Air Partner Share Discussion Threads

[florence141414] 22/2/2021 13:59

They do actually explain in the last interim report that there was 8.8m of cash that would usually have been working capital but it was just an anomalous snapshot in time. So the money is still there as equity but it is now back to being used as working capital maintaining current profitability as opposed to surplus cash that could be paid out as to shareholders or used to generate more profits from acquisitions.

[trident5] 22/2/2021 13:22

What on earth has happened to the cash? Wasn't it £18m at the interims?

[robinnicolson] 22/2/2021 11:50

Canaccord Genuity on AIR: "Its charter and safety and security divisions will likely perform well as the group emerges from the pandemic and, supported by a strong balance sheet, it will likely continue to diversify its revenue streams and aviation services portfolio in the coming years. The group has made a profitable start to FY22, but it will no longer enjoy the benefit of last year’s exceptional pandemic-related activity. After putting the stock under review last year, we reinstate our forecasts, price target of 100p and buy recommendation."

[petrel133] 22/2/2021 11:20

We’re now down to 66p last seen and I think the market reaction says it all - as does the previous post re: cash. With the previous regime I thought I understood the company and I had confidence the management did. Now i’m not sure and I think there are better opportunities elsewhere and i’m Speaking as a long term holder.

[trident5] 22/2/2021 10:40

Expected pretax profits of £11.5m Placing proceeds: £7.5m Cash now £8.3m ???

[creditcrunchies] 22/2/2021 09:24

Quite a big dividend cut but it's sensible considering the volatility of the industry

[galeforce1] 22/2/2021 08:29

Nice surprise to get a final dividend. Some people thought there wouldn't be one. It's twice the interim divi, which is pretty standard. But it looks low in comparison to the final divi of 3.85p in May 2019. It has clearly disappointed the market, hence the sharp sell-off this morning.

[marmar80] 22/2/2021 08:01

Tbh I was expecting higher divi

[marmar80] 11/2/2021 13:02

Recent divi update was about saving money, so unlikely imo.

[galeforce1] 11/2/2021 12:47

In May 2019 Air Partner paid a Final dividend of 3.85p. Has the company said anything about its intentions re. a Final divi this year? Either whether they intend to pay one or how much it might be.

[pj84] 02/2/2021 09:34

Thanks agree they seem to be undervalued.

[stockstockham] 02/2/2021 07:14

"...The BearBull fund is fully loaded with Air Partner stock - currently it takes up 8% of the portfolio - so I won't be adding to the holding. Granted, the holding also means I'm probably biased. Nor can I label this a "buy" recommendation since the comparative illiquidity of the shares makes for small dealing size and wide spreads. Even so, you get my drift - the shares look cheap." That's the conclusion. Personally, I'd have rather s/he addressed the glaring issue of quarantine, and what eg 10 days in a hotel ever time you fly back from abroad does to AP.'s business, and how long that might go on for. S/he does mention the likely cancellation of Tokyo 20, and UEFA 20, as well as the cash pile, and PE of 5 excl cash, and that "number crunching" says the shares are worth not less than 100p-115p.

[pj84] 01/2/2021 20:57

Can you give a brief summary? of the Bearbull writeup? Thanks

[stockstockham] 01/2/2021 09:36

Thanks, liked that little ramp of it & have added this morning. Surely has to either re-rate, or get taken out.

[panshanger1] 30/1/2021 17:21

Nice write up in investors chronicle this week -Bearbull column

[galeforce1] 20/1/2021 15:03

Stock & Mamar - Thanks for your helpful replies.

[marmar80] 20/1/2021 14:35

When I bought them for 18p it was a non brainer. Now is a fair value would say. Agree to the unknown after the covid. If the Euro Cup won't happen and no emergency flights arr booked then is a flat trading or a loss for '21.

[stockstockham] 20/1/2021 13:54

Yield not so great since they knocked the divi about in half. Cheap and value, but how much of the great trading will still be there after Coronavirus ends? Hard to say.

[galeforce1] 20/1/2021 13:46

This looks like very good value. Lots of cash, very profitable, great yield. Have I missed something? Or is it cheap just because it is not a 'recovery play'?

[trident5] 20/1/2021 08:22

M80 - No, the placing proceeds are debited to cash and credited to Reserves, they do not touch the Profit and Loss account.

[marmar80] 20/1/2021 08:15

Is profit a result of the 7.5m placing?

[trident5] 20/1/2021 08:06

More costs shoved through below the "underlying" line again then.

[galatea99] 20/1/2021 07:10

"At the time of the half year results, published on 30 September 2020, the Board reported that it expected modest profits in the second half of the year. However, despite global travel restrictions, the Group has performed better than expected and ahead of market expectations. Accordingly, the Board now expects to announce an underlying profit before tax of no less than £11.5 million for the full year. " https://www.londonstockexchange.com/news-article/AIR/trading-update/14833079

[haywards26] 12/1/2021 10:36

I have put my money where my mouth is for a small top up this morning at 68.6. Come on £1 :)