Analysis: ATSG needs organic growth, and lots of it, to deliver more value to investors

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There are companies that need growth to survive in difficult market conditions, while others have to reinvent themselves to thrive. US-based Air Transport Services Group is of the latter kind.

Judging by its performance on the stock exchange since March 2009, nothing could go wrong with this relatively small company, which has a market cap of $600m.

Its equity valuation has risen by an astonishing 4,585% since the bull market began six years ago, and although its stock is now priced at ...