BBA Aviation (BBA.L), United Kingdom's 4th largest Miscellaneous Transportation company by market capitalisation, decreased GBX2.60 (or 1.3%) to GBX193.30 in the month ending May 31. Compared with the FTSE 100 index which fell 430.8 points (or 7.5%) in the month, this represented a relative price change of 6.2%. The volume was 0.98 times average trading of 15,933,777 shares. The stock fell for a second month in May.
Price Change % 1-month 6-month 3-year BBA -1.33% 9.52% 55.51% Miscellaneous Transportation -2.52% -8.96% FTSE 100 -7.51% -4.42%
PRICE VOLUME DYNAMICS
Volatility: the stock traded between an intra-month high of GBX204.80 and a three-month low of GBX185.0.
Moving average price (MAP): the price to 200-day MAP ratio is 1.04, a bullish indicator. The 50-day MAP of GBX203.10 is higher than the 200-day MAP of GBX186.65, a bullish indicator. The 200-day MAP has increased to GBX186.65. An increase is another bullish indicator. In the last nine months the number of rises outnumbered falls 6:3 or 2:1.
Relativities: its percentile rank in the United Kingdom market was 78 for the month. In the United Kingdom market of 1,267 stocks traded today, the stock has a 6-month relative strength of 70 which means it has outperformed 70% of the market.
Volume and turnover period: there were 15,318,796 shares worth GBX3 billion (US$46.5 million) traded.
% Discount to high: the last price is at a discount of 14.8% to the 12-month high of GBX226.85 eleven months ago on 01 Jul, 2011.
% Premium to low: the last price is at a premium of 26.5% to the 12-month low of GBX152.80 ten months ago on 24 Aug, 2011.
Volume weighted price (VWP): the price is about the same as its 6-month volume weighted average price of GBX197.11.
TREND IN VOLUME WEIGHTED PRICE
The Volume Weighted Price (VWP) is the summation of turnover [or price at which shares were sold times the volume of shares] divided by the total volume and represents an average based on turnover of all transactions over the period. In the past month the Volume Weighted Price was GBX195.79, down from GBX204.01 in the previous month. Average daily volume of some 680,453 shares declined 4.6% from 712,909 shares. The 6-month VWP is GBX197.11.
Ended High Low Turnover GBX Mid-Bounce Price Av daily volume VWP 31 May 12 GBX204.80 GBX185.0 2,999,206,794 GBX194.90 680,453 GBX195.79 30 April 12 GBX218.60 GBX191.90 2,797,522,847 GBX205.25 712,909 GBX204.01 30 March 12 GBX220.10 GBX197.90 3,586,320,368 GBX209.0 720,582 GBX210.13 29 February 12 GBX212.90 GBX184.10 3,428,459,801 GBX198.50 757,239 GBX199.35 31 January 12 GBX197.90 GBX174.50 2,321,684,464 GBX186.20 728,491 GBX185.76 30 December 11 GBX186.10 GBX167.99 18,986,776,737 GBX177.04 724,120 GBX1,771.49
In the last two months there have been consecutive falls in the mid-bounce price (average of high and low) as well as falls in the VWP accompanied by falls in Volume pointing to a month-on-month significant downtrend.
THIS MONTH'S PRICE PERFORMANCE RANK IN INDICES AND SECTORS
The stock is in 3 indices and 2 sectors.
The following index and sectors fell setting the trend for its fall of 1.3% for the month (rank by percentage price change of stock for 1 month;12 months in sector/index in brackets):
Total United Kingdom Market (rank 316;558 out of 1266 stocks and 165 units) which was down 414.8 points or 7.9% to 4,824.5,
FTSE 100 index which was down 430.8 points or 7.5% to 5,307.0,
Miscellaneous Transportation sector (rank 4;5 out of 12 stocks) which was down 135.2 points or 2.5% to 5,229.0
The Miscellaneous Transportation company sector is the 40th largest by market capitalisation out of United Kingdom's 90 sectors. It is made up of 15 publicly listed companies with a combined market capitalisation of GBX8.4 billion (US$130.7 million). In 2011 earnings for the sector grew 28.9% compared with those of 2010. The main players in the sector include Stagecoach Group, Firstgroup, National Express Group and BBA Aviation.
Percentile Rank 1-month 6-month 1-year BBA 78 70 58 Miscellaneous Transportation 74 32 41 FTSE 100 50 41 58
RELATIVE VALUATION INDICATORS [RVI]
BBA Aviation vs Miscellaneous Transportation sector [Miscellaneous Transportation sector Average in Brackets]
Better than Sector Average: Return on Equity of 15.5% [13.9%], rank 396 out of 1012; Return on Assets of 6.7% [3.9%], rank 481 out of 1017; Year-on-year growth in EPS of 39.1% [28.9%], rank 247 out of 767; P/E of 9.4 [9.4], rank 359 out of 931; Yield of 7.5% [4.4%], rank 90 out of 787stock with dividends.
RVI BBA Miscellaneous Transportation Return on Equity 15.5% 13.9% Return on Assets 6.7% 3.9% EPS Growth YOY 39.1% 28.9% P/E 9.4x 9.4x
SHAREHOLDER RETURNS
Trailing One Month: The stock fell fourteen times (61% of the time), rose seven times (30% of the time), was unchanged once (4% of the time) and was untraded once (4% of the time). The volume was 0.98 times average trading of 15,933,777 shares. The value of GBX1,000 invested one month ago is GBX987 [vs GBX925 for the FTSE 100 index] for a capital loss of GBX13.
Trailing Six Months: The stock fell sixty one times (48% of the time), rose sixty times (48% of the time), was unchanged four times (3% of the time) and was untraded once (1% of the time). The value of GBX1,000 invested six months ago is GBX1,129 [vs GBX956 for the FTSE 100 index], including a capital gain of GBX95 and dividend reinvested ofGBX34.
Trailing one year: the value of GBX1,000 invested one year ago is GBX932 [vs GBX895 for the FTSE 100 index], including a capital loss of GBX110 and dividend reinvested of GBX42. The total return to shareholders for 1 year is -6.8%.
Trailing two years: the value of GBX1,000 invested two years ago is GBX1,113 [vs GBX1,028 for the FTSE 100 index], including a capital gain of GBX20 and dividend reinvested of GBX93.
PVGBX1000 1-month 6-month 3-year BBA GBX987 GBX1,129 GBX1,781 Miscellaneous Transportation GBX975 GBX911 GBX1,052 FTSE 100 GBX925 GBX956 GBX1,179
FINANCIALS
Annual Report for the year ended December 31, 2011 (year-on-year comparisons with previous corresponding period)-
Favourable Changes: total revenue up 17.3% to $US2.2b; net profit growth 51.0% to $US152.4m; EPS growth 39.1% to 32.0 U.S. cents; EBIT Margin up 8.0% to 9.5%; a track record of profits in 4 of the last 4 years; although the Total Liabilities to Operating Cash Flow ratio of 5.4 compares unfavourably with the Joseph Piotroski benchmark of less than 4, it had improved by 8.0% from the previous year.; debt to equity down 36.0% to 0.6; total liabilities to total assets down 12.3% to 0.6; current ratio up 21.1% to 1.3; EBIT to total assets up 19.0% to 9.0%; total revenue to total assets up 11.4% to 1.0.
Unfavourable Changes: interest cover down 4.5% to 5.2.
Major Common Size Ratios: total non-current assets to total assets up from 67.7% to 68.5%; intangibles to total assets up from 42.4% to 43.5%; total current assets to total assets down from 32.3% to 31.5%; fixed assets to total assets down from 23.9% to 22.9%; current debtors to total assets up from 14.5% to 15.6%; cost of goods sold to sales down from 80.2% to 79.9%; EBIT to Sales up from 8.8% to 9.4%; profit before tax to sales up from 7.1% to 7.6%; profit after tax to sales up from 5.5% to 7.0%; interest expenses to sales up from 1.6% to 1.8%.
MARKET SHARE
BBA Aviation vs Miscellaneous Transportation sector [Miscellaneous Transportation sector Total in Brackets]
Revenue of GBX139.5 billion (US$2.2 billion)[902.6% of Aggregate Sector Revenue of GBX15.5 billion (US$239.5 million); up from 803.4% in the previous year.]
Net Profit of GBX9.8 billion (US$152.1 million) [1,741.6% of Aggregate Sector Net Profit of GBX563.6 million (US$8.7 million); up from 1,486.3% in the previous year.]
EBIT of GBX13.1 billion (US$202.7 million) [1,231.5% of Aggregate Sector EBIT of GBX1.1 billion (US$16.5 million); up from 1,089.7% in the previous year.]
MCap of GBX92.2 billion (US$1.4 billion)[1,093.3% of Aggregate Sector MCap of GBX8.4 billion (US$130.7 million); up from 943.7% in the previous year.]
FUNDAMENTALS
P/S: The price/sales ratio is attractive at 0.7.
Price to NTA: The net tangible asset backing per share is 0.0 GBX. The price to net tangible asset backing per share is 1,788.8.
Dividend Yield: The company paid a dividend of GBX14.56 in the last 12 months. The dividend yield is 7.5%. (rank 90 out of 787).
Investment Return: The nominal investment return, defined by the sum of 7.5% yield and 39.1% earnings growth, is 46.7%. After allowing for inflation of 4.2% the real investment return is 42.5%. The nominal investment return divided by the average P/E is a multiple of 5.0, which compares favourably with the benchmark of 2.
Valuation BBA FTSE 100 P/E 9.4x 10.9x P/E/G 0.2x 0.5x P/S 0.7x 0.8x
Size BBA Rank in Miscellaneous Transportation MCAP (GBX) 92.2 billion 5 Assets (GBX) 145.6 billion 4 Revenue (GBX) 139.5 billion 5
Performance BBA FTSE 100 ROA 6.7% 1.4% ROE 15.5% 12.4% Yield 7.5% 4.0% EPS Growth YOY 39.1% 20.8%
ISSUED CAPITAL
Based on 476,843,046 issued shares the market capitalisation is GBX92.2 billion (US$1.4 billion).
ACTIVITIES
BBA Aviation plc provides aviation services focusing on flight support, and aftermarket services and systems. Its flight support services include refueling, cargo handling, ground handling, and other related services to the business and commercial aviation markets. The companys aftermarket services and systems activities comprise overhaul of jet engines; supply of aircraft parts; and design, manufacture, and overhaul of landing gear, aircraft hydraulics, and other aircraft equipment. It also assembles, sells, and overhauls fuel gauging and measurement systems to defense and commercial airframe OEMs, tier one suppliers, and air frame operators. BBA Aviation plc operates primarily in North America, the United Kingdom, Asia, and the Mainland Europe. The company was formerly known as BBA Group plc and changed its name to BBA Aviation plc in November 2006. BBA Aviation plc was founded in 1897 and is headquartered in London, the United Kingdom.
TOP MANAGEMENT
The Chairman is Michael Harper and the Chief Executive Officer is Simon Pryce
BUSINESS NEWS ROUND UP
The last 5 snippets were:
May 29: BBA Aviation director buys
BBA Aviation (BBA.L) director Simon Pryce bought 6,849 shares worth approximately GBP13,619.9 (US$21,383.3) on May 25, 2012. The purchase price was GBX198.86.
April 24: BBA Aviation Q1 Interim Management Statement
[Company Release] In advance of its Annual General Meeting today, BBA Aviation plc, the leading global aviation support and aftermarket services provider, is issuing an Interim Management Statement for the period from 1 January to 23 April 2012. For the first quarter to 31 March 2012, Group revenue increased by 2%.
March 26: BBA Aviation announces AGM
BBA Aviation has announced its Annual General Meeting will take place on April 24, 2012.
February 27: BBA Aviation will appoint Non Executive Director
BBA Aviation will appoint Susan Kilsby as a Non Executive Director. The effective date is April 10, 2012.
January 04: Bba Aviation: Signature Flight Support acquires three new locations
[Company Release] BBA Aviation plc today announces that Signature Flight Support ("Signature") has recently acquired the assets of Azalea Aviation in Mobile, Alabama for an initial consideration of $22.0m with further payments of up to $5.3m over a 5 year period. Signature has also acquired 95% of Arrindell Aviation Services in St Maarten, Caribbean for a cash consideration of $7.8m. Azalea Aviation incorporates two sole source Fixed Base Operations ("FBOs"), the Mobile Air Center at the Mobile Regional Airport and the Downtown Air Center at the Mobile Downtown Airport with long lease terms of over 26 and 30 years respectively.
Currency Conversion: Pence Sterling GBX1= US$0.0155 [or US$1=GBX64.52]; Against the US$ the GBX slumped 127.39 basis points (or 1.3%) for the day; dropped 1.9% for the week; slumped 4.9% for the month; fell 4.9% in the past year. Great Britain Pound [GBP] 1 = GBX100.
Source: www.BuySellSignals.com
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