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AA4 Amedeo Air Four Plus Limited

0.00 (0.0%)
01 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Amedeo Air Four Plus Limited LSE:AA4 London Ordinary Share GG00BNDVLS54 RED ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 42.00 406,096 08:00:01
Bid Price Offer Price High Price Low Price Open Price
41.00 43.00 42.00 42.00 42.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Equip Rental & Leasing, Nec 208.1M 58.81M 0.1935 2.17 127.64M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:42:50 O 119,000 42.00 GBX

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Date Time Title Posts
17/4/202010:37Distributions 6

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Posted at 02/12/2023 08:20 by Amedeo Air Four Plus Daily Update
Amedeo Air Four Plus Limited is listed in the Equip Rental & Leasing, Nec sector of the London Stock Exchange with ticker AA4. The last closing price for Amedeo Air Four Plus was 42p.
Amedeo Air Four Plus currently has 303,899,361 shares in issue. The market capitalisation of Amedeo Air Four Plus is £127,637,732.
Amedeo Air Four Plus has a price to earnings ratio (PE ratio) of 2.17.
This morning AA4 shares opened at 42p
Posted at 29/11/2023 15:33 by clive7878
Maybe we will get a spike in share price in January.
The problem is in the next 2 years the income from leasing should be as known now,
as well as the prospective dividend of 1.75p per quarter
both of which should remain unchanged,
so that leaves the speculation from 2026,
of any changes after 2026 of income and dividend going forward from then.
Also speculation of of what the share price will be in 2026,
which also may depend on what is thought the asset value is at the time and will be going forward,
which is a very unknown factor..

The passenger market for airlines is picking up which is a big plus though,
with higher fares and increased income and profits.
There is the stake of 10% by the Saudi in Heathrow Airport too,
not sure where this will lead.
Posted at 16/11/2023 14:59 by clive7878
Would have thought with a 16.5% yield - which should be gauranteed with the airlines now doing well - the share price should be higher.
We'very seen a dividend of 1.75p but a fall in the share price of 3.5p making the share price better value.
I have a fair holding in AA4.
Posted at 17/10/2023 10:51 by clive7878
fram7 - I agree with what you have posted.
I flew on a A380 from Heathrow to Hong Kong with Cathy Pacific, the best plane I have ever been on - 4 engines, smooth as a die, I love them.
The bid price as at 11.55 is currently 43.1p and offer price 44.75p according to a buy sell test I have done.
I have learnt that timing on buying and selling is some times more important than what one buys and sells.
It has still been thin trading of late, but like sheep people can follow other sheep and the price snowballs downwards over time which we are now seeing with AA4.
i have recently lost funds on Just Group, which is also on a pe of only 3, but appears to be a recovery stock.
AA4 is fundamentally a good company - certainly long term - but the share price is has now fallen more than the latest dividend, There's no real news to come out in the near future either.
But I do believe in holding this stock at present, even though there is a risk that the 16% dividend may not cover the share price fall. Longer term the stock does look promising taking into account asset value, dividend and AA4 is making a profit. .
Posted at 15/10/2023 21:04 by clive7878
Where do we see the share price going is the £64 question, as I learnt with Diversity Energy that it is no good receiving quite a good yield if it is more than being wiped out by the fall in share price.

I thought that the asset value of AA4 was far greater than the current share price.
Am I incorrect in this fact. We have had seen very thin share trading for quite some time now which has put the share price into much of a rut.

Is not the annual profit a fair bit higher that the total dividend being paid out each year?
Posted at 09/10/2023 08:48 by davebowler


Doric Nimrod Air Two

Two A380 sales, capital distribution to follow
Analyst: Shonil Chande and Gerald Khoo

Mkt Cap £165m | Share price 95.5p | Prem/(disc) -17.0% | Div yield 18.8%


Doric Nimrod Air Two has agreed the sale of two A380 aircraft to Emirates for $70m in aggregate. The aircraft in question, MSN 77 and MSN 90, are 12 years old. Their leases are due to expire on 14 October 2023 and 2 December 2023. Assuming successful completion, DNA2 will be left with five A380s with leases expiring up to November 2024.

Distribution to total c.£59m

DNA2 plans to distribute two ordinary preference shares for every seven ordinary preference shares, at c.120p. We estimate the value of the distribution to be c.£59m.

Liberum view

This is the third high-quality data point YTD involving the sale of an A380 from a Doric vehicle to Emirates. Like the Doric 1 A380 sold in January 2023 (MSN 16), the two DNA2 planes are not active in the fleet. They have been stored for a few years. The DNA2 leases expire between October 2023 and November 2024. The evidence to-date displays a preference by Emirates to acquire aircraft on expiring leases rather than extend leases.

Emirates served notice to DNA2 of its intention to return MSN 077 in half-life condition plus a cash amount, in March 2022. So far, these notices have not provided a steer on the direction of travel between 1) Emirates returning the aircraft at their half/minimum-life conditions; 2) extending leases; and 3) buying the aircraft of the lessors.

*AA4 read across is incrementally positive

Amedeo Air Four Plus has six A380s in its fleet. Four of the aircraft have been in service and the other two are scheduled to return to service over the next year. The read across to AA4 from the sale by DNA2 is incrementally positive. This is a better value than the c.$30m (£25.3m) achieved by DNA1 from the sale of its sole A380 asset in July 2022. However, unlike the DNA funds, AA4 has junior debt balloon payments associated with its A380s. These payments are $35m on four aircraft and $40m on two planes. Consequently, AA4 would need to achieve higher prices for its A380s than so far achieved by DNA1 and DNA2 in order to secure any residual value for shareholders after the debt balloon payments. We have a BUY recommendation on AA4 with a 50p TP.

*Corporate Broking Client of Liberum
Posted at 27/9/2023 20:32 by clive7878
Next amount of next dividend is probably going to be the same as last month at 1.75, but should be confirmed on 5th October. Be interesting if it affects the share price before it goes ex-dividend on the 12th as share price has been quite stable in the share band of 46.0 to 47.5p.

October will be an interesting month, if as a previous posted said the Doric 2 aircraft lease expires on 14th October and the company together with the company leasing it has to make a decision whether it is re-leased or sold, which could well affect the share price up or down depending on the deal.
Posted at 09/9/2023 11:20 by strollingmolby
Fund commentary from one of the largest shareholders, Staude Capital (via Mirabella Financial Services):

Notable holdings in FY2023

For the second financial year in a row, the largest positive contributor to performance was Amedeo Air Four Plus (AA4) - a special situation that GVF has held since 2020. In GBP terms, GVF’s investment in AA4 returned 77% in FY 2023.

As discussed in previous commentaries, what originally attracted us to AA4 was: a large amount of surplus cash; leases promising many years of significant income from Emirates; and what we felt was a compelling expected total return, even with pessimistic aircraft residual values factored in. AA4’s strong performance in FY 2023 comprised a mix of capital returns, dividends, and share price appreciation, each of which illustrates these attributes.

Capital returns came in the form of a £28M mandatory redemption by the company, through which GVF exited 12.5% of its holding at a price 105% higher than our carrying value at the start of the financial year. GVF has now received three such distributions of surplus cash, but we estimate AA4 still has considerable cash left and expect this to be returned in future years.

Dividend income represented 18 percentage points of the return in FY 2023. Emirates leases fund a mid-teens dividend yield, even after covering the costs of the entire company, and with some of the income held back to cover certain outstanding debt obligations at the end of the leases. During FY 2023, the company increased its quarterly dividend by 16.7%, albeit this was also a function of the reduced share count following the redemption of shares.

Finally, there was share price appreciation. In July 2022 another London-listed aircraft leasing vehicle announced it had agreed to sell its sole A380 aircraft to Emirates for a price of £25.3M. This was considerably higher than the market had been anticipating, and prices of AA4 and similar vehicles reacted accordingly as the market rebased its expectations. Sentiment towards AA4 and similar vehicles has also been helped by the continued rebound in air traffic, reports of a shortage of widebody aircraft, and continued delays in the rollout of Boeing’s 777X (seen as the replacement for Emirates A380s).
Posted at 04/9/2023 19:17 by clive7878
e. The group had £1.12bn of borrowings and balance sheet cash of £145bn, so net debt of £974bn equated to 72 per cent of the aircraft valuation. The large increase in Amedeo’s net asset value to £407mn, up from £312mn on 31 March 2022,reflected the increase in the sterling value of the US dollar
Above is from the link from candid investor.

So 72% of the aircraft valuation would be £1.277b x 72% = £919m
then 28% would equal £358m and with the capitalisation being £141.31m
which is 273% times of the current share price of 46.75p, then the net asset value would come out at £1.25 per share. and if the pound gets stronger against the dollar then this would increase, or if the pound weakens then the reverse would occur.
We still have 3 years before any leases expire as well.
So unless things change we are looking at a 7p gross annual dividend on a 46.75 share price, or over 3 years it could be a 21p dividend, assuming the current dividend does not rise back to 2p per quarter.
It is said also that company life is expected to 2029 - to liquidation period,
so an interesting criteria, but then the Thai leases expire in 2036.

According to currency analysts and economists at the BofA, we can expect the Bank of England (BoE) to deliver one more hike of 25bp in September (2023), a lengthy pause at 5.5%, followed by a first interest rate cut in February 2025.
Looks like the £ / $ rate could be much unchanged in 2025 at 1.31, which would not increase AA4 asset value on exchange rates.
Question is if AA4 WAS liquidated - but that is unlikely to be soon - but what would the pay out be to current shareholders per share?
Posted at 16/8/2023 17:33 by clive7878
I suspect that dispite the flat share price of late & the low trading rate any future negotiations could have quite an effect on the share price - one way or another.
How much does AA4 though depends on the Emirates ?
What would AA4 be worth if the Company sold out tomorrow ?
Posted at 14/8/2023 18:20 by clive7878
Mattjos - all makes sense
Offer price today 47.45 up from Friday of 47.29 - but less than 47.50 on last Monday.
Both offer & bid price very marginally up today 47.45 from 47.29 and 47.11 from 47.06 but we need much higher trading volumes to really move the price.
Hopefully when the selling supply drys up - the share price will break out.
Be interesting to see what happens to the share price when it goes ex-divi in October
Maybe no major change in share price for sometime to go,but has to be worth more than the current price.
Amedeo Air Four Plus share price data is direct from the London Stock Exchange

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