2018 capitalization rate study scheduled airlines - … airlines - weighted average cost of capital...

Scheduled Airlines - Passenger

2018 Capitalization Rate Study

Completed: March 26, 2018

Capital Structure

Equity 60.00% Page AP-4

Debt 40.00% Page AP-4

Equity Cost of Capital

Capital Asset Pricing Model 10.38% Page AP-5

Dividend Growth Model (g = Earnings Growth) 10.00% Page AP-9

Dividend Growth Model (g = Dividends Growth) 14.40% Page AP-9

10.25%

Debt Cost of Capital

Mergent's Corporate Bond Yields:

A 4.00%

Baa - Corporate (Annual Avg) 4.44%

Baa - Corporate (4th Qtr Avg) 4.27%

Baa - Corporate (December) 4.22%

4.44%

Source of

Capital

Capital

Structure Cost of Capital

Marginal Tax

Rate

After-tax Cost

of Capital Weighted Cost

Equity 60.00% 10.25% 10.25% 6.15%

Debt 40.00% 4.44% 24.00% 3.37% 1.35%

WACC 100.00% 7.50%

WACC (Rounded) 7.50%

Passenger Airlines - Weighted Average Cost of Capital (WACC)

2018 Assessment Year

Industry: Scheduled Passenger Airlines

Yield Capitalization Rate Study

MONTANA DEPARTMENT OF REVENUE

AP-2

Capital Structure

Equity 60.00% Page AP-4

Debt 40.00% Page AP-4

Equity Cost of Capital

NOI After-tax 8.00% Page AP-11

GCF 14.40% Page AP-11

Debt Cost of Capital

Calculated Current Yield 4.50% Page AP-12

Source of

Capital

Capital


Marginal Tax

Rate

After-tax Cost


Equity 60.00% 8.00% 8.00% 4.80%

Debt 40.00% 4.50% 24.00% 3.42% 1.37%

Total 100.00% 6.17%

Total (Rounded) 6.20%

Source of

Capital

Capital


Marginal Tax

Rate

After-tax Cost


Equity 60.00% 14.40% 14.40% 8.64%

Debt 40.00% 4.50% 24.00% 3.42% 1.37%

WACC 100.00% 10.01%

Total (Rounded) 10.10%

Passenger Airlines - GCF Direct Capitalization Rate



Direct Capitalization Rate Study


Passenger Airlines - NOI After-tax Direct Capitalization Rate

AP-3

A B C D E F G H I J K L M N

Company

Ticker

Symbol

Industry

Group

Financial

Strength

Shares

Outstanding

End of

Year

Closing

Stock

Price**

MV Common

Stock

MV Preferred

Stock*

MV Long

Term Debt*

PV of

Operating

Leases

Total Common,

Preferred, LT

Debt, &

OpLeases % Common

%

Preferred

% Debt &

OpLeases

Value Line Value Line 10-K Yahoo ExF 10-K 10-K 10-K G+H+I+J G/K H/K (I+J)/K

(000) ($000) ($000) ($000) ($000) ($000)

American Airlines Group AAL AIRTRANS B+ 475,508 52.06 24,754,941 0 24,029,000 9,948,284 58,732,225 42% 0% 58%

Allegiant Travel ALGT AIRTRANS B++ 16,066 154.75 2,486,276 0 1,122,669 24,997 3,633,942 68% 0% 32%

Alaska Air Group ALK AIRTRANS B 123,061 73.51 9,046,187 0 2,572,000 2,524,581 14,142,769 64% 0% 36%

Delta Air Lines DAL AIRTRANS B+ 714,674 56.00 40,021,753 0 8,700,000 12,486,032 61,207,785 65% 0% 35%

JetBlue Airways JBLU AIRTRANS B++ 321,859 22.34 7,190,336 0 1,154,000 973,411 9,317,747 77% 0% 23%

Southwest Airlines LUV AIRTRANS A 807,612 65.45 52,858,181 0 2,859,000 1,214,001 56,931,183 93% 0% 7%

Spirit Airlines SAVE AIRTRANS B++ 68,197 44.85 3,058,634 0 1,583,200 1,275,469 5,917,303 52% 0% 48%

SkyWest SKYW AIRTRANS B+ 80,398 53.10 4,269,139 0 2,698,400 617,650 7,585,189 56% 0% 44%

United Cont'l Hldgs. UAL AIRTRANS B 286,973 67.40 19,341,993 0 13,787,000 13,199,456 46,328,449 42% 0% 58%

All Companies 163,027,441 0 58,505,269 42,263,882 263,796,592 62% 0% 38%

Average 62% 0% 38%

Median 64% 0% 36%

Trimmed Average 61% 0% 39%

High 93% 0% 58%

Low 42% 0% 7%

Say 60% 40%

*Market value of preferred stock assumed to equal book value. Market value of long term debt is fair value.

**End of year closing price was used instead of 4th quarter average to better reflect investor expectations as a result of tax policy changes.

Notes/Rational for Changes to Guideline Companies

2018 - No changes to guideline companies


Support for Capital Structure



AP-4

EU

k e = Cost of Equity 10.38%

R f = Risk Free Rate 2.58%

β = Beta 1.30

ERP = Equity Risk Premium (Rm - Rf) 6.00%

R m = Market Rate of Return 8.58%

Risk Free Rate Measures (Rf):

The Value Line Investment Survey: Selection & Opinion1

January 5, 2018 Page 2573

Selected Yields on Taxable U.S. Treasury Securities

10-year 2.41%

30-year 2.75%

Federal Reserve Statistical Release2 and U.S. Department of the Treasury, Daily Treasury Yield Curve Rates

3

U.S. government securities, Treasury constant maturities, Nominal, December 29, 2017

10-year 2.40%

20-year 2.58%

30-year 2.74%

Risk Free Rate Selected 2.58%

1

2https://www.federalreserve.gov/datadownload/Choose.aspx?rel=H.15

3https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldYear&year=2017


Capital Asset Pricing Model (CAPM)



k e = R f + β x ERP

"Value Line Selection & Opinion", Value Line (January 5, 2018)

AP-5

https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldYear&year=2017






Equity Risk Premium Measures (ERP = Rm - Rf)

DOR 3 Stage Dividend Growth Model, S & P 500, See Exhibit

Rm4

Rm Rf ERP

ERP - Ex Ante 8.39% 8.39% 2.58% 5.81%

Duff & Phelps, 2018 Valuation Handbook

Rm4

Rm Rf ERP

ERP "Historical" - Ex Post Arithmetic Avg. 9.65% 9.65% 2.58% 7.07%

ERP "Supply-side" - Ex Post Arithmetic Avg. 8.62% 8.62% 2.58% 6.04%

ERP "Conditional" - Ex Ante 8.50% 3.50% 5.00%

Damodaran Implied ERP (Jan 1, 2017)

Rm4

Rm Rf ERP

Implied Premium (FCFE) - Ex Ante 7.66% 7.49% 2.41% 5.08%

Implied Premium (FCFE with sustainable payout) - Ex Ante 7.33% 7.16% 2.41% 4.75%

Rm4

Rm Rf ERP

Average 8.33% 8.30% 5.63%

Median 8.39% 8.45% 5.45%

High 9.65% 9.65% 7.07%

Low 7.33% 7.16% 4.75%

Equity Risk Premium Selected 8.58% 2.58% 6.00%

4R m estimated using selected Risk Free Rate (R f )

AP-6






Inflation and Growth Estimates5

Inflation

(CPI)

Real Growth

(GDP)

Nominal

Growth Low High

Livingston Survey5

2.37% 2.16% 4.53%

Survey of Professional Forecasters6

2.29% 2.16% 4.45%

Congressional Budget Office7

2.40% 1.90% 4.30%

OASDI Trustee Report8

2.60% 2.20% 4.80%

Average 2.42% 2.11% 4.52%

Median 2.39% 2.16% 4.55%

High 2.60% 2.20% 4.80%

Low 2.29% 1.90% 4.19%

Say 2.40% 2.15% 4.55% 4.19% 4.80%

Rounded 5.00%

2008 1.1428

2009 0.75% 1.1342

2010 1.21% 1.1205

2011 2.02% 1.0978

2012 1.81% 1.0780

2013 1.59% 1.0609

2014 1.76% 1.0421

2015 1.07% 1.0310

2016 1.26% 1.0180

2017 1.77% 1.0000

5Federal Reserve Bank of Philadelphia The Livingston Survey December 15, 2017 Table 3 Inflation Rate and Real GDP mean

https://www.philadelphiafed.org/research-and-data/real-time-center/livingston-survey

6Federal Reserve Bank of Philadelphia Survey of Professional Forecasters December 15, 2017 Table 8 and Table 9 Average over next 10-Year mean

https://www.philadelphiafed.org/-/media/research-and-data/real-time-center/survey-of-professional-forecasters/2018/spfq118.pdf?la=en

7Congressional Budget Office Real GDP Economic Projections Table C-1 pg 88 The Budget and Economic Outlook 2017-2027 2017-2021 1.86% Average Percentage Change From Year to Year 2022-2027 1.90%

http://www.cbo.gov/publication/52370

8Social Secirity AdministrationOASDI Trustee Report", Board of Trustees of the Federal Old-Age Survivors Insurance and Federal Disability Insurance Trust Funds (July 13, 2017)

https://www.ssa.gov/oact/TR/2017/tr2017.pdf

9Bureau of Economic Analysis, U.S. Department of Commerce. Table 1.1.9 Implicit Price Deflators for Gross Domestic Product

https://bea.gov/iTable/iTable.cfm?reqid=19&step=3&isuri=1&1921=survey&1903=13#reqid=19&step=3&isuri=1&1910=x&0=-99&1921=survey&1903=13&1904=2008&1905=2018&1906=a&1911=0

Nominal Growth

Annual Percent

Change

Conversion

FactorGDP Annual Implicit Price Deflator

9

110.012

111.416

113.419

Year

101.221

103.311

105.214

106.913

108.832

99.246

100.000

AP-7

https://www.philadelphiafed.org/research-and-data/real-time-center/livingston-survey

http://www.cbo.gov/publication/52370

https://www.ssa.gov/oact/TR/2017/tr2017.pdf

https://bea.gov/iTable/iTable.cfm?reqid=19&step=3&isuri=1&1921=survey&1903=13#reqid=19&step=3&isuri=1&1910=x&0=-99&1921=survey&1903=13&1904=2008&1905=2018&1906=a&1911=0

A B C D E

Company

Ticker

Symbol

Industry

Group

Financial

Strength Beta

Value Line Value Line Value Line

American Airlines Group AAL AIRTRANS B+ 1.30

Allegiant Travel ALGT AIRTRANS B++ 0.90

Alaska Air Group ALK AIRTRANS B 1.20

Delta Air Lines DAL AIRTRANS B+ 1.30

JetBlue Airways JBLU AIRTRANS B++ 1.20

Southwest Airlines LUV AIRTRANS A 1.20

Spirit Airlines SAVE AIRTRANS B++ 1.40

SkyWest SKYW AIRTRANS B+ 1.55

United Cont'l Hldgs. UAL AIRTRANS B 1.35

Average 1.27

Median 1.30

Trimmed Average 1.28

High 1.55

Low 0.90

Say 1.30



Support for Beta Selection in CAPM


AP-8

Ke = Cost of Equity g = Sustainable Growth

D1 = Expected Dividend b = Retention Ratio (1 - Payout Ratio)

P0 = Current Price Per Share ROE = Return on Equity

A B C D E F G H I J K L M N O

Company Name Ticker

End of

Year

Closing

Stock Price

2018 Est

Dividend

Dividend

Yield

2018 Est

Earnings

Per Share

2018 Est

Payout

Ratio Retention Ratio

2018 Est

Return on

Equity

Multistage

Long Term

Earnings

Growth

Estimate

Multistage

Long Term

Dividends

Growth

Estimate

Sustainable

Growth*

Cost of

Equity

Cost of

Equity

Cost of

Equity

P 0 D 1 D 1 /P 0 EPS D 1 /EPS

b =

1-Payout Ratio ROE

g =

Earnings g

g =

Dividends g

g =

b x ROE

K e

g = Earnings g

K e

g = Dividends g

K e

g = b x ROE

Yahoo Value Line D/C Value Line D/F 1-G Value Line

Multi Stg g

Wrksht

Multi Stg g

Wrksht H*I E+J E+K E+L

American Airlines Group AAL 52.06 0.40 0.77% 4.65 8.60% 91.40% 50.00% 2.63% 16.78% 45.70% 3.40% 17.55% 46.47%

Allegiant Travel ALGT 154.75 2.40 1.55% 11.10 21.62% 78.38% 28.50% 2.95% 12.38% 22.34% 4.50% 13.93% 23.89%

Alaska Air Group ALK 73.51 1.28 1.74% 6.00 21.33% 78.67% 22.00% 7.98% 10.49% 17.31% 9.72% 12.24% 19.05%

Delta Air Lines DAL 56.00 1.22 2.18% 6.50 18.77% 81.23% 30.50% 8.29% 12.70% 24.78% 10.47% 14.87% 26.95%

JetBlue Airways JBLU 22.34 - 0.00% 2.05 12.00% 6.09% 1.69%

Southwest Airlines LUV 65.45 0.58 0.89% 4.65 12.47% 87.53% 24.50% 9.24% 14.27% 21.44% 10.12% 15.15% 22.33%

Spirit Airlines SAVE 44.85 - 0.00% 3.45 13.00% 6.41% 1.69%

SkyWest SKYW 53.10 0.32 0.60% 4.40 7.27% 92.73% 12.50% 12.70% 12.38% 11.59% 13.30% 12.98% 12.19%

United Cont'l Hldgs. UAL 67.40 - 0.00% 7.50 23.00% 4.52% 1.69%

Average 0.86% 15.01% 84.99% 24.00% 6.76% 9.34% 23.86% 8.58% 14.46% 25.15%

Median 0.77% 15.62% 84.38% 23.00% 6.41% 12.38% 21.89% 9.92% 14.40% 23.11%

Trimmed Average 0.79% 15.29% 84.71% 22.00% 6.50% 9.37% 21.47% 8.70% 14.24% 23.06%

High 2.18% 21.62% 92.73% 50.00% 12.70% 16.78% 45.70% 13.30% 17.55% 46.47%

Low 0.00% 7.27% 78.38% 12.00% 2.63% 1.69% 11.59% 3.40% 12.24% 12.19%

Say 10.00% 14.40% 23.10%


Support for Yield Capitalization Cost of Equity Component - Based on Dividend Growth Model



Ke = (D1 / P0) + g

AP-9

Company Amer. Airlines AAL Company Allegiant Travel ALGT Compnay Alaska Air Group ALK

Value Line 5 yr est. earnings growth 1.50% Value Line 5 yr est. earnings growth 2.00% Value Line 5 yr est. earnings growth 10.00%

LT nominal economic growth rate 4.55% LT nominal economic growth rate 4.55% LT nominal economic growth rate 4.55%

Multi-Stage Weighted Average 2.63% Multi-Stage Weighted Average 2.95% Multi-Stage Weighted Average 7.98%

Value Line 5 yr est. div'd growth 24.00% Value Line 5 yr est. div'd growth 17.00% Value Line 5 yr est. div'd growth 14.00%



Company Delta Air Lines DAL Company JetBlue Airways JBLU Company Southwest Airlines LUV







Company Spirit Airlines SAVE Company SkyWest SKYW Company United Cont'l Hldgs. UAL







Dividend Growth Dividend Growth Dividend Growth

Dividend Growth Dividend Growth Dividend Growth

Dividend GrowthDividend GrowthDividend Growth

Earnings GrowthEarnings GrowthEarnings Growth

Earnings Growth Earnings Growth Earnings Growth


Support for Yield Capitalization Cost of Equity Component - Multi-Stage Growth Model



Earnings Growth Earnings Growth Earnings Growth

AP-10

A B C D E F G H I J K L M N O

Company

Ticker

Symbol

End of Year

Closing

Stock Price

VL Historic

EPS VL Est EPS

VL Historic

P/E Ratio

VL Est P/E

Ratio

Ke

Estimate -

Earnings

(Hist. P/E)

Ke

Estimate -

Earnings

(Est. P/E)

VL Historic

Cash Flow

Per Share

VL Est

Cash Flow

Per Share

VL Historic

P/CF Ratio

VL Est

P/CF Ratio

Ke

Estimate -

Cash Flow

(Hist. P/CF)

Ke

Estimate -

Cash Flow

(Est. P/CF)

Yahoo Value Line Value Line C/D C/E 1/F 1/G Value Line Value Line C/J C/K 1/L 1/M

American Airlines Group AAL 52.06 3.91 4.65 13.31 11.20 7.51% 8.93% 8.28 7.75 6.29 6.72 15.90% 14.89%

Allegiant Travel ALGT 154.75 9.54 11.10 16.22 13.94 6.16% 7.17% 19.53 17.35 7.92 8.92 12.62% 11.21%

Alaska Air Group ALK 73.51 6.63 6.00 11.09 12.25 9.02% 8.16% 9.54 9.70 7.71 7.58 12.98% 13.20%

Delta Air Lines DAL 56.00 4.94 6.50 11.34 8.62 8.82% 11.61% 8.10 8.23 6.91 6.80 14.46% 14.70%

JetBlue Airways JBLU 22.34 1.76 2.05 12.69 10.90 7.88% 9.18% 3.42 3.20 6.53 6.98 15.31% 14.32%

Southwest Airlines LUV 65.45 3.41 4.65 19.19 14.08 5.21% 7.10% 5.60 7.00 11.69 9.35 8.56% 10.70%

Spirit Airlines SAVE 44.85 3.18 3.45 14.10 13.00 7.09% 7.69% 5.28 5.25 8.49 8.54 11.77% 11.71%

SkyWest SKYW 53.10 3.42 4.40 15.53 12.07 6.44% 8.29% 8.11 9.15 6.55 5.80 15.27% 17.23%

United Cont'l Hldgs. UAL 67.40 6.78 7.50 9.94 8.99 10.06% 11.13% 15.36 14.45 4.39 4.66 22.79% 21.44%

Average 13.71 11.67 7.58% 8.81% 7.39 7.26 14.41% 14.38%

Median 13.31 12.07 7.51% 8.29% 6.91 6.98 14.46% 14.32%

Trimmed Average 13.47 11.76 7.56% 8.65% 7.20 7.34 14.05% 13.89%

High 19.19 14.08 10.06% 11.61% 11.69 9.35 22.79% 21.44%

Low 9.94 8.62 5.21% 7.10% 4.39 4.66 8.56% 10.70%

Say 8.00% 14.40%


Support for Direct Capitalization Cost of Equity (ke)



AP-11

A B C D E F G H I J K

2017 YE 2017 YE 2016 YE 2016 YE 2017 YE 2017 2017 Avg 2017 2017 Avg

Company Ticker Interest Exp. MV LT Debt BV LT Debt MV LT Debt BV LT Debt MV LT Debt Current Yield BV LT Debt MTBR

Source 10-K 10-K 10-K 10-K 10-K (D+F)/2 (C/H) (E+G)/2 (H/J)

($000) ($000) ($000) ($000) ($000) ($000) ($000)

Alaska Air Group ALK 103,000 2,968,000 2,964,000 2,572,000 2,569,000 2,770,000 3.72% 2,766,500 1.00

Allegiant Travel ALGT 38,990 808,871 813,178 1,122,669 1,171,002 965,770 4.04% 992,090 0.97

American Airlines Group AAL 1,053,000 23,181,000 22,577,000 24,029,000 23,294,000 23,605,000 4.46% 22,935,500 1.03

Delta Airlines DAL 396,000 7,300,000 7,008,000 8,700,000 8,440,000 8,000,000 4.95% 7,724,000 1.04

JetBlue Airways JBLU 95,000 1,336,000 1,244,000 1,154,000 1,075,000 1,245,000 7.63% 1,159,500 1.07

SkyWest SKYW 104,925 2,566,500 2,570,900 2,698,400 2,712,400 2,632,450 3.99% 2,641,650 1.00

Southwest Airlines LUV 114,000 3,445,000 3,387,000 2,859,000 2,808,000 3,152,000 3.62% 3,097,500 1.02

Spirit Airlines SAVE 57,302 1,033,700 1,012,400 1,583,200 1,539,600 1,308,450 4.38% 1,276,000 1.03

United Cont'l Holdings UAL 643,000 11,055,000 10,767,000 13,787,000 13,268,000 12,421,000 5.18% 12,017,500 1.03

All Companies 2,605,217 56,099,670 4.64% 54,610,240 1.03

Average 4.66% 1.02

Median 4.38% 1.03

Trimmed Average 4.39% 1.02

High 7.63% 1.07

Low 3.62% 0.97

Say 4.50% 1.02



Support for Direct Capitalization Cost of Debt Component - Calculated Current Yield


AP-12

Ticker Company Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17

End of Year

Closing

4th Qtr

Average

Annual

Average

AAL American Airlines Group high 50.00$ 48.05$ 48.14$ 47.39$ 48.82$ 51.95$ 54.48$ 52.00$ 48.60$ 53.74$ 51.16$ 53.47$ 52.06$ 49.85$ 47.50$

low 43.74$ 43.57$ 39.21$ 40.82$ 42.01$ 48.01$ 48.73$ 42.67$ 42.61$ 46.79$ 45.27$ 48.69$

ALGT Allegiant Travel high 182.25$ 178.45$ 178.20$ 169.15$ 150.05$ 147.05$ 147.00$ 131.75$ 137.75$ 145.00$ 154.20$ 162.35$ 154.75$ 143.23$ 146.75$

low 164.50$ 157.50$ 153.40$ 143.90$ 134.65$ 134.95$ 126.20$ 114.35$ 111.54$ 128.30$ 125.95$ 143.55$

ALK Alaska Air Group high 96.27$ 98.89$ 101.43$ 92.59$ 87.34$ 93.16$ 95.75$ 87.17$ 78.44$ 82.68$ 70.51$ 76.06$ 73.51$ 70.27$ 83.37$

low 86.22$ 92.37$ 89.00$ 83.76$ 82.03$ 87.04$ 83.41$ 73.29$ 71.17$ 64.77$ 61.10$ 66.50$

DAL Delta Air Lines high 52.00$ 51.96$ 51.87$ 47.55$ 50.95$ 54.53$ 55.75$ 51.55$ 49.28$ 54.06$ 53.50$ 56.84$ 56.00$ 52.07$ 49.70$

low 46.57$ 46.48$ 44.47$ 43.81$ 45.40$ 49.30$ 49.26$ 45.00$ 44.59$ 47.90$ 48.33$ 51.76$

JBLU JetBlue Airways high 23.15$ 20.32$ 21.04$ 22.74$ 23.12$ 23.37$ 24.13$ 22.62$ 19.95$ 20.79$ 21.59$ 22.74$ 22.34$ 20.51$ 20.92$

low 18.94$ 18.71$ 19.05$ 20.31$ 20.70$ 22.20$ 21.42$ 19.17$ 18.05$ 18.37$ 18.73$ 20.84$

LUV Southwest Airlines high 54.18$ 58.57$ 59.68$ 57.84$ 61.19$ 62.75$ 64.39$ 56.87$ 56.65$ 59.89$ 61.51$ 66.99$ 65.45$ 59.04$ 56.63$

low 48.71$ 52.18$ 51.11$ 52.88$ 56.17$ 57.63$ 53.77$ 50.49$ 49.76$ 53.54$ 52.78$ 59.51$

SAVE Spirit Airlines high 58.99$ 56.12$ 54.35$ 59.54$ 60.28$ 56.89$ 53.84$ 41.47$ 35.47$ 38.42$ 42.88$ 45.68$ 44.85$ 39.24$ 46.67$

low 52.50$ 50.50$ 48.29$ 50.68$ 51.89$ 50.89$ 38.62$ 33.93$ 30.32$ 32.99$ 34.08$ 41.37$

SKYW SkyWest high 37.90$ 37.20$ 37.70$ 39.85$ 37.60$ 37.85$ 39.65$ 38.75$ 44.90$ 48.45$ 52.95$ 54.85$ 53.10$ 49.12$ 39.31$

low 34.40$ 31.06$ 33.65$ 30.40$ 33.45$ 34.26$ 34.50$ 31.75$ 33.80$ 42.85$ 45.55$ 50.05$

UAL United Cont'l Hldgs. high 76.75$ 76.46$ 76.65$ 72.10$ 81.96$ 83.04$ 81.36$ 69.31$ 63.08$ 69.62$ 63.84$ 67.99$ 67.40$ 62.96$ 69.18$

low 69.34$ 70.55$ 64.16$ 67.55$ 70.24$ 74.97$ 66.45$ 61.31$ 57.34$ 58.04$ 56.51$ 61.78$



Support of Stock Price - From YAHOO Finance


AP-13

2018 capitalization rate study scheduled airlines - … airlines - weighted average cost of capital...

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