Avation - Interims show continued recovery; shares at a 50%+ discount to NAV

Avation is a lessor of commercial passenger aircraft to 17 airlines. Interim results to 31 December 2022 illustrated continued progress after a torrid couple of years for lessors and the wider airline industry brought about by the pandemic. Revenue of $46.3m and Other income of $9.0m, along with a number of other positive gains brought a return to profitability in the six-month period, while net debt reduced by $46.0m due to both positive operating cash flow and aircraft disposals. As at 31 Dece

Strengthening foundations for growth

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: HLN, SDR, MRO, CRH. AVAP, CPI, BRK, & BEG.

Avation (AVAP) – Corporate – Trading update points to full year outturn ahead of expectations

Avation is a lessor of 36 commercial aircraft to a diversified client base of 16 airlines. This morning, the group has provided a short announcement stating that as a result of lower aircraft transition, administration and legal costs, improvements in finance income and the recognition of a gain on investment in a listed airline taken as part of the agreement with one customer during the pandemic, profitability in the year to 30 June 2023 is expected to be significantly ahead of current market e

Avation Result of tender offer & sale of Boeing 737-800

Avation is a lessor of 36 commercial aircraft to a diversified client base of 16 airlines. This morning, the group has announced the expiration and result of its $100m bond tender offer, with $7.1m in principal amount of the Notes being validly tendered by holders. This follows on from last week's announcement of the sale of its unencumbered and off-lease Boeing 737-800 aircraft, with a target of either leasing or selling the remaining three off-lease aircraft by 30 June 2023. On the back of the

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: REL, CNA, MONY, AVAP, BOWL, HOME, OTMP, IHC, MPE, & ASTO.

Aiming for full fleet utilisation

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: CRDA, TRIG, VSVS, PLUS, IGCT, AVAP, ARIX, CYAN, & TXP.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: AVAP, SOHO, RSG, NANO, YCA, & CMO.

Avation H1 update – a solid platform from which to build

Avation is a lessor of 37 commercial aircraft to a diversified client base of 16 airlines. This morning, the group has provided key fleet metrics as of 31 December 2022, along with a brief trading update pointing to trading revenue of c.$46m in H1 2023E and with a target to have transitioned, leased or sold its remaining four unutilised aircraft by 30 June 2023. We have adjusted our revenue estimates this morning to reflect the sale of the two Loganair ATR 72-600s, alongside the timing o

Avation (AVAP) – Recovery of airline passenger numbers continues in Q4 2022

Recent International Air Transport Association (IATA) data on air passenger numbers reflects a sustained recovery in air travel in Q4 2022, particularly in regional and domestic markets, providing a positive backdrop for passenger aircraft leasing companies, including Avation. The IATA reports that total global traffic (as measured by passenger kilometres) in November had increased 41% year-on-year, approaching 75% of 2019 levels. Avation is a lessor of 37 commercial passenger aircra

Customer improvements support the BUY

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Today's news and views, plus announcements from: AZN, INF, WG., MCRO, QLT, CBOX, JOUL, AVAP, & HLCL.

WH Ireland: Avation (AVAP) - Refinancing of aircraft from warehouse facility

Avation is a lessor of 39 commercial passenger aircraft to sixteen airlines. This morning, the group has reported that it has refinanced two leased Airbus A220-300 aircraft, which had previously been financed through its floating rate warehouse facility. The loans total c.$43.7m and have been refinanced at a lower rate with 8.5 year fixed rate term loans from a major Japanese bank, the first time Avation has secured funding from a financial institution in this country. The 8.5 year term is match

Avation (AVAP) – Tender offer for loan notes

The decision to repurchase the group's unsecured debt at a significant discount to face value is a sensible action in our view. With the price of 71c - 81c in the US$, the move presents a compelling return on equity. In the wider context, Avation has come through a challenging couple of years and is now well-positioned with a robust platform to benefit from improving market dynamics for aircraft lessors. Our estimate of fair value for the shares stands at 185p.

Uncertain outlook comes as no surprise

We take a positive view of Legal & General’s FY 22 results. Despite the tough environment, the Group managed to outperform expectations – something which was hardly a given for such a large asset manager. With L&G being widely exposed to the UK economy, it might be a call one does not want to make but the firm’s business remains one of spreads – as long as a default does not occur. We remain positive but concede that L&G embeds more risk than we had assumed.

Very strong CY22 - CY23 upgraded 10%

LIBERUM: Alpha Group International* - Highly attractive global growth opportunity

Hybridan Small Cap Feast - 06 Mar 23

6 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective

LIBERUM: Real Estate Investors* - Profitable sales drive valuation increase and NTA outperformance

Equals Group (EQLS LN) - Platform for growth

Revenue rose 59% to £69.7m (consensus: £66.2m; Zeus forecast £65.0m); revenue per day rose 60% to £279k Equals Group’s 2022 results and 1Q trading update reaffirm our view on Equals’ valuation. It has made two bolt-on acquisitions, subject to regulatory approval, which add clear value. Organic growth remains strong: “revenues per working day so far in 2023 were £342k” up 52% yoy and up 13% on 4Q 2022.

Belvoir Group - Debt free, entrepreneurial and diverse

2022 followed on from the strongest year for property in recent history, but Belvoir has, nevertheless, reported a robust set of full-year results further evidencing the power of its franchised model and strategy. FY 2022 revenue was up +14% (+2% like-for-like), gross profit up +6% and adj. PBT down -1% as the resilient Lettings income and expanding Financial Services business continued to grow (both +4% LFL), while housing Sales fell (-15% LFL) as market conditions weakened and administrative c

Morning Note – 27 March 2023

LIBERUM: Aquis Exchange* - Delivering on growth

Encouraging CY22 result

Hybridan Small Cap Feast - 14 Mar 23

14 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

LIBERUM: Pollen Street * - Clear fundraising momentum

Cenkos: Personal Group Holdings Plc -- Momentum building

Personal Group's FY22 results show good underlying growth in both API and ARR, with significant HoH EBITDA expansion also delivered in H2. The growth in its insurance book and increased levels of ARR provides high levels of visibility into 2023. Retention rates are high, the group has added 101 new clients and its expansion into the SME market is growing rapidly. Today's results demonstrate the clear benefits of the diversification of the model since 2019 and the ongoing relevance of its offerin

Hybridan Small Cap Feast - 27 Mar 23

27 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

NAHL Group - Finals

NAHL generated growth in both its Personal Injury (PI) and Critical Care divisions, the former despite a continuation of subdued market conditions – hence market share gains. Results were in line with our forecasts but with a significant reduction in net debt which is especially welcome in the current high interest rate environment. Group strategy remains intact and in PI that means building the embedded value of future cash flows in NAL while flexing enquiry placements to maximise cash generati