Intrinsic value of Embraer ADR - ERJ

Previous Close

$21.79

  Intrinsic Value

$3.99

stock screener

  Rating & Target

str. sell

-82%

Previous close

$21.79

 
Intrinsic value

$3.99

 
Up/down potential

-82%

 
Rating

str. sell

We calculate the intrinsic value of ERJ 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 2017), $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 16.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

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
  5,956
  6,093
  6,249
  6,425
  6,620
  6,834
  7,066
  7,318
  7,590
  7,881
  8,193
  8,525
  8,879
  9,255
  9,655
  10,078
  10,526
  10,999
  11,500
  12,028
  12,586
  13,174
  13,793
  14,446
  15,134
  15,858
  16,620
  17,422
  18,266
  19,154
Variable operating expenses, $m
  5,755
  5,884
  6,030
  6,194
  6,376
  6,576
  6,794
  7,029
  7,283
  7,555
  7,658
  7,969
  8,300
  8,652
  9,025
  9,420
  9,839
  10,282
  10,750
  11,243
  11,765
  12,314
  12,894
  13,504
  14,147
  14,824
  15,536
  16,286
  17,075
  17,904
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
  5,755
  5,884
  6,030
  6,194
  6,376
  6,576
  6,794
  7,029
  7,283
  7,555
  7,658
  7,969
  8,300
  8,652
  9,025
  9,420
  9,839
  10,282
  10,750
  11,243
  11,765
  12,314
  12,894
  13,504
  14,147
  14,824
  15,536
  16,286
  17,075
  17,904
Operating income, $m
  200
  209
  219
  231
  244
  258
  273
  289
  307
  326
  534
  556
  579
  604
  630
  657
  687
  717
  750
  785
  821
  859
  900
  942
  987
  1,034
  1,084
  1,136
  1,192
  1,249
EBITDA, $m
  786
  804
  825
  848
  874
  902
  933
  966
  1,002
  1,041
  1,082
  1,126
  1,172
  1,222
  1,275
  1,331
  1,390
  1,452
  1,518
  1,588
  1,662
  1,739
  1,821
  1,907
  1,998
  2,094
  2,194
  2,300
  2,412
  2,529
Interest expense (income), $m
  180
  224
  232
  242
  253
  265
  278
  293
  309
  326
  345
  365
  387
  409
  434
  460
  487
  517
  547
  580
  615
  651
  689
  730
  773
  818
  865
  915
  968
  1,023
  1,081
Earnings before tax, $m
  -24
  -23
  -22
  -22
  -21
  -20
  -20
  -20
  -19
  -19
  169
  170
  170
  170
  170
  170
  170
  170
  170
  170
  170
  170
  170
  170
  169
  169
  169
  169
  169
  168
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  46
  46
  46
  46
  46
  46
  46
  46
  46
  46
  46
  46
  46
  46
  46
  46
  46
  46
  46
  45
Net income, $m
  -24
  -23
  -22
  -22
  -21
  -20
  -20
  -20
  -19
  -19
  124
  124
  124
  124
  124
  124
  124
  124
  124
  124
  124
  124
  124
  124
  124
  124
  123
  123
  123
  123

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
  11,301
  11,561
  11,858
  12,192
  12,562
  12,967
  13,409
  13,887
  14,402
  14,954
  15,546
  16,177
  16,848
  17,562
  18,320
  19,123
  19,973
  20,871
  21,821
  22,824
  23,882
  24,997
  26,173
  27,412
  28,717
  30,091
  31,538
  33,059
  34,660
  36,345
Adjusted assets (=assets-cash), $m
  11,301
  11,561
  11,858
  12,192
  12,562
  12,967
  13,409
  13,887
  14,402
  14,954
  15,546
  16,177
  16,848
  17,562
  18,320
  19,123
  19,973
  20,871
  21,821
  22,824
  23,882
  24,997
  26,173
  27,412
  28,717
  30,091
  31,538
  33,059
  34,660
  36,345
Revenue / Adjusted assets
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
  0.527
Average production assets, $m
  3,978
  4,070
  4,175
  4,292
  4,422
  4,565
  4,720
  4,889
  5,070
  5,265
  5,473
  5,695
  5,931
  6,183
  6,449
  6,732
  7,031
  7,347
  7,682
  8,035
  8,407
  8,800
  9,214
  9,650
  10,110
  10,593
  11,102
  11,638
  12,202
  12,795
Working capital, $m
  1,030
  1,054
  1,081
  1,112
  1,145
  1,182
  1,222
  1,266
  1,313
  1,363
  1,417
  1,475
  1,536
  1,601
  1,670
  1,743
  1,821
  1,903
  1,989
  2,081
  2,177
  2,279
  2,386
  2,499
  2,618
  2,743
  2,875
  3,014
  3,160
  3,314
Total debt, $m
  4,301
  4,476
  4,676
  4,901
  5,149
  5,422
  5,719
  6,041
  6,388
  6,760
  7,158
  7,582
  8,034
  8,515
  9,025
  9,565
  10,137
  10,742
  11,381
  12,056
  12,768
  13,519
  14,310
  15,144
  16,022
  16,947
  17,920
  18,944
  20,022
  21,155
Total liabilities, $m
  7,606
  7,781
  7,981
  8,205
  8,454
  8,727
  9,024
  9,346
  9,692
  10,064
  10,462
  10,887
  11,339
  11,819
  12,329
  12,870
  13,442
  14,046
  14,686
  15,360
  16,072
  16,823
  17,615
  18,448
  19,327
  20,251
  21,225
  22,249
  23,326
  24,460
Total equity, $m
  3,696
  3,781
  3,878
  3,987
  4,108
  4,240
  4,385
  4,541
  4,709
  4,890
  5,083
  5,290
  5,509
  5,743
  5,991
  6,253
  6,531
  6,825
  7,135
  7,463
  7,809
  8,174
  8,559
  8,964
  9,391
  9,840
  10,313
  10,810
  11,334
  11,885
Total liabilities and equity, $m
  11,302
  11,562
  11,859
  12,192
  12,562
  12,967
  13,409
  13,887
  14,401
  14,954
  15,545
  16,177
  16,848
  17,562
  18,320
  19,123
  19,973
  20,871
  21,821
  22,823
  23,881
  24,997
  26,174
  27,412
  28,718
  30,091
  31,538
  33,059
  34,660
  36,345
Debt-to-equity ratio
  1.160
  1.180
  1.210
  1.230
  1.250
  1.280
  1.300
  1.330
  1.360
  1.380
  1.410
  1.430
  1.460
  1.480
  1.510
  1.530
  1.550
  1.570
  1.590
  1.620
  1.630
  1.650
  1.670
  1.690
  1.710
  1.720
  1.740
  1.750
  1.770
  1.780
Adjusted equity ratio
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327
  0.327

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -24
  -23
  -22
  -22
  -21
  -20
  -20
  -20
  -19
  -19
  124
  124
  124
  124
  124
  124
  124
  124
  124
  124
  124
  124
  124
  124
  124
  124
  123
  123
  123
  123
Depreciation, amort., depletion, $m
  586
  595
  606
  617
  630
  645
  660
  677
  695
  715
  547
  569
  593
  618
  645
  673
  703
  735
  768
  803
  841
  880
  921
  965
  1,011
  1,059
  1,110
  1,164
  1,220
  1,279
Funds from operations, $m
  562
  572
  583
  596
  609
  624
  640
  657
  676
  696
  671
  693
  717
  742
  769
  797
  827
  859
  892
  928
  965
  1,004
  1,045
  1,089
  1,135
  1,183
  1,234
  1,287
  1,343
  1,402
Change in working capital, $m
  20
  24
  27
  30
  34
  37
  40
  44
  47
  50
  54
  58
  61
  65
  69
  73
  77
  82
  87
  91
  96
  102
  107
  113
  119
  125
  132
  139
  146
  154
Cash from operations, $m
  542
  548
  556
  565
  576
  587
  600
  614
  629
  645
  617
  636
  656
  677
  700
  724
  750
  777
  806
  836
  868
  902
  938
  976
  1,016
  1,058
  1,102
  1,148
  1,197
  1,249
Maintenance CAPEX, $m
  -390
  -398
  -407
  -417
  -429
  -442
  -456
  -472
  -489
  -507
  -526
  -547
  -569
  -593
  -618
  -645
  -673
  -703
  -735
  -768
  -803
  -841
  -880
  -921
  -965
  -1,011
  -1,059
  -1,110
  -1,164
  -1,220
New CAPEX, $m
  -75
  -92
  -105
  -117
  -130
  -143
  -155
  -168
  -181
  -195
  -208
  -222
  -236
  -251
  -267
  -283
  -299
  -316
  -334
  -353
  -372
  -393
  -414
  -436
  -459
  -484
  -509
  -536
  -564
  -593
Cash from investing activities, $m
  -465
  -490
  -512
  -534
  -559
  -585
  -611
  -640
  -670
  -702
  -734
  -769
  -805
  -844
  -885
  -928
  -972
  -1,019
  -1,069
  -1,121
  -1,175
  -1,234
  -1,294
  -1,357
  -1,424
  -1,495
  -1,568
  -1,646
  -1,728
  -1,813
Free cash flow, $m
  76
  59
  45
  31
  16
  2
  -12
  -27
  -41
  -56
  -118
  -134
  -150
  -167
  -185
  -203
  -223
  -243
  -263
  -285
  -308
  -331
  -356
  -382
  -409
  -437
  -467
  -498
  -530
  -564
Issuance/(repayment) of debt, $m
  145
  175
  200
  224
  249
  273
  297
  322
  347
  372
  398
  425
  452
  480
  510
  540
  572
  605
  639
  675
  712
  751
  791
  834
  878
  925
  973
  1,024
  1,078
  1,133
Issuance/(repurchase) of shares, $m
  98
  108
  119
  131
  142
  153
  164
  176
  188
  200
  70
  83
  96
  109
  124
  138
  154
  170
  186
  204
  222
  241
  261
  281
  303
  326
  350
  374
  401
  428
Cash from financing (excl. dividends), $m  
  243
  283
  319
  355
  391
  426
  461
  498
  535
  572
  468
  508
  548
  589
  634
  678
  726
  775
  825
  879
  934
  992
  1,052
  1,115
  1,181
  1,251
  1,323
  1,398
  1,479
  1,561
Total cash flow (excl. dividends), $m
  319
  342
  364
  386
  407
  428
  450
  471
  493
  515
  350
  374
  398
  423
  448
  475
  503
  532
  562
  594
  626
  660
  696
  734
  773
  813
  856
  901
  948
  997
Retained Cash Flow (-), $m
  -98
  -108
  -119
  -131
  -142
  -153
  -164
  -176
  -188
  -200
  -193
  -206
  -220
  -233
  -248
  -263
  -278
  -294
  -311
  -328
  -346
  -365
  -385
  -405
  -427
  -449
  -473
  -498
  -524
  -551
Prev. year cash balance distribution, $m
  447
  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
  668
  234
  245
  255
  265
  275
  285
  295
  305
  316
  157
  167
  178
  189
  201
  213
  225
  238
  252
  266
  280
  296
  312
  328
  346
  364
  383
  403
  424
  446
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
  641
  214
  213
  210
  206
  200
  193
  185
  175
  165
  74
  71
  68
  64
  59
  54
  49
  44
  39
  34
  29
  25
  20
  17
  13
  11
  8
  6
  5
  3
Current shareholders' claim on cash, %
  99.3
  98.6
  97.8
  97.0
  96.1
  95.2
  94.3
  93.3
  92.3
  91.4
  91.0
  90.7
  90.2
  89.8
  89.3
  88.8
  88.2
  87.7
  87.0
  86.4
  85.8
  85.1
  84.4
  83.7
  83.0
  82.3
  81.6
  80.8
  80.1
  79.3

Embraer S.A. (Embraer) is a manufacturer of jets of 70 to 130 seats. The Company produces aircraft for commercial and executive aviation, and for defense and security purposes and related services. Its segments include Commercial aviation business, which involves the development, production and sale of commercial jets, and rendering of support services, particularly in the regional aviation segment and aircraft leases; Executive Jet business, which markets its executive jets to companies, including fractional ownership companies, charter and air-taxi companies, high-net-worth individuals and to flight academies; Defense and Security Business segment, which conceives, designs, develops, manufactures and supports a range of integrated solutions for the defense and security market, and Other Related Businesses segment, which provides fuel systems, structural parts, and mechanical and hydraulic systems to Sikorsky Aircraft Corporation for its production of helicopters.

FINANCIAL RATIOS  of  Embraer ADR (ERJ)

Valuation Ratios
P/E Ratio 86.5
Price to Sales 2.4
Price to Book 4
Price to Tangible Book
Price to Cash Flow -163.3
Price to Free Cash Flow -14.8
Growth Rates
Sales Growth Rate 5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19.6%
Cap. Spend. - 3 Yr. Gr. Rate 4.6%
Financial Strength
Quick Ratio 6
Current Ratio 0.1
LT Debt to Equity 84.4%
Total Debt to Equity 97.7%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.8%
Ret/ On Assets - 3 Yr. Avg. 2.4%
Return On Total Capital 2.2%
Ret/ On T. Cap. - 3 Yr. Avg. 2.8%
Return On Equity 4.3%
Return On Equity - 3 Yr. Avg. 5.1%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 19.9%
Gross Margin - 3 Yr. Avg. 19.4%
EBITDA Margin 11.2%
EBITDA Margin - 3 Yr. Avg. 12.5%
Operating Margin 3.3%
Oper. Margin - 3 Yr. Avg. 5.8%
Pre-Tax Margin 2.6%
Pre-Tax Margin - 3 Yr. Avg. 5.3%
Net Profit Margin 2.7%
Net Profit Margin - 3 Yr. Avg. 3.1%
Effective Tax Rate -6.3%
Eff/ Tax Rate - 3 Yr. Avg. 33%
Payout Ratio 17.3%

ERJ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ERJ stock intrinsic value calculation we used $5839 million for the last fiscal year's total revenue generated by Embraer ADR. The default revenue input number comes from 2017 income statement of Embraer 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 ERJ 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 ERJ is calculated based on our internal credit rating of Embraer 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 Embraer 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 ERJ stock the variable cost ratio is equal to 96.7%.

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 ERJ 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 Embraer ADR.

Corporate tax rate of 27% is the nominal tax rate for Embraer 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 ERJ 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 ERJ are equal to 66.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Embraer 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 ERJ is equal to 17.3%. 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 - $4069 million for Embraer 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 735 million for Embraer 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 Embraer ADR at the current share price and the inputted number of shares is $16.0 billion.

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COMPANY NEWS

▶ [$$] Wide Open Election Season Kicks Off in Scandal-Plagued Brazil   [Jul-20-18 07:23PM  The Wall Street Journal]
▶ Boeing's United Airlines Dreamliner deal comes in smaller than expected   [Jul-16-18 03:52PM  American City Business Journals]
▶ [$$] Global Trade Spat Unnerves Plane Makers   [Jul-15-18 07:50PM  The Wall Street Journal]
▶ [$$] Global Trade Spat Unnerves Plane Makers   [04:28PM  The Wall Street Journal]
▶ Five things to know about Boeing's Embraer deal   [01:14PM  American City Business Journals]
▶ [$$] JetBlue to Order 60 Airbus CSeries Jets   [Jul-10-18 08:32PM  The Wall Street Journal]
▶ [$$] The Pressure Is On for Japans First Jetliner   [07:51PM  The Wall Street Journal]
▶ [$$] JetBlue to Order 60 Airbus CSeries Jets   [06:39PM  The Wall Street Journal]
▶ [$$] The Pressure Is On for Japan's First Jetliner   [11:15AM  The Wall Street Journal]
▶ [$$] Highflying Boeing Lands Thrifty Embraer Deal   [Jul-07-18 12:01AM  Barrons.com]
▶ [$$] Boeing-Embraer Deal Faces Political Backlash in Brazil   [Jul-06-18 08:07PM  The Wall Street Journal]
▶ [$$] Airbus Chides Boeing Amid New Rivalry for Smaller Jets   [08:07PM  The Wall Street Journal]
▶ [$$] Boeing-Embraer Deal Faces Political Backlash in Brazil   [12:11PM  The Wall Street Journal]
▶ [$$] Airbus Chides Boeing Amid New Rivalry for Smaller Jets   [08:18AM  The Wall Street Journal]
▶ Boeing to Form a $4.75B Venture With Embraer   [05:08AM  Bloomberg Video]
▶ [$$] Defense Partnership With Embraer Will Test Brazils Boeing Appetite   [Jul-05-18 08:41PM  The Wall Street Journal]
▶ [$$] Boeing to Take Over Embraers Commercial-Jet Business   [08:41PM  The Wall Street Journal]
▶ What Happened in the Stock Market Today   [05:02PM  Motley Fool]
▶ Praxair, Intel rise; Embraer, TiVo fall   [04:59PM  Associated Press]
▶ Boeing and Embraer attempt a joint venture   [04:36PM  Associated Press]
▶ [$$] Boeing Is on the Defensive in Brazil   [03:26PM  The Wall Street Journal]
▶ Boeing-Embraer deal could lead to sharp uptick in regional jet orders   [01:34PM  American City Business Journals]
▶ [$$] Why Embraer Fell on Boeing News   [12:43PM  Barrons.com]
▶ Boeing & Embraer Announce Partnership   [10:00AM  Bloomberg]
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