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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Doric Nimrod 3 | DNA3 | London | Preference Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 51.00 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 51.00 | 51.00 | 51.00 | 51.00 | 51.00 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 11/4/2024 20:50 by nat7 Are they DNA3 planes ? |
Posted at 04/1/2024 17:55 by grahamg8 Great news, and excellent explanation from Andyandy. DNA: A6-EDC lease ended 16/12/22 (most reports say November 2022)RNS to sell 15/7/22. DNA2: A6-EDP lease end 14/10/23 and A6-EDT end 2/12/23 RNS to sell both 9/10/23.It's not about when the 'return in half life condition' letter gets sent but when the lease is due to expire. I will leave you to find them out for the remaining planes. It doesn't take much effort. Emirates want these planes. Expect more 'return in half life letters' for DNA3 and a sale agreement for the DNA2 planes should come in Q3 as the next lease expiry is 1/10/24, possibly as a job lot or several announcements. |
Posted at 04/1/2024 17:49 by casholaa Thank you. it will hopefully be a special divi x 2 then? |
Posted at 04/1/2024 16:50 by casholaa A special divi would be very nice, should they do that. |
Posted at 19/9/2023 17:21 by grahamg8 A little bit of buying seems to go a long way. On the face of it DNA2 @ 16% discount and DNA3 @ 47% premium looks odd. But I cast my trusty slide rule over the dividend and residual value with a straight line discount rate of 10% and it all made sense. The market is valuing the planes at around £21m a pop. With $12m cash for returning in half life condition, and a quick check on e bay I should be able to flog a set of engines and landing gear for £9.2m. This just leaves the airframe valued at £2m and the market seems to have got the share prices just about right. Still waiting for news of A6EDP off lease in just four weeks time. Expect some wild swings in the share price to come anytime soon. |
Posted at 18/8/2022 19:43 by sf5 Thanks rik shaw. There is no market for used A380s. So these figures are entirely speculative. That said, the DNA3 30.6.22 report postulates a 'soft' market value of $168m for their 4 aircraft and then considers 25, 50, 75% reductions from this appraisal value. The single DNA1 aircraft has been sold back to Emirates for £25m. |
Posted at 15/8/2022 09:56 by bandit99 David Stevenson in this week's Moneyweek:Aircraft-leasing funds crashed during the pandemic, but things could finally be looking up When the Doric Nimrod aircraft funds launched a few years ago, they offered some tempting asset-backed income from a portfolio of A380 superjumbos that were leased to Emirates. A later fund, Amedeo Air Four Plus (LSE: AA4) broadened out the concept with a portfolio of Airbus and Boeing planes that were let to both Emirates and Thai Airways. But the security that these assets offer looked fragile when the pandemic hit. No A380s were flying. Many airlines were in trouble. And Airbus had already cancelled A380 manufacturing the previous year. All this made it difficult to work out what the aircraft would be worth once the leases expired. So the price of the funds crashed way below stated net asset value, even though all three Doric Nimrod funds kept paying regular dividends. Analysts have tried to put a value on how much these stranded A380s might be worth, but this has been a largely fruitless exercise as second-hand values are not advertised – there is no Rightmove for planes. It also hasn’t helped that Thai Airways has fallen into bankruptcy, although Emirates looks in much better shape. But last month we finally got some concrete data. Doric Nimrod Air One (LSE: DNA), the very first fund, owns a single A380 that it let to Emirates back in 2008. It’s now agreed to sell the plane to Emirates for £25.3m ($30m) at the lease-end date in December. We can sensibly use this as a marker for the other Doric Nimrod funds, although with lots of caveats. For Doric Nimrod Air Two (LSE: DNA2), which owns seven A380s with leases ending in 2023 and 2024, Emirates has already given notice that it is exercising the option that allows it to redeliver the aircraft in half-life condition, or between two major overhauls in its maintenance cycle. If this happens, a return condition payment of $12m per aircraft will be made by Emirates. At that stage Emirates could still buy the planes, although most analysts think that it probably wouldn’t offer exactly the same price given to DNA. Meanwhile, the third fund, Doric Nimrod Air Three (LSE: DNA3) has four A380s, whose leases expire in 2025. Analysts at Jefferies reckon a prudent valuation for DNA2 and DNA3 could be $25m per aircraft. If that materialises, investors could expect a return of 1.47 times the current share price for both funds, including future dividends. Nothing is guaranteed, but that’s potentially very good news. A more complicated case AA4’s situation is more complicated. It owns six A380s (leased to Emirates), two B777s (leased to Emirates) and four A350s (leased to Thai Airways). It had to suspend dividends for much of 2020 and 2021 while Thai Airways was restructuring and renegotiating its leasing deal. Dividends have now resumed at a lower level, although these are covered by Emirates’ leases only. But Thai Airways’ financial situation has improved and it is set to restart fixed payments next year (currently AA4 gets paid only for the time it uses the planes). The A380s are of uncertain value, though DNA’s deal is positive. Analysts at Liberum believe AA4 is building up its cash reserves to meet its debt obligations (the aircraft funds use a lot of debt to buy the planes, then pay it down over the course of the lease). The wider story is that demand for aviation has picked up. Many airlines are struggling to get planes in the air. Emirates is experiencing capacity issues, partly due to problems with the delivery of Boeing’s 777X programme, says Liberium. If all goes to plan, its analysts think AA4 could deliver an internal rate of return (before fund costs) of 14% from the current share price. Whether or not those exact numbers work out, the outlook for these funds might finally be improving. |
Posted at 16/7/2022 15:58 by grahamg8 Some good points all round. I believe Emirates have indicated they want to refurbish 80 planes 'life extensions', presumably the old ones. This would explain why the DNA3 ones are flying and DNA1 and 2 are still parked, other than one from DNA2. Purchase versus lease will be down to the bean counters but it could also make sense to refurbish a plane you actually own. How would a lease company get a valuation and loan on a plane that was about to be ripped apart and then put back together? Think it compares to a worn out house that will look fantastic after a full refurb, but no bank is going to be keen to put their money on the line until finished. |
Posted at 23/6/2022 08:50 by sf5 Article suggests a slow return to service by some A380s, partly in response to delays in delivery of more modern options Not sure it has much relevance to the end of lease value of the DNA3 aircraft though it's interesting the share price is some way of its lows. |
Posted at 03/5/2022 10:38 by nat7 Anyone got there dividend yet ? |
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