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ALLIANCE AVIATION SERVICES LIMITED (AQZ)


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General Information
Company Name: Alliance Aviation Services Limited
Stock Code: AQZ
Website: www.allianceairlines.com.au
GICS Sub-Industry: Air Freight & Logistics
Market Cap ($M): 179
Equiv. Shares (M): 106

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 1.700 $ 1.700 $ 1.700 $ 1.680 $ 1.700 76,939 0%

Current Broker Consensus Recommendation more
Recommendation: Buy
Recommendation Date: 21st Feb 2013
12 Month Target Price (average): $2.3
Brokers Surveyed: 1

Company Overview

Business Description:
Alliance Aviation Services Limited (AQZ) is a mining services company specialising in providing fly-in, fly-out (FIFO) transportation to the mining and energy sector through a fleet of 26 aircraft. AQZ also offers ad hoc charter services and ACMI services (or Wet Leasing services) to a range of corporate and Government customers. The Company has facilities in Brisbane, Townsville, Cairns, Adelaide, Melbourne and Perth.

Strategy Analysis:
AQZ aims to: continue organic growth from its existing customer base by increasing the number of flights to contracted projects and providing services to additional projects conducted by customers; target new customers; and expand its geographic reach.

Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  F 25.9 24.7 7.9 6.9 13.6 8.0 --
2013  F 22.8 22.9 -5.8 7.4 11.5 6.7 --
2012  A 19.6 24.3 -- 8.4 5.6 2.7 100.0
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
Alliance Aviation Services (AQZ) $179 M -- -0.0596 0.0791 6.9844 7.4268 6.8826 0.0329 0.0674 0.0801
Qube Holdings (QUB) $1,677 M -- -0.0637 0.1398 21.2854 22.7330 19.9448 0.0227 0.0247 0.0271
Toll Holdings (TOL) $3,765 M -0.0483 0.1443 0.0701 14.0299 12.2606 11.4579 0.0476 0.0495 0.0533

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
AQZ 0.20 7.38 1.48 10.00 0.74
Market 1.07 12.6 0.89 2.31 2.58
Sector 1.08 14.9 1.48 1.42 1.47

Directors
Name Position Start Date
Mr Scott McMillan Chief Executive Officer,Managing Director 26 October 2011
Mr Steve Padgett Non-Executive Chairman 26 October 2011
Mr Peter John Housden Non-Executive Director 26 October 2011
Mr David Charles Crombie Non-Executive Director 26 October 2011

Management
Name Position
Arthur (Jeff) Jeff Childs Company Secretary
P James Flight Operations Manager (Chief Pilot)
K Crawford General Manager - Commercial
M Hobson General Manager - Engineering
T West General manager - Human resources and development
L Schofield General Manager - Operations

Substantial Shareholders
Holding Name
6,441,138 (7.16%) Acorn Capital Limited
7,886,663 (8.76%) Perpetual Limited and subsidiaries
9,690,957 (10.77%) Airline Investments Australia Pty Ltd
10,756,252 (11.95%) Stephen William Bond
10,756,252 (11.95%) Airlift Holdings Ltd
8,608,444 (9.56%) Mount Craigie Holdings Pty Ltd

Calendar of Events
Date Event
18 February 2014 Report (Interim)
19 August 2013 Report (Prelim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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