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Nahco Plc 5-Year Review

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ISSN 1597 - 8842 Vol. 1 No. 39 5 Year Review up to Q1 2010 Results Issued on June 14, 2010 Contents NAHCo - Fast Facts 03 Recent Developments in the Company 05 The Operating Environment/ NAHCo’s Response 06 o Background o Market Structure o Recent Trends o Market SWOT o Market Realities o Market Outlook o Managing Change – The Value Paradigm Fundamental Analysis 18 Technical Analysis 28 The Analyst’s Insight/Opinion 31 Appendix 34 ISSN 1597 - 8842 Vol. 1 No. 39 © 2010 www.proshareng.com June 2010 2 Page 1. NAHCo - Fast Facts NAHCo was incorporated as a Private Limited Liability Investment Summary Highlights Company on December 6th, 1979 under the then As at 11, June, 2010 Nahco Price 11.20 Nigerian Enterprises Promotions Decree, with Nigerian Price Traget/Fair Value N14.36 - N15.49 and foreign equity ownerships in the proportion of Ratings [email protected] 60% and 40% respectively. The Federal Airports YTD Performance 55.99% Authority of Nigeria ( FAAN ) represented the Nigerian Recommendation [email protected] ownership of 60% while four foreign airlines (Air France, British Airways, Lufthansa and Sabena - in Stock Data liquidation) owned the remaining 40%. 5- years EPS CAGR 18.06% Dividend Yield 4.02% PEG Ratio 0.47 The corporate vision of the firm is to be the Outstanding Shares 1,230,468,750 preferred aviation handling company, globally Free Float 80.28% competitive, adopting world class practises. 52-week high N14.85 52-week low N6.12 NAHCo commenced operations in 1979 simultaneously Lifetime High 70.05 with the opening of the Murtala Muhammed Market Cap(N) 13,781,250,000.00 Market Cap(US$) 92,059,118.24 International Airport . The firm’s main activities at the Year End December start revolved around the following four main Shares held by Directors activities: as at Feb 2010 242,605,556 1. Aircraft handling operations % share of total shares 20% 2. Passenger handling activities Investment Grade B 3. Ramp (baggage) handling Source: Company Financials/Proshare Research 4. Cargo handling services through its customs bonded warehouses and mail handling through the postal authorities. The company’s privatisation took effect in August 2005 in response to the privatisation policy of the Federal Government of Nigeria. 60% of the Company's shares which were held by the Federal Airports Authority of Nigeria ( FAAN ) on behalf of the Federal Government were accordingly offered for sale to the public by the Bureau for Public Enterprises ( BPE ) at N5.50 per share through an Initial Public Offering. The 180 million ordinary shares were fully bought up. The shares were officially listed on November 27th, 2006 on the Nigerian Stock Exchange ( NSE ) and have remained an actively traded stock till date; with over 83,500 individual shareholders, three foreign airlines and Rosehill Group Nigeria Limited. The current share ownership structure of the company is as follows: Nigerian Public : 68% British Airways: 10.7% Rosehill Group Nigeria Ltd: 9.5% Lufthansa: 6.0%; and Air France: 5.8% Since its privatization, NAHCo Aviance has developed processes and strategies to enable it compete locally and regionally; including forging global alliances through its membership of AVIANCE and The International Air Cargo Association ( TIACA ). Nigerian Aviation Handling Company (NAHCo Aviance) renders the following main services to twenty-nine ( 29 ) out of the thirty-five ( 35 ) leading domestic and international airlines operating in Nigeria : Passenger and baggage handling; © 2010 www.proshareng.com June 2010 3 Page Cargo handling through its customs bonded warehouse and mail handling through postal authorities; and, Ramp and other ground handling services through the provision of ground support equipment. NAHCo has over 1,550 employees stationed in its outstations in Abuja, Kano, Lagos and Port Harcourt. NAHCo has won many local and international awards – the most recent being the International Star Award for Quality in Geneva, Switzerland and the West African Direct Marketing Award by the institute of Direct Marketing of Nigeria. The company has equally been exploring regional opportunities (through the planned merger with Aviance Ghana – to service operations in Accra , Monrovia and Abidjan ) and is awaiting a board approval for its take off. NAHCo is reputed to be the market leader (70%) in aviation ground handling services in Nigeria in terms of flights handled and revenue/balance sheet size. Specifically, Independent findings indicate that NAHCo’s operation advantage is as below: International Operations - 90% share of market size Regional Operations - 40% share of market size Local Operations - 40% share of market size The above data is further addressed in section three of the report under the operating environment. The company’s board of directors comprising eleven members has Senator (Dr) Ike Omar Sanda Nwachukwu (CFR) - a 2008 nominee of Rosehill Limited - as the chairman. On May 27, 2010 , he succeeded Ambassador Patrick Dele Cole who voluntarily resigned as Chairman and was subsequently not re-elected by shareholders as a Director of the company. The Management team comprising seven members is ably led by its Managing Director, Mr. Bates Sarki Sule (MD/CEO) who has been in charge and responsible for the transformation of the company since the privatisation exercise. Proshare examined the volumes of data, information, analysis and records available directly and indirectly on the quoted firm to access the performance and investment implication in the company. This report therefore represents our factual examination of data available to evaluate an investment decision in the company; and is presented in three sections – the fast facts and review, the analysis and the insight/opinion. We encourage your feedback on the report for necessary review and update. Thank you. © 2010 www.proshareng.com June 2010 4 Page 2. Recent Developments in the Company NAHCo - Change in Directorate: NAHCo Plc recently effected a change in the company’s board composition with Senator (Dr) Ike Omar Sanda Nwachukwu as the new chairman of the company’s board to take over from Ambassador (Dr) Patrick Dele Cole who retired from the board with effect from May 27, 2010. NAHCo – Financials and Corporate Action: NAHCo Plc released its FY’09 and Q1’10 results recently. Its FY’09 Turnover of N6.07bn led to a PAT of N1.25bn (YoY growth of 55%). However, its performance moderated in Q1 2010, for which it posted a Turnover of N1.52bn ( +5% YoY ) and PAT of N395.99 million ( -6% YoY ). Following the release of the Company’s FY’09 results, NAHCo declared a final cash dividend of N0.45 . In Q2 2009, it had paid an interim dividend of N0.25 and a scrip dividend of 1 for 4. The final dividend payment therefore brings its total cash payment to N0.70 (representing a 64% payout ratio ). NAHCo – New Clients: NAHCo continued to expand the range of its contracts to some airline operators, while also taking on some new clients in the 2009 financial year. Specifically, it secured long term handling rights for Ethiopian Airlines , exclusive rights for Aero Contractors and Dana Air in all their stations and additional handling contracts with Delta Airlines and Egypt Air . More recently, the company was selected by the China Southern Airlines to provide a broad range of ground handling services. NAHCo – N3bn Corporate Bond: The shareholders approved the issuance of a N3bn corporate bond or other capital instruments for the purposes of business development and expansion. The company's MD/CEO, Mr. Bates Sule said that “the new funds would be invested in boosting the company's business through acquisition of more brand new equipment, expansion and modernization of the cargo import shed in Lagos, expansion of the business into selected airports in Nigeria and some West African countries, as well as diversification. NAHCO – Increase in Authorised Share Capital: NAHCo Plc has proposed an increase in its authorised share capital from N500m to N750m through the creation of additional 500 million ordinary shares of 50 kobo each . NAHCO - Change in Corporate Logo: NAHCo Plc changed its corporate logo to NAHCOAVIANCE, a product of the company's membership of Aviation Alliance, the first global alliance of airport service providers in the world which was formed in 1999. NAHCo would still retain its registered name of Nigerian Aviation Handling Company Plc. NAHCO - Proposed Share Reconstruction: NAHCo Plc is considering a possible capital reconstruction of its shares though which achieved a 9.33 YTD change (140610) and 3.97 (150610). NAHCO – Appoints Executive Director and COO: The board of NAHCo Plc has announced the appointment of Mr. Kayode Ojo (February 15, 2010) as its Executive Director, Finance and Strategic Planning. Mr. Norbert Bielderman (May 17, 2010) as Chief Operating Officer with overall responsibility for the company’s aircraft and cargo handling operations. Ojo and Bielderman’s appointments are some of the strategic initiatives of the Board of the company to strengthen Management and re-position the company for the next stage of its growth and ascension. The former Chief Financial Officer, Mr. Tunde Balogun left the services of the firm in January 2010. © 2010 www.proshareng.com June 2010 5 Page 3. The Operating Environment/NAHCo’s Response BACKGROUND 3.1 Industry Definition Cargo airlines (or airfreight carriers, and derivatives of these names) are airlines dedicated to the transport of cargo in its widest definition. The industry also consists of Agents who act as intermediaries between the air-freighters and customers and handlers who provide aviation logistics and necessary infrastructure. 3.2 Industry History The rise of international trade has fuelled continued growth for the global air cargo market. At the same time, the increasing emphasis on just-in-time delivery has added to the importance of managing this growth and improving service and delivery times.
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