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 Shares Traded Last Trade
  -0.50p -0.54% 91.50p 58,405 12:46:20
Bid Price Offer Price High Price Low Price Open Price
90.00p 93.00p 92.00p 91.50p 92.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Transportation 219.20 228.37 39.08 2.3 587.7

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Amedeo Daily Update: Amedeo Resources is listed in the Industrial Transportation sector of the London Stock Exchange with ticker AA4. The last closing price for Amedeo was 92p.
Amedeo Resources has a 4 week average price of 91.50p and a 12 week average price of 91.50p.
The 1 year high share price is 109p while the 1 year low share price is currently 91.50p.
There are currently 642,250,000 shares in issue and the average daily traded volume is 167,793 shares. The market capitalisation of Amedeo Resources is £587,658,750.
davebowler: 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: 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:// Download link for the complete annual report: hxxps://
Amedeo share price data is direct from the London Stock Exchange
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