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Started: paddymagity, 11 Mar 2022 12:38
Last post: cd27idw, 16 Mar 2022 14:05
too late for this year's SIPP allowance. not much of silver lining.
According to Hargreaves Lansdowne: "Shareholders approved this takeover at meetings held on 8 March 2022. The takeover still needs court approval at a hearing on 29 March 2022.
If you’re still a shareholder at the end of 31 March 2022 and the takeover is approved, you’ll get 125p per share for your Air Partner plc shares. The cash will be credited to your account on or around 14 April 2022. "
anyone know when shareholders will be paid for those who hold shares in certificate form.
Started: picstloup, 8 Mar 2022 08:42
Last post: cd27idw, 8 Mar 2022 16:39
16:15 today: it's a sale. I've been in this company since 1998. I'm gutted. Sold down the river.
According to BearBull at the Inveztors' Chronicle. S/he makes a good point that the directors should have played harder with Wheels Up. But thinks the deal will go through on the nod today. Still a nice profit for me, but the £1.70 BB estimates as fair value would have been a lot nicer.
https://www.investorschronicle.co.uk/news/2022/03/03/how-to-assess-whether-a-takeover-offer-is-good-value/
Started: Lcw888, 14 Feb 2022 21:04
Last post: Lcw888, 14 Feb 2022 21:04
I decided to read through the Air Partner documents so I can organise to vote electronically and live in the actual meetings. In there they actually state the the YE PL ending 31st Jan 2022 was £8.6mm (I’d wrongly been expecting a separate RNS on this). I’d predicted £9mm, so not far off. We know that they have about £13mm of net cash (no debt). The takeover value is £84.8mm, so a PE ratio of only 8.35 excluding the cash that already effectively belongs to us shareholders. Not exactly appealing considering the future firepower they’ve been building up!
Started: Lcw888, 5 Feb 2022 22:04
Last post: Lcw888, 5 Feb 2022 22:04
From Investor Chronicle Bear-Bull fund the other day: “However, cash may be forthcoming soon, thanks to a recommended 125p-a-share cash offer for aircraft charter specialist Air Partner (AIR), which values its equity at £80mn. What is remarkable is not that the offer – from Wheels Up Experience (US:UP), a US firm in a similar line of business – should be at that level, but that the directors should recommend it. Less than two years ago the shares traded at 144p. More important, even without trying, per-share values of anything from 142p to 173p spring from Bearbull valuation models that use weighted average profit or cash flow for the past five years as the value driver. Yet Air Partner’s bosses were so thrilled by recent trading that either side of Christmas they raised their profit guidance for the year to end January, adding that, in effect, there was also £13m of spare cash in the balance sheet. So it feels slightly insulting that the offer precludes a final dividend for the year just ended. The pity is that almost 12 per cent of the share capital is irrevocably committed to the offer and another 16 per cent is in non-binding commitments. Let’s hope Air Partner’s other shareholders are sufficiently switched on to get the offer to more realistic levels”.
Started: Zarro, 31 Jan 2022 18:51
Last post: Zarro, 31 Jan 2022 18:51
...hmmm. Interesting
Started: JustChampers, 27 Jan 2022 07:40
Last post: TheBeerStalker, 27 Jan 2022 20:30
Had this about a year or so and intended to just hold. 80+% profit though on this share is a windfall in my books, and with some others in my portfolio getting dragged down on Russia and Ukraine issues, I sold out this morning, albeit it was not one I’m glad to be out of. I’m sure there will be other opportunities that catch my attention in the near future. GLA.
Majority of shareholders are funds; depends whether or not the ultimate holders want jam today or jam tomorrow. Global economy looks to be on the way down with the Ukraine situation, but it's already down, with encroaching interest rates damping any growth. Personally, I see a stagnation until everyone finds their feet, then growth, as was predicted. The American market is going to be more significant for AIR, and I do believe there's a far greater upside. I don't believe the BOD are being objective in their view, just reducing their own risk exposure (I don't see much more risk than has been seen over the last 2 years).
Yes, cd27idw, a very nice profit for me but a very bad deal overall. Not sure whether to plough my proceeds into Wheels Up, on the grounds that they've got a hell of a bargain. Or hold off as Wheels Up's share price has dropped from over $10 to $3.60 in the last year, and they pay no divi.
Can they not ask for more?
Sucks big style. This company has far more potential than what the offer implies. At least 50% more would have been considerable. 125p is derisory. BOD are running off like frightened rabbits. We're just starting to see growth in the USA, which itself would have (as always has been the case) contributed a massive amount to the company's performance.
Started: ESSEXDOG, 27 Jan 2022 11:45
Last post: picstloup, 27 Jan 2022 16:48
Yup, stuck myself down for a few at $3.87. They're up nearly 7% on the day, so the market quite likes the news, even with the stonking extra debt it entails.
Invested here last autumn so happy with gain. However many on board feel price to low but surely that means opportunity to invest in UP. If they got good bargain will enhance their future a lot. Hopefully the good mgt from AIR will be able to utilise skills over bigger arena. Seems plenty of upside in UP share price over next few years. If you believe in growth potential of market surely this represents opportunity. Dollar dealing costs are low and dollar much lower than 2 years ago. what do others think
Started: ESSEXDOG, 27 Jan 2022 12:01
Last post: ESSEXDOG, 27 Jan 2022 12:01
21.16%
Delta Air Lines, Inc. 52,000,995 $188.2m 0% no data
6.52%
FMR LLC 16,017,378 $58.0m -0.77% no data
5.7%
Kenneth Dichter 14,018,050 $50.7m 0% no data
4.73%
T. Rowe Price Group, Inc. 11,633,936 $42.1m 0% no data
3.66%
HG Vora Capital Management, LLC 9,000,000 $32.6m 0% 1.14%
3.16%
Franklin Resources, Inc. 7,762,117 $28.1m 0% 0.01%
1.26%
The Vanguard Group, Inc. 3,087,861 $11.2m 0% no data
1.12%
TimesSquare Capital Management, LLC 2,740,150 $9.9m 0% 0.09%
1.02%
Third Point LLC 2,500,000 $9.1m 0% 0.06%
1.02%
Durable Capital Partners, LP 2,500,000 $9.1m 0% 0.08%
0.94%
BlackRock, Inc. 2,307,262 $8.4m 0% no data
Started: Florence141414, 17 Dec 2021 10:01
Last post: Florence141414, 27 Jan 2022 07:36
Looks like we passed Russ!
I agree with your estimations although it seems odd that the trading update is so obtuse. Feels like an exam where they tell you what the cash balance is after having g paid down £5m of debt, now work out what you think the profit is!
One positive for me is that it shows the business is resilient to conditions with or without COVID and cash generative.
Let’s wait for next update and hope they flesh out the numbers a bit more and see if we passed our exam!
Has the market missed the implications of these numbers maybe? Increased cash by 2.9m and paid down £5m of debt since the end of July. So that’s 7.9m of cash generated in a 4.5 month period. Obviously we won’t know until results how much of that is movement of working capital and how much is profits but with 3.5m PBT in H1 we could easily be looking at 10m PBT for the full year and possibly more.
Started: BubbaBubbaBubba, 26 Nov 2021 09:22
Last post: BubbaBubbaBubba, 26 Nov 2021 09:22
If it wasn't affected in lockdown it won't be affected now
Started: Monteacute, 4 Nov 2021 17:18
Last post: Monteacute, 4 Nov 2021 17:18
Daughter still very smug BD....Air still in the hanger until today: anyone know why it has been pulled onto the runway? For a bit of daylight then back in.........not much sign of fuelling let alone take off!
Started: Monteacute, 26 Sep 2021 17:58
Last post: BobbyDavro, 29 Sep 2021 09:10
Your daughter must now be regretting it after today’s exceptional results and SP move!
Good to see this pass £1. Should fly now over the coming weeks.
First dipped in at 23p March '20 HL..........topped up with a few then got very bored as I said. Recommended a buy to daughter at 80ish: she was not impressed. Just made second recommendation and received very unlady-like reply! She will regret it! I hope!!
Monteacute - did you get filled here? You did well to buy at 37p before!
Many thanks BD and BB: I've just put in fill or kill for tomo am! My sentiments entirely but I just got tired of waiting over the last six months so took a meagre profit from 37p. Look forward to better return this time around and best wishes to you both too.
Started: BobbyDavro, 3 Sep 2021 13:44
Last post: BobbyDavro, 3 Sep 2021 13:44
This is now a very strong buy. Fundamentals looking brilliant, and to back up looks like a Cup & handle may be forming with moving averages looking tidy. I think we'll hit 100p soon and then could head to 140p.
Started: BubbaBubbaBubba, 19 Jul 2021 19:02
Last post: Ostrich5, 21 Jul 2021 13:28
sub 80 was definitely a bargain.. not sure why it dropped back after climbing nicely earlier this month.
Bargain buy
Performed strongly throughout lockdown
Always seems to be good news coming thru
Started: janebolacha, 8 Jul 2021 09:03
Last post: perkylad, 9 Jul 2021 09:54
Bit difficult to know if it's trading 'well ahead' or 'back at' pre-covid level? Anyway i guess either is 'positive' like it says on the 'AGM and positive trading' announcement!
oversold!
That's better!
Started: janebolacha, 7 Jul 2021 09:10
Last post: Ostrich5, 8 Jul 2021 09:29
lol, terrible
Not sure how impressed investors are meant to be by a video of the CEO presenting and talking rather like Prince Harry and spouting on about ESG and mental health and talking about being at the start of our "journey".
Started: cd27idw, 17 Jun 2021 22:03
Last post: cd27idw, 17 Jun 2021 22:03
In the results recently, the financial officer made the statement as follows:
"Going forwards, the Board will target dividend cover of 3.0 to 3.5 times earnings in a normal year, after adding back non-cash related exceptional items, such as amortisation of acquired intangibles."
Sorry to be a bit thick, but earnings per share were 9p; what earnings is he taking as a normal year? Non-Covid affected, which would be substantially more than 9p? Anyone got any insight? Most recently in 2018, 100% of earnings were paid out (https://www.fidelity.co.uk/factsheet-data/factsheet/GB00BD736828-air-partner/dividends). Any opinions welcome.
Started: cd27idw, 6 May 2021 00:07
Last post: Ostrich5, 10 Jun 2021 12:58
Yes, some nice momentum now. Looks like investors are buying in anticipation of a bigger rise once travel restrictions ease. The SP was good value even before the covid mess, and the fact AIR has come through this somewhat unscathed should be a reason to buy in for everyone else..
Just speculating because of the value offered and the discount due to the pandemic. Looks like we’re sustaining some nice momentum here now.
yes, would be nice to see a continued rise up and above £1.
what makes you think a takeover on the cards?
It has been a long wait but great to see us push back into the 90s this morning. While it was clear for a while, I don’t think the market wanted to touch this simply due to the perceived sector.
Now the results further show to those who don’t understand that Air Partner was able to benefit from Covid in some areas of its business, but will also benefit from the economy reopening in other ways.
Be nice to see a good push beyond £1 over the next weeks.
this has been a long wait
Started: kadavul, 14 May 2021 10:14
Last post: CliffPeat, 14 May 2021 12:43
@kadavul
The combination of the seemingly "generous" LTIP awards and the one-off bonus the company received from the early covid transportation contracts influenced me to sell my small holding this morning.
When normality returns this company may well hit a growth stride and I will be watching and may re-invest.
Obviously others may disagree and we all have to do our own research and make our own decsiions.
.... whereas the long term shareholders rewarded with 1.8p per shares not to mention the fall in share price. Not impressed :(
Started: Musselsuk, 11 May 2021 08:52
Last post: Ostrich5, 12 May 2021 15:32
agreed
Very nice green patch on an otherwise very red day for my portfolio
...very good.
Started: cascudi, 11 May 2021 11:03
Last post: cascudi, 11 May 2021 11:03
revenue: 71m£
profit before tax: 9m£
Total equity: 21m£
ROE= 9/21=42%
net operating cash flow: 14m£
EPS=9.4
SP= 85
P/E=85/9.4= 9
sp cheap imo
Started: perkylad, 21 Apr 2021 11:09
Last post: BobbyDavro, 5 May 2021 11:06
Does look strong here lately. Was hoping for some corporate action with this company to be honest. Either way, great value at this level.
The good update has ben well received and share price is recovering, hopefully get up to resistance in mid 80s soon.
Started: kadavul, 25 Mar 2021 17:20
Last post: kadavul, 25 Mar 2021 17:20
"pakka local machi"
Do you still own these shares? if so what do you think it share price?
Started: kadavul, 9 Feb 2021 10:54
Last post: oilheadgame, 23 Feb 2021 13:50
pakka local machi
I think Mark's hands are tied like many small companies waiting for the airline industry to open up. Clearly their entrepreneurship at the beginning of the pandemic helped them to get in a position to survive. Without that I doubt there would have been an AIR BB to post on. They are all over the market when they have good news to shout about, but that quickly evaporated by the end of the summer. Clearly even the rich Jetset have not had the freedom to travel , just lots of enquiries. Have to judge what shape the business will take when global travel opens up. In his own words visibility still unclear. Until then they have the divi covered this year but I don't really see the point as they have a business to rebuild. Its not like they have massive income or revenue, just a decent cash pile thanks to the placing, which will evaporate pretty quick.
oilheadgame sounds like you know Tamil.
... running to Kovil (temple) not possible in this lock down :)
kadavul, only he can save you my friend. Not good update here at all.
GOD SAVE YOU!! Run to Kovil.
"A further update will be provided in February ahead of the close period." Quoted in the trading update 20 Jan 2021 RNS.
Started: janebolacha, 22 Feb 2021 08:33
Last post: janebolacha, 22 Feb 2021 09:25
Yes, no idea who actually writes these RNS.
Perhaps a harbinger of what to expect in the dawning age of illiteracy.
Yes it does seem a little contradictory to say that visibility is poor but we’re also confident of at least 4.2m PBT for the year.
It is also a little down in the mouth on that basis too. If you take him at his word that this is the base case for the year it represents an 8x EV/PBT. Not bad for a worst case scenario IMO.
Briffa is most definitely a glass half-empty person, isn't he?
How can a statement such as this one possibly be made, only three weeks into the new financial year?
"The Board's current base-case expectation for FY22 is to deliver profits in line with the financial year ended 31 January 2020, despite the continued global restrictions on passenger movements."
So, what has been done to reposition AIR for the future market opprtunities in new markets where offices have been set up? Are they simply nice flags on the map? What are the plans for the recovery situation in UK and Europe which is bound to come. perhaps sooner than anyone expected? Does AIR simply sit there, waiting for the phone to ring?
Depressingly passive management. No wonder the sp has tanked today, reading that.