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ATSG - Atlas Air Worldwide: Brighter Trade Outlook Favorable Federal Ruling To Spur Profitability Bounce
Air Transport Services Group Inc
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I first looked at Atlas Air this past summer when it was trading at $42 level and despite shares falling 37%, I would reiterate my buy rating at its current price of $26.30 due to the encouraging trade conditions and subtle progress with their labor disputes. I apply and weight a range of valuation approached to arrive at a $31.65 price target - see Exhibit 10.
Financial Summary
Atlas Air’s average operating fleet rose 4% QoQ to 116.3 in 3Q19 while total block hours decelerated to single-digit YoY growth and ACMI/Charter cargo yields (Revenue