Doric Nimrod Air Two Share Discussion Threads

[atlantic57] 05/11/2024 19:48

The dividend yield is very healthy on dna3 so even getting your money back is good value

[cousinit] 05/11/2024 19:21

DNA3 feels like it's up with current news, so may be 10% return from here if sale prices are in line with DNA2.

Does feel like there is a tailwind for aircraft residuals but the main tangible data source for A380s are these trusts so may need to wait for the next lease expiry in August 2025 for a concrete answer.

[andyandyoj] 05/11/2024 16:58

Nice outcome, very happy. Any thoughts on read over to dna3?

[eezymunny] 15/10/2024 08:09

Suspect you´ve forgotten all the leasing income since last balance sheet, atlantic57?

My sums give a return up to 154p but there are probably some unknown costs, wind-up costs etc. Current price looks reasonable to me.

[atlantic57] 09/9/2024 16:17

It is unusual for a share to trade at a premium to the mount of money that could be distributed to shareholders in this situation.It is also interesting that new investors have climbed on board at this point.Jim Mellon had dna 3 on his list of shares of interest at a recent conference but no narrative.
I personally can't work out the sum of the parts.

[grahamg8] 03/9/2024 06:16

I now realise my English let me down. The total of planes + dividend is 129p, not 129p for planes and then plus a dividend. The exact calculation is 124.42+4.50 = 128.92. The cost of a dividend is £5.55m which would need to be subtracted from any cash in order to avoid double counting. Yes, I could certainly see £10m spare cash or 8pps. But with a current share price of 142p we would need £16m just to break even. I count DNA2 a speculative hold until more information emerges.

[cousinit] 02/9/2024 21:32

My cheaty way to estimate it is to look at the factsheets and use what would be left if the plane residuals were 100% below their estimate. It was 15p before the 2:7 redemption but I think it might be 22p now.

My rough estimate is for low 150s as the end return. .

[andyandyoj] 02/9/2024 18:20

(The 30m cash in the last accounts is what I’m wondering about - I have halved it in value to be conservative)

[andyandyoj] 02/9/2024 17:45

I guess it depends on how much of the cash (maintenance reserves etc and prepayment of rent) are still there. I have tried to work it out but am not certain. My current working assumption is 129/30 for planes, 4p for Divi and 10 - 15p surplus cash. But it’s REALLY hard to tell from the accounts

[grahamg8] 02/9/2024 17:25

andy andy I agree there should be some spare cash to distribute as well. Certainly that was the case with DNA. But how much does it translate into pps? The 'known' return is 129p for planes plus one dividend. The share price looks a bit toppy to me.

We have two new large shareholders Almitas Capital who bought 4.21% on 21/8 and Momentum Capital with 3.68% on 22/8. Perhaps they know more than we do.

[andyandyoj] 22/8/2024 05:55

hxxps://citywire.com/investment-trust-insider/news/doric-nimrod-plane-fund-soars-as-emirates-buys-back-five-airbus-jets/a2448569

[andyandyoj] 21/8/2024 06:39

Nice one - yes there is some additional cash plus another Divi to come. Good result all round and nice read through for dna 3 and Amedeo

[grahamg8] 21/8/2024 06:22

We can all relax now. $40m is a small step up from the last soft price of $38.98m in July. There might be a little bonus in the form of petty cash sloshing around.

[andyandyoj] 16/8/2024 17:23

Understandable. But reassuring to see these guys (no 12 Chelsea) have them as their pick for H2 2024.
hxxps://citywire.com/funds-insider/news/the-active-funds-on-investor-hit-lists/a2444956?re=122890&refea=1721472&link_id=1687795

[grahamg8] 09/8/2024 16:19

I have to admit to being a bit nervous. Waiting for the ink to dry on a sale or new lease agreement takes patience. I don't allow my thoughts to stray to Emirates saying they don't want the planes. That would be a nightmare.

I can only take comfort in the timing of the last sale announcement on 9/10/23 which was just 5 days before the lease expired. MSN105 and 106 end on 1 October, can I last out till the second half of September? That's 5 more weeks of torture. But I do expect any deal to cover all five remaining planes which is a small comfort.

[grahamg8] 01/1/2024 10:31

langland thank you for reminding me about TORO. They along with FAIR and VTA/VTAS represent an interesting class of shares which we should all be considering. I tend to avoid miners but they seem to have big dividends at the moment, also residential property related shares, and indeed the whole IT sector might be considered. I've made my provisional pick and should be in the market buying tomorrow.

[langland] 29/12/2023 16:20

TORO for yield

[andyandyoj] 29/12/2023 15:50

Dna 2 is tempting me. Nice 1 year play. I was also looking at DEC. But may just go sensible and do a bit of MNG

[grahamg8] 29/12/2023 15:23

HL always a bit slow, but they get there in the end.

So where do we put our 2/7 now? It could go to buy more DNA2. The running yield is 15% and we could even see a small capital gain. Perhaps we could try DNA3 for a longer timeframe. Similar yield and a wind up date around January 2026. Other super income shares that I know about include FAIR, 14% with an end date of June 2028; and DEC, 24% and no end date.

Any other offers?

[andyandyoj] 28/12/2023 14:47

Mmm I’m with Hargreaves Slowdown so not holding my breath

[wirralowl] 28/12/2023 14:19

Yes, yesterday via ii.

[irishmatt] 28/12/2023 14:17

Yes in interactive investor

[andyandyoj] 28/12/2023 13:21

Anyone received the cash yet?

[1knocker] 18/12/2023 14:30

Cousin, the share reduction reflects the reduced capital (and lease income) base following the aircraft sales. Had the share capital not been reduced, the dividend per shares would have to have been reduced.