ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

AIR Air Partner Plc

124.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Air Partner Plc LSE:AIR London Ordinary Share GB00BD736828 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 124.50 124.50 125.00 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Air Partner Share Discussion Threads

Showing 1951 to 1974 of 2425 messages
Chat Pages: Latest  85  84  83  82  81  80  79  78  77  76  75  74  Older
DateSubjectAuthorDiscuss
13/6/2020
13:28
I don't know why SafeSkys would need an impairment given their line of work and all impairments don't affect cash anyway

Buffettology sold out of all their micro caps under £100m. Keith Ashworth Lord did an interview where he directly said they made a blanket decision to sell them all because they were too small and did not impact fund performance any more after such a strong run over a number of years. They offloaded a few other companies at the same time. It is more interesting that Air Partner made it into a very selective fund like the Buffettology fund in the first place

Listen to 30 minutes in for 2 minutes

studentinvestor13
13/6/2020
13:24
It doesn't like certain text signs/symbols by the looks of it.Last attempt and apologies if doesn't work!.Don't know what happened to the rest of my last post, try again:Skysafe impairment could be minimal now (less than £1m?).My only other slight niggle (not a game changer just trying to cover the bases) is why did Castlefields (UK Buffettology Fund) sell up at such a loss (48%)?. My rationale is that they were selling down anyway (from Oct 2019) and the March profit warning and pandemic provided the impetus to sell up completely, possibly aligning with their year end portfolio rebalancing as well. But I'd expect someone like KAL to know how positive the pandemic could be to the business, but clearly that's not the case.Although they held about 18% it would be peanuts (circa £2m) compared to the size of the fund (£1.3bn) so wouldn't materially impact fund performance even if this multi-bagged.As I said not a game changer, any views?.Thanks
discodave4
13/6/2020
13:15
Give up now!
discodave4
13/6/2020
13:13
Don't know what happened to the rest of my last post, try again:Skysafe impairment could be minimal now (
discodave4
13/6/2020
12:53
Sounds good to me.I was concerned about any possible big impairment hits outstanding but guess Skysafe will be minimal (
discodave4
13/6/2020
08:31
We can be more nuanced than that now. Since I cannot predict a second wave I have to expect the second half here to be more like previous years. I think there will be a second wave in the winter..... but nobody knows for certain.

-- 2020 first 4 months 7.5m PBT, June is good so predict 1m PBT, and 0.5m PBT July. That is 9m for the first half. Giving 2m PBT for the second half without a second wave is 11m PBT for 2020 and 8.9m PAT and 15p of EPS on the new average share count.

-- End the year in line with today to presume working capital unwind to give net funds of £12.5m.

-- "Normal" PBT based on prior years was £5.8m but we need to add in Redline. That was meant to make £0.75m PBT in a normal year so the new "normal" PBT is £6.5m.

-- I believe the real new "normal" is even 10% higher after COVID because of long lasting changes to demand patterns. Call it a round £7m.

-- They ought to spend some of that cash to improve earnings at least a little bit, so presume the "upped" new normal is £7.25m or £5.9m PAT.

-- Value this on between 12 and 14 times price/earnings ratio and add the cash back in. This is £83m to £95m.

-- That is 130p to 149p a share of value against 76p today.

I am inclined to believe a second wave so my 150p target is as intact as ever

Out of the box pondering....I wonder if we needed spare debt facilities to be able to try and win business around the US election....

studentinvestor13
12/6/2020
17:11
I don't have a massive problem with the capital raise. It's done below intrinsic value in my eyes so that's never ideal, but it improves the balance sheet. We are still in the midst of a pandemic and while a further wave/more disruption would be net beneficial to Air Partner, anything can happen quite frankly. At the end of the day, they do have a £30m annual expense base in admin costs (maybe 50% fixed?) so having cover to protect against all eventualities doesn't feel a terrible idea. In effect what they've done is neutralise the expected initial EPS accretion from Redline in exchange for a (largely) stronger balance sheet, so not really a gamechanger all things considered.

Lots of high quality businesses are still raising capital today at what are low and undervalued levels (admittedly with weaker balance sheets/no net benefit).

All being considered, the valuation here even post raising feels like there's a lot more upside than downside risk and hopefully there are some sticky long term institutions onboarded again.

I agree with the broad approach to valuation that some on here have used. If you apply a 12x PE multiple to sustainable £5m post-tax profits as a base case you're looking at a £60m market cap and then add in a £10m net cash you're up to £70m or 45% higher than today (>110p). Then there is the kicker of this year likely having post-tax profits of £7.5m - £10m depending on where the rest of the year shakes out.

Eric.

pireric
12/6/2020
17:05
To me it seems a completely unnecessary diversion, and the board would do better to spend their time and our money running the business. A better move would be to relocate to the AIM market which would save cash and attract the inheritance tax-relief chasers. These are more likely to tolerate the huge value destruction over recent years.
dozey3
12/6/2020
16:56
Have to admit I am a little disappointed. The offering is highly dilutive - especially if the capital raised is only used to pay down debt (current interest cost ~3%). Hopefully I am being too negative and they use the capital well.
However the lack of director buying (only the chairman and CFO purchased shares) is more concerning.

onthemarblecliffs
12/6/2020
16:48
No - he didn't
trident5
12/6/2020
16:37
SIThanks, just saw those chunk of shares all at 75p.Did the CEO buy any?. He reminds me of Corp. Klinger from MASH :)
discodave4
12/6/2020
15:25
The placing has already been completed Dave for the £7.5m see the 9.30 RNS and the CEO quote
studentinvestor13
12/6/2020
14:39
Looks like 11,190,530 (£8.4m) were issued going on the trades on here not the max stated of 10,037,308.
discodave4
12/6/2020
12:47
well deals were not mentioned in any of the 3 bullet points so hoping the organic side is material enough to utilise this fund raising cash and boost future profits and cash.....DYOR and as you say, roll on 3 figures.....
qs99
12/6/2020
12:45
Ps

Will be interesting to see which insti's announce increased holding notices over the next week.

haywards26
12/6/2020
12:45
A placing...I am 50/50 on this.

Yes it adds balance sheet strength and appears will be used for several purposes.

Peak activity in the charter industry always adds strain to working capital as airlines require payment before the flight, where as large clients will be on 30-60 day credit terms.

The announcement mentioned that the placing proceeds were for repaying debt, plus some growth elements but slightly garbled about attracting new employees and opening new offices.

I would be concerned if significant none core acquisitions were completed, given their recent track record..

haywards26
12/6/2020
11:37
Thanks, and get that, just don't get their statement that at end of May they have normalised cash £16.5m which excludes significant customer deposits and Jetcard cash. Where has this extra £11.9m come from (16.5m minus year end 4.6m).Also they said in May:'COVID-19 has increased the level of uncertainty surrounding the future trading environment for the Group. Whilst performance in the first quarter of FY21 has been very strong and in turn the Group's normalised net cash position was positive at GBP1.7m, with available headroom of GBP16.2m, there remains uncertainty over the trading performance for the rest of the year.'So normalised net cash was £1.7m and I'm guessing their headroom includes Jetcard cash as debt facilities available is only £3m. Also they cannot use Jetcard cash for working capital, so can this be included as operational headroom anyway?. Still IMO they are short of WC.Perhaps I should just park my niggles around cash as it's been addressed today anyway.Sorry SI, probably becoming a pain! Lol, not my intention.
discodave4
12/6/2020
11:05
In simple terms they were at 5m of net cash at last update but probably need 3m for working capital at any one moment, so they move from net liquidity of a couple of mill to nearly 10 mill. Whether its held as cash or debt does not make a difference in terms of liquidity to invest. The share price is still far too low compared to where it should be (150p). I'm hoping for some high quality institutions to have come in alongside existing ones taking up their allocation.
studentinvestor13
12/6/2020
11:03
not able to take part in the placing but happy with the floor that this seems to have now for a little while
ntv
12/6/2020
10:47
The placing has been oversubscribed at a surprisingly low discount to the market price.Very encouraging plus directors have participated.Good move by the company.Back to three figures in due course hopefully.
steeplejack
12/6/2020
10:44
Apologies they had cash £16.5m.....should read/learn more.They have said the placing funds are to be used to pay down debt and strengthen the balance sheet, as well as for growth. Why raise £7.5m to pay off £6.9m net debt when they have so much cash and doesn't leave much from the fund raise for investment in growth?. The gist is they are paying off debt and will be implementing plans for growth which I get, just not in the amount implied (possibly).Sorry just confused which doesn't take much!. Appreciate your patience.
discodave4
12/6/2020
10:13
They didn't need cash they chose to raise more for growth capital to accelerate growth. My belief is they have some tasty expansion plans coming up. It is rare to get institutions on board at such a small discount for a UK small cap
studentinvestor13
12/6/2020
10:09
Can I ask as a relative novice, at 31st Jan they had negative working capital (£2.75m) and only £3m of debt facilities available. So they needed more cash?.Isn't Jetcard cash customers deposits?.My concern was their cash position which has been addressed now, do have some concerns about possible future impairments, are they likely / material?.
discodave4
12/6/2020
09:25
and why would they either given 75p a new floor IMO, more organic growth opportunities in a growth market....roll on a quid and higher....DYOR and good weekends all!
qs99
Chat Pages: Latest  85  84  83  82  81  80  79  78  77  76  75  74  Older

Your Recent History

Delayed Upgrade Clock