Intrinsic value of GOL Linhas Aereas Inteligentes ADR - GOL

Previous Close

$11.10

  Intrinsic Value

$127.29

stock screener

  Rating & Target

str. buy

+999%

Previous close

$11.10

 
Intrinsic value

$127.29

 
Up/down potential

+999%

 
Rating

str. buy

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 0001), $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 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

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
  3,709
  4,476
  5,330
  6,273
  7,303
  8,418
  9,617
  10,899
  12,260
  13,699
  15,216
  16,807
  18,474
  20,214
  22,030
  23,920
  25,888
  27,933
  30,059
  32,269
  34,565
  36,951
  39,432
  42,012
  44,695
  47,488
  50,397
  53,426
  56,584
  59,877
Variable operating expenses, $m
  1,954
  2,347
  2,785
  3,267
  3,795
  4,367
  4,981
  5,638
  6,335
  7,073
  7,796
  8,611
  9,465
  10,357
  11,287
  12,256
  13,264
  14,312
  15,401
  16,534
  17,710
  18,933
  20,204
  21,525
  22,901
  24,332
  25,822
  27,374
  28,992
  30,679
Fixed operating expenses, $m
  1,263
  1,291
  1,319
  1,348
  1,378
  1,408
  1,439
  1,471
  1,503
  1,536
  1,570
  1,605
  1,640
  1,676
  1,713
  1,751
  1,789
  1,829
  1,869
  1,910
  1,952
  1,995
  2,039
  2,084
  2,130
  2,176
  2,224
  2,273
  2,323
  2,374
Total operating expenses, $m
  3,217
  3,638
  4,104
  4,615
  5,173
  5,775
  6,420
  7,109
  7,838
  8,609
  9,366
  10,216
  11,105
  12,033
  13,000
  14,007
  15,053
  16,141
  17,270
  18,444
  19,662
  20,928
  22,243
  23,609
  25,031
  26,508
  28,046
  29,647
  31,315
  33,053
Operating income, $m
  492
  838
  1,226
  1,657
  2,130
  2,643
  3,197
  3,790
  4,422
  5,090
  5,849
  6,591
  7,368
  8,181
  9,029
  9,913
  10,834
  11,792
  12,789
  13,825
  14,903
  16,024
  17,189
  18,402
  19,665
  20,980
  22,351
  23,779
  25,269
  26,824
EBITDA, $m
  687
  1,062
  1,483
  1,949
  2,461
  3,017
  3,616
  4,258
  4,942
  5,665
  6,428
  7,230
  8,071
  8,950
  9,868
  10,824
  11,819
  12,855
  13,933
  15,053
  16,218
  17,430
  18,690
  20,001
  21,366
  22,788
  24,269
  25,812
  27,422
  29,102
Interest expense (income), $m
  192
  355
  199
  306
  424
  555
  698
  853
  1,019
  1,197
  1,386
  1,585
  1,796
  2,017
  2,248
  2,489
  2,741
  3,004
  3,277
  3,560
  3,855
  4,162
  4,481
  4,812
  5,156
  5,514
  5,886
  6,274
  6,677
  7,098
  7,536
Earnings before tax, $m
  138
  639
  921
  1,233
  1,575
  1,945
  2,344
  2,771
  3,225
  3,705
  4,264
  4,795
  5,351
  5,933
  6,540
  7,172
  7,831
  8,516
  9,229
  9,970
  10,741
  11,543
  12,378
  13,247
  14,151
  15,094
  16,077
  17,102
  18,171
  19,288
Tax expense, $m
  37
  172
  249
  333
  425
  525
  633
  748
  871
  1,000
  1,151
  1,295
  1,445
  1,602
  1,766
  1,937
  2,114
  2,299
  2,492
  2,692
  2,900
  3,117
  3,342
  3,577
  3,821
  4,075
  4,341
  4,617
  4,906
  5,208
Net income, $m
  100
  466
  672
  900
  1,149
  1,420
  1,711
  2,023
  2,354
  2,704
  3,113
  3,500
  3,907
  4,331
  4,774
  5,236
  5,716
  6,217
  6,737
  7,278
  7,841
  8,426
  9,036
  9,670
  10,330
  11,019
  11,736
  12,484
  13,265
  14,080

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
  3,812
  4,540
  5,343
  6,220
  7,170
  8,192
  9,283
  10,443
  11,669
  12,960
  14,316
  15,736
  17,218
  18,765
  20,375
  22,051
  23,793
  25,604
  27,486
  29,442
  31,475
  33,588
  35,785
  38,071
  40,450
  42,927
  45,508
  48,198
  51,003
Adjusted assets (=assets-cash), $m
  3,160
  3,812
  4,540
  5,343
  6,220
  7,170
  8,192
  9,283
  10,443
  11,669
  12,960
  14,316
  15,736
  17,218
  18,765
  20,375
  22,051
  23,793
  25,604
  27,486
  29,442
  31,475
  33,588
  35,785
  38,071
  40,450
  42,927
  45,508
  48,198
  51,003
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
  1,525
  1,840
  2,191
  2,578
  3,001
  3,460
  3,953
  4,479
  5,039
  5,630
  6,254
  6,908
  7,593
  8,308
  9,054
  9,831
  10,640
  11,481
  12,354
  13,262
  14,206
  15,187
  16,207
  17,267
  18,370
  19,518
  20,713
  21,958
  23,256
  24,610
Working capital, $m
  -1,102
  -1,329
  -1,583
  -1,863
  -2,169
  -2,500
  -2,856
  -3,237
  -3,641
  -4,069
  -4,519
  -4,992
  -5,487
  -6,004
  -6,543
  -7,104
  -7,689
  -8,296
  -8,928
  -9,584
  -10,266
  -10,975
  -11,711
  -12,477
  -13,275
  -14,104
  -14,968
  -15,868
  -16,806
  -17,784
Total debt, $m
  1,101
  1,688
  2,343
  3,066
  3,855
  4,710
  5,630
  6,612
  7,656
  8,759
  9,921
  11,142
  12,419
  13,753
  15,145
  16,595
  18,103
  19,671
  21,301
  22,995
  24,755
  26,584
  28,486
  30,464
  32,521
  34,662
  36,892
  39,214
  41,635
  44,160
Total liabilities, $m
  2,844
  3,431
  4,086
  4,809
  5,598
  6,453
  7,373
  8,355
  9,399
  10,502
  11,664
  12,885
  14,162
  15,496
  16,888
  18,338
  19,846
  21,414
  23,044
  24,738
  26,498
  28,327
  30,229
  32,207
  34,264
  36,405
  38,635
  40,957
  43,378
  45,902
Total equity, $m
  316
  381
  454
  534
  622
  717
  819
  928
  1,044
  1,167
  1,296
  1,432
  1,574
  1,722
  1,876
  2,038
  2,205
  2,379
  2,560
  2,749
  2,944
  3,147
  3,359
  3,579
  3,807
  4,045
  4,293
  4,551
  4,820
  5,100
Total liabilities and equity, $m
  3,160
  3,812
  4,540
  5,343
  6,220
  7,170
  8,192
  9,283
  10,443
  11,669
  12,960
  14,317
  15,736
  17,218
  18,764
  20,376
  22,051
  23,793
  25,604
  27,487
  29,442
  31,474
  33,588
  35,786
  38,071
  40,450
  42,928
  45,508
  48,198
  51,002
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
  100
  466
  672
  900
  1,149
  1,420
  1,711
  2,023
  2,354
  2,704
  3,113
  3,500
  3,907
  4,331
  4,774
  5,236
  5,716
  6,217
  6,737
  7,278
  7,841
  8,426
  9,036
  9,670
  10,330
  11,019
  11,736
  12,484
  13,265
  14,080
Depreciation, amort., depletion, $m
  195
  224
  256
  292
  331
  374
  419
  468
  520
  575
  579
  640
  703
  769
  838
  910
  985
  1,063
  1,144
  1,228
  1,315
  1,406
  1,501
  1,599
  1,701
  1,807
  1,918
  2,033
  2,153
  2,279
Funds from operations, $m
  295
  690
  928
  1,192
  1,481
  1,794
  2,131
  2,491
  2,874
  3,279
  3,692
  4,140
  4,610
  5,100
  5,612
  6,146
  6,702
  7,280
  7,881
  8,506
  9,156
  9,833
  10,536
  11,269
  12,031
  12,826
  13,654
  14,517
  15,418
  16,359
Change in working capital, $m
  -202
  -228
  -254
  -280
  -306
  -331
  -356
  -381
  -404
  -428
  -450
  -473
  -495
  -517
  -539
  -562
  -584
  -608
  -631
  -656
  -682
  -709
  -737
  -766
  -797
  -830
  -864
  -900
  -938
  -978
Cash from operations, $m
  497
  918
  1,182
  1,472
  1,787
  2,125
  2,487
  2,872
  3,278
  3,707
  4,142
  4,613
  5,105
  5,617
  6,152
  6,708
  7,286
  7,887
  8,512
  9,162
  9,838
  10,541
  11,273
  12,035
  12,828
  13,655
  14,518
  15,417
  16,356
  17,337
Maintenance CAPEX, $m
  -115
  -141
  -170
  -203
  -239
  -278
  -320
  -366
  -415
  -467
  -521
  -579
  -640
  -703
  -769
  -838
  -910
  -985
  -1,063
  -1,144
  -1,228
  -1,315
  -1,406
  -1,501
  -1,599
  -1,701
  -1,807
  -1,918
  -2,033
  -2,153
New CAPEX, $m
  -279
  -315
  -351
  -387
  -423
  -458
  -493
  -527
  -559
  -592
  -623
  -654
  -685
  -715
  -746
  -777
  -809
  -841
  -874
  -908
  -944
  -981
  -1,020
  -1,060
  -1,103
  -1,148
  -1,195
  -1,245
  -1,298
  -1,353
Cash from investing activities, $m
  -394
  -456
  -521
  -590
  -662
  -736
  -813
  -893
  -974
  -1,059
  -1,144
  -1,233
  -1,325
  -1,418
  -1,515
  -1,615
  -1,719
  -1,826
  -1,937
  -2,052
  -2,172
  -2,296
  -2,426
  -2,561
  -2,702
  -2,849
  -3,002
  -3,163
  -3,331
  -3,506
Free cash flow, $m
  102
  462
  661
  882
  1,125
  1,389
  1,674
  1,979
  2,304
  2,649
  2,998
  3,380
  3,780
  4,199
  4,636
  5,092
  5,567
  6,061
  6,575
  7,110
  7,666
  8,245
  8,847
  9,474
  10,127
  10,807
  11,515
  12,254
  13,025
  13,830
Issuance/(repayment) of debt, $m
  -859
  587
  655
  723
  789
  855
  919
  982
  1,044
  1,104
  1,162
  1,220
  1,277
  1,334
  1,392
  1,449
  1,508
  1,568
  1,630
  1,694
  1,760
  1,829
  1,902
  1,978
  2,057
  2,141
  2,230
  2,323
  2,421
  2,524
Issuance/(repurchase) of shares, $m
  1,337
  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  
  478
  587
  655
  723
  789
  855
  919
  982
  1,044
  1,104
  1,162
  1,220
  1,277
  1,334
  1,392
  1,449
  1,508
  1,568
  1,630
  1,694
  1,760
  1,829
  1,902
  1,978
  2,057
  2,141
  2,230
  2,323
  2,421
  2,524
Total cash flow (excl. dividends), $m
  580
  1,049
  1,316
  1,604
  1,914
  2,244
  2,593
  2,961
  3,348
  3,752
  4,160
  4,600
  5,057
  5,533
  6,028
  6,542
  7,075
  7,629
  8,205
  8,804
  9,427
  10,075
  10,749
  11,452
  12,184
  12,948
  13,745
  14,577
  15,446
  16,354
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
  -280
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
  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
  -856
  984
  1,243
  1,524
  1,826
  2,149
  2,491
  2,852
  3,232
  3,629
  4,031
  4,464
  4,916
  5,385
  5,873
  6,381
  6,908
  7,455
  8,024
  8,616
  9,231
  9,871
  10,538
  11,232
  11,955
  12,710
  13,497
  14,319
  15,177
  16,074
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
  -740
  724
  768
  778
  759
  714
  649
  572
  489
  405
  325
  253
  191
  140
  99
  68
  45
  29
  18
  10
  6
  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 6.5
Price to Sales 0.6
Price to Book -1.5
Price to Tangible Book
Price to Cash Flow -251
Price to Free Cash Flow -12
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 $3030.50829238 million for the last fiscal year's total revenue generated by GOL Linhas Aereas Inteligentes ADR. The default revenue input number comes from 0001 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%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1236 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%.

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 41.1%.

Life of production assets of 10.8 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 -29.7%. 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 - $-1121.00675676 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 24.78 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 $0.3 billion.

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COMPANY NEWS

▶ Golar LNG Dividend Information   [Nov-05-18 12:44PM  GlobeNewswire]
▶ GOL Reviews Financial Outlook   [Nov-01-18 08:49AM  PR Newswire]
▶ Golar LNG Limited - Q3 2018 results presentation   [Oct-24-18 12:01PM  GlobeNewswire]
▶ GOL Launches Technology Innovation Lab   [08:00AM  PR Newswire]
▶ These 7 Stocks Are Ready to Change Direction   [Oct-22-18 02:00PM  TheStreet.com]
▶ GOL announces its 3Q18 earnings release schedule   [Oct-17-18 05:20PM  PR Newswire]
▶ GOL announces Corporate Reorganization of the Group   [Oct-14-18 11:03PM  PR Newswire]
▶ Golar LNG Limited: 2018 AGM Results Notification   [Sep-27-18 07:01AM  GlobeNewswire]
▶ 2018 Annual General Meeting-Notice Amendment   [Sep-11-18 01:07PM  GlobeNewswire]
▶ Boeing, GOL Debut Airline's First 737 MAX Airplane   [Aug-29-18 11:47AM  PR Newswire]
▶ Golar LNG Dividend information   [Aug-23-18 08:24AM  GlobeNewswire]
▶ Golar LNG Limited - Q2 2018 results presentation   [Aug-14-18 12:06PM  GlobeNewswire]
▶ GOL discloses preliminary traffic figures for July 2018   [Aug-06-18 06:59PM  PR Newswire]
▶ GOL Reviews Financial Outlook   [07:10AM  PR Newswire]
▶ GOL announces its 2Q18 earnings release schedule   [Jul-23-18 09:19AM  PR Newswire]
▶ 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]

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