Intrinsic value of Air Transport Services Group - ATSG

Previous Close

$19.23

  Intrinsic Value

$7.42

stock screener

  Rating & Target

str. sell

-61%

Previous close

$19.23

 
Intrinsic value

$7.42

 
Up/down potential

-61%

 
Rating

str. sell

We calculate the intrinsic value of ATSG 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 1.1

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,090
  1,115
  1,143
  1,175
  1,211
  1,250
  1,293
  1,339
  1,388
  1,442
  1,499
  1,560
  1,624
  1,693
  1,766
  1,844
  1,926
  2,012
  2,104
  2,200
  2,302
  2,410
  2,523
  2,643
  2,769
  2,901
  3,041
  3,187
  3,342
  3,504
Variable operating expenses, $m
  983
  1,005
  1,031
  1,060
  1,092
  1,127
  1,165
  1,206
  1,251
  1,299
  1,346
  1,400
  1,458
  1,520
  1,586
  1,655
  1,729
  1,807
  1,889
  1,976
  2,067
  2,164
  2,266
  2,373
  2,486
  2,605
  2,730
  2,862
  3,000
  3,146
Fixed operating expenses, $m
  12
  13
  13
  13
  13
  14
  14
  14
  15
  15
  15
  16
  16
  16
  17
  17
  17
  18
  18
  19
  19
  19
  20
  20
  21
  21
  22
  22
  23
  23
Total operating expenses, $m
  995
  1,018
  1,044
  1,073
  1,105
  1,141
  1,179
  1,220
  1,266
  1,314
  1,361
  1,416
  1,474
  1,536
  1,603
  1,672
  1,746
  1,825
  1,907
  1,995
  2,086
  2,183
  2,286
  2,393
  2,507
  2,626
  2,752
  2,884
  3,023
  3,169
Operating income, $m
  95
  97
  100
  103
  106
  110
  114
  118
  123
  128
  138
  144
  150
  157
  164
  171
  179
  188
  197
  206
  216
  227
  238
  250
  262
  275
  289
  304
  319
  335
EBITDA, $m
  270
  276
  283
  291
  300
  310
  320
  332
  345
  358
  372
  388
  404
  422
  440
  460
  481
  503
  526
  551
  577
  604
  633
  663
  696
  729
  765
  802
  842
  883
Interest expense (income), $m
  11
  31
  32
  33
  35
  37
  39
  41
  44
  47
  49
  53
  56
  59
  63
  67
  71
  76
  81
  86
  91
  97
  103
  109
  116
  123
  130
  138
  146
  154
  163
Earnings before tax, $m
  64
  65
  66
  67
  69
  70
  72
  74
  76
  78
  85
  88
  91
  94
  97
  100
  103
  107
  111
  115
  120
  124
  129
  134
  140
  145
  151
  158
  165
  172
Tax expense, $m
  17
  18
  18
  18
  19
  19
  20
  20
  21
  21
  23
  24
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
  44
  46
Net income, $m
  47
  47
  48
  49
  50
  51
  53
  54
  56
  57
  62
  64
  66
  68
  71
  73
  75
  78
  81
  84
  87
  91
  94
  98
  102
  106
  111
  115
  120
  125

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
  1,579
  1,615
  1,657
  1,704
  1,755
  1,812
  1,874
  1,940
  2,012
  2,090
  2,172
  2,260
  2,354
  2,454
  2,560
  2,672
  2,791
  2,916
  3,049
  3,189
  3,337
  3,493
  3,657
  3,830
  4,013
  4,205
  4,407
  4,619
  4,843
  5,078
Adjusted assets (=assets-cash), $m
  1,579
  1,615
  1,657
  1,704
  1,755
  1,812
  1,874
  1,940
  2,012
  2,090
  2,172
  2,260
  2,354
  2,454
  2,560
  2,672
  2,791
  2,916
  3,049
  3,189
  3,337
  3,493
  3,657
  3,830
  4,013
  4,205
  4,407
  4,619
  4,843
  5,078
Revenue / Adjusted assets
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
  0.690
Average production assets, $m
  1,126
  1,151
  1,181
  1,214
  1,251
  1,291
  1,335
  1,383
  1,434
  1,489
  1,548
  1,611
  1,678
  1,749
  1,825
  1,904
  1,989
  2,079
  2,173
  2,273
  2,378
  2,490
  2,607
  2,730
  2,860
  2,997
  3,141
  3,292
  3,452
  3,620
Working capital, $m
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -41
  -43
  -46
Total debt, $m
  593
  620
  651
  686
  724
  766
  812
  862
  916
  973
  1,035
  1,100
  1,170
  1,245
  1,324
  1,407
  1,496
  1,589
  1,688
  1,792
  1,903
  2,019
  2,141
  2,270
  2,406
  2,549
  2,699
  2,858
  3,025
  3,200
Total liabilities, $m
  1,176
  1,203
  1,234
  1,269
  1,308
  1,350
  1,396
  1,446
  1,499
  1,557
  1,618
  1,684
  1,754
  1,828
  1,907
  1,991
  2,079
  2,173
  2,271
  2,376
  2,486
  2,602
  2,725
  2,853
  2,989
  3,132
  3,283
  3,441
  3,608
  3,783
Total equity, $m
  403
  412
  423
  434
  448
  462
  478
  495
  513
  533
  554
  576
  600
  626
  653
  681
  712
  744
  777
  813
  851
  891
  933
  977
  1,023
  1,072
  1,124
  1,178
  1,235
  1,295
Total liabilities and equity, $m
  1,579
  1,615
  1,657
  1,703
  1,756
  1,812
  1,874
  1,941
  2,012
  2,090
  2,172
  2,260
  2,354
  2,454
  2,560
  2,672
  2,791
  2,917
  3,048
  3,189
  3,337
  3,493
  3,658
  3,830
  4,012
  4,204
  4,407
  4,619
  4,843
  5,078
Debt-to-equity ratio
  1.470
  1.510
  1.540
  1.580
  1.620
  1.660
  1.700
  1.740
  1.780
  1.830
  1.870
  1.910
  1.950
  1.990
  2.030
  2.070
  2.100
  2.140
  2.170
  2.200
  2.240
  2.270
  2.300
  2.320
  2.350
  2.380
  2.400
  2.430
  2.450
  2.470
Adjusted equity ratio
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255
  0.255

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  47
  47
  48
  49
  50
  51
  53
  54
  56
  57
  62
  64
  66
  68
  71
  73
  75
  78
  81
  84
  87
  91
  94
  98
  102
  106
  111
  115
  120
  125
Depreciation, amort., depletion, $m
  175
  179
  183
  188
  194
  200
  207
  214
  222
  230
  235
  244
  254
  265
  276
  289
  301
  315
  329
  344
  360
  377
  395
  414
  433
  454
  476
  499
  523
  548
Funds from operations, $m
  222
  226
  232
  238
  244
  252
  260
  268
  277
  287
  297
  308
  320
  333
  347
  361
  377
  393
  410
  428
  448
  468
  489
  512
  535
  560
  586
  614
  643
  674
Change in working capital, $m
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from operations, $m
  222
  227
  232
  238
  245
  252
  260
  269
  278
  288
  298
  309
  321
  334
  348
  362
  378
  394
  411
  430
  449
  469
  491
  513
  537
  562
  588
  616
  645
  676
Maintenance CAPEX, $m
  -167
  -171
  -174
  -179
  -184
  -190
  -196
  -202
  -210
  -217
  -226
  -235
  -244
  -254
  -265
  -276
  -289
  -301
  -315
  -329
  -344
  -360
  -377
  -395
  -414
  -433
  -454
  -476
  -499
  -523
New CAPEX, $m
  -23
  -26
  -30
  -33
  -37
  -40
  -44
  -48
  -51
  -55
  -59
  -63
  -67
  -71
  -75
  -80
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -159
  -168
Cash from investing activities, $m
  -190
  -197
  -204
  -212
  -221
  -230
  -240
  -250
  -261
  -272
  -285
  -298
  -311
  -325
  -340
  -356
  -374
  -391
  -410
  -429
  -449
  -471
  -494
  -518
  -544
  -570
  -598
  -628
  -658
  -691
Free cash flow, $m
  32
  30
  28
  26
  24
  22
  20
  19
  17
  16
  13
  12
  10
  9
  7
  6
  5
  3
  2
  1
  -1
  -2
  -4
  -5
  -7
  -8
  -10
  -11
  -13
  -15
Issuance/(repayment) of debt, $m
  23
  27
  31
  35
  38
  42
  46
  50
  54
  58
  62
  66
  70
  74
  79
  84
  88
  94
  99
  104
  110
  116
  122
  129
  136
  143
  151
  158
  167
  175
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
  27
  31
  35
  38
  42
  46
  50
  54
  58
  62
  66
  70
  74
  79
  84
  88
  94
  99
  104
  110
  116
  122
  129
  136
  143
  151
  158
  167
  175
Total cash flow (excl. dividends), $m
  55
  57
  59
  61
  62
  64
  66
  69
  71
  73
  75
  77
  80
  83
  86
  90
  93
  97
  101
  105
  109
  114
  119
  124
  129
  135
  141
  147
  153
  160
Retained Cash Flow (-), $m
  -7
  -9
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -22
  -24
  -25
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -52
  -54
  -57
  -60
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
  48
  48
  48
  49
  49
  50
  51
  52
  53
  54
  54
  55
  56
  58
  59
  61
  63
  65
  67
  69
  72
  74
  77
  80
  83
  86
  89
  93
  96
  100
Discount rate, %
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
  25.93
PV of cash for distribution, $m
  45
  42
  39
  37
  34
  31
  29
  26
  24
  21
  18
  16
  14
  12
  10
  9
  7
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
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

Air Transport Services Group, Inc. (ATSG) is a holding company. The Company provides airline operations, aircraft leases, aircraft maintenance and other support services primarily to the cargo transportation and package delivery industries. It offers aircraft, crew, maintenance and insurance (ACMI) for specified cargo operations. Its segments include ACMI Services and CAM. Through its subsidiaries, it offers a range of complementary services to delivery companies, freight forwarders, airlines and government customers. Its leasing subsidiary, Cargo Aircraft Management, Inc. (CAM) leases cargo aircraft to its airlines, as well as to non-affiliated airlines and other lessees. Airborne Global Solutions, Inc. (AGS) is its subsidiary that assists the Company's businesses in marketing plans and provides sales leads to its subsidiaries by identifying customers' business and operational requirements. It owns two airlines, ABX Air, Inc. (ABX) and Air Transport International, Inc. (ATI).

FINANCIAL RATIOS  of  Air Transport Services Group (ATSG)

Valuation Ratios
P/E Ratio 49.7
Price to Sales 1.5
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 5.9
Price to Free Cash Flow -16.1
Growth Rates
Sales Growth Rate 24.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 66%
Cap. Spend. - 3 Yr. Gr. Rate 18.5%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 156.3%
Total Debt to Equity 165.1%
Interest Coverage 4
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.4%
Return On Equity 6.6%
Return On Equity - 3 Yr. Avg. 8.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 56.8%
Gross Margin - 3 Yr. Avg. 59.4%
EBITDA Margin 24.1%
EBITDA Margin - 3 Yr. Avg. 28.6%
Operating Margin 8.3%
Oper. Margin - 3 Yr. Avg. 10.4%
Pre-Tax Margin 4.4%
Pre-Tax Margin - 3 Yr. Avg. 7.8%
Net Profit Margin 3%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 38.2%
Eff/ Tax Rate - 3 Yr. Avg. 38.3%
Payout Ratio 0%

ATSG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATSG stock intrinsic value calculation we used $1068.2 million for the last fiscal year's total revenue generated by Air Transport Services Group. The default revenue input number comes from 0001 income statement of Air Transport Services Group. 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 ATSG stock valuation model: a) initial revenue growth rate of 2% 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 6.3%, whose default value for ATSG is calculated based on our internal credit rating of Air Transport Services Group, 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 Air Transport Services Group.
    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 ATSG stock the variable cost ratio is equal to 90.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $12 million in the base year in the intrinsic value calculation for ATSG 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 Air Transport Services Group.

Corporate tax rate of 27% is the nominal tax rate for Air Transport Services Group. 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 ATSG 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 ATSG are equal to 103.3%.

Life of production assets of 6.6 years is the average useful life of capital assets used in Air Transport Services Group 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 ATSG is equal to -1.3%. 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 - $395.279 million for Air Transport Services Group - 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 59.08 million for Air Transport Services Group 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 Air Transport Services Group at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ Risk-Reward With 2 Aircraft Leasing Companies   [Nov-13-18 05:55PM  GuruFocus.com]
▶ Greater Cincinnati air services provider completes $845M acquisition   [Nov-09-18 02:00PM  American City Business Journals]
▶ ATSG Completes Omni Air Acquisition   [12:15PM  Business Wire]
▶ Air Transport Services: 3Q Earnings Snapshot   [06:34PM  Associated Press]
▶ ATSG to Host Third Quarter 2018 Investor Conference Call   [Oct-30-18 08:26AM  Business Wire]
▶ [$$] Air Transport Services Group Buys Charter Airline for $845 Million   [Oct-02-18 02:34PM  The Wall Street Journal]
▶ Air Transport Services: 2Q Earnings Snapshot   [05:58PM  Associated Press]
▶ ATSG to Host Second Quarter 2018 Conference Call   [Jul-31-18 06:05PM  Business Wire]
▶ ATSG Elects Laura Peterson to Board of Directors   [Jun-14-18 04:05PM  Business Wire]
▶ ATSG Delivers Leased 767 Freighter to Amerijet   [May-31-18 04:05PM  Business Wire]
▶ ATSG Holds Annual Meeting of Stockholders   [May-10-18 01:03PM  Business Wire]
▶ Air Transport Services: 1Q Earnings Snapshot   [May-07-18 06:00PM  Associated Press]
▶ ATSG to Host First Quarter 2018 Conference Call   [Apr-26-18 10:30AM  Business Wire]
▶ Boeing 767 production boost good news for aerospace suppliers   [Apr-25-18 01:57PM  American City Business Journals]
▶ New Strong Buy Stocks for February 28th   [Feb-28-18 09:12AM  Zacks]
▶ Air Transport Services tops Street 4Q forecasts   [Feb-27-18 06:21PM  Associated Press]
▶ ATSG Revenues, Earnings Up Sharply in 2017   [04:05PM  Business Wire]
▶ One of Greater Cincinnati's largest public companies adds to C-suite   [09:35AM  American City Business Journals]
▶ ATSG Hires Mike Berger as Chief Commercial Officer   [Feb-26-18 04:05PM  Business Wire]
▶ ATSG to Host Fourth Quarter 2017 Conference Call   [Feb-21-18 08:30AM  Business Wire]
▶ ATI Reaches Tentative Agreement with Pilots Union   [Feb-02-18 05:04PM  Business Wire]
▶ New Strong Buy Stocks for January 31st   [Jan-31-18 09:36AM  Zacks]
▶ Amazon.com, Inc. May Make a Big Transportation Buy Soon   [Nov-22-17 10:06AM  InvestorPlace]
▶ Air Transport Services reports 3Q loss   [Nov-06-17 06:21PM  Associated Press]
▶ Dry-Leasing Drives ATSG Operating Gains   [04:25PM  Business Wire]
▶ ATSG to Host Third Quarter 2017 Conference Call   [Oct-30-17 04:01PM  Business Wire]
▶ Here are the top 10 Cincinnati stocks so far this year: SLIDESHOW   [Oct-10-17 04:56PM  American City Business Journals]
▶ New Strong Sell Stocks for October 6th   [Oct-06-17 09:17AM  Zacks]
▶ ATSG Elects Ray Johns to Board of Directors   [Oct-05-17 04:43PM  Business Wire]
▶ This week in N.Y.C. funding news: Bodega, Genvid, EEVO, Call9   [Sep-15-17 03:21PM  American City Business Journals]
▶ Corrado Elected Chief Operating Officer of ATSG   [Sep-11-17 04:05PM  Business Wire]
▶ Air Transport Services reports 2Q loss   [Aug-07-17 10:56PM  Associated Press]
▶ ATSG to Host Second Quarter 2017 Conference Call   [Jul-28-17 09:15AM  Business Wire]

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