ATSG - There's An Interesting Gap Between Air Transport's Underlying Performance And The Share Price

• Air Transport Group continues to see strong demand for its cargo services on the back of hot e-commerce growth, with various and sundry costs obscuring double-digit underlying returns.
• The company will be adding 15 already-booked planes to the fleet in '21, including 11 more for Amazon, and demand is strong beyond '21.
• The A321 conversion program has taken longer to get underway, but should be a bigger factor in 2022 and beyond.
• With the shares undervalued on EBITDA, and EBITDA likely to grow at 10% or more for several years, these shares look like an undervalued e-commerce volume play.

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