Intrinsic value of GOL Linhas Aereas Inteligentes ADR - GOL

Previous Close

$6.38

  Intrinsic Value

$3.29

stock screener

  Rating & Target

sell

-48%

Previous close

$6.38

 
Intrinsic value

$3.29

 
Up/down potential

-48%

 
Rating

sell

We calculate the intrinsic value of GOL 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 4.5

 

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, %
  22.40
  20.66
  19.09
  17.68
  16.42
  15.27
  14.25
  13.32
  12.49
  11.74
  11.07
  10.46
  9.91
  9.42
  8.98
  8.58
  8.22
  7.90
  7.61
  7.35
  7.12
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
Revenue, $m
  3,710
  4,476
  5,331
  6,274
  7,304
  8,420
  9,619
  10,901
  12,262
  13,702
  15,218
  16,810
  18,477
  20,218
  22,033
  23,924
  25,892
  27,938
  30,064
  32,274
  34,571
  36,957
  39,438
  42,018
  44,703
  47,496
  50,405
  53,435
  56,593
  59,887
Variable operating expenses, $m
  1,958
  2,352
  2,790
  3,274
  3,803
  4,376
  4,992
  5,650
  6,348
  7,088
  7,813
  8,630
  9,486
  10,379
  11,311
  12,282
  13,292
  14,343
  15,434
  16,569
  17,748
  18,973
  20,247
  21,572
  22,950
  24,384
  25,877
  27,433
  29,054
  30,745
Fixed operating expenses, $m
  1,261
  1,289
  1,317
  1,346
  1,376
  1,406
  1,437
  1,469
  1,501
  1,534
  1,568
  1,602
  1,637
  1,674
  1,710
  1,748
  1,786
  1,826
  1,866
  1,907
  1,949
  1,992
  2,036
  2,080
  2,126
  2,173
  2,221
  2,270
  2,319
  2,371
Total operating expenses, $m
  3,219
  3,641
  4,107
  4,620
  5,179
  5,782
  6,429
  7,119
  7,849
  8,622
  9,381
  10,232
  11,123
  12,053
  13,021
  14,030
  15,078
  16,169
  17,300
  18,476
  19,697
  20,965
  22,283
  23,652
  25,076
  26,557
  28,098
  29,703
  31,373
  33,116
Operating income, $m
  491
  836
  1,224
  1,653
  2,125
  2,638
  3,190
  3,782
  4,413
  5,080
  5,838
  6,578
  7,354
  8,165
  9,011
  9,894
  10,813
  11,769
  12,764
  13,798
  14,874
  15,992
  17,156
  18,367
  19,627
  20,940
  22,307
  23,733
  25,220
  26,772
EBITDA, $m
  726
  1,109
  1,539
  2,015
  2,537
  3,104
  3,716
  4,371
  5,068
  5,806
  6,585
  7,403
  8,261
  9,157
  10,093
  11,069
  12,084
  13,141
  14,240
  15,383
  16,571
  17,807
  19,092
  20,430
  21,822
  23,272
  24,782
  26,357
  27,999
  29,712
Interest expense (income), $m
  192
  355
  199
  306
  424
  555
  698
  853
  1,019
  1,197
  1,386
  1,586
  1,796
  2,017
  2,248
  2,490
  2,742
  3,004
  3,277
  3,561
  3,856
  4,163
  4,481
  4,813
  5,157
  5,515
  5,887
  6,275
  6,679
  7,099
  7,537
Earnings before tax, $m
  136
  637
  918
  1,229
  1,570
  1,940
  2,338
  2,763
  3,216
  3,694
  4,252
  4,782
  5,337
  5,916
  6,522
  7,152
  7,809
  8,492
  9,203
  9,942
  10,711
  11,511
  12,343
  13,210
  14,112
  15,052
  16,032
  17,054
  18,121
  19,234
Tax expense, $m
  37
  172
  248
  332
  424
  524
  631
  746
  868
  997
  1,148
  1,291
  1,441
  1,597
  1,761
  1,931
  2,108
  2,293
  2,485
  2,684
  2,892
  3,108
  3,333
  3,567
  3,810
  4,064
  4,329
  4,605
  4,893
  5,193
Net income, $m
  99
  465
  670
  897
  1,146
  1,416
  1,706
  2,017
  2,347
  2,697
  3,104
  3,491
  3,896
  4,319
  4,761
  5,221
  5,700
  6,199
  6,718
  7,258
  7,819
  8,403
  9,011
  9,643
  10,302
  10,988
  11,704
  12,450
  13,228
  14,041

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
  3,160
  3,813
  4,541
  5,344
  6,221
  7,172
  8,193
  9,285
  10,445
  11,671
  12,963
  14,319
  15,738
  17,221
  18,768
  20,378
  22,054
  23,797
  25,608
  27,491
  29,447
  31,480
  33,593
  35,791
  38,077
  40,457
  42,934
  45,515
  48,206
  51,011
Adjusted assets (=assets-cash), $m
  3,160
  3,813
  4,541
  5,344
  6,221
  7,172
  8,193
  9,285
  10,445
  11,671
  12,963
  14,319
  15,738
  17,221
  18,768
  20,378
  22,054
  23,797
  25,608
  27,491
  29,447
  31,480
  33,593
  35,791
  38,077
  40,457
  42,934
  45,515
  48,206
  51,011
Revenue / Adjusted assets
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
  1.174
Average production assets, $m
  1,822
  2,198
  2,618
  3,081
  3,586
  4,134
  4,723
  5,352
  6,021
  6,728
  7,472
  8,254
  9,072
  9,927
  10,818
  11,747
  12,713
  13,717
  14,762
  15,847
  16,974
  18,146
  19,364
  20,631
  21,949
  23,321
  24,749
  26,237
  27,787
  29,405
Working capital, $m
  63
  76
  91
  107
  124
  143
  164
  185
  208
  233
  259
  286
  314
  344
  375
  407
  440
  475
  511
  549
  588
  628
  670
  714
  760
  807
  857
  908
  962
  1,018
Total debt, $m
  1,101
  1,689
  2,344
  3,067
  3,856
  4,712
  5,631
  6,613
  7,657
  8,761
  9,923
  11,144
  12,421
  13,756
  15,148
  16,598
  18,106
  19,674
  21,305
  22,999
  24,759
  26,589
  28,491
  30,469
  32,526
  34,668
  36,898
  39,221
  41,642
  44,167
Total liabilities, $m
  2,844
  3,432
  4,087
  4,810
  5,599
  6,454
  7,374
  8,356
  9,400
  10,504
  11,666
  12,887
  14,164
  15,499
  16,891
  18,341
  19,849
  21,417
  23,048
  24,742
  26,502
  28,332
  30,234
  32,212
  34,269
  36,411
  38,641
  40,964
  43,385
  45,910
Total equity, $m
  316
  381
  454
  534
  622
  717
  819
  928
  1,044
  1,167
  1,296
  1,432
  1,574
  1,722
  1,877
  2,038
  2,205
  2,380
  2,561
  2,749
  2,945
  3,148
  3,359
  3,579
  3,808
  4,046
  4,293
  4,552
  4,821
  5,101
Total liabilities and equity, $m
  3,160
  3,813
  4,541
  5,344
  6,221
  7,171
  8,193
  9,284
  10,444
  11,671
  12,962
  14,319
  15,738
  17,221
  18,768
  20,379
  22,054
  23,797
  25,609
  27,491
  29,447
  31,480
  33,593
  35,791
  38,077
  40,457
  42,934
  45,516
  48,206
  51,011
Debt-to-equity ratio
  3.480
  4.430
  5.160
  5.740
  6.200
  6.570
  6.870
  7.120
  7.330
  7.510
  7.660
  7.780
  7.890
  7.990
  8.070
  8.140
  8.210
  8.270
  8.320
  8.370
  8.410
  8.450
  8.480
  8.510
  8.540
  8.570
  8.590
  8.620
  8.640
  8.660
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
  99
  465
  670
  897
  1,146
  1,416
  1,706
  2,017
  2,347
  2,697
  3,104
  3,491
  3,896
  4,319
  4,761
  5,221
  5,700
  6,199
  6,718
  7,258
  7,819
  8,403
  9,011
  9,643
  10,302
  10,988
  11,704
  12,450
  13,228
  14,041
Depreciation, amort., depletion, $m
  236
  273
  315
  361
  412
  467
  526
  589
  655
  726
  747
  825
  907
  993
  1,082
  1,175
  1,271
  1,372
  1,476
  1,585
  1,697
  1,815
  1,936
  2,063
  2,195
  2,332
  2,475
  2,624
  2,779
  2,940
Funds from operations, $m
  335
  738
  985
  1,259
  1,558
  1,883
  2,232
  2,606
  3,003
  3,423
  3,851
  4,316
  4,803
  5,312
  5,843
  6,396
  6,972
  7,571
  8,194
  8,842
  9,516
  10,218
  10,947
  11,706
  12,497
  13,320
  14,178
  15,073
  16,007
  16,982
Change in working capital, $m
  12
  13
  15
  16
  18
  19
  20
  22
  23
  24
  26
  27
  28
  30
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  47
  49
  52
  54
  56
Cash from operations, $m
  323
  725
  971
  1,243
  1,541
  1,864
  2,212
  2,584
  2,980
  3,398
  3,825
  4,289
  4,775
  5,282
  5,812
  6,364
  6,938
  7,536
  8,158
  8,805
  9,477
  10,177
  10,905
  11,662
  12,451
  13,273
  14,129
  15,022
  15,953
  16,926
Maintenance CAPEX, $m
  -149
  -182
  -220
  -262
  -308
  -359
  -413
  -472
  -535
  -602
  -673
  -747
  -825
  -907
  -993
  -1,082
  -1,175
  -1,271
  -1,372
  -1,476
  -1,585
  -1,697
  -1,815
  -1,936
  -2,063
  -2,195
  -2,332
  -2,475
  -2,624
  -2,779
New CAPEX, $m
  -334
  -376
  -420
  -463
  -506
  -548
  -589
  -629
  -668
  -707
  -745
  -782
  -818
  -855
  -891
  -928
  -966
  -1,005
  -1,044
  -1,085
  -1,128
  -1,172
  -1,218
  -1,267
  -1,318
  -1,372
  -1,428
  -1,488
  -1,551
  -1,617
Cash from investing activities, $m
  -483
  -558
  -640
  -725
  -814
  -907
  -1,002
  -1,101
  -1,203
  -1,309
  -1,418
  -1,529
  -1,643
  -1,762
  -1,884
  -2,010
  -2,141
  -2,276
  -2,416
  -2,561
  -2,713
  -2,869
  -3,033
  -3,203
  -3,381
  -3,567
  -3,760
  -3,963
  -4,175
  -4,396
Free cash flow, $m
  -159
  166
  331
  518
  727
  957
  1,209
  1,482
  1,776
  2,089
  2,408
  2,760
  3,131
  3,520
  3,928
  4,353
  4,798
  5,260
  5,742
  6,244
  6,765
  7,308
  7,872
  8,459
  9,070
  9,706
  10,369
  11,059
  11,779
  12,530
Issuance/(repayment) of debt, $m
  -858
  588
  655
  723
  790
  855
  920
  982
  1,044
  1,104
  1,162
  1,220
  1,278
  1,335
  1,392
  1,450
  1,508
  1,568
  1,630
  1,694
  1,760
  1,830
  1,902
  1,978
  2,058
  2,142
  2,230
  2,323
  2,421
  2,525
Issuance/(repurchase) of shares, $m
  1,338
  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  
  480
  588
  655
  723
  790
  855
  920
  982
  1,044
  1,104
  1,162
  1,220
  1,278
  1,335
  1,392
  1,450
  1,508
  1,568
  1,630
  1,694
  1,760
  1,830
  1,902
  1,978
  2,058
  2,142
  2,230
  2,323
  2,421
  2,525
Total cash flow (excl. dividends), $m
  320
  754
  986
  1,241
  1,516
  1,813
  2,129
  2,465
  2,820
  3,193
  3,571
  3,980
  4,408
  4,855
  5,319
  5,803
  6,306
  6,829
  7,372
  7,938
  8,526
  9,137
  9,774
  10,437
  11,128
  11,848
  12,599
  13,382
  14,200
  15,055
Retained Cash Flow (-), $m
  -1,437
  -65
  -73
  -80
  -88
  -95
  -102
  -109
  -116
  -123
  -129
  -136
  -142
  -148
  -155
  -161
  -168
  -174
  -181
  -188
  -196
  -203
  -211
  -220
  -229
  -238
  -248
  -258
  -269
  -281
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
  3
  4
  4
  5
  6
  7
  8
  10
  11
  12
  14
  15
  17
  18
  20
  22
  24
  26
  28
  30
  32
  35
  37
  39
  42
  45
  47
  50
  53
  57
Cash available for distribution, $m
  -1,117
  689
  914
  1,160
  1,429
  1,718
  2,027
  2,356
  2,704
  3,071
  3,441
  3,845
  4,267
  4,706
  5,165
  5,642
  6,138
  6,655
  7,191
  7,749
  8,330
  8,934
  9,563
  10,217
  10,899
  11,610
  12,351
  13,124
  13,931
  14,774
Discount rate, %
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
  32.85
  34.49
  36.21
  38.02
  39.93
  41.92
  44.02
  46.22
  48.53
  50.96
  53.50
  56.18
  58.99
  61.94
  65.03
PV of cash for distribution, $m
  -964
  507
  564
  593
  594
  570
  528
  473
  409
  343
  277
  218
  166
  122
  87
  60
  40
  26
  16
  9
  5
  3
  2
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Gol Linhas Aereas Inteligentes SA is a Brazil-based airline company. The Company focuses on carrying passengers to over 60 destinations, approximately 50 in Brazil and 10 in South America and the Caribbean. The Company's fleet includes approximately 120 Boeing 737 aircrafts. The Company operates through two segments: Air transportation and Loyalty program. The Air transportation segment operations originate from its subsidiary Gol Linhas Aereas SA (GLA) for the provision of air transportation services. Its operations also include cargo operations and excess baggage. The Loyalty program segment operations are represented by SMILES coalition loyalty program, which enables clients to accumulate miles and redeem tickets for more than 700 locations worldwide.

FINANCIAL RATIOS  of  GOL Linhas Aereas Inteligentes ADR (GOL)

Valuation Ratios
P/E Ratio 3.8
Price to Sales 0.3
Price to Book -0.9
Price to Tangible Book
Price to Cash Flow -144.3
Price to Free Cash Flow -6.9
Growth Rates
Sales Growth Rate 0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -26.8%
Cap. Spend. - 3 Yr. Gr. Rate 8.8%
Financial Strength
Quick Ratio 1
Current Ratio 0
LT Debt to Equity -151.9%
Total Debt to Equity -170.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 14.3%
Ret/ On Assets - 3 Yr. Avg. -10%
Return On Total Capital 23.6%
Ret/ On T. Cap. - 3 Yr. Avg. -27.9%
Return On Equity -20.8%
Return On Equity - 3 Yr. Avg. -573.6%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 23.4%
Gross Margin - 3 Yr. Avg. 19.3%
EBITDA Margin 24.5%
EBITDA Margin - 3 Yr. Avg. -0.5%
Operating Margin 7.1%
Oper. Margin - 3 Yr. Avg. 3.4%
Pre-Tax Margin 13.8%
Pre-Tax Margin - 3 Yr. Avg. -10.3%
Net Profit Margin 8.6%
Net Profit Margin - 3 Yr. Avg. -16.5%
Effective Tax Rate 18.8%
Eff/ Tax Rate - 3 Yr. Avg. -7.6%
Payout Ratio 0%

GOL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GOL stock intrinsic value calculation we used $3031 million for the last fiscal year's total revenue generated by GOL Linhas Aereas Inteligentes ADR. The default revenue input number comes from 2016 income statement of GOL Linhas Aereas Inteligentes 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 GOL stock valuation model: a) initial revenue growth rate of 22.4% 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 15.8%, whose default value for GOL is calculated based on our internal credit rating of GOL Linhas Aereas Inteligentes 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 GOL Linhas Aereas Inteligentes 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 GOL stock the variable cost ratio is equal to 53.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1234 million in the base year in the intrinsic value calculation for GOL 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 18.1% for GOL Linhas Aereas Inteligentes ADR.

Corporate tax rate of 27% is the nominal tax rate for GOL Linhas Aereas Inteligentes 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 GOL stock is equal to 0.1%.

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 GOL are equal to 49.1%.

Life of production assets of 10 years is the average useful life of capital assets used in GOL Linhas Aereas Inteligentes 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 GOL is equal to 1.7%. 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 - $-1121 million for GOL Linhas Aereas Inteligentes 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 707 million for GOL Linhas Aereas Inteligentes 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 GOL Linhas Aereas Inteligentes ADR at the current share price and the inputted number of shares is $4.5 billion.

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COMPANY NEWS

▶ Completion of sale of equity interest in Golar Hilli LLC   [Jul-12-18 01:17PM  GlobeNewswire]
▶ GOL announces Investor Update   [Jul-05-18 06:00PM  PR Newswire]
▶ 2018 Annual General Meeting   [10:31AM  GlobeNewswire]
▶ GOL Discloses Preliminary Traffic Figures for May 2018   [Jun-06-18 08:13AM  PR Newswire]
▶ Golar LNG :FLNG Hilli Episeyo - Customer Acceptance   [Jun-04-18 09:32AM  GlobeNewswire]
▶ 10 Best Airline Stocks to Buy Right Now   [Jun-01-18 01:15PM  InvestorPlace]
▶ Golar LNG Dividend information   [May-31-18 08:10AM  GlobeNewswire]
▶ Golar LNG Limited - Q1 2018 results presentation   [May-21-18 01:01PM  GlobeNewswire]
▶ GOL Airlines awarded 2017 Treasury Team of the Year   [May-17-18 08:47AM  PR Newswire]
▶ GOL Reviews Financial Outlook   [07:00AM  PR Newswire]
▶ GOL discloses preliminary traffic figures for April 2018   [May-07-18 07:42AM  PR Newswire]
▶ GOL files 2017 Form 20-F with the U.S. SEC   [Apr-30-18 06:17PM  PR Newswire]
▶ GOL announces its 1Q18 earnings release schedule   [Apr-25-18 07:58PM  PR Newswire]
▶ GOL announces Notice to the Market   [Apr-20-18 07:48PM  PR Newswire]
▶ GOL announces Investor Update   [Apr-05-18 05:58PM  PR Newswire]
▶ GOL - Notice of Redemption of 2023 Notes   [Apr-04-18 05:52PM  PR Newswire]
▶ FLNG Hilli Episeyo and Gandria update   [Mar-12-18 03:51AM  GlobeNewswire]
▶ Golar LNG Dividend information   [Feb-28-18 08:27AM  GlobeNewswire]
▶ Anatomy of Success: GOL Linhas (GOL)   [Feb-27-18 04:53PM  Zacks]
▶ GOL announces its 4Q17 earnings release schedule   [Feb-19-18 05:56PM  PR Newswire]
▶ Golar LNG Limited - Q4 2017 results presentation   [Feb-15-18 09:26AM  GlobeNewswire]
▶ Re-tap offering for Senior Notes due 2025 by Gol Finance   [Jan-30-18 07:28PM  PR Newswire]
▶ New Strong Buy Stocks for January 23rd   [Jan-23-18 09:47AM  Zacks]
▶ 4 Airline Stocks to Ride on Bullish Q4 Unit Revenue Views   [Jan-16-18 02:15PM  InvestorPlace]
▶ 4 Airline Stocks That Could Fly Higher in 2018   [Dec-29-17 02:30PM  Zacks]
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