The C-S analysis of $2m EBITDA per deployed E190 plane closely correlates the suggested build up in flying hours and applying some conservative logic to when they roll them out in each quarter, I can see some huge growth over the next three years - around 17% CAGR and thats' pretty healthy. Of course this presumes a 'business as usual' regime which is a big if in these Covid times. That said I can see underlying FY21 eps of 22.2c growing to 36c in FY24 and this is after allowing a build up of shares as per the dividend reinvestment averages. Using these figures I get an Intrinsic value of $5.34 after using a 10% discount factor which I do believe AQZ deserves after maturing as a company. The very sensible 'no dividend' did scare the marketplace though.
AQZ Price at posting:
$4.11 Sentiment: Hold Disclosure: Held
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