Intrinsic value of Aerojet Rocketdyne Holdings - AJRD

Previous Close

$35.85

  Intrinsic Value

$37.60

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  Rating & Target

hold

+5%

Previous close

$35.85

 
Intrinsic value

$37.60

 
Up/down potential

+5%

 
Rating

hold

We calculate the intrinsic value of AJRD 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 2.6

 

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, %
  6.60
  6.44
  6.30
  6.17
  6.05
  5.94
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
Revenue, $m
  2,001
  2,130
  2,264
  2,403
  2,549
  2,700
  2,858
  3,023
  3,195
  3,375
  3,562
  3,758
  3,963
  4,177
  4,402
  4,636
  4,882
  5,139
  5,408
  5,690
  5,986
  6,295
  6,620
  6,961
  7,317
  7,692
  8,084
  8,496
  8,928
  9,381
Variable operating expenses, $m
  1,675
  1,781
  1,892
  2,007
  2,127
  2,252
  2,382
  2,518
  2,660
  2,808
  2,938
  3,100
  3,269
  3,446
  3,631
  3,824
  4,027
  4,239
  4,461
  4,693
  4,937
  5,193
  5,461
  5,741
  6,036
  6,344
  6,668
  7,008
  7,364
  7,738
Fixed operating expenses, $m
  197
  202
  206
  211
  215
  220
  225
  230
  235
  240
  245
  251
  256
  262
  267
  273
  279
  286
  292
  298
  305
  312
  318
  325
  333
  340
  347
  355
  363
  371
Total operating expenses, $m
  1,872
  1,983
  2,098
  2,218
  2,342
  2,472
  2,607
  2,748
  2,895
  3,048
  3,183
  3,351
  3,525
  3,708
  3,898
  4,097
  4,306
  4,525
  4,753
  4,991
  5,242
  5,505
  5,779
  6,066
  6,369
  6,684
  7,015
  7,363
  7,727
  8,109
Operating income, $m
  129
  147
  166
  186
  207
  228
  251
  275
  300
  326
  379
  408
  438
  470
  503
  539
  576
  615
  655
  698
  744
  791
  841
  894
  949
  1,007
  1,069
  1,133
  1,201
  1,272
EBITDA, $m
  218
  241
  264
  289
  314
  341
  369
  398
  429
  461
  495
  530
  567
  606
  647
  690
  735
  782
  832
  884
  939
  996
  1,057
  1,121
  1,188
  1,258
  1,332
  1,410
  1,492
  1,578
Interest expense (income), $m
  0
  33
  34
  41
  49
  57
  66
  75
  84
  94
  104
  114
  125
  137
  149
  161
  174
  188
  202
  217
  233
  250
  267
  285
  304
  324
  345
  367
  390
  414
  439
Earnings before tax, $m
  95
  113
  124
  137
  149
  162
  176
  191
  207
  223
  265
  283
  301
  321
  342
  364
  388
  412
  438
  465
  494
  524
  556
  590
  625
  663
  702
  744
  787
  833
Tax expense, $m
  26
  30
  34
  37
  40
  44
  48
  52
  56
  60
  71
  76
  81
  87
  92
  98
  105
  111
  118
  126
  133
  142
  150
  159
  169
  179
  190
  201
  213
  225
Net income, $m
  70
  82
  91
  100
  109
  119
  129
  140
  151
  163
  193
  206
  220
  235
  250
  266
  283
  301
  320
  340
  361
  383
  406
  431
  456
  484
  512
  543
  575
  608

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
  2,408
  2,563
  2,724
  2,892
  3,067
  3,250
  3,440
  3,638
  3,845
  4,061
  4,287
  4,523
  4,769
  5,027
  5,297
  5,579
  5,874
  6,184
  6,508
  6,847
  7,203
  7,576
  7,967
  8,376
  8,806
  9,256
  9,728
  10,224
  10,744
  11,289
Adjusted assets (=assets-cash), $m
  2,408
  2,563
  2,724
  2,892
  3,067
  3,250
  3,440
  3,638
  3,845
  4,061
  4,287
  4,523
  4,769
  5,027
  5,297
  5,579
  5,874
  6,184
  6,508
  6,847
  7,203
  7,576
  7,967
  8,376
  8,806
  9,256
  9,728
  10,224
  10,744
  11,289
Revenue / Adjusted assets
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
  0.831
Average production assets, $m
  652
  694
  738
  784
  831
  880
  932
  986
  1,042
  1,100
  1,161
  1,225
  1,292
  1,362
  1,435
  1,511
  1,591
  1,675
  1,763
  1,855
  1,951
  2,052
  2,158
  2,269
  2,386
  2,508
  2,635
  2,770
  2,911
  3,058
Working capital, $m
  38
  40
  43
  46
  48
  51
  54
  57
  61
  64
  68
  71
  75
  79
  84
  88
  93
  98
  103
  108
  114
  120
  126
  132
  139
  146
  154
  161
  170
  178
Total debt, $m
  627
  766
  911
  1,063
  1,220
  1,384
  1,555
  1,734
  1,920
  2,115
  2,318
  2,530
  2,752
  2,984
  3,227
  3,481
  3,747
  4,025
  4,317
  4,622
  4,942
  5,278
  5,630
  5,998
  6,385
  6,790
  7,215
  7,661
  8,129
  8,620
Total liabilities, $m
  2,167
  2,307
  2,452
  2,603
  2,760
  2,925
  3,096
  3,274
  3,460
  3,655
  3,858
  4,070
  4,292
  4,524
  4,767
  5,021
  5,287
  5,565
  5,857
  6,163
  6,483
  6,818
  7,170
  7,539
  7,925
  8,330
  8,756
  9,201
  9,669
  10,160
Total equity, $m
  241
  256
  272
  289
  307
  325
  344
  364
  384
  406
  429
  452
  477
  503
  530
  558
  587
  618
  651
  685
  720
  758
  797
  838
  881
  926
  973
  1,022
  1,074
  1,129
Total liabilities and equity, $m
  2,408
  2,563
  2,724
  2,892
  3,067
  3,250
  3,440
  3,638
  3,844
  4,061
  4,287
  4,522
  4,769
  5,027
  5,297
  5,579
  5,874
  6,183
  6,508
  6,848
  7,203
  7,576
  7,967
  8,377
  8,806
  9,256
  9,729
  10,223
  10,743
  11,289
Debt-to-equity ratio
  2.600
  2.990
  3.350
  3.670
  3.980
  4.260
  4.520
  4.770
  4.990
  5.210
  5.410
  5.590
  5.770
  5.940
  6.090
  6.240
  6.380
  6.510
  6.630
  6.750
  6.860
  6.970
  7.070
  7.160
  7.250
  7.340
  7.420
  7.490
  7.570
  7.640
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  70
  82
  91
  100
  109
  119
  129
  140
  151
  163
  193
  206
  220
  235
  250
  266
  283
  301
  320
  340
  361
  383
  406
  431
  456
  484
  512
  543
  575
  608
Depreciation, amort., depletion, $m
  90
  94
  99
  103
  108
  113
  118
  123
  129
  135
  116
  123
  129
  136
  143
  151
  159
  168
  176
  185
  195
  205
  216
  227
  239
  251
  264
  277
  291
  306
Funds from operations, $m
  159
  177
  189
  203
  217
  231
  247
  263
  280
  297
  309
  329
  349
  371
  393
  417
  442
  468
  496
  525
  556
  588
  622
  657
  695
  734
  776
  820
  866
  914
Change in working capital, $m
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  9
Cash from operations, $m
  157
  174
  187
  200
  214
  228
  244
  260
  276
  294
  306
  325
  345
  367
  389
  413
  438
  464
  491
  520
  550
  582
  616
  651
  688
  727
  769
  812
  858
  906
Maintenance CAPEX, $m
  -61
  -65
  -69
  -74
  -78
  -83
  -88
  -93
  -99
  -104
  -110
  -116
  -123
  -129
  -136
  -143
  -151
  -159
  -168
  -176
  -185
  -195
  -205
  -216
  -227
  -239
  -251
  -264
  -277
  -291
New CAPEX, $m
  -40
  -42
  -44
  -46
  -47
  -49
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -141
  -148
Cash from investing activities, $m
  -101
  -107
  -113
  -120
  -125
  -132
  -140
  -147
  -155
  -163
  -171
  -180
  -190
  -199
  -209
  -219
  -231
  -243
  -256
  -268
  -281
  -296
  -311
  -327
  -343
  -361
  -379
  -398
  -418
  -439
Free cash flow, $m
  56
  67
  74
  81
  88
  96
  104
  113
  122
  131
  135
  145
  156
  168
  180
  193
  206
  221
  236
  252
  268
  286
  305
  324
  345
  367
  390
  414
  440
  467
Issuance/(repayment) of debt, $m
  10
  140
  145
  151
  157
  164
  171
  178
  186
  194
  203
  212
  222
  232
  243
  254
  266
  278
  292
  306
  320
  335
  352
  369
  387
  405
  425
  446
  468
  491
Issuance/(repurchase) of shares, $m
  69
  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  
  79
  140
  145
  151
  157
  164
  171
  178
  186
  194
  203
  212
  222
  232
  243
  254
  266
  278
  292
  306
  320
  335
  352
  369
  387
  405
  425
  446
  468
  491
Total cash flow (excl. dividends), $m
  135
  206
  219
  232
  246
  260
  275
  291
  308
  326
  338
  357
  378
  400
  423
  447
  472
  499
  527
  557
  588
  621
  656
  693
  732
  772
  815
  860
  908
  958
Retained Cash Flow (-), $m
  -139
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
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
  23
  24
  26
  27
  29
  31
  32
  34
  36
  38
  40
  43
  45
  48
  50
  53
  56
  59
  62
  65
  68
  72
  76
  79
  84
  88
  92
  97
  102
  107
Cash available for distribution, $m
  -3
  191
  203
  215
  228
  242
  256
  271
  287
  304
  315
  334
  353
  374
  396
  419
  443
  468
  495
  523
  553
  584
  617
  652
  689
  727
  768
  811
  856
  903
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
  -3
  175
  176
  177
  177
  176
  173
  170
  165
  159
  150
  142
  134
  126
  116
  106
  96
  86
  76
  66
  57
  48
  40
  33
  27
  21
  16
  13
  9
  7
Current shareholders' claim on cash, %
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6

Aerojet Rocketdyne Holdings, Inc. designs, develops, manufactures, and sells aerospace and defense products and systems in the United States. The company operates in two segments, Aerospace and Defense, and Real Estate. The Aerospace and Defense segment offers aerospace and defense products and systems for the U.S. government, including the Department of Defense, the National Aeronautics and Space Administration, and aerospace and defense prime contractors, as well as for the commercial sector. This segment also offers propulsion systems, such as liquid, solid, air-breathing, and electric types of launch propulsion, in-space propulsion, missile defense propulsion, tactical missile propulsion, and hypersonic propulsion systems for defense and space applications; and armament systems for precision tactical systems and munitions serving military, civil, and commercial customers. The Real Estate segment engages in the re-zoning, entitlement, sale, and leasing of the company’s excess real estate assets. It owns approximately 11,500 acres of land adjacent to U.S. Highway 50 between Rancho Cordova and Folsom, California east of Sacramento. The company was formerly known as GenCorp Inc. and changed its name to Aerojet Rocketdyne Holdings, Inc. in April 2015. Aerojet Rocketdyne Holdings, Inc. was founded in 1915 and is headquartered in El Segundo, California.

FINANCIAL RATIOS  of  Aerojet Rocketdyne Holdings (AJRD)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

AJRD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AJRD stock intrinsic value calculation we used $1877 million for the last fiscal year's total revenue generated by Aerojet Rocketdyne Holdings. The default revenue input number comes from 2017 income statement of Aerojet Rocketdyne 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 AJRD stock valuation model: a) initial revenue growth rate of 6.6% 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 AJRD is calculated based on our internal credit rating of Aerojet Rocketdyne 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 Aerojet Rocketdyne 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 AJRD stock the variable cost ratio is equal to 83.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $193 million in the base year in the intrinsic value calculation for AJRD 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 Aerojet Rocketdyne Holdings.

Corporate tax rate of 27% is the nominal tax rate for Aerojet Rocketdyne 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 AJRD stock is equal to 1.2%.

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 AJRD are equal to 32.6%.

Life of production assets of 10 years is the average useful life of capital assets used in Aerojet Rocketdyne 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 AJRD is equal to 1.9%. 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 - $102 million for Aerojet Rocketdyne 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 73 million for Aerojet Rocketdyne 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 Aerojet Rocketdyne Holdings at the current share price and the inputted number of shares is $2.6 billion.

COMPANY NEWS

▶ RS-25 Engine Tests Modernization Upgrades   [Aug-14-18 06:58PM  GlobeNewswire]
▶ Strong earnings report launches Aerojet stock 21 percent   [09:39AM  American City Business Journals]
▶ Boeing, SpaceX To Benefit As Pentagon Readies This Historic Change   [Jul-31-18 04:02PM  Investor's Business Daily]
▶ Aerojet Rocketdyne makes motor in Rancho Cordova for Mars mission   [Jul-10-18 02:32PM  American City Business Journals]
▶ Orion Jettison Motor Ready for Crew Escape System Test   [Jul-09-18 10:00AM  GlobeNewswire]
▶ Gabelli & Companys Aerospace & Defense Conference   [Jun-28-18 07:30AM  Business Wire]
▶ Aerojet Rocketdyne Shows Improved Relative Strength; Still Shy Of Benchmark   [May-25-18 03:00AM  Investor's Business Daily]
▶ Space Coast job growth surges as aerospace and rocket firms take off   [09:25AM  American City Business Journals]
▶ Career launch: SpaceX, Lockheed Martin, Boeing and more to hire nearly 150 workers   [May-21-18 03:16PM  American City Business Journals]
▶ Rocket roundup: When SpaceX will launch again; ULA's plans for Vulcan booster   [May-16-18 05:20PM  American City Business Journals]
▶ United Launch Alliance picks Aerojet Rocketdyne engine   [May-11-18 06:06PM  American City Business Journals]
▶ Aerojet Rocketdyne Has InSight Every Step of the Way   [May-03-18 10:00AM  GlobeNewswire]
▶ Aerojet Rocketdyne: 1Q Earnings Snapshot   [May-01-18 06:35PM  Associated Press]
▶ RL10 Selected for OmegA Rocket   [Apr-16-18 08:52PM  GlobeNewswire]
▶ Aerojet Rocketdyne Ships Starliner Re-entry Thrusters   [Mar-15-18 05:36PM  GlobeNewswire]
▶ Aerojet Rocketdyne reports 4Q loss   [Feb-22-18 05:03AM  Associated Press]
▶ RS-25 Engine Throttles Up for Deep Space Exploration   [Feb-21-18 04:48PM  GlobeNewswire]
▶ Aerojet Rocketdyne RS-25 Test Advances Exploration Efforts   [Jan-16-18 06:42PM  GlobeNewswire]
▶ Kensho's Space index   [08:58AM  CNBC Videos]
▶ RS-25 Engine Test is Giant Step for 3-D Printing   [Dec-13-17 05:26PM  GlobeNewswire]
▶ Stocks To Watch: Aerojet Rocketdyne Sees RS Rating Rise To 93   [03:00AM  Investor's Business Daily]
▶ Aerojet Rocketdyne meets 3Q profit forecasts   [Nov-06-17 05:37AM  Associated Press]
▶ Why Aerojet Rocketdyne Stock Dropped 13% Friday   [Nov-03-17 05:53PM  Motley Fool]
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