Alliance Aviation Services: FIFO contract business shines

About the author:

Billy Boulton
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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