AviaSG: Seasonally weak results (159-160p.)

BZ WBK Brokerage – 26.04.2012

Buy (maintained). Target Price: PLN 58.

1Q’12 Results Preview. We expect ASG to report another quarter of weak results. We believe that, due to seasonality, the MRO segment will be the sole profit driver. We expect the segment to generate EUR 12m of revenues and EUR 3m of gross profit.

Turbulences are over?

BZ WBK Brokerage – 31.01.2012

Buy maintained. TP reduced to PLN 59.

The Avia Solutions Group has been very successful in developing its MRO (Maintenance, Repair and Overhaul) business in 2011, more so than we expected. However, the company’s other segments have been affected by external factors (riots in North Africa) and by the costs of geographical expansion (the development of Polish operations), which have negatively impacted the company’s results.

2Q’11 Results Preview

BZ WBK Brokerage – 21.07.2011

Target price: PLN 90.0 (+30.5%) CP: PLN 68.95 Recommendation: BUY

5 p. Key points:

Ground handling: we expect this segment to report advances in revenues on the back of seasonal increase of flights and start of Polish operations, however, still on the marginal profitability due to extra costs incurred to rapidly enter the Polish market

Boarding Completed

BZ WBK Brokerage – 01.04.2011

Recommendation BUY. 12M Target Price PLN 90

Avia Solutions Group (ASG) is a group of companies engaged in aviation-related services for airlines and travel operators. It provides integrated aircraft maintenance, ground handling, crew training, charter and other services. ASG was mainly focused on the Baltic and CIS markets, however, the group plans to expand its European operations in 2011.