Intrinsic value of Copa Holdings Cl A - CPA

Previous Close

$129.30

  Intrinsic Value

$88.03

stock screener

  Rating & Target

sell

-32%

  Value-price divergence*

-68%

Previous close

$129.30

 
Intrinsic value

$88.03

 
Up/down potential

-32%

 
Rating

sell

 
Value-price divergence*

-68%

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

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 5.6

 

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, %
  -1.24
  10.80
  10.22
  9.70
  9.23
  8.81
  8.42
  8.08
  7.77
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
Revenue, $m
  2,222
  2,462
  2,714
  2,977
  3,251
  3,538
  3,836
  4,146
  4,468
  4,803
  5,151
  5,513
  5,889
  6,280
  6,686
  7,109
  7,550
  8,008
  8,486
  8,984
  9,504
  10,046
  10,612
  11,204
  11,821
  12,467
  13,142
  13,849
  14,588
  15,362
  16,172
Variable operating expenses, $m
 
  2,171
  2,393
  2,625
  2,868
  3,120
  3,383
  3,657
  3,941
  4,236
  4,543
  4,862
  5,194
  5,539
  5,897
  6,271
  6,659
  7,063
  7,485
  7,924
  8,383
  8,861
  9,360
  9,882
  10,426
  10,996
  11,592
  12,215
  12,867
  13,549
  14,263
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
  1,945
  2,171
  2,393
  2,625
  2,868
  3,120
  3,383
  3,657
  3,941
  4,236
  4,543
  4,862
  5,194
  5,539
  5,897
  6,271
  6,659
  7,063
  7,485
  7,924
  8,383
  8,861
  9,360
  9,882
  10,426
  10,996
  11,592
  12,215
  12,867
  13,549
  14,263
Operating income, $m
  277
  291
  320
  351
  384
  417
  453
  489
  527
  567
  608
  651
  695
  741
  789
  839
  891
  945
  1,001
  1,060
  1,121
  1,185
  1,252
  1,322
  1,395
  1,471
  1,551
  1,634
  1,721
  1,813
  1,908
EBITDA, $m
  436
  465
  512
  562
  614
  668
  724
  783
  844
  907
  973
  1,041
  1,112
  1,186
  1,262
  1,342
  1,425
  1,512
  1,602
  1,696
  1,794
  1,897
  2,004
  2,115
  2,232
  2,354
  2,481
  2,615
  2,754
  2,900
  3,053
Interest expense (income), $m
  37
  34
  40
  47
  55
  63
  71
  79
  88
  97
  106
  116
  126
  137
  148
  159
  171
  183
  196
  210
  224
  238
  253
  269
  286
  303
  321
  340
  360
  381
  403
Earnings before tax, $m
  373
  257
  280
  304
  329
  355
  382
  410
  440
  470
  502
  535
  569
  604
  641
  680
  720
  762
  805
  851
  898
  947
  999
  1,053
  1,109
  1,168
  1,229
  1,294
  1,361
  1,432
  1,506
Tax expense, $m
  38
  69
  76
  82
  89
  96
  103
  111
  119
  127
  135
  144
  154
  163
  173
  184
  194
  206
  217
  230
  242
  256
  270
  284
  299
  315
  332
  349
  368
  387
  407
Net income, $m
  335
  188
  204
  222
  240
  259
  279
  299
  321
  343
  366
  390
  415
  441
  468
  496
  526
  556
  588
  621
  655
  692
  729
  769
  810
  853
  898
  945
  994
  1,045
  1,099

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  815
  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
  3,846
  3,359
  3,702
  4,061
  4,436
  4,826
  5,233
  5,656
  6,096
  6,553
  7,028
  7,521
  8,034
  8,567
  9,122
  9,699
  10,300
  10,926
  11,577
  12,257
  12,966
  13,706
  14,478
  15,285
  16,127
  17,008
  17,930
  18,893
  19,902
  20,957
  22,062
Adjusted assets (=assets-cash), $m
  3,031
  3,359
  3,702
  4,061
  4,436
  4,826
  5,233
  5,656
  6,096
  6,553
  7,028
  7,521
  8,034
  8,567
  9,122
  9,699
  10,300
  10,926
  11,577
  12,257
  12,966
  13,706
  14,478
  15,285
  16,127
  17,008
  17,930
  18,893
  19,902
  20,957
  22,062
Revenue / Adjusted assets
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
  0.733
Average production assets, $m
  1,385
  1,534
  1,691
  1,855
  2,026
  2,204
  2,390
  2,583
  2,784
  2,992
  3,209
  3,435
  3,669
  3,912
  4,166
  4,429
  4,704
  4,989
  5,287
  5,597
  5,921
  6,259
  6,612
  6,980
  7,365
  7,767
  8,188
  8,628
  9,088
  9,570
  10,075
Working capital, $m
  186
  -451
  -497
  -545
  -595
  -647
  -702
  -759
  -818
  -879
  -943
  -1,009
  -1,078
  -1,149
  -1,224
  -1,301
  -1,382
  -1,466
  -1,553
  -1,644
  -1,739
  -1,838
  -1,942
  -2,050
  -2,163
  -2,281
  -2,405
  -2,534
  -2,670
  -2,811
  -2,959
Total debt, $m
  1,184
  1,155
  1,357
  1,568
  1,788
  2,018
  2,257
  2,506
  2,764
  3,033
  3,312
  3,602
  3,904
  4,218
  4,544
  4,883
  5,236
  5,604
  5,988
  6,387
  6,804
  7,239
  7,693
  8,167
  8,663
  9,181
  9,723
  10,289
  10,882
  11,503
  12,153
Total liabilities, $m
  2,004
  1,975
  2,177
  2,388
  2,608
  2,838
  3,077
  3,326
  3,584
  3,853
  4,132
  4,422
  4,724
  5,038
  5,364
  5,703
  6,056
  6,424
  6,808
  7,207
  7,624
  8,059
  8,513
  8,987
  9,483
  10,001
  10,543
  11,109
  11,702
  12,323
  12,973
Total equity, $m
  1,842
  1,384
  1,525
  1,673
  1,828
  1,988
  2,156
  2,330
  2,511
  2,700
  2,895
  3,099
  3,310
  3,530
  3,758
  3,996
  4,244
  4,501
  4,770
  5,050
  5,342
  5,647
  5,965
  6,297
  6,645
  7,007
  7,387
  7,784
  8,200
  8,634
  9,090
Total liabilities and equity, $m
  3,846
  3,359
  3,702
  4,061
  4,436
  4,826
  5,233
  5,656
  6,095
  6,553
  7,027
  7,521
  8,034
  8,568
  9,122
  9,699
  10,300
  10,925
  11,578
  12,257
  12,966
  13,706
  14,478
  15,284
  16,128
  17,008
  17,930
  18,893
  19,902
  20,957
  22,063
Debt-to-equity ratio
  0.643
  0.830
  0.890
  0.940
  0.980
  1.010
  1.050
  1.080
  1.100
  1.120
  1.140
  1.160
  1.180
  1.190
  1.210
  1.220
  1.230
  1.250
  1.260
  1.260
  1.270
  1.280
  1.290
  1.300
  1.300
  1.310
  1.320
  1.320
  1.330
  1.330
  1.340
Adjusted equity ratio
  0.339
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412
  0.412

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  335
  188
  204
  222
  240
  259
  279
  299
  321
  343
  366
  390
  415
  441
  468
  496
  526
  556
  588
  621
  655
  692
  729
  769
  810
  853
  898
  945
  994
  1,045
  1,099
Depreciation, amort., depletion, $m
  159
  174
  192
  211
  230
  250
  272
  294
  316
  340
  365
  390
  417
  445
  473
  503
  534
  567
  601
  636
  673
  711
  751
  793
  837
  883
  930
  980
  1,033
  1,088
  1,145
Funds from operations, $m
  734
  362
  396
  432
  470
  510
  550
  593
  637
  683
  731
  781
  832
  886
  942
  1,000
  1,060
  1,123
  1,189
  1,257
  1,328
  1,403
  1,481
  1,562
  1,647
  1,735
  1,828
  1,925
  2,026
  2,133
  2,244
Change in working capital, $m
  139
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -74
  -77
  -81
  -84
  -87
  -91
  -95
  -99
  -104
  -108
  -113
  -118
  -124
  -129
  -135
  -142
  -148
Cash from operations, $m
  595
  406
  442
  481
  520
  562
  605
  650
  696
  744
  795
  847
  901
  957
  1,016
  1,077
  1,141
  1,207
  1,276
  1,348
  1,423
  1,502
  1,584
  1,670
  1,760
  1,853
  1,952
  2,054
  2,162
  2,274
  2,392
Maintenance CAPEX, $m
  0
  -157
  -174
  -192
  -211
  -230
  -250
  -272
  -294
  -316
  -340
  -365
  -390
  -417
  -445
  -473
  -503
  -534
  -567
  -601
  -636
  -673
  -711
  -751
  -793
  -837
  -883
  -930
  -980
  -1,033
  -1,088
New CAPEX, $m
  -103
  -149
  -157
  -164
  -171
  -178
  -186
  -193
  -201
  -209
  -217
  -225
  -234
  -244
  -253
  -264
  -274
  -286
  -298
  -310
  -324
  -338
  -353
  -368
  -385
  -402
  -421
  -440
  -460
  -482
  -505
Cash from investing activities, $m
  -180
  -306
  -331
  -356
  -382
  -408
  -436
  -465
  -495
  -525
  -557
  -590
  -624
  -661
  -698
  -737
  -777
  -820
  -865
  -911
  -960
  -1,011
  -1,064
  -1,119
  -1,178
  -1,239
  -1,304
  -1,370
  -1,440
  -1,515
  -1,593
Free cash flow, $m
  415
  100
  111
  125
  139
  153
  169
  185
  202
  219
  238
  257
  276
  297
  318
  340
  363
  387
  411
  437
  464
  491
  520
  550
  582
  614
  648
  684
  721
  760
  800
Issuance/(repayment) of debt, $m
  -163
  194
  202
  211
  220
  230
  239
  249
  259
  269
  279
  290
  302
  314
  326
  339
  353
  368
  383
  400
  417
  435
  454
  474
  496
  518
  542
  567
  593
  621
  650
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
  0
Cash from financing (excl. dividends), $m  
  -163
  194
  202
  211
  220
  230
  239
  249
  259
  269
  279
  290
  302
  314
  326
  339
  353
  368
  383
  400
  417
  435
  454
  474
  496
  518
  542
  567
  593
  621
  650
Total cash flow (excl. dividends), $m
  213
  293
  313
  336
  359
  383
  408
  434
  460
  488
  517
  547
  578
  610
  644
  679
  716
  755
  795
  837
  880
  926
  974
  1,025
  1,077
  1,132
  1,190
  1,250
  1,314
  1,380
  1,450
Retained Cash Flow (-), $m
  -255
  -134
  -141
  -148
  -154
  -161
  -168
  -174
  -181
  -188
  -196
  -203
  -211
  -220
  -229
  -238
  -248
  -258
  -269
  -280
  -292
  -305
  -318
  -332
  -347
  -363
  -380
  -397
  -415
  -435
  -455
Prev. year cash balance distribution, $m
 
  592
  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
 
  752
  172
  188
  205
  222
  240
  259
  279
  300
  321
  344
  367
  391
  416
  442
  469
  497
  526
  557
  588
  622
  656
  692
  730
  769
  810
  853
  898
  945
  995
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
 
  721
  157
  163
  168
  172
  174
  175
  175
  172
  168
  163
  156
  149
  140
  130
  119
  108
  97
  86
  75
  64
  54
  45
  37
  30
  24
  18
  14
  10
  7
Current shareholders' claim on cash, %
  100
  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 16.3
Price to Sales 2.5
Price to Book 3
Price to Tangible Book
Price to Cash Flow 9.2
Price to Free Cash Flow 11.1
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 10.8% 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 3.5% 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%.

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 62.3%.

Life of production assets of 8.8 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 -18.3%. 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 - $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 43.048 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 $5.6 billion.

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COMPANY NEWS

▶ SkyWest Clears Technical Benchmark, Hitting 80-Plus RS Rating   [Sep-18-17 03:00AM  Investor's Business Daily]
▶ Stock Indexes Find No Momentum; Airlines Battered   [Aug-23-17 12:05PM  Investor's Business Daily]
▶ Copa Holdings, S.A. Income Surges on Soaring Demand   [Aug-10-17 02:17PM  Motley Fool]
▶ Copa Holdings beats Street 2Q forecasts   [12:04AM  Associated Press]
▶ Copa Holdings' Comeback in 1 Chart   [Jul-08-17 03:15PM  Motley Fool]
▶ Delta Flying In Buy Zone While This Airline Tries To Take Off Again   [Jul-06-17 04:03PM  Investor's Business Daily]
▶ ETFs with exposure to Copa Holdings SA : June 12, 2017   [Jun-12-17 01:56PM  Capital Cube]
▶ 4 Reasons Copa Holdings Has the Wind at Its Back   [Jun-08-17 04:33PM  Motley Fool]
▶ ETFs with exposure to Copa Holdings SA : May 31, 2017   [May-31-17 12:26PM  Capital Cube]
▶ Copa Holdings' Recovery Looks Real After a Strong Q1   [May-26-17 04:26PM  Motley Fool]
▶ Growing Fleet Lifts Copa Holdings' Revenue Early in 2017   [May-15-17 06:12PM  Motley Fool]
▶ Copa Holdings beats Street 1Q forecasts   [May-10-17 05:28PM  Associated Press]
▶ Copa Holdings S.A. Files Annual Report Form 20-F   [Apr-24-17 07:45AM  PR Newswire]
▶ ETFs with exposure to Copa Holdings SA : April 7, 2017   [Apr-07-17 04:14PM  Capital Cube]
▶ Copa Holdings' Huge Opportunity in 4 Charts   [Mar-09-17 08:23AM  Motley Fool]
▶ Copa Holdings' Huge Opportunity in 4 Charts   [08:23AM  at Motley Fool]
▶ Copa Holdings' Q4 Results Suggest Sunny Skies Ahead   [Feb-23-17 12:16PM  Motley Fool]
Financial statements of CPA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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