Intrinsic value of Fortress Transportation&Infrastructure I - FTAI

Previous Close

$18.68

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$18.68

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of FTAI 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 1.4

 

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, %
  46.40
  42.26
  38.53
  35.18
  32.16
  29.45
  27.00
  24.80
  22.82
  21.04
  19.44
  17.99
  16.69
  15.52
  14.47
  13.52
  12.67
  11.90
  11.21
  10.59
  10.03
  9.53
  9.08
  8.67
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
Revenue, $m
  319
  454
  629
  850
  1,124
  1,455
  1,847
  2,306
  2,832
  3,428
  4,094
  4,830
  5,636
  6,511
  7,454
  8,462
  9,534
  10,669
  11,865
  13,122
  14,439
  15,815
  17,250
  18,746
  20,302
  21,920
  23,603
  25,351
  27,168
  29,056
Variable operating expenses, $m
  258
  364
  502
  676
  891
  1,151
  1,460
  1,821
  2,235
  2,704
  3,221
  3,800
  4,435
  5,123
  5,865
  6,658
  7,501
  8,394
  9,336
  10,325
  11,360
  12,443
  13,573
  14,749
  15,974
  17,247
  18,571
  19,947
  21,376
  22,862
Fixed operating expenses, $m
  42
  43
  44
  45
  46
  47
  48
  49
  50
  51
  52
  53
  54
  56
  57
  58
  59
  61
  62
  63
  65
  66
  68
  69
  71
  72
  74
  75
  77
  79
Total operating expenses, $m
  300
  407
  546
  721
  937
  1,198
  1,508
  1,870
  2,285
  2,755
  3,273
  3,853
  4,489
  5,179
  5,922
  6,716
  7,560
  8,455
  9,398
  10,388
  11,425
  12,509
  13,641
  14,818
  16,045
  17,319
  18,645
  20,022
  21,453
  22,941
Operating income, $m
  19
  47
  84
  130
  187
  257
  339
  436
  547
  673
  821
  977
  1,147
  1,333
  1,532
  1,746
  1,973
  2,214
  2,468
  2,734
  3,013
  3,305
  3,610
  3,927
  4,258
  4,601
  4,958
  5,329
  5,715
  6,116
EBITDA, $m
  291
  430
  612
  842
  1,126
  1,470
  1,878
  2,355
  2,902
  3,522
  4,215
  4,982
  5,821
  6,732
  7,713
  8,762
  9,879
  11,061
  12,306
  13,615
  14,986
  16,419
  17,914
  19,471
  21,092
  22,778
  24,530
  26,351
  28,243
  30,209
Interest expense (income), $m
  13
  40
  33
  72
  123
  187
  267
  363
  477
  611
  764
  937
  1,131
  1,346
  1,580
  1,835
  2,110
  2,403
  2,715
  3,046
  3,394
  3,760
  4,143
  4,544
  4,961
  5,397
  5,850
  6,321
  6,811
  7,320
  7,849
Earnings before tax, $m
  -20
  15
  12
  7
  0
  -10
  -24
  -41
  -64
  -91
  -117
  -155
  -199
  -248
  -303
  -364
  -430
  -501
  -578
  -660
  -746
  -838
  -934
  -1,034
  -1,139
  -1,249
  -1,363
  -1,482
  -1,605
  -1,733
Tax expense, $m
  0
  4
  3
  2
  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
Net income, $m
  -20
  11
  9
  5
  0
  -10
  -24
  -41
  -64
  -91
  -117
  -155
  -199
  -248
  -303
  -364
  -430
  -501
  -578
  -660
  -746
  -838
  -934
  -1,034
  -1,139
  -1,249
  -1,363
  -1,482
  -1,605
  -1,733

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
  135
  192
  266
  360
  475
  615
  781
  975
  1,197
  1,449
  1,731
  2,042
  2,383
  2,753
  3,152
  3,578
  4,031
  4,511
  5,017
  5,548
  6,105
  6,687
  7,294
  7,926
  8,584
  9,269
  9,980
  10,719
  11,488
  12,286
Adjusted assets (=assets-cash), $m
  135
  192
  266
  360
  475
  615
  781
  975
  1,197
  1,449
  1,731
  2,042
  2,383
  2,753
  3,152
  3,578
  4,031
  4,511
  5,017
  5,548
  6,105
  6,687
  7,294
  7,926
  8,584
  9,269
  9,980
  10,719
  11,488
  12,286
Revenue / Adjusted assets
  2.363
  2.365
  2.365
  2.361
  2.366
  2.366
  2.365
  2.365
  2.366
  2.366
  2.365
  2.365
  2.365
  2.365
  2.365
  2.365
  2.365
  2.365
  2.365
  2.365
  2.365
  2.365
  2.365
  2.365
  2.365
  2.365
  2.365
  2.365
  2.365
  2.365
Average production assets, $m
  2,646
  3,765
  5,216
  7,050
  9,318
  12,062
  15,319
  19,118
  23,481
  28,421
  33,945
  40,052
  46,737
  53,993
  61,806
  70,165
  79,055
  88,466
  98,387
  108,809
  119,726
  131,136
  143,039
  155,439
  168,344
  181,765
  195,715
  210,212
  225,277
  240,934
Working capital, $m
  -1,121
  -1,594
  -2,208
  -2,985
  -3,945
  -5,107
  -6,486
  -8,095
  -9,942
  -12,034
  -14,373
  -16,959
  -19,790
  -22,862
  -26,170
  -29,709
  -33,474
  -37,458
  -41,659
  -46,072
  -50,694
  -55,525
  -60,565
  -65,816
  -71,280
  -76,963
  -82,870
  -89,008
  -95,387
  -102,016
Total debt, $m
  43
  94
  160
  245
  349
  475
  624
  798
  999
  1,225
  1,479
  1,759
  2,066
  2,399
  2,758
  3,141
  3,549
  3,981
  4,436
  4,915
  5,416
  5,939
  6,486
  7,055
  7,647
  8,263
  8,903
  9,568
  10,260
  10,978
Total liabilities, $m
  121
  173
  239
  324
  428
  554
  703
  877
  1,078
  1,304
  1,558
  1,838
  2,145
  2,478
  2,836
  3,220
  3,628
  4,060
  4,515
  4,994
  5,495
  6,018
  6,565
  7,134
  7,726
  8,342
  8,982
  9,647
  10,339
  11,057
Total equity, $m
  13
  19
  27
  36
  48
  62
  78
  97
  120
  145
  173
  204
  238
  275
  315
  358
  403
  451
  502
  555
  611
  669
  729
  793
  858
  927
  998
  1,072
  1,149
  1,229
Total liabilities and equity, $m
  134
  192
  266
  360
  476
  616
  781
  974
  1,198
  1,449
  1,731
  2,042
  2,383
  2,753
  3,151
  3,578
  4,031
  4,511
  5,017
  5,549
  6,106
  6,687
  7,294
  7,927
  8,584
  9,269
  9,980
  10,719
  11,488
  12,286
Debt-to-equity ratio
  3.150
  4.890
  6.030
  6.800
  7.340
  7.720
  7.990
  8.190
  8.340
  8.460
  8.540
  8.610
  8.670
  8.710
  8.750
  8.780
  8.800
  8.830
  8.840
  8.860
  8.870
  8.880
  8.890
  8.900
  8.910
  8.910
  8.920
  8.930
  8.930
  8.940
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -20
  11
  9
  5
  0
  -10
  -24
  -41
  -64
  -91
  -117
  -155
  -199
  -248
  -303
  -364
  -430
  -501
  -578
  -660
  -746
  -838
  -934
  -1,034
  -1,139
  -1,249
  -1,363
  -1,482
  -1,605
  -1,733
Depreciation, amort., depletion, $m
  271
  383
  528
  712
  939
  1,213
  1,539
  1,919
  2,355
  2,849
  3,394
  4,005
  4,674
  5,399
  6,181
  7,016
  7,906
  8,847
  9,839
  10,881
  11,973
  13,114
  14,304
  15,544
  16,834
  18,176
  19,571
  21,021
  22,528
  24,093
Funds from operations, $m
  251
  394
  537
  717
  939
  1,203
  1,515
  1,877
  2,291
  2,758
  3,278
  3,850
  4,475
  5,151
  5,878
  6,653
  7,476
  8,345
  9,261
  10,221
  11,226
  12,276
  13,370
  14,510
  15,695
  16,928
  18,209
  19,540
  20,923
  22,360
Change in working capital, $m
  -355
  -474
  -614
  -777
  -960
  -1,162
  -1,379
  -1,609
  -1,847
  -2,092
  -2,339
  -2,586
  -2,831
  -3,072
  -3,308
  -3,539
  -3,765
  -3,985
  -4,201
  -4,413
  -4,623
  -4,831
  -5,040
  -5,251
  -5,464
  -5,683
  -5,907
  -6,138
  -6,379
  -6,629
Cash from operations, $m
  606
  868
  1,151
  1,494
  1,899
  2,365
  2,894
  3,486
  4,138
  4,850
  5,617
  6,436
  7,306
  8,223
  9,186
  10,192
  11,240
  12,330
  13,461
  14,634
  15,849
  17,107
  18,410
  19,760
  21,159
  22,610
  24,115
  25,678
  27,302
  28,990
Maintenance CAPEX, $m
  -180
  -265
  -376
  -522
  -705
  -932
  -1,206
  -1,532
  -1,912
  -2,348
  -2,842
  -3,394
  -4,005
  -4,674
  -5,399
  -6,181
  -7,016
  -7,906
  -8,847
  -9,839
  -10,881
  -11,973
  -13,114
  -14,304
  -15,544
  -16,834
  -18,176
  -19,571
  -21,021
  -22,528
New CAPEX, $m
  -842
  -1,118
  -1,451
  -1,835
  -2,268
  -2,744
  -3,257
  -3,799
  -4,363
  -4,940
  -5,524
  -6,107
  -6,686
  -7,255
  -7,813
  -8,359
  -8,891
  -9,411
  -9,921
  -10,422
  -10,917
  -11,410
  -11,903
  -12,400
  -12,905
  -13,421
  -13,950
  -14,497
  -15,065
  -15,657
Cash from investing activities, $m
  -1,022
  -1,383
  -1,827
  -2,357
  -2,973
  -3,676
  -4,463
  -5,331
  -6,275
  -7,288
  -8,366
  -9,501
  -10,691
  -11,929
  -13,212
  -14,540
  -15,907
  -17,317
  -18,768
  -20,261
  -21,798
  -23,383
  -25,017
  -26,704
  -28,449
  -30,255
  -32,126
  -34,068
  -36,086
  -38,185
Free cash flow, $m
  -416
  -516
  -676
  -863
  -1,074
  -1,311
  -1,569
  -1,845
  -2,136
  -2,439
  -2,749
  -3,065
  -3,385
  -3,706
  -4,027
  -4,347
  -4,667
  -4,986
  -5,306
  -5,626
  -5,949
  -6,275
  -6,606
  -6,944
  -7,290
  -7,645
  -8,011
  -8,391
  -8,785
  -9,195
Issuance/(repayment) of debt, $m
  -9
  51
  67
  84
  104
  126
  149
  174
  200
  227
  254
  280
  307
  333
  359
  384
  408
  432
  455
  478
  501
  524
  546
  569
  592
  616
  640
  665
  691
  719
Issuance/(repurchase) of shares, $m
  72
  0
  0
  4
  12
  24
  40
  61
  86
  116
  145
  186
  233
  285
  343
  406
  475
  549
  629
  713
  802
  896
  994
  1,097
  1,205
  1,317
  1,434
  1,556
  1,682
  1,813
Cash from financing (excl. dividends), $m  
  63
  51
  67
  88
  116
  150
  189
  235
  286
  343
  399
  466
  540
  618
  702
  790
  883
  981
  1,084
  1,191
  1,303
  1,420
  1,540
  1,666
  1,797
  1,933
  2,074
  2,221
  2,373
  2,532
Total cash flow (excl. dividends), $m
  -353
  -464
  -609
  -774
  -958
  -1,161
  -1,379
  -1,610
  -1,850
  -2,096
  -2,351
  -2,599
  -2,845
  -3,088
  -3,325
  -3,557
  -3,784
  -4,005
  -4,222
  -4,435
  -4,646
  -4,856
  -5,066
  -5,277
  -5,492
  -5,712
  -5,937
  -6,170
  -6,412
  -6,663
Retained Cash Flow (-), $m
  -72
  -6
  -7
  -9
  -12
  -24
  -40
  -61
  -86
  -116
  -145
  -186
  -233
  -285
  -343
  -406
  -475
  -549
  -629
  -713
  -802
  -896
  -994
  -1,097
  -1,205
  -1,317
  -1,434
  -1,556
  -1,682
  -1,813
Prev. year cash balance distribution, $m
  39
  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
  -72
  -6
  -7
  -9
  -12
  -24
  -40
  -61
  -86
  -116
  -145
  -186
  -233
  -285
  -343
  -406
  -475
  -549
  -629
  -713
  -802
  -896
  -994
  -1,097
  -1,205
  -1,317
  -1,434
  -1,556
  -1,682
  -1,813
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  -69
  -5
  -6
  -7
  -8
  -16
  -24
  -33
  -42
  -51
  -55
  -62
  -67
  -70
  -71
  -70
  -67
  -62
  -57
  -51
  -44
  -37
  -30
  -24
  -19
  -14
  -11
  -8
  -5
  -4
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  43.1
  32.6
  21.6
  13.0
  7.3
  3.9
  2.0
  1.0
  0.5
  0.2
  0.1
  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
  0.0

Fortress Transportation and Infrastructure Investors LLC owns and acquires infrastructure and equipment that is essential for the transportation of goods and people across the world. The Company operates through five segments Aviation Leasing, Offshore Energy, Shipping Containers, Jefferson Terminal and Railroad. The Aviation Leasing segment consists of aircraft and aircraft engines held for lease for long-term. The Offshore Energy segment consists of vessels and equipment that support offshore oil and gas activities and held for long-term operating leases. The Shipping Containers segment consists of an investment in an unconsolidated entity engaged in the acquisition and leasing of shipping containers on both an operating lease and finance lease basis. The Jefferson Terminal segment consists of a multi-modal crude and refined products terminal and other related assets. The Railroad segment consists of the Company's Central Maine and Quebec Railway (CMQR).

FINANCIAL RATIOS  of  Fortress Transportation&Infrastructure I (FTAI)

Valuation Ratios
P/E Ratio -70.8
Price to Sales 9.5
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 45.6
Price to Free Cash Flow -5.8
Growth Rates
Sales Growth Rate 8.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 4.5%
Cap. Spend. - 3 Yr. Gr. Rate 25.7%
Financial Strength
Quick Ratio NaN
Current Ratio 1.1
LT Debt to Equity 24.7%
Total Debt to Equity 24.7%
Interest Coverage -2
Management Effectiveness
Return On Assets -0.4%
Ret/ On Assets - 3 Yr. Avg. 0.5%
Return On Total Capital -1.5%
Ret/ On T. Cap. - 3 Yr. Avg. -0.4%
Return On Equity -1.8%
Return On Equity - 3 Yr. Avg. -0.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 88.6%
Gross Margin - 3 Yr. Avg. 89.1%
EBITDA Margin 25.5%
EBITDA Margin - 3 Yr. Avg. 34.5%
Operating Margin -27.5%
Oper. Margin - 3 Yr. Avg. -21%
Pre-Tax Margin -26.8%
Pre-Tax Margin - 3 Yr. Avg. -13.5%
Net Profit Margin -13.4%
Net Profit Margin - 3 Yr. Avg. -2.8%
Effective Tax Rate -2.5%
Eff/ Tax Rate - 3 Yr. Avg. 6.3%
Payout Ratio -500%

FTAI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FTAI stock intrinsic value calculation we used $218 million for the last fiscal year's total revenue generated by Fortress Transportation&Infrastructure I. The default revenue input number comes from 2017 income statement of Fortress Transportation&Infrastructure I. 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 FTAI stock valuation model: a) initial revenue growth rate of 46.4% 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 5.6%, whose default value for FTAI is calculated based on our internal credit rating of Fortress Transportation&Infrastructure I, 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 Fortress Transportation&Infrastructure I.
    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 FTAI stock the variable cost ratio is equal to 81.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $41 million in the base year in the intrinsic value calculation for FTAI 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 76.5% for Fortress Transportation&Infrastructure I.

Corporate tax rate of 27% is the nominal tax rate for Fortress Transportation&Infrastructure I. 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 FTAI stock is equal to 0.6%.

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 FTAI are equal to 829.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Fortress Transportation&Infrastructure I 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 FTAI is equal to -351.1%. 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 - $0 million for Fortress Transportation&Infrastructure I - 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 76 million for Fortress Transportation&Infrastructure I 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 Fortress Transportation&Infrastructure I at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ Fortress Transportation: 1Q Earnings Snapshot   [05:04AM  Associated Press]
▶ Fortress Transportation posts 4Q profit   [06:37AM  Associated Press]
▶ Fortress Transportation posts 3Q profit   [05:38AM  Associated Press]
▶ Fortress Transportation posts 2Q loss   [Aug-05-17 01:10AM  Associated Press]
▶ Fortress Transportation posts 1Q loss   [May-05-17 05:02AM  Associated Press]
▶ Fortress Transportation posts 4Q loss   [Feb-23-17 06:57PM  Associated Press]
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