Investopedia: FedEx Not Particularly Expensive, But Analysts Still Too Positive

Although I have tremendous respect for the business that FedEx (NYSE:FDX) has built, the same cannot be said of my opinion of most analysts' models and valuations for this company. FedEx has long struggled to deliver good free cash flow (FCF) generation, and although I think the company's new efficiency plans will produce better results, there's a gulf between “better” and “good”.

That said, FedEx shares have underperformed the market for about three years running and now don't seem particularly expensive. While I would have some concern that sell-side analysts are still setting too high a bar for the company (sowing the seeds for future disappointment), there's at least a buy case to be made today.

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http://www.investopedia.com/stock-analysis/061913/fedex-not-particularly-expensive-analysts-still-too-positive-fdx-ups-odfl-utiw.aspx

Investopedia: Air Transport Group Offers A Value Conundrum

What is Air Transport Group (Nasdaq:ATSG) really worth? It sounds like a straightforward question, but it is really anything but straightforward. While there are certainly several positive aspects to this business, and legitimate reasons for thinking it undervalued, there are also several significant drawbacks and concerns about the long-term economic returns from the business model.

Air Freight a Bumpy Growth Story  
It likely will not surprise anyone that air freight is typically the most expensive way of shipping products, particularly those with low value-to-weight ratios. Said differently, nobody would think of shipping coal, frozen chicken breasts or family sedans by cargo plane - that's what rail, trucks and ocean-going cargo ships are for.

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http://stocks.investopedia.com/stock-analysis/2012/Air-Transport-Group-Offers-A-Value-Conundrum-ATSG-FDX-UPS-AAWW0104.aspx