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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hangar 8 | LSE:HGR8 | London | Ordinary Share | GB00B3ZP1526 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 314.00 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 314.00 | GBX |
Hangar 8 (HGR8) Share Charts1 Year Hangar 8 Chart |
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1 Month Hangar 8 Chart |
Intraday Hangar 8 Chart |
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Posted at 04/1/2015 08:52 by rivaldo Agreed igoe - the figures make HGR8 just too cheap imho.The forecast for calendar year 2015 is 40c, or 26p EPS (at $1.55) and then 46c or 30p EPS for next year. Plus the enlarged group have a nice cash pile which further reduces the ex-cash P/E. The group will also benefit from: - the lower tax charge due to GAMA's US tax losses - likely exchange rate movements given the strengthening dollar - much lower fuel prices given the halving of the oil price - £1m+ of merger synergies per tip/newspaper articles And of course GAMA is at a highly profitable inflection point in its US trading. A 340p or so share price based on these figures looks very good value to me, particularly given that funds and institutions will want to be part of what is now one of the top 5 operators in the world - and with extremely high recurring income making it even more attractive in investment terms. PS : note that the year end has now changed to 31st December, so figures to 30th June are redundant. |
Posted at 03/1/2015 11:03 by adamb1978 Hi gragleblaster,Nope, I dont try to pick tops and bottoms - it would be an impossible task! I have tried to become more disciplined in where I want to buy/sell though, and I think that helped me last year. I think previously there were situations where my view on whether to hold/buy/sell was influenced by what the share price had done, rather than the more impartial view which you can take before you buy in (and then update for any hard facts which emerge). Obviously if the price doesnt fall to my entry price then I wouldnt be buying in and if the share price rose from there then I would miss the boat. There's plenty of listed companies out there though and plenty of siutations where you decide not to invest yet, had you done so, you would have made a decent return. You dont have to make your returns in HGR8 alone!! My view on sitting on the sidelines for now is a risk/return assessment - if my view on the numbers for the next 12 months is right then I dont see much sustained upside from a 350p share price over 2015, but see the potential for more material downside. re the equity analyst comment, I take it with a pinch of salt. If you invested based on what analysts say, it would be an easy way to lose money! Plus revenue synergies are notoriously difficult to extract - very easy to hypothesise about what could happen based on a combination but even easier to over-estimate. Cheers Adam |
Posted at 22/12/2014 08:23 by rivaldo The share price certainly took going ex-div last Thursday nicely in its stride!And this article promises more excitement to come, with more acquisitions etc... "Gama8 - a global business jet operator with 144 aircraft under management Published: 20 December 2014 Written by INT821 The merger of Hangar8 and Gama Aviation is a significant one. It will result in a global business jet operator with 144 aircraft under management and revenues of more than £250 million ($400 million) based on 2013 revenues. The merger of Hangar8 and Gama Aviation is a significant one. It will result in a global business jet operator with 144 aircraft under management and revenues of more than £250 million ($400 million) based on 2013 revenues. The logic behind the merger is sound and there is little geographic overlap. It is an exciting opportunity for both companies. Since it listed in 2010, Hangar8 has doubled both the number of aircraft it manages and its share price. Gama Aviation could grow just as fast. But it is not even the start of the beginning of operator consolidation. After the merger, Gama Aviation’s market share in both the US and Europe will still be under 2%. In fact, if you add together all of the operators in the world which manage 100 aircraft they still account for less than 10% of the fleet. With 75% of US operators and 80% of European operators managing less than five aircraft it is hard to think of any more fragmented global industry. The most exciting transactions will be the ones Gama does from now on. As a listed company it will have access to capital and as soon as the deal formally closes it will start looking for new acquisitions. As well as growing organically. Marwan Khalek, Gama’s CEO, says that there is still a place for smaller operators (Gama itself started with one Beech Barron) but he is confident there will be more acquisition opportunities. He adds: “It is becoming a harder market and operators are battle-weary both because of regulations and the market.”" |
Posted at 19/12/2014 08:20 by rivaldo Interesting AIM re-admission RNS yesterday from HGR8:Re-admission will be on 6th January, re-named GAMA Aviation of course. The new major shareholder list shows the top 12 management and institutional shareholders now own 82% of the shares, so there won't be too many shares floating around. Any good news - and further buying interest on contemplation of the merger - should therefore continue to have a decent effect on the share price |
Posted at 18/12/2014 08:03 by igoe104 Hangar 8 PLC To Go Ex-Dividend on December 18th (HGR8)Hangar 8 PLC logoHangar 8 PLC (LON:HGR8) declared a dividend on Friday, November 7th, Analyst Ratings Net reports. Shareholders of record on Thursday, December 18th will be given a dividend of GBX 2.30 ($0.04) per share on Monday, January 19th. This represents a yield of 0.74%. The ex-dividend date of this dividend is Thursday, December 18th. The official announcement can be accessed at this link. Several analysts have recently commented on the stock. Analysts at Cantor Fitzgerald Europe reiterated a “buy” rating on shares of Hangar 8 PLC in a research note on Monday, December 8th. They now have a GBX 400 ($6.29) price target on the stock. Shares of Hangar 8 PLC (LON:HGR8) opened at 335.00 on Wednesday. Hangar 8 PLC has a 52 week low of GBX 210.00 and a 52 week high of GBX 375.00. The stock’s 50-day moving average is GBX 324.0 and its 200-day moving average is GBX 287.3. Hangar 8 plc (LON:HGR8) is a managers and operators of privately owned passenger jet aircraft |
Posted at 18/12/2014 01:28 by gargleblaster A proposed reverse takeover of global business aviation services group Gama by Hangar8 (HGR8:AIM) is a faster route to scaling up operations to compete in a growing global market place and has lit a fire under the company’s share price.If successful, the deal will lead to the newly named Gama Aviation being one of the five largest operators globally in the privately owned passenger jet aircraft space. Hangar8 is up more than 29% year-to-date as the manager and operator of privately owned passenger jet aircraft has been shifting its strategic focus away from the traditional short-term charter revenues and more towards a dedicated full-service management operation. A growing range of in-house services is being complemented by new additions to the fleet. This is seeing Hangar 8 make a concerted effort to replace smaller light jets with long-range heavy jets in response to the growing market demand for intercontinental business air travel. The group now has 27 long range heavy and super-heavy aircraft out of a fleet of 47 revenue- generating aircraft overall. In November total revenues for the year to the end of June came in 26% higher at £65 million. At the same time, gross profit came in 25% higher at £10.3 million. Over the past two years, the group has consistently delivered gross margins at 16% and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the year to June was up 32% at £2.66 million. House broker Cantor Fitzgerald sees the deal generating strong profit growth and free cash. The two businesses certainly enjoy a complementary geographical coverage; they have a good operational fit and have been pursuing similar growth strategies built on a profitable and apparently robust business model. Cantor maintains that ‘profits could double over the next three years due to a planned increase in aircraft under management, cross-selling of services, cost synergies, further development of ground operations such as engineering, and growth in Asia through a new strategic partnership.’ That said, the group’s acquisition strategy to date has not been without its setbacks. At the start of 2014, the group entered into discussions to acquire, via a reverse takeover, Air Charter Service Group, another privately owned air charter business. Because the proposed transaction constituted a reverse takeover for the purposes of the AIM Rules, trading in the company’s shares was suspended on 13 February pending either the cessation of discussions or the publication of a re-admission document. In the end, the deal fell through and Hangar8 walked away citing irreconcilable differences between the cultures of the two businesses. If successful, the Gama deal will see the emergence of a global player and a one-stop shop for specialist services in the private jet segment. |
Posted at 16/12/2014 20:52 by twirl Simon saysAim-traded Hangar 8 (HGR8: 330p), one of Europe's largest operators of privately owned jet aircraft, has announced the reverse takeover of Gama Aviation to become one of the largest players in this niche market. Operating in a highly fragmented industry, the combined entity will have 144 aircraft under management, operating from 44 different locations in 15 countries and with a strong presence in North America, UK, Europe, Africa, Middle East and Asia. Importantly, the deal makes commercial sense, a point that Hangar 8 chief executive Dustin Dryden rightly points out: “Our clients, many with ultra-long range aircraft, require their premier suppliers to be truly international with the ability to supply a full range of private aviation services across the globe.” The reverse takeover values Gama at £90m (using Hangar 8’s latest share price) and will be satisfied by issuing 27.3m new Hangar 8 shares to the vendors. The company plans to raise £14.2m net of expenses through a placing at 280p a share to pay off a debt facility and provide additional working capital. On completion, Gama shareholders will hold 60 per cent of the enlarged equity and the company, to be renamed Gama Aviation, will have a market capitalisation of £141m. As a stand-alone entity, Hangar 8 has a market value of £31m, so this represents a material change in the business from the one I recommended buying into seven months ago at 225p ('Ready for take-off', 12 May 2014). Subsequently, Hangar 8’s shares hit an all-time high of 375p (‘Wired up for gains’, 11 November 2014). So what are shareholders getting for their money? Investing for growth Gama’s strategy has been to replicate its profitable UK business model in new regions. International expansion started in 2008 and will be the major driver of growth: gross profit increased by 50 per cent between 2011 and 2013, reflecting the ongoing capital investment. To give you some idea of the profit potential from Gama, its mature UK business generated a gross profit margin of 24.3 per cent in the first half of 2014. By contrast, gross margins in the less mature US business were 7 per cent. Hangar 8’s own gross profit margins are around 16 per cent. So given the US business accounts for 30 per cent of Gama’s annual revenues of $183m (£117m) – Hangar 8 generated revenues of $105m in its last fiscal year – then if Gama’s margins can be improved then this will have a material impact on profits. And that’s exactly what is forecast as 2014 is likely to prove an inflection point as Gama’s US business reaches scale with significant built-in, contracted growth for the year ahead and beyond. The enlarged group is also expected to benefit from Gama’s accumulated US tax losses of US$13m, which will be available to offset future profits generated in the US. As a result analyst Robin Byde at brokerage Cantor Fitzgerald pencils in an effective tax rate of 15 per cent for the merged group. Moreover, there should be costs savings by stripping out duplicated overheads. Mr Hyde has conservatively factored in $1m of annual savings. Of course, the deal is subject to shareholder approval in the first week of January. But it’s easy to see why it will appeal to both parties. Mr Byde reckons the enlarged group will generate pro-forma cash profits of $14.6m (£8.1m) in calendar 2014 on revenues of $291m, but after factoring in the faster growth rate of the Gama business, Mr Hyde expects revenues to ramp up to $334m in fiscal 2015, increasing to $383m in 2016. And with margins improving too, Cantor predict cash profits will jump by half to $21.7m in 2015 and to $24.9m the year after. Deduct from these figures a depreciation and amortisation charge of $1.7m and this translates into pre-tax profits of $20m in 2015, rising to $23.2m in 2016. Based on 43m shares in issue, and factoring in a tax charge of 15 per cent, expect EPS of 40 cents, rising to 46 cents in 2016. Clearly, the sterling:dollar exchange rate is material and Cantor have used a rate of £1:$1.60 in their calculations, slightly above the current cross rate. This seems sensible as I expect the normalisation of interest rate policy in the US to lead to further strengthening of the greenback, so if anything the currency risk to sterling denominated earnings is to the upside. On this basis, expect EPS of 24.8p in 2015, rising to 28.7p in 2016, which means that Hangar 8’s shares trade on a forward PE ratio of 13.7 – a 10 per cent discount to the FTSE All-share support services average rating - falling to a modest prospective PE ratio of 11.8 in calendar 2016. Furthermore, after adjusting for Hangar 8’s net funds of £4.6m, and the proceeds of the £14.2m placing, the group will have an ungeared balance sheet and resources available for working capital and investment. Assessing risk Of course no investment is without risk, the most obvious being execution risk. There is a risk too that demand for private aviation services may not be as strong as industry forecasts, and specifically in the US where Gama has most exposure to an improving economy. Analyst estimates are also predicated on the enlarged entity maintaining a high level of recurring revenue (around 80 per cent) which will provide the highly experienced board, and one boasting 225 years of industry experience, with confidence and visibility of future income to enable ongoing investment programmes. This will include a planned new strategic partnership in Asia in the first half of next year, new maintenance bases to be opened under Gama’s fractional ownership, and the addition of new aircraft under management in Europe. However, after factoring in these risks, I still see the tie-up between the two companies as a sound strategic move and one where there should be upside to the equity. In fact, I believe that Cantor’s price target of 400p is very sensible, equating to a valuation of 14 times prospective earnings for 2016. For a business predicted to grow annual revenues by 15 per cent for the next three financial years, and lift EPS by a third from 24.8p in fiscal 2015 to 33.1p in fiscal 2017, a forward PE ratio in the order of 14 to 15 seems appropriate for calendar 2016. In the circumstances, I am happy to issue a buy recommendation on Hangar 8’s shares and have a target price of 400p. Simon seems to overlooked the control that the concert party will have through majority shareholding with the possibility of taking it private. Having extinguished a competitor. We will be asked at the AGM to waive the rights we have for the concert party to make a mandatory offer for our shares. Presumably it does not suit the concert party to make an offer at this stage. However Gama has had the opportunity to list in the past but not taken it and the same people will be in charge. There are no statements as far as I can see about intending to raise more capital in future from the listing although capital is being raised to extinguish debt. |
Posted at 09/12/2014 07:49 by rivaldo Hi penpont, not yet, but the broker's quick reiterating of their 400p target price is meaningful imo.A quick read of the numbers yesterday suggested that current year numbers for GAMA produce roughly similar margins to HGR8, so I'm hopeful that with the synergies the combined entity will be earnings-enhancing. I'll look in more detail today. Above all, as this article suggests, the merger will make HGR8 "one of the five leading operators in business aviation worldwide". This is now a serious player and will be a draw for institutional investment. Since HGR8 was already pretty good value given EPS forecasts and the cash pile, I expect the share price to do well from here: "Hangar 8 and Gama Aviation to merge and become one of the world's top 5Posted 9 December 2014 · Add CommentTwo leading British business aviation companies with interests in the Middle East and Africa, Hangar 8 and Gama Aviation, are to merge. The new company, to be called Gama Aviation plc, will have a market capitalisation of £120 million (about $188 million) and make it one of the five leading operators in business aviation worldwide. The merged company will manage 144 aircraft and operate from 44 different locations in 15 countries across five continents. It will have a strong presence in North America, the UK, continental Europe, Africa, Middle East and Asia as well as South America. It will offer a comprehensive service, operating and supporting aircraft from all major manufacturers and all classes of private jet aircraft. Dustin Dryden, Chief Executive of Hangar8 said: "Hangar8 has achieved much in its short history but, in our highly regulated industry, success at all levels is now entirely driven by scale. Today our clients, many with ultra-long range aircraft, require their premier suppliers to be truly global too with the ability to supply a full range of private aviation services across the globe" etc" |
Posted at 19/11/2014 10:51 by igoe104 These have to be a strong buy at this level.hrg8 are a growing company with a decent cash pile to expand with, plus they should benefit hugely with the falling oil price. As a group, airline share prices started to rebound (see S&P airline index above) around the middle of October when oil started on its current downward trend. On average jet fuel costs account for around 34pc of an airline's operating costs, so a 28pc decline in Brent should see healthier profits across the sector over time - many airlines hedge their fuel purchases - and rebounding share prices |
Posted at 11/11/2014 16:41 by gargleblaster Good call pastybap -here's TommoShares in Aim-traded Hangar 8 (HGR8: 325p), one of Europe's largest operators of privately owned jet aircraft, have been firmly in the ascent since I recommended buying at 225p ('Ready for take-off', 12 May 2014). In fact, they have smashed through my upgraded target price of 300p ('Profit from an earning lift off', 2 July 2014) and hit an all-time high of 375p ahead of a bumper set of full-year results at the end of last week. The share price advance is certainly warranted by the company's operational performance: adjusted pre-tax profits of £2.6m and EPS of 22p for the 12 months to end June 2014 represented a near-30 per cent profit uplift on the previous financial year. And with cash generation strong - operating cash flow pre-working capital movements jumped almost £400,000 to £2.3m - this lifted net funds up by a fifth to £4.6m, or the equivalent of 49p a share. Strip that sum out from Hangar 8's current share price of 328p, and the shares are being rated on an historic cash-adjusted PE ratio of 12.7. That's hardly a punchy rating for a company that is clearly benefiting from a strong tailwind. It is also one that will be paying out a maiden dividend of 2.3p a share in January. The focus on heavy jets certainly looks a smart move as this reduces reliance on the more volatile, spot charter business and focuses the business on the more lucrative and faster growing intercontinental business air travel market. The Oxford-based company now has 47 planes under management, of which 27 are long-range heavy aircraft. Operating from 17 bases across Europe, the Middle East and Africa, Hangar 8 offers customers 12 different types of aircraft, including 15 super heavy jets (greater than 20 tonnes) that can fly up to 9,000km without the need for refuelling. And given Hangar 8's customers generally sign up for contracts of between one and five years, this improves the quality of the company's revenue stream. In fact, contracted gross margin of £7.8m in the financial year just ended represented 87 per cent of the total. Analyst estimates are now under review, but it's only reasonable to expect another year of decent progress. Also, small-cap income funds will now be able to buy into this growth story with a dividend on the way to add further support. So trading on a four point discount to the support services average of 17 times earnings, I would run your bumper profits. Hold. |
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