Advent Air Share Discussion Threads

[pawsnjaws] 29/11/2006 09:42

Bought some more shares yesterday - they haven't shown up?

[brad1] 28/11/2006 09:08

further growth anticipated with additional plane. looking good.

[bigdunc] 27/11/2006 16:01

Thats my belief.

[brad1] 27/11/2006 15:49

well if the financials shown on advfn are correct this is way undervalued. MC £21m, ptp £5.7, net debt £4m and NTAV 15p per share. Also growth company with profits dramatically growing. This could be a nice little earner in the medium-long term.

[bigdunc] 27/11/2006 15:42

In a simple answer.. yes

[brad1] 27/11/2006 15:34

Can anyone explain the exact financial relationship between Advent and Skywest - do Advent own Skywest?

[bigdunc] 27/11/2006 08:49

Assuming very little growth, no net change in the number of routes offered, no change in accounting policy and no share buy backs earnings should grow 70% this year on a very conservative basis. Given the growth, the strong balance sheet, the progressive dividend policy and possibility for share buy backs, this stock remains fundamentally undervalued. At 12p, the shares trade on a very low prospective earnings multiple of just 6.7 this years projected earnings. The current year price earnings ratio of 12 as a fairer reflection of the growth of this business and hence thus a 21p price target is a fair reflection.

[this_is_me] 22/11/2006 10:52

passenger numbers up

[knowing] 20/11/2006 21:59

Nice to see the move higher. I have not seen anything to say they have reduced the fuel surcharge so may be being a little sneaky here.

[knowing] 20/11/2006 12:25

Glad you and the boys like my new header Frank.

[frank spencer] 20/11/2006 12:20

Lower highs and lower lows. Looks like another owing special.

[knowing] 20/11/2006 12:18

Gone quiet for a while now. Would like some more information on those buybacks.

[qs9] 10/11/2006 11:29

moving up nicely again....hopefully a new note out post results will provide some clarity and hopefully how undervalued this is IMO...DYOR etc!!

[adam] 09/11/2006 16:53

I think over 60% means that they are fully consolidated on the balance sheet and P&L account with line items deducting the minority interest. THe minority interest refers to the perspective of the minority not Advent Air (which held the majority)

[risktaker35] 09/11/2006 16:10

some good positive buying and movement today

[bigdunc] 09/11/2006 11:47

Exactly what Wikipedia says i.e AAIR holds less than 50% of a firm that i am not aware of, the minority interests CAN NOT refer to skywest as they held 60% therefor excluding them from this definition.

[adam] 09/11/2006 11:27

nurdin - last GE&CR note published 15th Oct - possibly before acquisition completion of Skywest minority interest. How many shares issued?
If results based on lower number of shares then should flatter the EPS, not the other way round as you suggest.

[adam] 09/11/2006 11:25

> Minority interests does not refer to what they didnt hold in Skywest

I thought it did.

[nurdin] 09/11/2006 10:44

Adam..the original tip was based on 97m shares in issue from memory.There are now 204m in the issue.The results were based on weighted average number of 129m shares

[bigdunc] 09/11/2006 10:35

Minority interests does not refer to what they didnt hold in Skywest. Think about it revenue was S$98m on 60.02% and the 40% they didnt hold came to $750K!!!

[adam] 09/11/2006 10:02

your point was that earning not based on 100% ownership. Agreed.
Accounts state minority interests of profit & loss was S$750k.
Profit after tax before minority interests was S$4.7m.
This does not to me seem to account for the big difference.

[bigdunc] 09/11/2006 09:31

The years results were 12 months ending 30th June, for the entire period, they only owned slightly under 60.02% of Skywest, hence the results not being based on 100% ownership... and also they had a 5m loan which has now been paid off.

[adam] 09/11/2006 09:18

Minority interest was only S$750k so this would not account for the difference (1p verses 2.3p)

[bigdunc] 09/11/2006 09:04

GE&CR estimated earnings were based on a full year of 100% ownership, yesterdays results did not reflect a full year of 100% ownership.