01 Feb 17
Avation is an aircraft lease company. The model is easy to understand, and has been very effective in recent years: Purchase new aircraft, which offer a lease yield of 13%, with asset depreciation of about 5% per year. Apply 75% debt financing, at an interest rate of around 5%. Total other cash costs net off to around 1%.
Companies: AVATION PLC
18 Jan 17
'Growth is what you're looking at with Avation' says Capital Network analyst
10 Mar 16
The end of the world as we know it?
According to the LSE stats there was no Oil & Gas fundraising activity on the main market during 2015 and just £1.2m raised on AIM. The chart below clearly demonstrates the pain that oil producers are feeling with global prices having been in almost constant decline since mid-2014. Both Brent and West Texas Intermediate are now hovering between $30 and $40 per barrel having rebounded from their lows over recent weeks.
Companies: RDSA PANR ITM AVAP FCRM CCL GDG SEPL CLNR
31 Jan 16
Avation Plc is a specialised commercial passenger aircraft leasing company with operations around the world. The company has a broad and blue-chip customer base, including Virgin Australia, Air France, Flybe, Condor, Shenzen Airlines, Fiji Airlines, Air Berlin and UNI Air.
Companies: AVATION PLC
10 Sep 15
Soaring with the Eagles
The last three months has seen Avation shares knocked by same general sentiment that has affected the much wider basket of Asian-qoted equities. Yet the Group’s earnings visibility is exceptionally high, with revenues contracted from long-term leases for aircraft that have been financed on fixed terms while being amortised over the life of the initial agreement. And despite hitting something of an economic ‘speed bump’, Asia is still confidently expected to be to remain the world’s fastest growing market for ATR lessors for the remainder of this decade. Despite having secured significant options for fleet expansion from 2017, which can now be funded through the global debt capital markets, Avation is now trading at an unjustified discount to its obvious peers. Even after applying a 10% discount to account for its relatively small size and limited liquidity, Beaufort arrives at a price target of 178p for the shares.
Companies: AVATION PLC
Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on AVATION PLC. We currently have 4 research reports from 4 professional analysts.
|24Apr17 12:02||RNS||TURBOPROP PORTFOLIO TRANSACTION|
|31Mar17 07:00||RNS||Holding(s) in Company|
|30Mar17 07:01||RNS||Admission and Total Voting Rights|
|24Mar17 07:00||RNS||ISSUE OF EQUITY ON WARRANT EX, DIRECTOR DEALING|
|24Mar17 07:00||RNS||TREASURY, ADMISSION OF SHARES, TOTAL VOTING RIGHTS|
|20Mar17 07:15||RNS||DIRECTORS DEALING|
|16Mar17 07:00||RNS||TURBO-PROP PORTFOLIO|
Frequency of research reports
Research reports on
26 Apr 17
Panmure Morning Note 26-04-2017
The interims highlighted the dilutive impact of equity raise in November 2016 with profit before tax growing by 9% yoy but EPS growing by just 5% yoy. At end-February, the cash balance had reached £15m, of which £5.5m is earmarked for the completion of the new factory. As the company remains cash generative, we expect the company to end fiscal 2017 with just under £13m of cash. We eagerly wait to see how this cash will be invested and drive returns.
Companies: Ab Dynamics
27 Apr 17
N+1 Singer - Morning Song 27-04-2017
Howden Joinery Group (HWDN LN) Solid start to FY17 means on track to meet forecasts | N Brown Group (BWNG LN) Newsflow starting to turn the corner lends to re-rating | NCC Group (NCC LN) No further deterioration in trading | PROACTIS Holdings (PHD LN) Redde (REDD LN) Volume growth in H2 underpins FY17e outlookExtended supplier opportunity supports TP increase | ReNeuron Group (RENE LN) Increased focus on retinal pipeline | Synairgen (SNG LN) AstraZeneca returns rights to AZN9412 | Verona Pharma (VRP LN) Significantly enhanced cash position to progress RPL554
Companies: BWNG HWDN VRP REDD SNG RENE NCC PHD
06 Apr 17
N+1 Singer - Small-cap quantitative research - Growth style screen revamp and 10 focus stocks
We have reviewed the performance of our consistent growth screen since the previous refresh on 27 September 2016 and revamped the selection parameters to focus more on forecast sales and EPS growth going forward. In the period under review the consistent growth style screen outperformed the small-cap benchmark by c. 6% and underperformed the microcap index by a similar amount. Interestingly, although growth doesn’t always seem to be defensive as might be expected, however it appears right to buy growth on dips caused by or coincident with wider market volatility. In the new forecast growth screen we take a close look at 10 focus stocks. We will monitor performance and refresh it in three to four months time.
Companies: ECK SDM DOTD ERGO HW/ EAH PHD FEN LOOP
04 Apr 17
Profit improvement impacted by dollar
Sprue’s 2016 adj. PBT was slightly better than anticipated at £2.3m on £57.1m of sales. With battery warranty issue worries abating we believe sales in Europe will increase in 2017. While we have made no significant changes to our sales forecasts, the dollar strength has led to reduced profit forecasts for 2017 and 2018 (despite the net benefit from Newell Brands ending its agreements from 31 March 2018). However, with the strong balance sheet and dividend yield and profit growth to come, we retain our 250p target price and Buy rating.
Companies: Sprue Aegis
27 Apr 17
N+1 Singer - Howden Joinery Group - Solid start to FY17 means on track to meet forecasts
In the recent 2 months the share price has bounced almost 100p (26%), racing through our previous 415p estimate of fair value. Although £ recovery has helped in that time (£/$ +4%, £/€ +2.5%) this adds back only c1.5% to PBT (COGS headwind reduced by c£3-4m), making today’s 4-month update more relevant than normal. Trading in the period is ahead 3.9%, or 2.4% on a LFL basis. With estimated inflation of c3-4%, this suggests LFL volumes marginally negative but not changed versus the previous period. Whilst guidance on margin and costs remains cautious, especially for H1, the creditable sales performance means the business is tracking in line with expectations and forecasts are unlikely to change today. The shares feel well up with events on 11x EV/EBITDA, with better value elsewhere.
Companies: Howden Joinery
24 Apr 17
Small Cap Breakfast
Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1 update. Admission expected 25 April on AIM raising £122m. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
Companies: FISH GOAL NASA HAL SHRE BIOM MPM MORT HDT LOK
20 Apr 17
The tide is turning
Any investor worth their salt knows it is impossible to precisely call a bottom in a particular stock. For Gattaca, though, we believe this moment has now passed given the compelling valuation (6.9x EV/EBIT vs 9.8x sector average), attractive 9.8% unlevered cashflow yield and constructive secular trends supporting its specialist markets. Sure, Net Fee Income (NFI) like-for-likes (LFL) have fallen of late, yet equally there are now early indications that organic growth may soon turn positive.
25 Apr 17
N+1 Singer - Morning Song 25-04-2017
Carpetright (CPR LN) Tougher conditions leaves forecasts towards lower end of range | Centaur Media (CAU LN) Bigger steps | Elementis (ELM LN) Positive update confirms strengthening of demand | Rathbone Brothers (RAT LN) Facing the challenge to deliver growth | Vp (VP/ LN) Another niche Hire Station deal prompts 3% EPS upgrades
Companies: CAU VP/ ELM CPR RAT
07 Apr 17
Conviction List Q2 2017
Since its inception in 2010, the Panmure Gordon Conviction List has outperformed the market, returning 275% against a Small Companies index that would have returned 212%.
Companies: ALD AVON CTH EPWN INF MCB MRO NOG POLY SNR SMS STJ STJ WIZZ
24 Apr 17
Lok’nStore* (LOK): Growth supported by a strong balance sheet (CORP) | Mortice* (MORT): UK acquisition (CORP) | Avacta* (AVCT): Another milestone – 1st non-therapeutics licence (CORP) | Petra Diamonds (PDF): Trading update and Q3 results (BUY) | Nasstar* (NASA): Growth and margin focus (CORP)
Companies: LOK MORT AVCT PDL NASA
26 Apr 17
Vipera* (VIP): Progress in 2016 should see profit this year (CORP) | HML Holdings* (HMLH): Positive trading update (CORP) | Europa Oil & Gas*: Cairn Energy gains government approval (CORP) | Blancco Technology Group* (BLTG): Initiation of coverage: Firing blanks (SELL) | Proactis* (PHD): Business as usual (CORP)
Companies: VIP HMLH EOG BLTG PHD
26 Apr 17
N+1 Singer - Morning Song 26-04-2017
Abzena (ABZA LN) Set for transformational growth | Boohoo.com (BOO LN) Strong continuing momentum in BOO and PLT, cautious start for NG | Brooks Macdonald Group (BRK LN) Positive net inflows and performance combine to drive FuM growth | Devro (DVO LN) Reassuring AGM update | Nichols (NICL LN) Positive AGM tenor supportive of premium rating | Oxford Instruments (OXIG LN) Sale of Industrial Analysis business | PCI-PAL (PCIP LN) Contract win | PROACTIS Holdings (PHD LN) H1 results as expected, no change to forecasts | Stadium Group (SDM LN) Trading in line; Technology Day for investors | Walker Greenbank (WGB LN) Momentum visibly rebuilding post floods and after investment in growth
Companies: OXIG DVO NICL SDM WGB BOO ABZA PCIP BRK PHD
27 Mar 17
The Joy of Techs
Enterprise-focused niche applications of tech illustrate how, while trends appear to be fluctuating away from the current poster children of fintech and the Internet of Things, in fact these developments are refining appropriate application of existing technologies.
Companies: 7DIG AMO ARTA BVC BOTB CTP CFHL ISL DTC DOTD ELCO ESV FDSA FDEV GBG IDEA IDOX IMTK IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET ONEV PHD QTX QXT RCN 932 SSY SEE SIM SPE TAX TEP TPOP TRAK UNG VIP ZOO
26 Apr 17
N+1 Singer - Stadium Group - Trading in line; Technology Day for investors
A brief update to coincide with a Technology Day for investors confirms that trading has been in line with expectations in Q1. We said in March that trading momentum was strong and with the full impact of the design centres yet to be felt in the numbers, this is an exciting time for the Group. We expect the Technology Day today to highlight the transformation of the Group towards the higher value added areas and also to emphasise the strength of second tier management, We continue to feel that a P/E of just over 10x FY17 EPS is extremely good value.
25 Apr 17
Fenner (FENR): Forecast upgrades follow strong interims (BUY) | Omega Diagnostics* (ODX): In-line trading update and FY18 estimates (CORP) | Minds + Machines* (MMX): Prelims pressing ahead (CORP) | Imaginatik* (IMTK): Year-end trading update (CORP) | OptiBiotix* (OPTI): FY16 results in line with expectations (CORP) | Europa Oil & Gas*, (EOG): Irish seismic contractor (CORP) | Sound Energy (SOU): Schlumberger investment (HOLD) | CityFibre* (CITY): Strategy proof point (CORP) | Connect (CNCT): Investment being made to drive growth (BUY)
Companies: FENR ODX MMX IMTK OPTI EOG SOU CFHL CNCT