Intrinsic value of Copa Holdings Cl A - CPA

Previous Close

$96.04

  Intrinsic Value

$24.60

stock screener

  Rating & Target

str. sell

-74%

Previous close

$96.04

 
Intrinsic value

$24.60

 
Up/down potential

-74%

 
Rating

str. sell

We calculate the intrinsic value of CPA 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 2016), $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 4.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  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
  2,266
  2,319
  2,378
  2,445
  2,519
  2,601
  2,689
  2,785
  2,888
  2,999
  3,118
  3,244
  3,379
  3,522
  3,674
  3,835
  4,005
  4,186
  4,376
  4,577
  4,789
  5,013
  5,249
  5,497
  5,759
  6,035
  6,325
  6,630
  6,951
  7,289
Variable operating expenses, $m
  1,999
  2,045
  2,097
  2,156
  2,221
  2,292
  2,370
  2,455
  2,545
  2,643
  2,740
  2,851
  2,970
  3,095
  3,229
  3,370
  3,520
  3,679
  3,846
  4,023
  4,209
  4,406
  4,613
  4,831
  5,061
  5,304
  5,559
  5,827
  6,109
  6,406
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
  1,999
  2,045
  2,097
  2,156
  2,221
  2,292
  2,370
  2,455
  2,545
  2,643
  2,740
  2,851
  2,970
  3,095
  3,229
  3,370
  3,520
  3,679
  3,846
  4,023
  4,209
  4,406
  4,613
  4,831
  5,061
  5,304
  5,559
  5,827
  6,109
  6,406
Operating income, $m
  268
  274
  281
  289
  298
  308
  319
  330
  343
  356
  378
  393
  409
  427
  445
  465
  485
  507
  530
  555
  580
  607
  636
  666
  698
  731
  766
  803
  842
  883
EBITDA, $m
  551
  563
  578
  594
  612
  632
  653
  677
  702
  729
  757
  788
  821
  856
  893
  932
  973
  1,017
  1,063
  1,112
  1,164
  1,218
  1,275
  1,336
  1,399
  1,466
  1,537
  1,611
  1,689
  1,771
Interest expense (income), $m
  37
  64
  66
  69
  71
  75
  78
  82
  87
  91
  96
  102
  107
  114
  120
  127
  135
  142
  151
  159
  169
  179
  189
  200
  211
  223
  236
  249
  264
  278
  294
Earnings before tax, $m
  204
  208
  213
  218
  223
  230
  236
  244
  252
  260
  276
  286
  296
  307
  318
  330
  343
  356
  371
  386
  402
  418
  436
  455
  474
  495
  517
  540
  564
  589
Tax expense, $m
  55
  56
  57
  59
  60
  62
  64
  66
  68
  70
  75
  77
  80
  83
  86
  89
  93
  96
  100
  104
  108
  113
  118
  123
  128
  134
  140
  146
  152
  159
Net income, $m
  149
  152
  155
  159
  163
  168
  173
  178
  184
  190
  201
  208
  216
  224
  232
  241
  250
  260
  271
  282
  293
  306
  318
  332
  346
  361
  377
  394
  411
  430

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
  3,921
  4,011
  4,114
  4,230
  4,358
  4,499
  4,652
  4,818
  4,997
  5,189
  5,394
  5,613
  5,846
  6,094
  6,356
  6,635
  6,930
  7,242
  7,571
  7,919
  8,286
  8,673
  9,081
  9,511
  9,964
  10,441
  10,942
  11,471
  12,026
  12,610
Adjusted assets (=assets-cash), $m
  3,921
  4,011
  4,114
  4,230
  4,358
  4,499
  4,652
  4,818
  4,997
  5,189
  5,394
  5,613
  5,846
  6,094
  6,356
  6,635
  6,930
  7,242
  7,571
  7,919
  8,286
  8,673
  9,081
  9,511
  9,964
  10,441
  10,942
  11,471
  12,026
  12,610
Revenue / Adjusted assets
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
  0.578
Average production assets, $m
  2,761
  2,824
  2,897
  2,978
  3,068
  3,167
  3,275
  3,392
  3,518
  3,653
  3,797
  3,951
  4,116
  4,290
  4,475
  4,671
  4,879
  5,098
  5,330
  5,575
  5,833
  6,106
  6,393
  6,696
  7,015
  7,350
  7,704
  8,075
  8,466
  8,878
Working capital, $m
  -129
  -132
  -136
  -139
  -144
  -148
  -153
  -159
  -165
  -171
  -178
  -185
  -193
  -201
  -209
  -219
  -228
  -239
  -249
  -261
  -273
  -286
  -299
  -313
  -328
  -344
  -361
  -378
  -396
  -415
Total debt, $m
  1,223
  1,270
  1,324
  1,384
  1,451
  1,524
  1,604
  1,690
  1,783
  1,883
  1,990
  2,104
  2,226
  2,355
  2,492
  2,637
  2,790
  2,953
  3,125
  3,306
  3,497
  3,699
  3,911
  4,135
  4,371
  4,620
  4,881
  5,156
  5,446
  5,750
Total liabilities, $m
  2,043
  2,090
  2,144
  2,204
  2,271
  2,344
  2,424
  2,510
  2,603
  2,703
  2,810
  2,924
  3,046
  3,175
  3,312
  3,457
  3,610
  3,773
  3,945
  4,126
  4,317
  4,519
  4,731
  4,955
  5,191
  5,440
  5,701
  5,976
  6,266
  6,570
Total equity, $m
  1,878
  1,921
  1,971
  2,026
  2,088
  2,155
  2,228
  2,308
  2,394
  2,485
  2,584
  2,689
  2,800
  2,919
  3,045
  3,178
  3,319
  3,469
  3,627
  3,793
  3,969
  4,154
  4,350
  4,556
  4,773
  5,001
  5,241
  5,494
  5,760
  6,040
Total liabilities and equity, $m
  3,921
  4,011
  4,115
  4,230
  4,359
  4,499
  4,652
  4,818
  4,997
  5,188
  5,394
  5,613
  5,846
  6,094
  6,357
  6,635
  6,929
  7,242
  7,572
  7,919
  8,286
  8,673
  9,081
  9,511
  9,964
  10,441
  10,942
  11,470
  12,026
  12,610
Debt-to-equity ratio
  0.650
  0.660
  0.670
  0.680
  0.690
  0.710
  0.720
  0.730
  0.750
  0.760
  0.770
  0.780
  0.790
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.910
  0.920
  0.920
  0.930
  0.940
  0.950
  0.950
Adjusted equity ratio
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479
  0.479

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  149
  152
  155
  159
  163
  168
  173
  178
  184
  190
  201
  208
  216
  224
  232
  241
  250
  260
  271
  282
  293
  306
  318
  332
  346
  361
  377
  394
  411
  430
Depreciation, amort., depletion, $m
  283
  289
  297
  305
  314
  324
  335
  346
  359
  372
  380
  395
  412
  429
  447
  467
  488
  510
  533
  558
  583
  611
  639
  670
  701
  735
  770
  808
  847
  888
Funds from operations, $m
  432
  441
  452
  464
  477
  491
  507
  524
  542
  562
  581
  604
  627
  653
  680
  708
  738
  770
  804
  839
  877
  916
  958
  1,002
  1,048
  1,096
  1,148
  1,201
  1,258
  1,318
Change in working capital, $m
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
Cash from operations, $m
  434
  444
  455
  468
  481
  496
  512
  530
  548
  568
  588
  611
  635
  661
  688
  717
  748
  780
  814
  851
  889
  929
  971
  1,016
  1,063
  1,112
  1,164
  1,219
  1,276
  1,337
Maintenance CAPEX, $m
  -271
  -276
  -282
  -290
  -298
  -307
  -317
  -328
  -339
  -352
  -365
  -380
  -395
  -412
  -429
  -447
  -467
  -488
  -510
  -533
  -558
  -583
  -611
  -639
  -670
  -701
  -735
  -770
  -808
  -847
New CAPEX, $m
  -54
  -63
  -73
  -81
  -90
  -99
  -108
  -117
  -126
  -135
  -144
  -154
  -164
  -174
  -185
  -196
  -208
  -220
  -232
  -245
  -258
  -273
  -287
  -303
  -319
  -336
  -353
  -372
  -391
  -411
Cash from investing activities, $m
  -325
  -339
  -355
  -371
  -388
  -406
  -425
  -445
  -465
  -487
  -509
  -534
  -559
  -586
  -614
  -643
  -675
  -708
  -742
  -778
  -816
  -856
  -898
  -942
  -989
  -1,037
  -1,088
  -1,142
  -1,199
  -1,258
Free cash flow, $m
  110
  105
  100
  96
  93
  90
  88
  85
  83
  82
  78
  77
  76
  75
  74
  74
  73
  73
  73
  73
  73
  73
  73
  74
  74
  75
  76
  77
  78
  79
Issuance/(repayment) of debt, $m
  39
  47
  54
  60
  67
  73
  80
  86
  93
  100
  107
  114
  121
  129
  137
  145
  154
  162
  172
  181
  191
  202
  213
  224
  236
  248
  261
  275
  289
  304
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  
  39
  47
  54
  60
  67
  73
  80
  86
  93
  100
  107
  114
  121
  129
  137
  145
  154
  162
  172
  181
  191
  202
  213
  224
  236
  248
  261
  275
  289
  304
Total cash flow (excl. dividends), $m
  149
  152
  154
  157
  160
  163
  167
  172
  176
  182
  185
  191
  197
  204
  211
  219
  227
  235
  244
  254
  264
  275
  286
  298
  310
  323
  337
  352
  367
  383
Retained Cash Flow (-), $m
  -36
  -43
  -49
  -55
  -61
  -67
  -73
  -79
  -86
  -92
  -98
  -105
  -112
  -119
  -126
  -133
  -141
  -149
  -158
  -167
  -176
  -185
  -195
  -206
  -217
  -228
  -240
  -253
  -266
  -280
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
  7
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
Cash available for distribution, $m
  112
  108
  105
  101
  98
  96
  94
  92
  91
  90
  87
  86
  86
  85
  85
  85
  86
  86
  87
  87
  88
  89
  90
  92
  93
  95
  97
  99
  101
  104
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
  108
  99
  91
  83
  76
  70
  64
  58
  52
  47
  41
  37
  33
  29
  25
  22
  19
  16
  13
  11
  9
  7
  6
  5
  4
  3
  2
  2
  1
  1
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

Copa Holdings, S.A. is a provider of airline passenger and cargo service through its principal operating subsidiaries, Compania Panamena de Aviacion, S. A. (Copa Airlines) and AeroRepublica, S. A. (Copa Colombia). The Company operates through air transportation segment. Copa Airlines operates from its position located in the Republic of Panama. Copa Airlines provides international air transportation for passengers, cargo and mail, operating from its Panama City hub in the Republic of Panama. Copa Colombia provides service within Colombia and international flights from various cities in Colombia to Panama, Venezuela, Ecuador, Mexico, Cuba, Guatemala and Costa Rica. Copa Colombia provides domestic and international air transportation for passengers, cargo and mail with a point-to-point route network. Its subsidiary, Oval Financial Leasing, Ltd., controls the special purpose entities that have a beneficial interest in the majority of its fleet.

FINANCIAL RATIOS  of  Copa Holdings Cl A (CPA)

Valuation Ratios
P/E Ratio 12.1
Price to Sales 1.8
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 6.8
Price to Free Cash Flow 8.2
Growth Rates
Sales Growth Rate -1.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2%
Cap. Spend. - 3 Yr. Gr. Rate 1.8%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 52.2%
Total Debt to Equity 64.3%
Interest Coverage 11
Management Effectiveness
Return On Assets 9.7%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 11.3%
Ret/ On T. Cap. - 3 Yr. Avg. 5.2%
Return On Equity 19.5%
Return On Equity - 3 Yr. Avg. 8.5%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 52.1%
Gross Margin - 3 Yr. Avg. 51.4%
EBITDA Margin 25.6%
EBITDA Margin - 3 Yr. Avg. 14.8%
Operating Margin 12.5%
Oper. Margin - 3 Yr. Avg. 14.5%
Pre-Tax Margin 16.8%
Pre-Tax Margin - 3 Yr. Avg. 7.7%
Net Profit Margin 15.1%
Net Profit Margin - 3 Yr. Avg. 6.2%
Effective Tax Rate 10.2%
Eff/ Tax Rate - 3 Yr. Avg. 0.7%
Payout Ratio 25.7%

CPA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CPA stock intrinsic value calculation we used $2222 million for the last fiscal year's total revenue generated by Copa Holdings Cl A. The default revenue input number comes from 2016 income statement of Copa Holdings Cl A. 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 CPA 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 4.3%, whose default value for CPA is calculated based on our internal credit rating of Copa Holdings Cl A, 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 Copa Holdings Cl A.
    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 CPA stock the variable cost ratio is equal to 88.2%.

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 CPA 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 Copa Holdings Cl A.

Corporate tax rate of 27% is the nominal tax rate for Copa Holdings Cl A. 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 CPA stock is equal to 0.3%.

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 CPA are equal to 121.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Copa Holdings Cl A 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 CPA is equal to -5.7%. 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 - $1842 million for Copa Holdings Cl A - 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 million for Copa Holdings Cl A 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 Copa Holdings Cl A at the current share price and the inputted number of shares is $4.0 billion.

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COMPANY NEWS

▶ 3 Dividend Stocks That Are Perfect for Retirement   [Jun-30-18 08:31AM  Motley Fool]
▶ Copa Airlines gets set to jet daily to Panama City from Tampa   [Jun-28-18 02:28PM  American City Business Journals]
▶ Best NYSE Transport Dividend Paying Companies   [May-24-18 09:02AM  Simply Wall St.]
▶ Copa Holdings: 1Q Earnings Snapshot   [May-09-18 05:27PM  Associated Press]
▶ Who Really Owns Capital Partners SA. (WSE:CPA)?   [09:26AM  Simply Wall St.]
▶ Copa Holdings S.A. Files Annual Report Form 20-F   [Apr-20-18 05:35PM  PR Newswire]
▶ Strong Week Despite Weak Finish   [Apr-16-18 09:15AM  Zacks]
▶ Panama says will remove ambassador from Venezuela   [Apr-05-18 08:04PM  Reuters]
▶ Top Ranked Growth Stocks to Buy for March 12th   [Mar-12-18 07:56AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for March 5th   [Mar-05-18 09:06AM  Zacks]
▶ Copa Holdings Continues on Growth Track in Latin America   [Feb-22-18 03:48PM  Motley Fool]
▶ NYSE Favorite Transport Dividend Stocks   [08:02AM  Simply Wall St.]
▶ Copa Holdings beats Street 4Q forecasts   [05:03AM  Associated Press]
▶ Copa Shows Market Leadership With Jump To 83 RS Rating   [03:00AM  Investor's Business Daily]
▶ IBD Rating Upgrades: Copa Flashes Improved Price Strength   [Nov-10-17 03:00AM  Investor's Business Daily]
▶ Copa Holdings, S.A. Class A to Host Earnings Call   [Nov-09-17 08:40AM  ACCESSWIRE]
▶ Copa Holdings tops Street 3Q forecasts   [Nov-08-17 07:45PM  Associated Press]
▶ Copa Shows Improved Relative Strength; Still Shy Of Benchmark   [Nov-07-17 03:00AM  Investor's Business Daily]
▶ Copa Sees Relative Strength Rating Rise To 74   [Oct-31-17 03:00AM  Investor's Business Daily]
▶ UPS Beats Earnings, Revenue Estimates in Q3   [Oct-26-17 12:29PM  Zacks]
▶ Azul Meets 80-Plus Relative Strength Rating Benchmark   [Oct-25-17 03:00AM  Investor's Business Daily]
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