Avation - Full year results – substantial progress in repositioning the fleet in the year

Avation, a lessor of 36 commercial aircraft, has today released full year results for the year to 30 June 2023, reflecting a period in which substantial progress was made in transitioning its last remaining off-lease aircraft and paying down existing borrowings. Importantly, the Group is now positioned strategically for growth as a green low CO2 lessor of modern aircraft, where it also owns one of the world's largest order books comprising 28 purchase rights for new low CO2 ATR 72-600s. With a n

Inflection point - fleet growth coming

Avation - Aircraft transition to Cebu Pacific

Avation is a lessor of 36 commercial aircraft to a diversified client base of 17 airlines. This morning, the group has announced that it has entered into a new four-year operating lease for one of its two Airbus A320 aircraft to Philippines low cost carrier Cebu Pacific. The aircraft is currently being returned by the previous operator and is scheduled for delivery in December 2023 following scheduled periodic maintenance checks.

WH Ireland: Avation - Market tailwinds highlighted in Bloomberg Intelligence event

Avation is a lessor of 35 commercial aircraft to a diversified client base of 17 airlines. Yesterday's Bloomberg Intelligence webinar event entitled ‘Aircraft Lessor Recovery and Innovation' reaffirmed a number of positive market trends for aircraft lessors at the present time. Key points included: i) structural deficits in the supply of turboprop aircraft in the coming years, with aircraft retirements expected to outpace limited production of new aircraft; ii) the strong recovery in air travel

'Airlines will be shocked when Covid leases run out and rates go up’

Avation - Final off-lease aircraft placed with 99% of borrowings hedged

Avation is a lessor of 35 commercial aircraft to a diversified client base of 16 airlines. This morning, the group has announced that is has successfully entered into a new lease for its remaining off-lease ATR 72-600 to a Pacific airline, which is expected to be delivered in July. This is a major milestone for the group, having at its peak in the pandemic had the burden of 14 off-lease aircraft and the associated costs. In addition, Avation reports that 99% of its borrowing is hedged, with a we

Rising signals

Avation (AVAP) – Corporate – Sale of ex-Virgin ATR 72-600

Avation is a lessor of 35 commercial aircraft to a diversified client base of 16 airlines. This morning, the group has announced that it has entered into an agreement to sell a ten-year old ATR 72-600 aircraft, which has been off-lease since its redelivery from Virgin Australia in 2020. Importantly, the sale is at a slight premium to Avation's book value for the aircraft, illustrating the recovery in aircraft valuations. The sale leaves Avation with just one off-lease aircraft remaining – anothe

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

Strong H1'23 results; forecasts upgraded

Strategic progress drives robust growth

H1 interims are in line. Argentex has delivered strong growth (+28% yoy revenue) by driving growth initiatives. New technology-enabled products have been launched, including Alternative Transaction Banking, which are already delivering compelling growth ahead of expectations. Pressing into Europe via the Netherlands is also delivering strong growth. At the core, client KPIs remain strong. We leave our forecasts unchanged, with revenue momentum continuing into Q3. We believe the current 12.4x Dec

H1 23: focusing on capital generation

Promising results for M&G in H1 23. The new CEO, Andrea Rossi, continues to execute the company’s new strategy, and we have confidence that he is positioning M&G to surpass its financial targets for the 2022-24 plan. The H1 23 operating capital generation results significantly outperformed expectations, exceeding the consensus by more than 50%. This substantial capital accumulation is poised to deliver strong returns to shareholders, rewarding them for their patience during this transitional per

Equals Group (EQLS LN) - Interims justify rise in forecasts

What’s new: Equals Group has delivered outstanding interims, which have exceeded even the positive commentary at the Capital Markets Day in May and the trading update on 5 July. With trading “ahead of expectations”, we raise our 2023E revenue forecast by 7% to £95m and adj EBITDA forecast by 11% to £20m, as well as nudging up our forecasts for 2024E and 2025E.

LIBERUM: Alpha Group International: Underlying strength

Gore Street Energy Storage + (GSF, House Stock, 84p) - Steady NAV growth

LIBERUM: Real Estate Investors: Further profitable sales reduce leverage

Taking the Upper Brand: Brands Sector Overview

The earliest dated brand has long been contested; the majority point to Kongō Gumi, a family run construction company that specialised in Buddhist temples in Japan; its documented record of ownership goes back to 578 AD. Like Kongō Gumi, several different brands have withstood the test of time, albeit without then same degree of longevity. The term brand originates from the 1500s and means "to burn" in Ancient Norse and was initially used to mark cattle for ownership. This practice can be consid

Morning Note – 26 September 2023

Debt reduction plan in face of higher interest rates

FY23 results were well flagged but the focus is likely to be on the outlook, where high interest rates continue to impact buyer confidence and therefore private sales rates, as well as increasing Springfield’s own cost of debt. This leads us to reduce our adj. EBIT forecast for FY24 by 24%, with a greater 48% reduction in our adj. EPS forecast. We expect net debt exc. leases of £55.1m in FY24. Management’s focus is on cash generation, with the dividend paused and a plan to sell c.£50m of land ov

SP Angel Morning View: Hawkish Fed statement weighs on market risk sentiment as dollar hits metal prices

Hybridan Small Cap Feast - 29 Sep 23

29th September 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 ob

LIBERUM: Forward Partners: Resilient H1, focus on cash

Morning Note – 18 September 2023

Hybridan Small Cap Feast 15-09-2023

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission delayed. Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids co