1,471
  1,589
  1,711
  1,838
  1,970
  2,107
  2,250
  2,398
  2,552
  2,713
  2,869
  3,043
  3,224
  3,413
  3,610
  3,816
  4,031
  4,255
  4,490
  4,735
  4,991
  5,259
  5,540
  5,834
  6,141
  6,463
  6,800
  7,154
  7,524
  7,913
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
  1,817
  1,944
  2,075
  2,211
  2,352
  2,499
  2,652
  2,810
  2,974
  3,146
  3,312
  3,498
  3,690
  3,891
  4,100
  4,318
  4,545
  4,782
  5,030
  5,289
  5,559
  5,841
  6,136
  6,445
  6,768
  7,105
  7,458
  7,829
  8,216
  8,622
Operating income, $m
  80
  99
  127
  157
  187
  219
  253
  288
  324
  362
  402
  455
  498
  544
  591
  641
  693
  748
  806
  866
  929
  996
  1,065
  1,139
  1,216
  1,297
  1,382
  1,472
  1,566
  1,665
  1,769
EBITDA, $m
  133
  150
  181
  214
  248
  284
  321
  360
  400
  442
  486
  532
  581
  631
  684
  739
  797
  857
  921
  987
  1,057
  1,130
  1,207
  1,288
  1,373
  1,463
  1,557
  1,655
  1,759
  1,868
  1,983
Interest expense (income), $m
  4
  5
  7
  9
  11
  13
  15
  17
  19
  21
  24
  26
  29
  31
  34
  37
  40
  43
  47
  50
  54
  57
  61
  65
  70
  74
  79
  84
  89
  94
  100
Earnings before tax, $m
  74
  94
  120
  148
  177
  207
  238
  271
  305
  341
  378
  429
  470
  512
  557
  604
  653
  705
  759
  816
  876
  938
  1,004
  1,073
  1,146
  1,223
  1,303
  1,388
  1,477
  1,571
  1,669
Tax expense, $m
  24
  25
  32
  40
  48
  56
  64
  73
  82
  92
  102
  116
  127
  138
  150
  163
  176
  190
  205
  220
  236
  253
  271
  290
  309
  330
  352
  375
  399
  424
  451
Net income, $m
  57
  68
  88
  108
  129
  151
  174
  198
  223
  249
  276
  313
  343
  374
  407
  441
  477
  515
  554
  596
  639
  685
  733
  784
  837
  893
  951
  1,013
  1,078
  1,147
  1,219

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
  1,620
  1,751
  1,886
  2,027
  2,174
  2,326
  2,485
  2,649
  2,821
  2,999
  3,184
  3,377
  3,579
  3,789
  4,008
  4,236
  4,474
  4,724
  4,984
  5,256
  5,540
  5,838
  6,150
  6,476
  6,817
  7,174
  7,549
  7,941
  8,352
  8,783
Adjusted assets (=assets-cash), $m
  1,494
  1,620
  1,751
  1,886
  2,027
  2,174
  2,326
  2,485
  2,649
  2,821
  2,999
  3,184
  3,377
  3,579
  3,789
  4,008
  4,236
  4,474
  4,724
  4,984
  5,256
  5,540
  5,838
  6,150
  6,476
  6,817
  7,174
  7,549
  7,941
  8,352
  8,783
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
  276
  298
  321
  345
  370
  396
  423
  451
  480
  511
  542
  575
  610
  645
  683
  722
  762
  805
  849
  895
  944
  995
  1,048
  1,103
  1,161
  1,222
  1,286
  1,353
  1,423
  1,496
Working capital, $m
  554
  592
  640
  690
  741
  795
  850
  908
  968
  1,031
  1,096
  1,164
  1,235
  1,308
  1,385
  1,465
  1,548
  1,636
  1,727
  1,822
  1,921
  2,025
  2,134
  2,248
  2,367
  2,492
  2,623
  2,759
  2,903
  3,053
  3,211
Total debt, $m
  157
  205
  257
  310
  366
  424
  484
  546
  611
  678
  749
  822
  898
  977
  1,060
  1,146
  1,236
  1,330
  1,428
  1,531
  1,638
  1,750
  1,867
  1,990
  2,118
  2,253
  2,394
  2,541
  2,696
  2,858
  3,028
Total liabilities, $m
  590
  638
  690
  743
  799
  857
  917
  979
  1,044
  1,111
  1,182
  1,255
  1,331
  1,410
  1,493
  1,579
  1,669
  1,763
  1,861
  1,964
  2,071
  2,183
  2,300
  2,423
  2,551
  2,686
  2,827
  2,974
  3,129
  3,291
  3,461
Total equity, $m
  914
  982
  1,061
  1,143
  1,229
  1,317
  1,410
  1,506
  1,606
  1,709
  1,817
  1,930
  2,047
  2,169
  2,296
  2,429
  2,567
  2,712
  2,862
  3,020
  3,185
  3,358
  3,538
  3,727
  3,924
  4,131
  4,348
  4,575
  4,812
  5,062
  5,323
Total liabilities and equity, $m
  1,504
  1,620
  1,751
  1,886
  2,028
  2,174
  2,327
  2,485
  2,650
  2,820
  2,999
  3,185
  3,378
  3,579
  3,789
  4,008
  4,236
  4,475
  4,723
  4,984
  5,256
  5,541
  5,838
  6,150
  6,475
  6,817
  7,175
  7,549
  7,941
  8,353
  8,784
Debt-to-equity ratio
  0.172
  0.210
  0.240
  0.270
  0.300
  0.320
  0.340
  0.360
  0.380
  0.400
  0.410
  0.430
  0.440
  0.450
  0.460
  0.470
  0.480
  0.490
  0.500
  0.510
  0.510
  0.520
  0.530
  0.530
  0.540
  0.550
  0.550
  0.560
  0.560
  0.560
  0.570
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
  68
  88
  108
  129
  151
  174
  198
  223
  249
  276
  313
  343
  374
  407
  441
  477
  515
  554
  596
  639
  685
  733
  784
  837
  893
  951
  1,013
  1,078
  1,147
  1,219
Depreciation, amort., depletion, $m
  53
  51
  54
  57
  61
  64
  68
  72
  76
  80
  84
  77
  82
  87
  92
  98
  103
  109
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  193
  203
  214
Funds from operations, $m
  -84
  119
  142
  165
  190
  215
  242
  270
  299
  329
  361
  390
  425
  461
  499
  539
  580
  623
  669
  717
  767
  820
  875
  933
  994
  1,058
  1,126
  1,197
  1,271
  1,350
  1,432
Change in working capital, $m
  -106
  46
  48
  50
  52
  54
  56
  58
  60
  63
  65
  68
  71
  74
  77
  80
  84
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  143
  150
  158
Cash from operations, $m
  22
  73
  94
  116
  138
  162
  186
  212
  239
  266
  295
  323
  354
  388
  422
  459
  497
  536
  578
  622
  668
  716
  766
  819
  875
  934
  995
  1,060
  1,128
  1,200
  1,275
Maintenance CAPEX, $m
  0
  -36
  -39
  -43
  -46
  -49
  -53
  -57
  -60
  -64
  -69
  -73
  -77
  -82
  -87
  -92
  -98
  -103
  -109
  -115
  -121
  -128
  -135
  -142
  -150
  -158
  -166
  -175
  -184
  -193
  -203
New CAPEX, $m
  -34
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
Cash from investing activities, $m
  -30
  -57
  -61
  -66
  -70
  -74
  -79
  -84
  -88
  -93
  -99
  -105
  -110
  -116
  -123
  -129
  -137
  -144
  -151
  -159
  -167
  -176
  -186
  -195
  -206
  -216
  -227
  -239
  -251
  -263
  -276
Free cash flow, $m
  -8
  16
  32
  50
  68
  87
  107
  128
  150
  173
  196
  218
  244
  271
  299
  329
  360
  393
  427
  462
  500
  539
  581
  624
  670
  718
  768
  822
  877
  936
  998
Issuance/(repayment) of debt, $m
  11
  50
  51
  53
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  83
  86
  90
  94
  98
  103
  107
  112
  117
  123
  128
  134
  141
  148
  155
  162
  170
Issuance/(repurchase) of shares, $m
  -20
  7
  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
  57
  51
  53
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  83
  86
  90
  94
  98
  103
  107
  112
  117
  123
  128
  134
  141
  148
  155
  162
  170
Total cash flow (excl. dividends), $m
  -11
  73
  84
  103
  124
  145
  167
  191
  215
  240
  267
  291
  320
  350
  382
  415
  450
  487
  525
  565
  607
  651
  698
  747
  798
  852
  909
  969
  1,032
  1,098
  1,168
Retained Cash Flow (-), $m
  -48
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -122
  -127
  -133
  -138
  -145
  -151
  -158
  -165
  -172
  -180
  -189
  -198
  -207
  -217
  -227
  -238
  -249
  -261
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
 
  5
  5
  21
  38
  56
  75
  95
  115
  136
  159
  179
  203
  228
  255
  283
  312
  342
  374
  407
  442
  479
  518
  558
  601
  646
  693
  742
  794
  849
  907
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
 
  5
  4
  18
  32
  44
  54
  64
  72
  78
  83
  85
  87
  87
  86
  83
  79
  74
  69
  63
  56
  50
  43
  37
  31
  25
  20
  16
  12
  9
  7
Current shareholders' claim on cash, %
  100
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5
  99.5

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 23.4
Price to Sales 0.8
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 60.5
Price to Free Cash Flow -111
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 8.4% 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 4.3%, 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 34.572 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 $1.3 billion.

RELATED COMPANIES Price Int.Val. Rating
TXT Textron 53.74 48.46  hold
BA Boeing 264.75 74.43  str.sell
LMT Lockheed Marti 320.00 124.24  str.sell
SPR Spirit AeroSys 80.96 76.55  hold
UTX United Technol 120.93 138.97  hold
ATSG Air Transport 25.16 22.70  hold

COMPANY NEWS

▶ 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]
▶ AAR posts 4Q profit   [Jul-11-17 09:20PM  Associated Press]
▶ AAR Appoints Michael D. Milligan Chief Financial Officer   [Jul-10-17 05:41PM  PR Newswire]
▶ AAR Announces Cash Dividend   [05:26PM  PR Newswire]
▶ Plane Talk at the Paris Air Show   [Jun-28-17 07:00AM  Morningstar]
▶ Airbus Leverages Big Data to Improve Customer Experience   [Jun-27-17 11:06PM  Bloomberg Video]
▶ AAR Corp. Value Analysis (NYSE:AIR) : May 19, 2017   [May-19-17 02:19PM  Capital Cube]
▶ AAR Announces Cash Dividend   [Apr-18-17 04:02PM  PR Newswire]
▶ Why the CEO of Flywheel Sports embraces failure   [Apr-10-17 07:54AM  MarketWatch]
▶ AAR Appoints Dylan Wolin VP, Strategy & Acquisitions   [Apr-06-17 04:55PM  PR Newswire]
Financial statements of AIR
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.