Gama Aviation (GMAA)

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Gama Aviation GMAA Logo

The global business aviation services provider.

19-Jan-2018 – 236p – £103.8m – PER 9.14

Trading Update For The 12 Months To End December 2017 – In-line and confident for 2018.

Fundamental wise looks OK (ish) but for now it’s not for me.

19-Mar-2018 – 260p – £165.4m – PER 10.8

Final Results For The 12 Months To End December 2017 – In-line with Revenue of $207.4m (2016: $196.1m) up 5.8% (CC), Underlying Operating Profit $18.7m (2016: $14.6m) up 28.3% (CC), Net Debtdown by $6.4m to $13.0m (2016: $19.4m) and current trading is in line – Well placed to achieve its expectations for the current year.

Done very little in the past 5 years except go sideways, I just can’t get excited here at present.

5-Jun-2018 – 226.5p – £144.1m – PER 10.2

AGM Statement – Broadly satisfactory trading (flat compared with last year).

I last commented that this had “Done very little in the past 5 years except go sideways” and I am not sure this statement is going to affect that position much.

12-Jul-2018 – 202.5p – £128.8m – PER 8.57

Trading Update For The 6 Months To End June 2018 – Expecting FY results to be at the higher end of Board expectations – Expect to propose an interim dividend in line with the stated progressive policy.

This should help push the price back up towards the 250p level – But not sure there’s enough here to see more than that. I will remain Neutral and keep an eye out for updates.

19-Jul-2018 – 200p – £127.2m – PER 8.41

Trading Update For The 6 Months To End June 2018 – In-line.

I remain Neutral.

24-Sep-2018 – 194p – £123.4m – PER 8.39

Interim Results For The 6 Months To End June 2018 – Revenue and Gross Profit both down slightly but there’s now Net Cash of $21.1m versus a Net Debt of $14.3m last time.  FY expectations unchanged.

I remain Neutral.

29-Oct-2018 – 152p – £96.7m – PER 6.45

Trading Update For The 12 Months To End December 2018 – From FY expectations being unchanged just 1 month ago it now seems FY Underlying Operating Profit will miss by $3m – I am guessing that’s a 30% – 40% miss (hard to spot that a month ago I guess!).

Would have to do a lot to earn some trust and respect back here – I remain Neutral.

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