Intrinsic value of Copa Holdings Cl A - CPA

Previous Close

$133.76

  Intrinsic Value

$116.04

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  Rating & Target

hold

-13%

Previous close

$133.76

 
Intrinsic value

$116.04

 
Up/down potential

-13%

 
Rating

hold

*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
  17.00
  15.80
  14.72
  13.75
  12.87
  12.09
  11.38
  10.74
  10.17
  9.65
  9.18
  8.77
  8.39
  8.05
  7.75
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
Revenue, $m
  2,222
  2,600
  3,010
  3,454
  3,928
  4,434
  4,970
  5,536
  6,130
  6,753
  7,405
  8,085
  8,794
  9,531
  10,299
  11,096
  11,925
  12,787
  13,682
  14,612
  15,580
  16,586
  17,633
  18,723
  19,859
  21,042
  22,275
  23,561
  24,904
  26,305
  27,769
Variable operating expenses, $m
 
  2,293
  2,655
  3,046
  3,465
  3,911
  4,384
  4,882
  5,407
  5,956
  6,531
  7,131
  7,756
  8,407
  9,083
  9,787
  10,518
  11,278
  12,067
  12,888
  13,741
  14,629
  15,552
  16,514
  17,515
  18,559
  19,646
  20,781
  21,965
  23,201
  24,493
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
  2,293
  2,655
  3,046
  3,465
  3,911
  4,384
  4,882
  5,407
  5,956
  6,531
  7,131
  7,756
  8,407
  9,083
  9,787
  10,518
  11,278
  12,067
  12,888
  13,741
  14,629
  15,552
  16,514
  17,515
  18,559
  19,646
  20,781
  21,965
  23,201
  24,493
Operating income, $m
  277
  307
  355
  408
  464
  523
  586
  653
  723
  797
  874
  954
  1,038
  1,125
  1,215
  1,309
  1,407
  1,509
  1,614
  1,724
  1,838
  1,957
  2,081
  2,209
  2,343
  2,483
  2,628
  2,780
  2,939
  3,104
  3,277
EBITDA, $m
  436
  491
  568
  652
  742
  837
  938
  1,045
  1,157
  1,275
  1,398
  1,526
  1,660
  1,799
  1,944
  2,095
  2,251
  2,414
  2,583
  2,759
  2,941
  3,131
  3,329
  3,535
  3,749
  3,973
  4,205
  4,448
  4,702
  4,966
  5,243
Interest expense (income), $m
  37
  34
  44
  56
  68
  82
  96
  111
  127
  143
  161
  179
  198
  218
  239
  260
  283
  306
  330
  355
  382
  409
  437
  466
  497
  529
  562
  597
  633
  671
  710
Earnings before tax, $m
  373
  273
  311
  352
  395
  442
  491
  542
  597
  653
  713
  775
  839
  906
  976
  1,049
  1,124
  1,203
  1,284
  1,369
  1,457
  1,548
  1,644
  1,743
  1,846
  1,954
  2,066
  2,184
  2,306
  2,434
  2,567
Tax expense, $m
  38
  74
  84
  95
  107
  119
  132
  146
  161
  176
  192
  209
  227
  245
  264
  283
  304
  325
  347
  370
  393
  418
  444
  471
  499
  528
  558
  590
  623
  657
  693
Net income, $m
  335
  199
  227
  257
  289
  322
  358
  396
  436
  477
  520
  566
  613
  662
  713
  766
  821
  878
  937
  999
  1,064
  1,130
  1,200
  1,272
  1,348
  1,426
  1,508
  1,594
  1,683
  1,776
  1,874

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
  3,547
  4,107
  4,712
  5,359
  6,049
  6,780
  7,552
  8,363
  9,213
  10,102
  11,030
  11,997
  13,003
  14,050
  15,138
  16,269
  17,444
  18,666
  19,935
  21,255
  22,628
  24,056
  25,543
  27,092
  28,706
  30,389
  32,144
  33,975
  35,887
  37,885
Adjusted assets (=assets-cash), $m
  3,031
  3,547
  4,107
  4,712
  5,359
  6,049
  6,780
  7,552
  8,363
  9,213
  10,102
  11,030
  11,997
  13,003
  14,050
  15,138
  16,269
  17,444
  18,666
  19,935
  21,255
  22,628
  24,056
  25,543
  27,092
  28,706
  30,389
  32,144
  33,975
  35,887
  37,885
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
  1,620
  1,876
  2,152
  2,447
  2,762
  3,096
  3,449
  3,819
  4,207
  4,613
  5,037
  5,478
  5,938
  6,416
  6,913
  7,429
  7,966
  8,524
  9,103
  9,706
  10,333
  10,985
  11,665
  12,372
  13,109
  13,877
  14,679
  15,515
  16,388
  17,300
Working capital, $m
  186
  -476
  -551
  -632
  -719
  -811
  -910
  -1,013
  -1,122
  -1,236
  -1,355
  -1,480
  -1,609
  -1,744
  -1,885
  -2,031
  -2,182
  -2,340
  -2,504
  -2,674
  -2,851
  -3,035
  -3,227
  -3,426
  -3,634
  -3,851
  -4,076
  -4,312
  -4,557
  -4,814
  -5,082
Total debt, $m
  1,184
  1,265
  1,595
  1,950
  2,331
  2,737
  3,167
  3,621
  4,097
  4,597
  5,120
  5,666
  6,234
  6,826
  7,441
  8,081
  8,746
  9,437
  10,155
  10,902
  11,678
  12,485
  13,325
  14,199
  15,110
  16,059
  17,049
  18,081
  19,157
  20,282
  21,456
Total liabilities, $m
  2,004
  2,085
  2,415
  2,770
  3,151
  3,557
  3,987
  4,441
  4,917
  5,417
  5,940
  6,486
  7,054
  7,646
  8,261
  8,901
  9,566
  10,257
  10,975
  11,722
  12,498
  13,305
  14,145
  15,019
  15,930
  16,879
  17,869
  18,901
  19,977
  21,102
  22,276
Total equity, $m
  1,842
  1,461
  1,692
  1,941
  2,208
  2,492
  2,794
  3,111
  3,446
  3,796
  4,162
  4,544
  4,943
  5,357
  5,789
  6,237
  6,703
  7,187
  7,690
  8,213
  8,757
  9,323
  9,911
  10,524
  11,162
  11,827
  12,520
  13,243
  13,998
  14,786
  15,608
Total liabilities and equity, $m
  3,846
  3,546
  4,107
  4,711
  5,359
  6,049
  6,781
  7,552
  8,363
  9,213
  10,102
  11,030
  11,997
  13,003
  14,050
  15,138
  16,269
  17,444
  18,665
  19,935
  21,255
  22,628
  24,056
  25,543
  27,092
  28,706
  30,389
  32,144
  33,975
  35,888
  37,884
Debt-to-equity ratio
  0.643
  0.870
  0.940
  1.000
  1.060
  1.100
  1.130
  1.160
  1.190
  1.210
  1.230
  1.250
  1.260
  1.270
  1.290
  1.300
  1.300
  1.310
  1.320
  1.330
  1.330
  1.340
  1.340
  1.350
  1.350
  1.360
  1.360
  1.370
  1.370
  1.370
  1.370
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
  199
  227
  257
  289
  322
  358
  396
  436
  477
  520
  566
  613
  662
  713
  766
  821
  878
  937
  999
  1,064
  1,130
  1,200
  1,272
  1,348
  1,426
  1,508
  1,594
  1,683
  1,776
  1,874
Depreciation, amort., depletion, $m
  159
  184
  213
  245
  278
  314
  352
  392
  434
  478
  524
  572
  623
  675
  729
  786
  844
  905
  969
  1,034
  1,103
  1,174
  1,248
  1,326
  1,406
  1,490
  1,577
  1,668
  1,763
  1,862
  1,966
Funds from operations, $m
  734
  383
  440
  501
  567
  636
  710
  788
  870
  955
  1,045
  1,138
  1,235
  1,337
  1,442
  1,551
  1,665
  1,783
  1,906
  2,034
  2,166
  2,305
  2,448
  2,598
  2,754
  2,916
  3,085
  3,262
  3,446
  3,639
  3,840
Change in working capital, $m
  139
  -69
  -75
  -81
  -87
  -93
  -98
  -103
  -109
  -114
  -119
  -124
  -130
  -135
  -140
  -146
  -152
  -158
  -164
  -170
  -177
  -184
  -192
  -199
  -208
  -216
  -226
  -235
  -246
  -256
  -268
Cash from operations, $m
  595
  453
  515
  582
  654
  729
  808
  891
  978
  1,069
  1,164
  1,262
  1,365
  1,472
  1,582
  1,697
  1,817
  1,941
  2,070
  2,204
  2,344
  2,489
  2,640
  2,797
  2,961
  3,133
  3,311
  3,497
  3,692
  3,895
  4,108
Maintenance CAPEX, $m
  0
  -157
  -184
  -213
  -245
  -278
  -314
  -352
  -392
  -434
  -478
  -524
  -572
  -623
  -675
  -729
  -786
  -844
  -905
  -969
  -1,034
  -1,103
  -1,174
  -1,248
  -1,326
  -1,406
  -1,490
  -1,577
  -1,668
  -1,763
  -1,862
New CAPEX, $m
  -103
  -235
  -256
  -276
  -296
  -315
  -334
  -352
  -370
  -388
  -406
  -424
  -442
  -460
  -478
  -497
  -516
  -537
  -558
  -580
  -603
  -627
  -652
  -679
  -707
  -737
  -768
  -801
  -836
  -873
  -912
Cash from investing activities, $m
  -180
  -392
  -440
  -489
  -541
  -593
  -648
  -704
  -762
  -822
  -884
  -948
  -1,014
  -1,083
  -1,153
  -1,226
  -1,302
  -1,381
  -1,463
  -1,549
  -1,637
  -1,730
  -1,826
  -1,927
  -2,033
  -2,143
  -2,258
  -2,378
  -2,504
  -2,636
  -2,774
Free cash flow, $m
  415
  61
  75
  93
  113
  136
  160
  187
  216
  247
  280
  315
  351
  389
  429
  471
  515
  560
  607
  656
  706
  759
  813
  870
  929
  990
  1,053
  1,119
  1,188
  1,259
  1,333
Issuance/(repayment) of debt, $m
  -163
  304
  330
  355
  381
  406
  430
  454
  477
  500
  523
  546
  569
  592
  616
  640
  665
  691
  718
  746
  776
  807
  840
  874
  911
  949
  989
  1,032
  1,077
  1,124
  1,174
Issuance/(repurchase) of shares, $m
  0
  12
  4
  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
  316
  334
  355
  381
  406
  430
  454
  477
  500
  523
  546
  569
  592
  616
  640
  665
  691
  718
  746
  776
  807
  840
  874
  911
  949
  989
  1,032
  1,077
  1,124
  1,174
Total cash flow (excl. dividends), $m
  213
  377
  409
  449
  494
  541
  590
  641
  693
  747
  803
  860
  920
  981
  1,045
  1,111
  1,180
  1,251
  1,325
  1,402
  1,482
  1,566
  1,653
  1,744
  1,839
  1,939
  2,042
  2,151
  2,265
  2,383
  2,508
Retained Cash Flow (-), $m
  -255
  -211
  -231
  -249
  -267
  -284
  -301
  -318
  -334
  -350
  -366
  -382
  -398
  -415
  -431
  -448
  -466
  -484
  -503
  -523
  -544
  -566
  -589
  -613
  -638
  -665
  -693
  -723
  -755
  -788
  -823
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
 
  758
  178
  200
  227
  257
  289
  323
  359
  397
  436
  478
  521
  567
  614
  663
  714
  767
  822
  879
  939
  1,000
  1,065
  1,132
  1,201
  1,274
  1,349
  1,428
  1,510
  1,596
  1,685
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
 
  726
  163
  174
  187
  199
  210
  218
  224
  228
  229
  227
  222
  215
  206
  195
  181
  167
  151
  135
  119
  103
  88
  74
  61
  50
  39
  31
  23
  17
  13
Current shareholders' claim on cash, %
  100
  99.7
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6
  99.6

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 16.8
Price to Sales 2.5
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 9.5
Price to Free Cash Flow 11.5
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 17% 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 42.1 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

▶ 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]
▶ 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]
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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