Share Name Share Symbol Market Type Share ISIN Share Description
Gama Aviation Plc LSE:GMAA London Ordinary Share GB00B3ZP1526 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  5.50 9.4% 64.00 42,197 14:59:57
Bid Price Offer Price High Price Low Price Open Price
62.00 66.00 64.50 58.50 58.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Transportation 234.84 10.96 -54.82 41
Last Trade Time Trade Type Trade Size Trade Price Currency
15:00:07 O 4,000 62.55 GBX

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Date Time Title Posts
17/10/201915:01GAMA AVIATION : post-merger with Hangar 81,427
24/1/201910:59Gama Aviation1

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Gama Aviation Daily Update: Gama Aviation Plc is listed in the Industrial Transportation sector of the London Stock Exchange with ticker GMAA. The last closing price for Gama Aviation was 58.50p.
Gama Aviation Plc has a 4 week average price of 58.50p and a 12 week average price of 58.50p.
The 1 year high share price is 162.50p while the 1 year low share price is currently 52p.
There are currently 63,611,279 shares in issue and the average daily traded volume is 5,776 shares. The market capitalisation of Gama Aviation Plc is £40,711,218.56.
rivaldo: Interesting - a 500,000 share buy at 69.2p. No wonder the share price has crept back upwards recently.
rivaldo: Good to see the share price bouncing most days last week - hopefully that was the bottom. Extensive interview with the MD of Gama Aviation Asia about their prospects in China and the rest of Asia: Https:// Extracts: "Gama Aviation Eyes Asian Expansion April 13, 2019, 11:00 PM Farnborough, UK-based Gama Aviation has started to build up its general sales agent (GSA) network in the Asia-Pacific region aimed at getting more aircraft owners in the region using its management services, as it eyes opportunities to grow its footprint out of Hong Kong, particularly into Mainland China. Sergio Oliveira e Silva, managing director of Gama Aviation Asia (Booth B523), told AIN, “The Chinese government is doing very good things that in the mid- to long term will be very good for China." He continued: “They appreciate international companies that respect compliance,” and suggested, “small Chinese companies will struggle.” And of Gama’s plans? “We’ll try to replicate in China in the next couple of years what we’d done in Hong Kong [with Hutchison Whampoa]. We’re hoping to identify strong local partners around Asia to act as our GSAs. If that allows us to grow the fleet, it could lead to acquisitions at a later stage. So we want to expand our footprint in Asia, but Hong Kong will always be the regional office for Gama.” In terms of its regional fleet so far, Oliveira e Silva said, “We now have six aircraft under our management and are going to bring two Globals—a 6000 and an XRS—to the region, fully dedicated to charter.” He confirmed the aircraft belong to a “customer.” “They should be here ready for the summer time. They are currently parked at Bournemouth [Gama’s new facility in the UK]. Charter is getting very busy.” "So he prefers to focus on growing organically. “The GSA concept and evolving the organization is my favored option.” Oliveira e Silva says the priority countries for Gama are China and Australia, “but most likely the first ones will be Japan and South Korea. We’ll reveal the GSAs at ABACE, hopefully.” He added that “the three main bases” for business aviation in the region today are Hong Kong, Beijing, and Shanghai “so our focus will be on northern China,” as the south is covered by Hong Kong." "Maintenance & Support On the maintenance side, Gama established a foothold at Hong Kong Chek Lap Kok in late 2017 when it signed a collaboration agreement with China Aircraft Services Ltd (CASL) as the exclusive GSA to sell CASL’s business maintenance capability in Asia. Oliveira e Silva said, “We are also looking at opportunities in China. If we developed line maintenance in China as we did in the U.S., that would be very useful. I’m a strong believer that China needs a line maintenance network, and we have already started talks. There is a fleet of 300 aircraft based in China with thousands of hours of maintenance required per year, so the market is there.” He noted that at present the majority of aircraft have to go out of China for maintenance. “People have to go to Singapore, or even the U.S., even for a small check. Even in Beijing there are very limited facilities. Or they have to pay a premium for someone to meet them somewhere in China.” At present, he said, “We work into China from CASL. We run the private jet Part 145 at CASL and it’s something we want to develop further.”
rivaldo: Interesting to see that the Managing Director of Hutchison Whampoa (China) has now been appointed as Chairman..... Https:// HW have unsurprisingly confirmed they won't be bidding for GMAA - but with their 21.7% stake it's interesting that this RNS sets out their rights if an offer by a third party comes along. Perhaps this is a possibility given the bombed-out share price.
rivaldo: GMAA seem determined to make things worse before they get better :o)) Last night's RNS was a bit of puzzler. It looks like they're kitchen sinking everything into last year's results to have a clean slate going forward, which seems eminently sensible, if fatal for the share price. The detail is rather confusing. For example, is the $2.8m figure of additional costs mentioned last night actually a reduction from the $3m reduction stated in the 24th January update? If GMAA can actually deliver, as they have stated, a similar core performance in 2019 to that in 2018, then this share price is very good value. It's encouraging that GMAA have again noted that the 2019 outlook remains in line with expectations - and that as you'd expect given the historic Balance Sheet the company remains well funded. But until the H1'19 trading statement/figures are out it'll be difficult to find many investors who will trust them.
napoleon 14th: Look at the share price, loonymonkflin. You can fold any theory you have if you were caught holding these, & I'm glad I gave GMAA zero cred. having bought 2 or 3 years ago, & sold. That saved me a packet, & in my book, that's the bottom line. As I said : "On the long term watch list." Caveat Emptor.
camerongd53: I think today's RNS is not a profit Warning but a profit Growth warning and the effect is a 20% drop in the share price. The markets are not forgiving at the moment . It will take a general improvement in global sentiment and the UK in particular as well as a profit increase before the price recovers or grows. Until then shares could be considered relatively good value
rivaldo: Good to see Simon Thompson remains positive here - I'll paste it whilst it's free to read: Https:// "Simon Thompson 4 hours ago Gama on course for strong second half Shareholders in Aim-traded Gama Aviation (GMAA:187p) suffered a bout of turbulence over the summer after the operator of privately owned jet aircraft reported a flat trading performance in the first five months of the 2018 financial year. (‘Gama shares hit turbulence’, 5 June 2018). In the event, Gama reported a $400,000 decline in its first half underlying pre-tax profits to $6.6m which translated into a 10 per cent drop in adjusted EPS to 11¢. One reason for the shortfall was a near 20 per cent decline in operating profits to $3.39m in Gama’s US air division. This reflected investment made in the US sales force in the final quarter of 2017 to support future growth of this fast growing business. This explains the reduction in divisional operating margins to 1.6 per cent compared to 2.2 per cent in the first half of 2017. However, chief executive Maarwan Khalek points out margins would have been closer to 2.4 per cent (last year’s outcome) without making this investment and having done so should “resume their steady improvement towards a target of between 4 to 5 per cent.” That’s a fair assumption to make given that low double-digit revenue growth is being targeted in the US air business. In the first half, divisional revenues increased by almost 9 per cent to $206m. In Europe, Gama’s ground services division was held back by challenging trading conditions and its operating profits dipped by $116,000 to $4.46m on revenue of $26.7m. Part of the reason was uncertainty over the future of Oxford airport, an issue that has been addressed by moving the bases in Oxford and Farnborough to Bournemouth International Airport. This has doubled engineering capacity, improved the service offering and should support scalable growth. The $2m restructuring cost of the move (to complete in the fourth quarter of 2018) will largely be recouped by rent free periods on its new facility and capital incentives from its new landlord. I am not concerned about the fact that the Middle East ground services unit’s $210,000 operating profit at this stage of 2017 reversed into a $68,000 loss. This reflected a 10 per cent decline in revenues resulting from political uncertainty in Saudi Arabia. The situation is now more stable. Also, the Middle East air business actually made up that regional shortfall. Shareholders backed a placing at 245p a share that raised £48m in the spring which means Gama ended the period with $21m (a sum worth 25p a share) of net cash and an untapped 4-year credit facility of $70m priced at 1.9 per cent above Libor. The funds will help support the expansion plans I outlined in my last article (‘Gama shares hit turbulence’, 5 June 2018), as well as strategic bolt-on acquisitions which Mr Marwaan expects to conclude by the year-end. Around $4.3m of exceptional charges were booked in the first half of which $1.8m related to the cost of litigation which includes both the recovery of money outstanding from clients, and proceedings brought by clients. Mr Maarwan asserts that the overall awards and litigation settlements will result in a cash inflow, and only one major case remains outstanding. The company is also “trading in line with full-year forecasts” even though 35 per cent of this year’s expectations were delivered in the first half (against a normal 40 per cent weighting). Analysts at WH Ireland are maintaining their 2018 pre-tax profit estimate of $19.9m and EPS estimate of 26.4¢, implying 16 per cent profit growth on 2017. So, with the share price drifting from 206p when I rated the shares a hold during the summer to 187p, this means that they are rated on a forward PE rate of 9. That rating doesn’t take into account an underleveraged balance sheet and potential to make earnings accretive bolt-on acquisitions. It doesn’t take into account margin expansion in the important US air market either, nor for that matter a reasonable dividend (2.75p a share payout for 2017 financial year). So, although Gama’s shares have disappointed this year, I feel that they are worth holding because if Gama’s management execute on their expansion strategy, and the US economy stays strong, then there should be upside to both profits and the share price. Indeed, WH Ireland still expects EPS growth of 50 per cent in the 2019 financial year, penciling in EPS of 39.8¢ based on pre-tax profits of $32.1m. On the basis of the current sterling dollar exchange rate of £1:$1.30, this implies EPS rising above 30p in 2019 and a forward PE ratio of six. In the circumstances, I would continue to hold the shares."
rivaldo: Here's a reminder of what GMAA said less than 2 weeks ago: "Trading Outlook With strong growth in the US, steady and encouraging progress in scaling up our Middle East and Asia operations and stable trading in the EU market, supplemented by new business wins in the EU Ground division, the Group's expectations for the full year remain unchanged." Perhaps corrientes is referring to BBA, who are actually a partner of GMAA rather than a competitor.... Incidentally, BBA's share price is down today due to their exceptionals, plus a note on the USA showing slightly softer growth than expected, though still growing. However, their Signature division - which is partnered with GMAA - is outperforming the market. They conclude regarding Signature: "We continue to invest in our Signature network, including recent investments in new technology to enhance our fuel and non-fuel revenue management capabilities. As previously noted, we have been investing in enhanced EPoS and revenue management tools. The Group is confident that the outperformance of the Signature network against the US B&GA market demonstrates the ability of our unrivalled network to deliver value. Signature has recently secured a significant lease term extension with a new 20-year lease (with a possible further five-year extension) at its sole source FBO at Hartsfield Jackson Atlanta International Airport. Here, at what is the world's busiest hub airport, we will invest in a new FBO facility and will launch our Signature Elite™ service (private transfers to/from commercial flights via Signature's FBO facilities)." I note GMAA's price has been marked down today on a mere 7k shares traded!
igoe104: Gama Aviation shares hit turbulence Simon Thompson Shareholders in Aim-traded Gama Aviation (GMAA:206p) suffered a bout of turbulence after the operator of privately owned jet aircraft reported a flat trading performance in the first five months of the 2018 financial year at its annual meeting. Analysts at broking house WH Ireland reined back their full-year pre-tax profit forecasts from $21.8m (£16.3m) to $19.9m, representing 16 per cent growth on last year but well behind the 27 per cent growth I had envisaged when I last suggested buying the shares at 257p (‘Small-cap earnings beats’, 21 Mar 2018) when Gama reported a near 25 per cent uplift in its 2017 underlying pre-tax profit to $17.1m. The reason for the downgrade is mainly due to a more challenging trading environment for Gama’s European ground services division. On the plus side, its US air operation continues to report robust trading, reaping the benefits of the fleet joint venture with BBA Aviation (BBA), and the US ground division continues to pull in new clients and produce strong organic revenue growth. Importantly, the company has the firepower to accelerate its plans in its higher growth Asian and the US operations, having raised £48m in a placing at 245p a share in February, a fundraising heavily backed by an affiliate of the mighty Hutchinson Whampoa (China), a Hong Kong-based conglomerate operating across a diverse number of sectors including the provision of aircraft maintenance and logistic services. Hutchinson now owns 21 per cent of Gama’s enlarged share capital of 63.5m shares. Around $19.8m (£14.2m) of the capital funded the acquisition of Hutchinson’s Hong Kong aviation interests, including a 20 per cent stake in China Aircraft Services, a company founded in 1995 and one of only three operators that provide maintenance, repair and overhaul aviation services at Hong Kong International Airport. I understand that the collaboration is "making good progress”. In the Middle East, Gama is using $5m of the fundraising as seed capital to develop a new $45m aviation centre at Sharjah International Airport. It makes sense to do so in light of capacity constraints at Dubai International Airport. Sharjah is well located to be used as a platform for expansion in the Middle East, and is a lower cost base, too. The aviation centre is on track to open in the fourth quarter of 2019. A further $10m from the fundraise is being used to expand hangar capacity and tooling and equipment at Gama’s fast-growing operations on the east and west coast of the US, where Gama operates from 14 locations and manages a fleet of 200 aircraft. Growth has been held back there by capacity constraints, an issue the new capital addresses, as well as providing cross-selling opportunities on the maintenance side of the business. The directors confirm that they “expect to add base maintenance capacity on both coasts in line with our 2018 strategic plan”. The point is that these investments and the ongoing robust organic growth in the US operations still support a step change of profitability in the 2019 financial year, a key reason behind my buy recommendation in March. Also, Gama has strengthened its management team since I published that article, having appointed a new finance director, a director of corporate development and chief operating officer for the US air division. It has also settled four out 10 of the litigation cases outstanding, and is “confident that the overall awards will result in a cash inflow to the company”. True, the placing will be dilutive on EPS in the short term as the new funds are deployed which is why WH Ireland is pencilling in a figure of 26.4¢ this year, down from 31.6¢ in 2017, even though pre-tax profit is set to rise by 16 per cent to $19.9m. However, the broker still expects earnings growth of 50 per cent in the 2019 financial year, pencilling in EPS of 39.8¢ based on pre-tax profits of $32.1m. On the basis of the current sterling dollar exchange rate of £1:$1.34, this implies 2018 EPS of 19.7p, rising to almost 30p in 2019 and a forward PE ratio of 10 and seven, respectively. That’s an incredibly low rating for a company without any debt issues (net debt of less than £10m at the end of 2017 has effectively been wiped out as around £20m of the placing proceeds are earmarked for future acquisitions). Clearly, Gama’s board has to deliver on their expansion plans by targeting high growth regions, and the earnings downgrade resulting from the weaker European business is hardly ideal. However, I feel that the 20 per cent pullback in the company’s share price since March is overly harsh as it’s completely out of proportion to the scale of the earnings downgrade. Price on a price-to-book value of 1.3 times, offering a dividend yield of 1.4 per cent (the final payout of 2.75p a share for the 2017 financial year goes ex-dividend on Thursday 28 June), and with drivers in place to support the 2019 profit growth trajectory, I would recommend riding out this turbulent passage and await the next trading update from the company on 19 July 2018. Hold.
rivaldo: GMAA have only last month raised £48m from institutional investors - including the mighty Hutchison Whampoa, who've taken a 21% chunk of GMAA. It's hardly surprising that the share price is consolidating briefly given that much immediate market demand will have been sated. Especially as the share price has doubled in just over a year from the lows. It's now up to private and other investors to put together all the clues. We know that results in 2 weeks' time will be good (before known exceptionals) and that the outlook is rosy. Hopefully that will trigger a further re-rating.
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