Intrinsic value of Avianca Holdings ADR - AVH

Previous Close

$8.20

  Intrinsic Value

$17.15

stock screener

  Rating & Target

str. buy

+109%

Previous close

$8.20

 
Intrinsic value

$17.15

 
Up/down potential

+109%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AVH 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -5.11
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
Revenue, $m
  4,138
  4,523
  4,924
  5,342
  5,776
  6,228
  6,698
  7,185
  7,693
  8,220
  8,767
  9,337
  9,930
  10,547
  11,190
  11,859
  12,557
  13,285
  14,045
  14,838
  15,666
  16,531
  17,435
  18,381
  19,370
  20,405
  21,488
  22,622
  23,810
  25,054
  26,358
Variable operating expenses, $m
 
  4,294
  4,672
  5,066
  5,475
  5,901
  6,344
  6,804
  7,281
  7,778
  8,295
  8,801
  9,360
  9,941
  10,547
  11,178
  11,836
  12,522
  13,238
  13,985
  14,766
  15,581
  16,434
  17,325
  18,257
  19,233
  20,254
  21,323
  22,442
  23,615
  24,844
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
  3,880
  4,294
  4,672
  5,066
  5,475
  5,901
  6,344
  6,804
  7,281
  7,778
  8,295
  8,801
  9,360
  9,941
  10,547
  11,178
  11,836
  12,522
  13,238
  13,985
  14,766
  15,581
  16,434
  17,325
  18,257
  19,233
  20,254
  21,323
  22,442
  23,615
  24,844
Operating income, $m
  258
  229
  252
  276
  301
  327
  354
  382
  411
  441
  473
  536
  570
  606
  643
  681
  721
  763
  807
  852
  900
  950
  1,002
  1,056
  1,113
  1,172
  1,234
  1,300
  1,368
  1,439
  1,514
EBITDA, $m
  528
  536
  584
  633
  685
  738
  794
  852
  912
  975
  1,040
  1,107
  1,177
  1,251
  1,327
  1,406
  1,489
  1,575
  1,665
  1,759
  1,857
  1,960
  2,067
  2,179
  2,297
  2,419
  2,548
  2,682
  2,823
  2,971
  3,125
Interest expense (income), $m
  159
  135
  154
  175
  197
  219
  242
  267
  292
  318
  345
  373
  403
  433
  465
  498
  533
  569
  606
  646
  686
  729
  774
  820
  869
  920
  974
  1,029
  1,088
  1,149
  1,213
Earnings before tax, $m
  78
  94
  98
  101
  104
  108
  111
  115
  119
  123
  128
  163
  168
  173
  178
  183
  188
  194
  200
  207
  213
  220
  228
  235
  243
  252
  261
  270
  280
  290
  301
Tax expense, $m
  34
  25
  26
  27
  28
  29
  30
  31
  32
  33
  34
  44
  45
  47
  48
  49
  51
  52
  54
  56
  58
  60
  61
  64
  66
  68
  70
  73
  76
  78
  81
Net income, $m
  17
  69
  71
  74
  76
  79
  81
  84
  87
  90
  93
  119
  122
  126
  130
  134
  138
  142
  146
  151
  156
  161
  166
  172
  178
  184
  190
  197
  204
  212
  220

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  515
  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
  6,351
  6,379
  6,945
  7,534
  8,147
  8,784
  9,446
  10,135
  10,850
  11,593
  12,366
  13,170
  14,006
  14,876
  15,783
  16,727
  17,711
  18,738
  19,809
  20,928
  22,096
  23,316
  24,592
  25,925
  27,320
  28,780
  30,308
  31,907
  33,583
  35,337
  37,176
Adjusted assets (=assets-cash), $m
  5,836
  6,379
  6,945
  7,534
  8,147
  8,784
  9,446
  10,135
  10,850
  11,593
  12,366
  13,170
  14,006
  14,876
  15,783
  16,727
  17,711
  18,738
  19,809
  20,928
  22,096
  23,316
  24,592
  25,925
  27,320
  28,780
  30,308
  31,907
  33,583
  35,337
  37,176
Revenue / Adjusted assets
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
  0.709
Average production assets, $m
  4,730
  5,170
  5,628
  6,106
  6,602
  7,119
  7,655
  8,213
  8,793
  9,395
  10,021
  10,673
  11,350
  12,056
  12,790
  13,555
  14,353
  15,185
  16,053
  16,960
  17,906
  18,895
  19,929
  21,009
  22,140
  23,323
  24,561
  25,857
  27,215
  28,637
  30,127
Working capital, $m
  -675
  -855
  -931
  -1,010
  -1,092
  -1,177
  -1,266
  -1,358
  -1,454
  -1,553
  -1,657
  -1,765
  -1,877
  -1,993
  -2,115
  -2,241
  -2,373
  -2,511
  -2,654
  -2,804
  -2,961
  -3,124
  -3,295
  -3,474
  -3,661
  -3,857
  -4,061
  -4,276
  -4,500
  -4,735
  -4,982
Total debt, $m
  3,274
  3,287
  3,727
  4,186
  4,662
  5,158
  5,673
  6,209
  6,765
  7,343
  7,945
  8,570
  9,221
  9,898
  10,603
  11,338
  12,104
  12,902
  13,736
  14,606
  15,514
  16,464
  17,456
  18,494
  19,579
  20,715
  21,904
  23,148
  24,451
  25,816
  27,247
Total liabilities, $m
  4,951
  4,963
  5,403
  5,862
  6,338
  6,834
  7,349
  7,885
  8,441
  9,019
  9,621
  10,246
  10,897
  11,574
  12,279
  13,014
  13,780
  14,578
  15,412
  16,282
  17,190
  18,140
  19,132
  20,170
  21,255
  22,391
  23,580
  24,824
  26,127
  27,492
  28,923
Total equity, $m
  1,401
  1,416
  1,542
  1,673
  1,809
  1,950
  2,097
  2,250
  2,409
  2,574
  2,745
  2,924
  3,109
  3,303
  3,504
  3,713
  3,932
  4,160
  4,398
  4,646
  4,905
  5,176
  5,459
  5,755
  6,065
  6,389
  6,728
  7,083
  7,455
  7,845
  8,253
Total liabilities and equity, $m
  6,352
  6,379
  6,945
  7,535
  8,147
  8,784
  9,446
  10,135
  10,850
  11,593
  12,366
  13,170
  14,006
  14,877
  15,783
  16,727
  17,712
  18,738
  19,810
  20,928
  22,095
  23,316
  24,591
  25,925
  27,320
  28,780
  30,308
  31,907
  33,582
  35,337
  37,176
Debt-to-equity ratio
  2.337
  2.320
  2.420
  2.500
  2.580
  2.650
  2.710
  2.760
  2.810
  2.850
  2.890
  2.930
  2.970
  3.000
  3.030
  3.050
  3.080
  3.100
  3.120
  3.140
  3.160
  3.180
  3.200
  3.210
  3.230
  3.240
  3.260
  3.270
  3.280
  3.290
  3.300
Adjusted equity ratio
  0.152
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222
  0.222

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  17
  69
  71
  74
  76
  79
  81
  84
  87
  90
  93
  119
  122
  126
  130
  134
  138
  142
  146
  151
  156
  161
  166
  172
  178
  184
  190
  197
  204
  212
  220
Depreciation, amort., depletion, $m
  270
  307
  332
  357
  384
  411
  440
  470
  501
  533
  567
  571
  607
  645
  684
  725
  768
  812
  858
  907
  958
  1,010
  1,066
  1,124
  1,184
  1,247
  1,313
  1,383
  1,455
  1,531
  1,611
Funds from operations, $m
  598
  376
  403
  431
  460
  490
  522
  554
  588
  623
  660
  690
  729
  771
  814
  858
  905
  954
  1,005
  1,058
  1,113
  1,171
  1,232
  1,295
  1,362
  1,431
  1,504
  1,580
  1,660
  1,743
  1,831
Change in working capital, $m
  30
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -121
  -127
  -132
  -138
  -144
  -150
  -157
  -164
  -171
  -179
  -187
  -196
  -205
  -214
  -224
  -235
  -246
Cash from operations, $m
  568
  449
  479
  510
  542
  576
  610
  646
  684
  723
  763
  797
  841
  887
  935
  985
  1,037
  1,091
  1,148
  1,208
  1,270
  1,335
  1,403
  1,474
  1,549
  1,627
  1,709
  1,794
  1,884
  1,978
  2,077
Maintenance CAPEX, $m
  0
  -253
  -276
  -301
  -327
  -353
  -381
  -409
  -439
  -470
  -502
  -536
  -571
  -607
  -645
  -684
  -725
  -768
  -812
  -858
  -907
  -958
  -1,010
  -1,066
  -1,124
  -1,184
  -1,247
  -1,313
  -1,383
  -1,455
  -1,531
New CAPEX, $m
  -232
  -440
  -459
  -477
  -497
  -516
  -537
  -558
  -580
  -602
  -626
  -651
  -678
  -705
  -735
  -765
  -798
  -832
  -868
  -906
  -946
  -989
  -1,034
  -1,081
  -1,131
  -1,183
  -1,238
  -1,296
  -1,358
  -1,422
  -1,490
Cash from investing activities, $m
  -118
  -693
  -735
  -778
  -824
  -869
  -918
  -967
  -1,019
  -1,072
  -1,128
  -1,187
  -1,249
  -1,312
  -1,380
  -1,449
  -1,523
  -1,600
  -1,680
  -1,764
  -1,853
  -1,947
  -2,044
  -2,147
  -2,255
  -2,367
  -2,485
  -2,609
  -2,741
  -2,877
  -3,021
Free cash flow, $m
  450
  -244
  -256
  -269
  -281
  -294
  -307
  -321
  -335
  -350
  -365
  -390
  -407
  -425
  -444
  -464
  -486
  -508
  -532
  -557
  -584
  -612
  -641
  -672
  -705
  -740
  -777
  -815
  -856
  -899
  -944
Issuance/(repayment) of debt, $m
  -360
  420
  440
  458
  477
  496
  515
  535
  556
  578
  601
  625
  651
  677
  705
  735
  766
  799
  833
  870
  909
  949
  992
  1,038
  1,085
  1,136
  1,189
  1,244
  1,303
  1,365
  1,430
Issuance/(repurchase) of shares, $m
  0
  54
  54
  57
  60
  63
  66
  69
  72
  75
  78
  59
  63
  67
  72
  76
  81
  86
  92
  97
  103
  110
  117
  124
  132
  140
  149
  158
  168
  178
  189
Cash from financing (excl. dividends), $m  
  -518
  474
  494
  515
  537
  559
  581
  604
  628
  653
  679
  684
  714
  744
  777
  811
  847
  885
  925
  967
  1,012
  1,059
  1,109
  1,162
  1,217
  1,276
  1,338
  1,402
  1,471
  1,543
  1,619
Total cash flow (excl. dividends), $m
  -72
  231
  238
  247
  256
  265
  274
  283
  293
  304
  314
  295
  307
  319
  333
  347
  361
  377
  393
  410
  429
  448
  468
  489
  512
  536
  561
  587
  615
  644
  675
Retained Cash Flow (-), $m
  -47
  -123
  -126
  -131
  -136
  -141
  -147
  -153
  -159
  -165
  -172
  -178
  -186
  -193
  -201
  -210
  -219
  -228
  -238
  -248
  -259
  -271
  -283
  -296
  -310
  -324
  -339
  -355
  -372
  -390
  -408
Prev. year cash balance distribution, $m
 
  108
  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
 
  215
  113
  116
  120
  123
  127
  131
  134
  139
  143
  116
  121
  126
  131
  137
  143
  149
  155
  162
  169
  177
  185
  193
  202
  212
  221
  232
  243
  254
  266
Discount rate, %
 
  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
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
 
  198
  95
  88
  81
  74
  67
  60
  53
  46
  40
  27
  23
  19
  15
  12
  10
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  94.3
  89.4
  84.9
  80.8
  77.0
  73.4
  70.2
  67.1
  64.3
  61.6
  59.7
  57.9
  56.2
  54.5
  52.9
  51.3
  49.7
  48.2
  46.7
  45.3
  43.9
  42.5
  41.2
  39.9
  38.6
  37.3
  36.1
  35.0
  33.8
  32.7

Avianca Holdings SA is a Panama-based company engaged, through its subsidiaries, in the provision of air transportation services for passengers and commercial purposes. The Company was originally established as a strategic alliance between Aerovias del Continente Americano SA (AVIANCA) and Grupo TACA Holdings Limited (GTH), and it mainly operates in North, Central and South America, the Caribbean and Europe. In addition, through codeshare agreements, the Company is active in the operation of other international passenger air routes. As of December 31, 2011, the Company owned such subsidiaries as Latin Airways Corporation and LifeMiles Corporation, among others. On December 28, 2012, the merger of subsidiaries Latin Airways Corporation, as absorbing company, with Synergy Ocean Air Colombia SAS and Soac 2 SAS was formalized. On June 18, 2013, the Company received the first out of 15 ATR 72-600, a turbo-propelled aircraft from ATR, a company engaged in regional aircraft.

FINANCIAL RATIOS  of  Avianca Holdings ADR (AVH)

Valuation Ratios
P/E Ratio 318.7
Price to Sales 1.3
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow 16.1
Growth Rates
Sales Growth Rate -5.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 33.3%
Cap. Spend. - 3 Yr. Gr. Rate -4.4%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity 204.6%
Total Debt to Equity 233.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.7%
Ret/ On Assets - 3 Yr. Avg. 2.1%
Return On Total Capital 0.4%
Ret/ On T. Cap. - 3 Yr. Avg. 0.1%
Return On Equity 1.2%
Return On Equity - 3 Yr. Avg. -0.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 39.9%
Gross Margin - 3 Yr. Avg. 38.7%
EBITDA Margin 12.3%
EBITDA Margin - 3 Yr. Avg. 9.8%
Operating Margin 6.2%
Oper. Margin - 3 Yr. Avg. 5.7%
Pre-Tax Margin 1.9%
Pre-Tax Margin - 3 Yr. Avg. 1.1%
Net Profit Margin 0.4%
Net Profit Margin - 3 Yr. Avg. -0.1%
Effective Tax Rate 43.6%
Eff/ Tax Rate - 3 Yr. Avg. 14.2%
Payout Ratio 188.2%

AVH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AVH stock intrinsic value calculation we used $4138 million for the last fiscal year's total revenue generated by Avianca Holdings ADR. The default revenue input number comes from 2016 income statement of Avianca Holdings ADR. 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 AVH stock valuation model: a) initial revenue growth rate of 9.3% 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 8.8%, whose default value for AVH is calculated based on our internal credit rating of Avianca Holdings ADR, 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 Avianca Holdings ADR.
    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 AVH stock the variable cost ratio is equal to 95%.

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 AVH 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 4.7% for Avianca Holdings ADR.

Corporate tax rate of 27% is the nominal tax rate for Avianca Holdings ADR. 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 AVH 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 AVH are equal to 114.3%.

Life of production assets of 18.7 years is the average useful life of capital assets used in Avianca Holdings ADR 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 AVH is equal to -18.9%. 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 - $1401 million for Avianca Holdings ADR - 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 42.059 million for Avianca Holdings ADR 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 Avianca Holdings ADR at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ New Strong Sell Stocks for November 16th   [Nov-16-17 09:45AM  Zacks]
▶ Avianca pilots in Colombia agree to lift strike   [Nov-10-17 11:05AM  Reuters]
▶ New Strong Buy Stocks for October 24th   [Oct-24-17 10:41AM  Zacks]
▶ [$$] Pilots Union Initiates 60-Day Strike at Colombia's Avianca   [Sep-20-17 11:36AM  The Wall Street Journal]
▶ Avianca CEO Says Kingsland Suit Has No Merit   [Aug-22-17 01:26PM  Bloomberg Video]
▶ [$$] Avianca Halts Flights From Venezuela   [Jul-28-17 05:24PM  The Wall Street Journal]
▶ Avianca Suspends Flights to/from Venezuela   [Jul-26-17 05:06PM  Business Wire]
▶ ETFs with exposure to Avianca Holdings SA : July 3, 2017   [Jul-03-17 02:54PM  Capital Cube]
▶ ETFs with exposure to Avianca Holdings SA : June 22, 2017   [Jun-22-17 03:23PM  Capital Cube]
▶ PRESS DIGEST- Financial Times - March 28   [Mar-27-17 07:52PM  Reuters]
▶ [$$] Efromovich fires back over Avianca-United Continental deal   [Mar-03-17 04:13AM  at Financial Times]
▶ [$$] Avianca Shareholder Sues United Airlines Over Planned Partnership   [Mar-01-17 03:07PM  at The Wall Street Journal]
▶ [$$] Shareholder hits back at proposed Avianca-United tie-up   [Feb-28-17 08:21PM  at Financial Times]
▶ [$$] United Continental Eyes Alliance With Colombia's Avianca   [Feb-01-17 03:49PM  at The Wall Street Journal]
▶ Is Getty Realty Corp. (GTY) A Good Stock to Buy?   [Dec-14-16 08:25PM  at Insider Monkey]
▶ [$$] Colombian Officials Say Crashed Plane Ran Out of Fuel   [Dec-01-16 12:56AM  at The Wall Street Journal]
▶ [$$] Colombian Airline Avianca to Resume Flights to Venezuela   [Oct-22-16 08:12PM  at The Wall Street Journal]
Financial statements of AVH
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