Alliance Aviation Services: FIFO contract business shines
About the author:
- Author name:
- By Billy Boulton
- Job title:
- Associate Analyst
- Date posted:
- 11 August 2023, 7:30 AM
- Sectors Covered:
- Agriculture, Travel, Chemicals, Food & Beverage
- Alliance Aviation Services' (ASX:AQZ) FY23 P&L result was essentially pre-released in July. While underlying NPBT was in line with its recent upgrade, the mix was slightly different compared to MorgansF and likely consensus.
- FY24 is set to benefit from a strong ramp up of wet lease flight hours and a stronger FIFO contract business which will likely continue to expand margins and also win market share.
- We maintain an ADD rating on AQZ given the strong earnings momentum inherent in the business underpinned by increasing utilisation of its current E190 fleet and its second E190 expansion program.
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