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FLY.N

ISIN: US05614P1012
SEDOL: B282GD6

Rating:

BUY

Target Price:

7.82 USD

Investment Horizon:

6 to 24 months
5th Jun 2009 View Report   Download

Company News Alert

Babcock & Brown Air Limited's (B&BAir;) ADR price has significantly increased since our last update report and achieved our ADR target price on 04 June 2009. The rally in the ADR price reflects broader market movements and reflects the positive sentiments of the recent debt repurchases by the company. Although our ADR target price does not support a BUY rating at current price levels, we maintain our BUY rating as we expect the recent…

2nd Jun 2009 View Report   Download

Company News Alert

On 01 June 2009, Babcock & Brown Air Limited (B&BAir;) announced the repurchase of its securitization notes at a significant discount to its par value. Furthermore, the company has the option to purchase an additional US$100 mn of securitization notes for US$48 mn within the next 9 months. We expect these repurchases to add significant value to the investor in terms of increased net asset value of the company and given current price levels supporting a BUY…

7th May 2009 View Report   Download

1Q 09 News Alert

Babcock & Brown Air Limited's (B&BAir;) 1Q 09 revenues and profitability were below our estimates, reflecting lower-than-anticipated revenues and higher Selling, General and Administrative (SG&A;) expenses. However, given the increase in global financial markets over the past 2 weeks in light of improving economic data from the US and China and current price levels, we do not anticipate a change to our current BUY rating for the ADR (1ADR = 1 European ADR)....

23rd Apr 2009 View Report   Download

4Q 08 & FY 2008 Update Report

We expect B&BAir;to remain exposed to the risk of pre-scheduled termination of lease contracts due to reduction in capacity or possible airline bankruptcies. Lessee defaults result in loss of lease revenues along with higher costs associated with repossession and re-leasing of aircraft. In addition, lease on 3 aircraft is scheduled to expire during…

17th Mar 2009 View Report   Download

Company News Alert

On 16 March 2009, Babcock & Brown Air Limited’s (B&BAir;) ADR price increased 20.7% due to investor optimism regarding the company’s announcement of its intention to repurchase securitization notes at a significant discount. We maintain our BUY rating for the ADR based on our positive fundamental outlook based on the company’s efforts to further strengthen its balance sheet, in addition to reduced interest expenses, going forward....