Only ever about 270 Fokker 100's made...assuming 40% of the fleet have been lost or scrapped that leaves about 160 left worldwide of which AQZ have about 40 (including the Austrian fleet arrived or arriving). That's 25% of worldwide supply. As a rough rule of thumb, two F100's sold for $15m two years ago means the current fleet of 26 is worth around $190m...the book value is around $165m so that seems okay. (Approx figures used from memory so DYOR).
I am also relying upon the auditors view of the depreciation and amortization charges been equal to the expensing of their usefulness against annual revenues each year.
But what I do know is that the value of a broken down Fokker for parts (to sell or replace ageing AQZ parts) is worth more that it flying in the air, so the sale value of the $40m in inventory at cost is worth much more than this. They clearly see this as another revenue stream and they are closer to the world aircraft requirement than I.
Conclusion: Old Ben Graham could build a case that the breakup value of AQZ is worth more than the current market value. In fact the well used Graham number suggests that AQZ is valued at $1.86 based upon the 1H results.
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