piw
10 Jun 2019
Video: AVAP at Mello London May 19 AVAP Mello presentation by Richard Wolanski A company overview, historical financial performance, H1 19 summary, aircraft portfolio and why invest now? piworld.co.uk Avation (AVAP) Presentation at Mello May 2019 By Richard Wolanski, FD Introduction – 00:18 Company overview - 01:17 Snapshot of Avation - 08:22 Half Year 2019 Summary - 14
2 Historical Operation & Fi
IOMINVESTCOM
04 May 2018
Re: Canaccord - Starts coverage with 3.00 t... Canaccord reiterates buy with a target price of 300p.
IOMINVESTCOM
11 Mar 2018
MIDAS SHARE TIPS UPDATE Aircraft leasing firm Avation has delivered soaraway growth since Midas recommended the shares in 2013. Then the stock was 63½p and the company’s fleet was valued at £240 million. Today, the shares are 223p and the fleet is worth just over £1 billion.Avation owns 37 planes, leased to customers such as easyJet, Thomas Cook, Virgin Australia and Mandarin Airlines.Midas verdict: Avation has performed well since 2013 but there is more to come. Existing investors should retain most of their shares, while new investors could also see value at 223p[link]
IOMINVESTCOM
20 Dec 2017
Paul Scott's view My opinion - I'm not really up-to-speed on this company, so don't really have a view either way. I looked into it in some detail a couple of years ago, and thought it looked quite good. Management seem to have addressed the main risks inherent in a leasing business.Let me point you in the direction of a comment posted by Carcosa below - comment no. 16. He sets out some interesting detail about Avation. The discount to NAV looks attractive, as he points out. Many thanks for posting this Carcosa.[link]
IOMINVESTCOM
25 Nov 2017
Canaccord - Starts coverage with 3.00 target 20 Nov 17 Canaccord Genuity Buy 216.50 - 300.00 Initiates/Starts[link]
danners
17 Jul 2017
lift-off anyone else aboard?
nk1999
07 Jun 2017
IC View Simon Thompson column (23/5/17):"Primed for ascent I feel investors are missing a trick with aircraft leasing company Avation (AVAP:203p). The company has just signed a term sheet to supply 50 ATR 72-600 aircraft to Indian budget airline Indigo. That’s interesting because analyst John Cummins at brokerage WH Ireland notes that “Indigo plans to introduce up to 20 aircraft by the end of 2018, taking further available capacity out of the ATR supply chain over the next couple of years. This follows on from last month’s announcement that ATR and Iran Air have signed contracts for 20 ATR 72-600 aircraft orders plus a further 20 options”.A backdrop of rising demand and relatively fixed supply is positive for Avation, which has firm orders for nine ATR 72-600 aircraft and a further 27 options, making it the largest holder of ATR 72-600 options globally. In the past, the company has either taken up the orders or traded them at a profit when market conditions have allowed. And the board is freeing up capital to fund new aircraft by selling off six of its existing leased ATR 72 aircraft to a single commercial lessor, Chorus Aviation Inc. (TSX: CHR), in a transaction at a premium to book value - and one that will release $31m (£23.8m) in net cash proceeds. Mr Cummins notes that “the disposal provides the opportunity to deliver additional scale of fleet assets and diversification, both of which drive improved credit ratings and ultimately reduce the cost of funds, which represents the largest cost to a lessor”. The point being that this is not being priced in. That’s because Avation’s shares are trading 15 per cent below last reported net asset value per share of 310¢, or 238p at current exchange rates, and that’s before factoring in the premium valuation being achieved on the aforementioned disposal which should close by end-June. To put this into some perspective, the international aircraft leasing peer group is rated in-line with book value. Also, Mr Cummins is pencilling in an 18 per cent rise in pre-tax profit to $21.5m in the 12 months to end-June 2017, giving EPS of 32.6¢, or 25.7p based on an average exchange rate of £1:$1.27, implying the shares are rated on a forward PE ratio of 8, a deep discount to rivals. Shareholders can expect a decent full-year dividend after banking a payout per share of 3.25¢ last year.So, having last advised buying the shares at 220p ('Four small-cap buys', 21 March 2017), I feel Avation’s shares are primed to take out the 229p record high, the catalyst being the closure of the Chorus deal and the release of a bumper set of full-year results. Offering 23 per cent upside to my price target of 250p, I rate the shares a buy."
pancaked
23 Feb 2017
New investment I had the good fortune to hear a presentation by Richard Wolanski (Avation Finance Director) earlier this week.Also had a very brief chat with him. Very impressed. I have acquired 2 lots of shares since, (nothing like Slater's, as I am a private shareholder with limited resources) and am sure I've made a good decision.
IOMINVESTCOM
16 Feb 2017
Update on Potential Sale of Turboprop Portfolio Update on Potential Sale of Turboprop PortfolioIn October 2016 Avation announced that it had received an expression of interest for 22 ATR 72 turboprop aircraft. As a consequence, Avation, through an appointed adviser, sought competing proposals from the market and received eight offers from a range of investors and lessors.The bids received support a valuation of the portfolio at a premium to book value. The Company is still in discussion with a number of the bidders and best and final offers have yet to be received. At the current stage there is no certainty that any definitive agreement will be entered into nor that any transaction will materialise from the various discussions. The Board reiterates its position that any transaction would need to deliver shareholders a significant premium above book value.Avation is an active trader of aircraft and from time to time will also consider the sale of individual or smaller portfolios of aircraft based on prevailing market opportunities.
IOMINVESTCOM
16 Feb 2017
Cracking results Overview -- Lease revenue increased by 43% to $45.1 million; -- Earnings before interest and tax ("EBIT" or "Operating Profit"
grew 54% to $27.6 million; -- Profit before taxation increased by 51% to $8.4 million; -- Total profit after tax increased 54% to $7.4 million; -- Operating cash flows increased 65% to $31.1 million; and -- Earnings per share ("EPS" increased 46% to 12.9 cents. Executive Chairman, Jeff Chatfield, said:"Avation is pleased to report significant year on year increases in revenue, profit and operating cashflow in the half year to 31 December 2016."Fleet metrics have continued to improve as the fleet has grown, with the weighted average age of the aircraft decreasing to 2.8 years and the weighted average remaining lease term increasing to 7.8 years. Avation's strategy seeks to maintain a low average age of the fleet, lowering risk by maximising the long term earning potential of fleet assets. As at 31 December 2016 the value of the Company's jet fleet now exceeds that of the turboprop fleet."In addition to these satisfactory financial results Avation has grown the aircraft fleet, managed overhead costs and improved fleet metrics to position the Company well for the second half of the financial year."Aircraft Fleet
IOMINVESTCOM
24 Jan 2017
Mark Slater has upped his stake Citywire A-rated fund manager Mark Slater has upped his stake in commercial aircraft leasing company Avation following a 33% increase in its share price over one year.Slater increased his holding in the business from 5.9 million shares to 6.1 million or 10.39% worth £12 million at a share price of 197.40p, up 47% over the last six months. The stock was listed as one of the top contributors to the MFM Slater Recovery fund’s performance in November 2016.In December, Avation announced the successful delivery of a new Airbus aircraft to Vietnamese company Vietjet. The business is expected to continue its growth, which saw it add nine aircraft to its fleet just last year.For the 2016 financial year, the company increased its revenue by 25% to $71.2 million. Meanwhile operating profit grew by 35.6% to $45.6 million.Elsewhere, the company’s credit rating has been upgraded by S&P Global Ratings to B+ whereas before it was B[link]
valuemanbuyer
04 Jan 2017
Re: Reduced weighting Your comment on the pullback may indeed be wise words. I've just started to trim stocks reliant upon the UK . Avap should be ok if interest rates remain low and there are no crises .
IOMINVESTCOM
04 Jan 2017
Re: Reduced weighting Hi Valuemanbuyer,Thanks for your feedback which may prove correct on the upside and likewise if the offer is below book value then the gains made to date could frizzle away. The has been a fair bit built into the share price since the interest.Trying to raise cash levels for expected pullback - Happy to run the rest of AVAP.GLTA
valuemanbuyer
04 Jan 2017
Re: Reduced weighting Well done on your purchase timing. Slightly odd that you've sold some before the update on sale when you've been so successful so far and with such a lot of asset upside. Rightly said r wrongly I'm holding on . .
ayah
04 Jan 2017
Re: Reduced weighting Totally understand GLTA, and not a bad policy generally.Ayah
