Intrinsic value of Astronics - ATRO

Previous Close

$31.28

  Intrinsic Value

$22.26

stock screener

  Rating & Target

sell

-29%

Previous close

$31.28

 
Intrinsic value

$22.26

 
Up/down potential

-29%

 
Rating

sell

We calculate the intrinsic value of ATRO 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 0.7

 

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, %
  38.00
  34.70
  31.73
  29.06
  26.65
  24.49
  22.54
  20.78
  19.21
  17.78
  16.51
  15.36
  14.32
  13.39
  12.55
  11.79
  11.11
  10.50
  9.95
  9.46
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
Revenue, $m
  862
  1,161
  1,529
  1,973
  2,499
  3,111
  3,813
  4,605
  5,489
  6,466
  7,533
  8,690
  9,934
  11,264
  12,678
  14,173
  15,748
  17,402
  19,134
  20,944
  22,831
  24,797
  26,843
  28,970
  31,182
  33,479
  35,867
  38,349
  40,929
  43,611
Variable operating expenses, $m
  752
  1,003
  1,313
  1,686
  2,128
  2,642
  3,232
  3,897
  4,641
  5,461
  6,330
  7,302
  8,348
  9,465
  10,653
  11,909
  13,233
  14,623
  16,079
  17,599
  19,185
  20,837
  22,556
  24,344
  26,202
  28,133
  30,139
  32,224
  34,392
  36,646
Fixed operating expenses, $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 operating expenses, $m
  752
  1,003
  1,313
  1,686
  2,128
  2,642
  3,232
  3,897
  4,641
  5,461
  6,330
  7,302
  8,348
  9,465
  10,653
  11,909
  13,233
  14,623
  16,079
  17,599
  19,185
  20,837
  22,556
  24,344
  26,202
  28,133
  30,139
  32,224
  34,392
  36,646
Operating income, $m
  110
  157
  216
  287
  371
  469
  581
  708
  849
  1,005
  1,203
  1,388
  1,586
  1,799
  2,025
  2,263
  2,515
  2,779
  3,056
  3,345
  3,646
  3,960
  4,287
  4,627
  4,980
  5,347
  5,728
  6,124
  6,536
  6,965
EBITDA, $m
  163
  219
  289
  372
  472
  587
  719
  869
  1,036
  1,220
  1,421
  1,640
  1,874
  2,125
  2,392
  2,674
  2,971
  3,283
  3,610
  3,952
  4,308
  4,679
  5,065
  5,466
  5,883
  6,317
  6,767
  7,236
  7,722
  8,228
Interest expense (income), $m
  5
  15
  23
  34
  46
  62
  81
  102
  127
  155
  186
  220
  258
  298
  342
  389
  438
  491
  546
  604
  665
  729
  795
  864
  936
  1,011
  1,089
  1,170
  1,254
  1,341
  1,431
Earnings before tax, $m
  95
  134
  183
  241
  309
  388
  479
  581
  694
  819
  983
  1,130
  1,288
  1,457
  1,636
  1,825
  2,024
  2,233
  2,451
  2,679
  2,917
  3,165
  3,422
  3,690
  3,969
  4,258
  4,558
  4,871
  5,196
  5,533
Tax expense, $m
  26
  36
  49
  65
  83
  105
  129
  157
  187
  221
  265
  305
  348
  393
  442
  493
  546
  603
  662
  723
  788
  855
  924
  996
  1,072
  1,150
  1,231
  1,315
  1,403
  1,494
Net income, $m
  69
  98
  133
  176
  226
  284
  350
  424
  507
  598
  718
  825
  940
  1,064
  1,194
  1,332
  1,478
  1,630
  1,789
  1,956
  2,130
  2,310
  2,498
  2,694
  2,897
  3,108
  3,328
  3,556
  3,793
  4,039

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
  1,016
  1,369
  1,803
  2,327
  2,947
  3,669
  4,496
  5,430
  6,473
  7,625
  8,883
  10,247
  11,715
  13,283
  14,950
  16,713
  18,571
  20,522
  22,564
  24,698
  26,924
  29,242
  31,655
  34,163
  36,771
  39,480
  42,296
  45,223
  48,265
  51,428
Adjusted assets (=assets-cash), $m
  1,016
  1,369
  1,803
  2,327
  2,947
  3,669
  4,496
  5,430
  6,473
  7,625
  8,883
  10,247
  11,715
  13,283
  14,950
  16,713
  18,571
  20,522
  22,564
  24,698
  26,924
  29,242
  31,655
  34,163
  36,771
  39,480
  42,296
  45,223
  48,265
  51,428
Revenue / Adjusted assets
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
Average production assets, $m
  342
  461
  607
  783
  992
  1,235
  1,514
  1,828
  2,179
  2,567
  2,991
  3,450
  3,944
  4,472
  5,033
  5,627
  6,252
  6,909
  7,596
  8,315
  9,064
  9,845
  10,657
  11,501
  12,379
  13,291
  14,239
  15,224
  16,249
  17,314
Working capital, $m
  272
  367
  483
  624
  790
  983
  1,205
  1,455
  1,735
  2,043
  2,380
  2,746
  3,139
  3,559
  4,006
  4,479
  4,976
  5,499
  6,046
  6,618
  7,215
  7,836
  8,482
  9,155
  9,853
  10,579
  11,334
  12,118
  12,933
  13,781
Total debt, $m
  427
  621
  861
  1,150
  1,493
  1,891
  2,348
  2,863
  3,439
  4,075
  4,769
  5,522
  6,332
  7,198
  8,118
  9,091
  10,117
  11,194
  12,321
  13,499
  14,728
  16,007
  17,339
  18,724
  20,163
  21,659
  23,213
  24,829
  26,508
  28,254
Total liabilities, $m
  561
  756
  995
  1,285
  1,627
  2,025
  2,482
  2,998
  3,573
  4,209
  4,904
  5,656
  6,467
  7,332
  8,252
  9,226
  10,251
  11,328
  12,455
  13,633
  14,862
  16,142
  17,473
  18,858
  20,297
  21,793
  23,347
  24,963
  26,642
  28,388
Total equity, $m
  455
  613
  808
  1,043
  1,320
  1,644
  2,014
  2,433
  2,900
  3,416
  3,980
  4,591
  5,248
  5,951
  6,698
  7,488
  8,320
  9,194
  10,109
  11,065
  12,062
  13,101
  14,181
  15,305
  16,473
  17,687
  18,949
  20,260
  21,623
  23,040
Total liabilities and equity, $m
  1,016
  1,369
  1,803
  2,328
  2,947
  3,669
  4,496
  5,431
  6,473
  7,625
  8,884
  10,247
  11,715
  13,283
  14,950
  16,714
  18,571
  20,522
  22,564
  24,698
  26,924
  29,243
  31,654
  34,163
  36,770
  39,480
  42,296
  45,223
  48,265
  51,428
Debt-to-equity ratio
  0.940
  1.010
  1.070
  1.100
  1.130
  1.150
  1.170
  1.180
  1.190
  1.190
  1.200
  1.200
  1.210
  1.210
  1.210
  1.210
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.220
  1.230
  1.230
  1.230
  1.230
Adjusted equity ratio
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448
  0.448

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  69
  98
  133
  176
  226
  284
  350
  424
  507
  598
  718
  825
  940
  1,064
  1,194
  1,332
  1,478
  1,630
  1,789
  1,956
  2,130
  2,310
  2,498
  2,694
  2,897
  3,108
  3,328
  3,556
  3,793
  4,039
Depreciation, amort., depletion, $m
  53
  62
  72
  85
  100
  118
  138
  161
  187
  215
  218
  252
  288
  326
  367
  411
  456
  504
  554
  607
  662
  719
  778
  840
  904
  970
  1,039
  1,111
  1,186
  1,264
Funds from operations, $m
  122
  160
  206
  261
  326
  402
  488
  585
  694
  813
  936
  1,077
  1,228
  1,390
  1,562
  1,743
  1,934
  2,134
  2,344
  2,563
  2,791
  3,029
  3,276
  3,533
  3,801
  4,078
  4,367
  4,667
  4,979
  5,303
Change in working capital, $m
  75
  94
  116
  140
  166
  193
  222
  250
  279
  309
  337
  366
  393
  420
  447
  472
  498
  523
  547
  572
  596
  621
  646
  672
  699
  726
  755
  784
  815
  848
Cash from operations, $m
  47
  65
  89
  120
  160
  208
  266
  335
  414
  505
  599
  711
  835
  970
  1,115
  1,270
  1,436
  1,612
  1,797
  1,991
  2,195
  2,408
  2,630
  2,861
  3,102
  3,352
  3,612
  3,883
  4,164
  4,455
Maintenance CAPEX, $m
  -18
  -25
  -34
  -44
  -57
  -72
  -90
  -110
  -133
  -159
  -187
  -218
  -252
  -288
  -326
  -367
  -411
  -456
  -504
  -554
  -607
  -662
  -719
  -778
  -840
  -904
  -970
  -1,039
  -1,111
  -1,186
New CAPEX, $m
  -95
  -119
  -146
  -176
  -209
  -243
  -278
  -315
  -351
  -388
  -424
  -459
  -494
  -528
  -561
  -594
  -625
  -657
  -688
  -718
  -749
  -780
  -812
  -845
  -878
  -912
  -948
  -985
  -1,024
  -1,065
Cash from investing activities, $m
  -113
  -144
  -180
  -220
  -266
  -315
  -368
  -425
  -484
  -547
  -611
  -677
  -746
  -816
  -887
  -961
  -1,036
  -1,113
  -1,192
  -1,272
  -1,356
  -1,442
  -1,531
  -1,623
  -1,718
  -1,816
  -1,918
  -2,024
  -2,135
  -2,251
Free cash flow, $m
  -65
  -79
  -91
  -100
  -106
  -107
  -102
  -90
  -70
  -42
  -12
  34
  89
  154
  227
  309
  400
  499
  605
  718
  839
  966
  1,099
  1,239
  1,385
  1,536
  1,694
  1,858
  2,028
  2,204
Issuance/(repayment) of debt, $m
  155
  195
  240
  289
  342
  398
  456
  516
  576
  636
  695
  753
  810
  866
  920
  973
  1,025
  1,077
  1,127
  1,178
  1,229
  1,280
  1,332
  1,385
  1,439
  1,496
  1,554
  1,615
  1,679
  1,746
Issuance/(repurchase) of shares, $m
  56
  60
  61
  59
  52
  40
  21
  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  
  211
  255
  301
  348
  394
  438
  477
  516
  576
  636
  695
  753
  810
  866
  920
  973
  1,025
  1,077
  1,127
  1,178
  1,229
  1,280
  1,332
  1,385
  1,439
  1,496
  1,554
  1,615
  1,679
  1,746
Total cash flow (excl. dividends), $m
  145
  176
  210
  248
  288
  331
  375
  426
  505
  593
  682
  787
  899
  1,020
  1,147
  1,283
  1,425
  1,575
  1,732
  1,896
  2,067
  2,245
  2,431
  2,624
  2,824
  3,032
  3,249
  3,474
  3,707
  3,951
Retained Cash Flow (-), $m
  -125
  -158
  -195
  -235
  -278
  -323
  -370
  -419
  -467
  -516
  -564
  -611
  -657
  -703
  -747
  -790
  -832
  -874
  -915
  -956
  -997
  -1,039
  -1,081
  -1,124
  -1,168
  -1,214
  -1,261
  -1,311
  -1,363
  -1,417
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
  20
  18
  16
  13
  11
  8
  5
  7
  38
  78
  118
  176
  242
  317
  401
  493
  593
  701
  817
  940
  1,070
  1,207
  1,350
  1,500
  1,656
  1,818
  1,987
  2,163
  2,345
  2,533
Discount rate, %
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
  19
  15
  12
  9
  7
  4
  2
  3
  15
  26
  33
  41
  47
  50
  50
  49
  45
  40
  35
  29
  24
  19
  14
  10
  7
  5
  3
  2
  1
  1
Current shareholders' claim on cash, %
  92.3
  86.7
  82.7
  79.9
  77.9
  76.8
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3
  76.3

Astronics Corporation is a supplier of products to the aerospace, defense, electronics and semiconductor industries. The Company's products and services include electrical power generation, distribution and motion systems, lighting and safety systems, avionics products, aircraft structures, systems certification and automated test systems. The Company operates through two segments: Aerospace and Test Systems. The Aerospace segment designs and manufactures products for the global aerospace industry. Its product lines include lighting and safety systems, electrical power generation, distribution and motions systems, aircraft structures, avionics products, systems certification and other products. The Test Systems segment designs, develops, manufactures and maintains automated test systems that support the semiconductor, aerospace, communications and weapons test systems, as well as training and simulation devices for both commercial and military applications.

FINANCIAL RATIOS  of  Astronics (ATRO)

Valuation Ratios
P/E Ratio 19
Price to Sales 1.4
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 18.6
Price to Free Cash Flow 25.3
Growth Rates
Sales Growth Rate -8.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -31.6%
Cap. Spend. - 3 Yr. Gr. Rate 13.2%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 43%
Total Debt to Equity 43.9%
Interest Coverage 15
Management Effectiveness
Return On Assets 8.5%
Ret/ On Assets - 3 Yr. Avg. 10.7%
Return On Total Capital 10.1%
Ret/ On T. Cap. - 3 Yr. Avg. 13.2%
Return On Equity 15.1%
Return On Equity - 3 Yr. Avg. 22.8%
Asset Turnover 1
Profitability Ratios
Gross Margin 25.1%
Gross Margin - 3 Yr. Avg. 25.9%
EBITDA Margin 15.8%
EBITDA Margin - 3 Yr. Avg. 17%
Operating Margin 11.5%
Oper. Margin - 3 Yr. Avg. 13%
Pre-Tax Margin 10.9%
Pre-Tax Margin - 3 Yr. Avg. 12.1%
Net Profit Margin 7.6%
Net Profit Margin - 3 Yr. Avg. 8.6%
Effective Tax Rate 30.4%
Eff/ Tax Rate - 3 Yr. Avg. 29.4%
Payout Ratio 0%

ATRO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATRO stock intrinsic value calculation we used $624.464 million for the last fiscal year's total revenue generated by Astronics. The default revenue input number comes from 0001 income statement of Astronics. 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 ATRO stock valuation model: a) initial revenue growth rate of 38% 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 7.5%, whose default value for ATRO is calculated based on our internal credit rating of Astronics, 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 Astronics.
    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 ATRO stock the variable cost ratio is equal to 88.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ATRO 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 Astronics.

Corporate tax rate of 27% is the nominal tax rate for Astronics. 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 ATRO 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 ATRO are equal to 39.7%.

Life of production assets of 13.7 years is the average useful life of capital assets used in Astronics 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 ATRO is equal to 31.6%. 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 - $329.927 million for Astronics - 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 21.544 million for Astronics 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 Astronics at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ New Strong Sell Stocks for November 6th   [Nov-06-18 06:21AM  Zacks]
▶ NBAA: Astronics demonstrates 30 new cabin systems   [Oct-17-18 04:10AM  Flightglobal]
▶ Astronics Joins the Seamless Air Alliance   [Oct-11-18 04:15PM  Business Wire]
▶ 7 Market-Beating Stocks to Buy to Weather a Trade War   [Sep-21-18 01:59PM  InvestorPlace]
▶ Astronics AeroSat Receives China IFC Certification   [Sep-19-18 06:30AM  Business Wire]
▶ G.research Aerospace & Defense Conference   [Sep-12-18 09:06AM  Business Wire]
▶ $2 billion pileup: Boeing 737 ramp-up stalls in Renton   [Aug-31-18 05:00AM  American City Business Journals]
▶ Gabelli & Companys Aerospace & Defense Conference   [Aug-07-18 07:30AM  Business Wire]
▶ Astronics Corporation to Host Earnings Call   [Aug-03-18 09:00AM  ACCESSWIRE]
▶ Astronics Test Systems Ships 2,000th Semiconductor Tester   [Jul-10-18 06:30AM  Business Wire]
▶ Making flights more tech-friendly   [Jun-20-18 09:21AM  Fox Business Videos]
▶ Biggest Buffalo public companies continue to grow   [Jun-03-18 08:10AM  American City Business Journals]
▶ New Strong Sell Stocks for May 14th   [May-14-18 07:12AM  Zacks]
▶ Push to add women to WNY boards gains momentum   [May-11-18 02:55AM  American City Business Journals]
▶ New Strong Sell Stocks for April 18th   [Apr-18-18 06:27AM  Zacks]
▶ New Strong Sell Stocks for March 29th   [Mar-29-18 07:30AM  Zacks]
▶ ETFs with exposure to Astronics Corp. : December 19, 2017   [Dec-19-17 12:18PM  Capital Cube]
▶ ETFs with exposure to Astronics Corp. : December 7, 2017   [Dec-07-17 12:57PM  Capital Cube]
▶ ETFs with exposure to Astronics Corp. : November 2, 2017   [Nov-02-17 11:47AM  Capital Cube]
▶ ETFs with exposure to Astronics Corp. : October 20, 2017   [Oct-20-17 10:06AM  Capital Cube]
▶ ETFs with exposure to Astronics Corp. : October 9, 2017   [Oct-09-17 11:17AM  Capital Cube]
▶ Astronics Launches Next-Gen Radio Test Solution   [Sep-08-17 10:00AM  Business Wire]
▶ ETFs with exposure to Astronics Corp. : September 5, 2017   [Sep-05-17 07:57PM  Capital Cube]

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