Azul S.A.

AI-generated fair value estimate for this company.

Method: 10-year unlevered FCF DCF: $350M normalized post-restructuring FCF base (vs. TTM FCF of -$360M during its 2025 Chapter 11 restructuring); 5% annual FCF growth for years 1-5; 3% for years 6-10; 12% discount rate; 2.5% terminal growth; $4.05B net debt; 368.56M shares outstanding (post-restructuring share count, up approximately 814% year-over-year from reorganization equity issuance).

Reasoning: Azul is a Brazilian airline that underwent Chapter 11 restructuring in 2025 with massive equity dilution, so a normalized post-reorganization FCF figure and a high 12% discount rate for airline/emerging-market/leverage risk are used rather than extrapolating the still-negative restructuring-period FCF; the very large net debt load largely offsets enterprise value, consistent with the stock's heavily diluted, low per-share value.