Share Name Share Symbol Market Type Share ISIN Share Description
Amedeo Resources LSE:AA4 London Ordinary Share GG00BWC53H48 RED ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.50p +0.47% 107.00p 106.00p 108.00p 107.00p 106.50p 106.50p 36,251 10:35:53
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Aerospace & Defence 219.2 228.4 39.1 2.7 687.21

Amedeo Share Discussion Threads

Showing 26 to 46 of 50 messages
Chat Pages: 2  1
DateSubjectAuthorDiscuss
09/3/2018
20:50
These are blissfully unmoved after the panic in Prefs today.
davebowler
18/1/2018
18:47
Good news from Emirates, I think. Could be doubled-edged. Encouraging they still have faith in the big bird but does it shorten the useful life of the existing aircraft in the four companies?
riff1954
08/1/2018
17:32
Interesting post. Do Jefferies have a business relationship with Nimrod/Amedeo? Let's hope other parties take the same view as Dna3 in particular seems to have been in the doldrums since Singapore returned one of their 380s.
riff1954
08/1/2018
14:18
Brief note written by Mark Ambrose at Jefferies on the DNA vehicles and in particular on DNA3. Doric Nimrod Air Three (DNA3 LN, £212m m/cap, px = 96.5p, 7.4% discount) Background: DNA3 was created to provide a long-term, stable income stream to investors, as well as the potential for capital appreciation, by purchasing and subsequently leasing four A380 aircraft to Emirates for twelve years. Investment case/key catalyst: Uncertainty over residual values has always been the key risk with these funds. However, in our view the market can sometimes overreact to negative newsflow. Even assuming significant haircuts to the latest residual value estimates, DNA3 can still offer attractive returns. DNA3’s recent fall was triggered by two pieces of A380 newsflow: Singapore Airline’s decision not to renew its lease on the first A380 and that aircraft owner’s failure, so far, to find a new lessee/owner; and shock, when a widely-expected large A380 order was not announced by Emirates’ at the Dubai Airshow. Emirates’ CEO later said the airline would not rule out buying more A380s, but needed firm assurances from Airbus that it would keep production of the aircraft going. If anything Emirates’ insistence on some guarantee of the A380’s future only demonstrates its importance to Emirates’ business model. This, to us, suggests that if Airbus ceases production, demand for used A380’s – especially those already kitted out for Emirates’ needs and whose flying/maintenance history is well-known to Emirates – should only increase. Other drivers: The leases are structured with two components: a GBP tranche funds the payment of dividends to DNA3 shareholders; the USD tranche is used to pay down the fully-amortizing debt prior to the end of the leases. FX risk is therefore eliminated other than for the residual value of the aircraft, which a USD asset. There is a misconception that DNA3 and its sister funds trade at a significant premium to NAV. In fact this is due to a quirk of accounting that treats the aircraft as GBP assets but the associated debt as USD liabilities. This wrongly creates the impression of a large FX mismatch. Correcting this, we estimate DNA3 is actually trading at a 7.4% discount to NAV (assuming the latest appraisal values). Valuation: On DNA3’s appraisal value (c.50% of cost price after 12 years) the current share price implies an IRR of 14.5%. Even assuming a halving of the residual value from the appraisal agents’ latest estimates, the current share price still offers a high single-digit IRR, much of which is represented by dividends funded by Emirates’ lease payments. Viewed instead as a bond, DNA3 currently pays a coupon (dividend yield) of 8.5% which is backed by Emirates’ creditworthiness, and the principal (current share price) is covered so long as the aircraft are sold for 29% of cost – a 44% haircut to the latest appraisal value.
davebowler
22/11/2017
19:15
Ah ha, cheers Riff. Interesting character.
fangorn2
21/11/2017
20:14
hxxp://www.nimrodcapital.com/?page_id=8
riff1954
21/11/2017
19:17
Who is this Marc Gordon out of interest?
fangorn2
21/6/2017
12:32
Nimrod Capital has closed the placing of a further c.135 million new shares (£140 million) for Amedeo Air Four Plus Limited (AA4) in order to purchase three new Airbus A350s leased to Thai Airways. This transaction brings the market capitalisation of the LSE listed company to over £625 million. The placing was significantly oversubscribed and, in addition to being supported by existing investors, introduced a wide range of new shareholders to AA4. It is anticipated that the new shares will be entitled to the next target quarterly dividend of 2.0625p to be paid next month. AA4 continues to target an annual distribution of 8.25p (2.0625p quarterly), representing a yield of c.8% based on the 104 pence placing price. AA4 listed in May 2015 and has increased in size by over £425 million through various issues of shares, the proceeds of which have been deployed to diversify the portfolio by aircraft model and airline. The new issue will be used alongside debt to purchase three new Airbus A350 aircraft leased to Thai Airways, the first of which is expected to be delivered early next month. A fourth A350 delivery (also on lease to Thai) is anticipated early next year by which point AA4 will then own fourteen aircraft in total; Airbus A380s, A350s and Boeing 777s leased to Emirates, Etihad and Thai. AA4 follows the launch by Nimrod Capital of three listed aircraft companies, Doric Nimrod Air One (“DNA”), Doric Nimrod Air Two (“DNA2”) and Doric Nimrod Air Three (“DNA3”), and these four quoted companies now represent a total market capitalisation of over £1.3 billion following the latest AA4 placing. All these aircraft investment companies have flown smoothly through the turbulence of markets, with AA4 returning some 21% since launch, or an annualised 9.9% (source: Bloomberg). AA4 continues the model of an investment that has thus far proven to be very successful for UK investors, as it has been for many years too in Europe. The company’s investment strategy can be viewed as a property or even an infrastructure-type deal: in the case of AA4 it will have purchased A380s, B777s and A350s all leased to high quality airlines each for a period of 12 years under fixed non-cancellable leases. Under the terms of each lease, the airline is responsible for insurance and all other service, maintenance and repair costs. The investors in AA4 comprise, amongst others, institutional asset managers, pension schemes, and private wealth managers, who have been looking for high income investments which pay regular dividends and are backed by real assets which might also provide a hedge against inflation. The market makers are Canaccord, Jefferies, Numis, Shore Capital and Winterflood, the ISIN and SEDOL numbers are GG00BWC53H48 and respectively BWC53H4 (London listing), and the LSE code is AA4. If you would like more information please contact us. Kind Regards Marc Gordon
davebowler
11/5/2017
14:58
Marc Gordon Partner DDI: + 44 207 382 4560 | Mob: + 44 7785 297620 | Tel: + 44 207 382 4565 | Fax: +44 207 628 7548 Nimrod Capital LLP, 3 St Helen’s Place, London EC3A 6AB Emirates announced their full year results to end March 2017 today and enclosed below is the release as well as the links to both the summary and full year annual report and accounts. As you can see while profits are down passenger traffic increased as did capacity, the Emirates’ Chairman refers to the resilience of their operations and their increased investment for the future. In terms of the DNA/AA4 vehicles the airline continues to perform in line with its obligations under the rental leases and shareholders are benefitting from the approximate 8% current yield based on current share price derived from the quarterly dividends. If you would like more details please let us know. The link to the press release in Emirates’ media center: hxxps://www.emirates.com/media-centre/ek-newsroom-emirates-group-announces-2016-17-results Download link for the complete annual report: hxxps://cdn.ek.aero/downloads/ek/pdfs/report/annual_report_2017.pdf
davebowler
13/1/2017
17:36
Any reason behind the relative underperformance "total return wise" of DNA3? Only taken a cursory glance - decent yields last time I looked but ongoing concern surely at "resale value of planes" and very dependent on one customer, Emirates. Am a big fan though. Not looked at Amadeo 4 - they did a 125m share placing, priced at 104p today, presumably to pay for an acquisition. Marben100 is the expert though. Cheers for the update
fangorn2
13/1/2017
15:12
A reminder to all investors that the DNA/AA4 companies all declared their quarterly dividends this week as well as releasing their quarterly fact sheets. They do provide some interesting reading on the aviation market as well as on the detailed aspects of each portfolio. They all highlight in addition the potential benefit to investors of the current levels of sterling if the currency were to remain at the current exchange rate if the respective planes were to be sold at the end of their leases. The shares will go ex-dividend next week on 19th January and dividends will be paid by the end of January. At the time of writing all the DNA/AA4 companies are on annual running yields of on or around 8%. Below updated performance figures, continuing to show the benefit of the high yield constantly generated, and a recent quote by Fabrice Bregier at Airbus (Travel Weekly Asia / January 12, 2017): Fabrice Bregier, president of Airbus commercial aircraft, said he was certain the superjumbo’s time would come. “There is no doubt the market is soft at the moment but it is a matter of timing. "Some 10% of the passengers going through London Heathrow are on the A380," Bregier said. "What I have to accept is the very slow commercial performance we have with the A380. But there is a future with this aircraft: more airports will become like Heathrow with congestion and this aircraft will have a bigger market share.” Fund Launch Date 13-Dec-10 14-Jul-11 02-Jul-13 13-May-15 DNA DNA 2 DNA 3 AA4+ Dividends 54.00% 44.50% 26.64% 14.44% Capital Gain 13.50% 8.00% 0.50% 5.00% Total Return1 67.50% 52.50% 27.14% 19.44% Annualised Return 11.10% 9.56% 7.69% 11.68% As at 12 Jan 2017; Source Bloomberg. The factsheets are available at the respective websites: www.dnairone.com www.dnairtwo.com www.dnairthree.com www.aa4plus.com or please ask Chris Holland (chris.holland@nimrodcapital.com).
davebowler
23/11/2016
14:23
As an explanation that is all very well, but it rather misses the point that these companies should have had the US dollar as their functional currency (in line with most other aircraft leasing companies). Had that been the case there would not have been an sterling translation accounting mis-match with the asset translated at historic rate and borrwings at rate at reporting date. The company should adopt accounting policies that assist the user in understanding the accounts not making them more opaque.
valhamos
23/11/2016
13:20
Nov 14 commentary; You will have seen the publication of the AA4 half yearly accounts report this morning, and it will be followed by the DNA, DNA2 and DNA3 reports. We thought it worth reminding investors about the structure of these companies as far as the “net asset value” figure reported. The NAV is based on IFRS rules which paint a picture that in the opinion of the Companies' Boards, has little bearing on the economic reality of the “NAV” and so is not a relevant indicator of the net asset value, nor of the profit and loss account. As the Chairman’s statements say: “International Financial Reporting Standards require that transactions denominated in US Dollars (including, most importantly, the cost of the aircraft) are translated into Sterling at the exchange rate ruling at the date of the transaction whilst monetary items (principally the outstanding borrowings) are translated at the rate prevailing on the reporting date. The resultant variations may sometimes produce very large mismatches and these are reported in the Consolidated Statement of Cash Flows as unrealised foreign exchange movements.” As investors are aware the equity for the planes is raised in sterling and then converted at the exchange rate at the time of the purchase of the plane into dollars. For accounting purposes the planes are therefore valued at the FX rate at this time and that exchange rate does not change in subsequent accounts. In contrast the borrowings are denominated in dollars and in reality those borrowings are paid off by lease payments received in dollars from the airline. However, accounting rules require them to be converted to sterling at reporting dates rate. The repayments of principal and interest are also fixed and are matched to the dollar lease rentals received by the companies so in reality there is no currency mismatch at all, nor profit or loss effect. As you will be aware, every quarter the DNA and AA4 vehicles issue fact sheets and in the case of the former there are tables which refer to the potential terminal asset value per share using the average value of the aircraft on sale as provided by the independent external appraisers. Investors may find these useful tools on which to measure the investments, as well as of course, the dividend yield. I hope this has been useful. Kind Regards Marc Gordon Partner DDI: + 44 207 382 4560 | Mob: + 44 7785 297620 | Tel: + 44 207 382 4565 | Fax: +44 207 628 7548 Nimrod Capital LLP, 3 St Helen’s Place, London EC3A 6AB www.nimrodcapital.com
davebowler
13/10/2016
14:56
HTtp://www.rns-pdf.londonstockexchange.com/rns/3822M_-2016-10-12.pdf
davebowler
15/7/2016
10:10
Nimrod Capital; On Wednesday we held an investor event at the Farnborough Air Show where representatives of the Emirates, as the lessee of the aircraft in the DNA/AA4 vehicles, as well as Airbus, talked about their businesses and the aviation market alongside presentations from Nimrod Capital and Amedeo. Below are so some of the areas discussed including Airbus’ announcement to reduce the production per year of A380s from 2018. Investors heard from Airbus, Emirates and the Head of Operations at Birmingham International Airport (newly operating a daily A380 service since March this year) that the case for large aircraft remains strong. The demand side of the business demonstrates continual growth in passenger traffic, with the 3.5 billion passengers travelling in 2015 expected to double by 2034 (per IATA’s latest 20 year global forecast). The infrastructure side of the business continues to be terribly constrained, with many of the world’s biggest airports already at the most acute level of slot constraints and new runway capacity (as described by the Chief Executives of Heathrow and Hong Kong International airports) not only years away but insufficient to cope with the growth in demand even when such capacity comes online. The only viable solution they say remains a continual increase in aircraft size. This is evidenced from the small end of the product range, with the most popular aircraft in the Airbus narrowbody family now being the A321 (the largest of that family) and with a continued shift to larger variants as you go up the product range (A330-300 far outsells the smaller A330-200; A350-1000 is far more popular than the smaller A350-800 variant). Airbus believe that the A380 meets the need for larger aircraft (as do most airport operators) and that in time more airlines will come to realise this with further orders. Against this backdrop, the announcement by Airbus of the production rate cut for the A380 is believed to be a positive and prudent step. Many highly successful aircraft types (A330 being a good example in the wide body sector) have been through production rate shifts over the years and Airbus believe it is a sensible decision to tailor production supply to current demand. It is the careful management of the supply side that ensures stability in underlying aircraft values. The Emirates clearly lead the way with the A380 and they confirmed that the A380 is a powerful profit generator for them, that not only offers unrivalled seat cost economics and profit potential but also brings many ancillary benefits in brand awareness and consumer recognition to an airline. The Head of Operations at Birmingham International Airport pointed out that each A380 is worth an estimated £80 million in gross value added trade for the region it flies into. So it is believed that the decision to moderate production rates is a good move by Airbus, being clearly a trimming of the sails but one that ensures the continuation, longevity and financial stability of the program for Airbus. It also commits Airbus to maintain the A380 as an in-production type for longer, making each aircraft that is produced a more valuable commodity and, they believe, improves the secondary market in time. Likewise, this latest news makes the prospect of these aircraft staying in the Emirates fleet for the entirety of their lives more likely, which further mitigates the residual risk position in the aircraft. Investors should be reminded that, as the recently published fact sheets show, A380 current appraisal values for DNA are in fact higher than the expectations shared with investors at the launch of the various DNA/AA4 vehicles, and the end of lease appraisals are roughly the same as expected at the outset. As can be seen from the performance tables circulated earlier in the week these investments have thus far delivered exactly what was outlined from day one. Kind Regards Marc Gordon
davebowler
25/2/2016
16:06
hTTps://www.edentreeim.com/insight/articles-list/aviation--ready-for-take-off?dm_i=2VKX,6CBE,1DPSHT,JEPZ,1
davebowler
01/2/2016
18:06
Hopefully Willie Walsh's comments may remove some of the uncertainty about residual values at the end of the initial lease periods that seem to dog these shares.
riff1954
01/2/2016
14:47
Marc Gordon; Good afternoon, see below updated total return performances figures for all the DNA and AA4 companies to end January 2016 as well as clips of some of the news that has recently come out about the A380. In particular, ANA confirmed its order for 3 A380s and Iran Air also ordered 12 new A380s. In addition, at the Dublin air conference, Willie Walsh told attendees he was interested in buying used A380s. After a fallow period of new orders and news, January 2016 has seen a surfeit of positive news flow for both Airbus and the A380, reinforcing the Airbus view that the plane has been a great technical and economic success for the airlines that have it, that it is loved by passengers and that the A380 will be much needed given the growth in passengers flying and the number of airports that are congested and can only increase foot traffic through larger planes. All the DNA and AA4 companies are yielding on current prices around 8% and they have all delivered as you will see below their regular fixed quarterly sterling dividends doing exactly "what they say on the tin” on the back of a tenant, Emirates, which continues to grow in profitability and is also aided by the significant drop in fuel prices (the drop in oil having the effect for the 6 months to end September 2015 of reducing the cost of oil from some 38% to less than 28% of operating costs). The performance below, we believe, comes from the fact that investors generate a significant amount of income regularly on the back of a transparent investment vehicle backed by a strong counterparty and a stable asset where the residual risk is reduced by the debt which is amortised by fixed pre-determined amounts over the fixed and essentially non-cancellable 12 year lease period. This clarity has also led to stability during the recent volatility of markets. The next dividends are due to be declared in early April, and AA4, which in December 2015 raised £50m to buy its fifth A380, will, as anticIpated under the placing programme, be expected to raise another similar amount for the sixth A380 also leased to Emirates on similar terms. Fund Launch Date 13-Dec-10 14-Jul-11 02-Jul-13 12-May-15 DNA DNA 2 DNA 3 AA4+ Dividends 45.00% 35.50% 18.39% 6.19% Capital Gain 10.00% 9.75% 0.00% 1.00% Total Return1 55.00% 45.25% 18.39% 7.19% Net Annualised Return 10.73% 9.96% 7.14% 10.07% FTSE 1001,2 26.74% 24.36% 6.16% -10.06% Net Annualised Return 5.21% 5.36% 2.39% -14.09% Source: Bloomberg 1as of 29-Jan-2016 2since respective fund launch
davebowler
21/1/2016
21:59
@Riff, I presume it has everything to do with the "expected resale value" of said leased aircraft at the end of their useful service. Couple that to the lease revenues "NPV'd" back to the present day - rate of return perhaps not quite as tempting? Very much a quasi bond so any rises in interest rates,in similar fashion to say Utilities, will see rate of return drop.. Well that's my understanding..Perhaps someone else can enlighten
fangorn2
21/1/2016
21:22
I'm at a loss to understand why this and the three DNA companies are in the relative doldrums. What's not to like about an 8% return that is as good as guaranteed (divis covered by lease payments which fixed for the entire period of the lease). I accept that the residual value of the aircraft is a bit of lottery as nobody knows what the market will be like for second hand 500+ seat aircraft in 10 years time and this may have an impact on the share price as the leases run down. However as a short to medium term earner in a low interest rate world my view is that they are hard to beat. Anyone got any views?
riff1954
18/1/2016
09:46
tks for info above
jaws6
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