Air Arabia

Pages
Pages 56
table
Tables 25
Chart
Charts 17
Price $100

• Air Arabia was established with a modest capital in 2003, as region’s first low cost carrier, which diversified into a global group of co.....

Summary

• Air Arabia was established with a modest capital in 2003, as region’s first low cost carrier, which diversified into a global group of companies offering travel and tourism services. 
• The company operates out of its three hubs, Sharjah (UAE), Alexandria (Egypt) and Casablanca (Morocco). Following the collapse of RAK Airways, Air Arabia became the official carrier of Ras Al Khaimah in 2014. With a fleet size of 39, it flew around 6.8million passengers to 100 destinations in 2014. 
• Air Arabia has increased its revenues at a CAGR of almost 16%, during the period 2010-14, registering total sales worth USD 1.01bn in 2014. The revenue is primarily from rendering air travel service. However, ancillary revenues, such as baggage fees and on-board food and services, are beginning to grow. Revenue from Hotel operations has gained from nil in 2010 to 2% of the total revenue in 2014. 
• Air Arabia’s market return over the past five years has been 10.27% and the stock price has almost doubled since 2010. It recently announced to open a new international hub at Amman Queen Alia International Airport in Jordan, its fifth fixed-based operation globally, following the acquisition of a 49 per cent stake in Petra Airlines.

TOC

1. Executive Summary
2. Business Overview
   Overview
   Porter five force analysis
   STEEPLED analysis
3.Financial Overview
   Revenue
   Key Financial Ratios
   Capital Expenditure
   Debt/Equity Ratio (D/E)
   Return on Equity (ROE) and Return on Asset (ROA)
   CFO-to-Sales
   Earnings Quality (EQ)
4.Projections
5.Peer Analysis
   Regional Peers
   Global Peers
6.Share Market Overview
   Dividend
   Risk Metrics
   Liquidity
   Analyst Calls
7.Appendix
   Sector Overview
   Growth Drivers

Tables & Charts

Tables
1.1: Summary
2.1: Air Arabia shareholders owning 5% or above
2.2: Group Portfolio
2.3: Performance Indicators 
2.4: Key Business Indicators
2.5: Summary of Porter’s Five Forces analysis
2.6: Summary of STEEPLED analysis
2.7: SWOT analysis
3.1: Financial Ratios 
3.2: Earnings Quality across time periods
3.3: Earnings Quality Components (Period End: Dec 2014)
4.1: Projections for Income Statement, Balance Sheet 
5.1: Regional Peer Overview
5.2: Peer comparison based on size, P/E and dividends
5.3: Peer comparison based on returns and margins (2013)
5.4: Peer comparison based on Balance Sheet strength 
5.5: Rankings of Closest Peers based on Market Cap 
6.1: Returns of Air Arabia vs. Dubai Financial Market General Index
6.2: Air Arabia Dividends, 2010-14
6.3: Risk Metrics
6.4: Liquidity Metrics
6.5: Analyst Calls
7.1: Projections for Income Statement, Balance Sheet 
7.2: Board of Directors and Executive Management
7.3: Board Compensation

Charts
2.1: Key Milestones
2.2: Air Arabia Ownership breakdown as of end 2013
2.3: Air Arabia: International Region wise – Seat Capacity
2.4: Route Map
2.5: Segment wise Revenue (2010 – 2014) 
2.6: Fuel Hedging (2013-2016)
2.7: Direct Cost Break down (2014)
3.1: Total Sales 2010-14 (USD Mn)
3.2: Air Arabia CAPEX, USD Millions and Capex/Sales ratio (2010-14)
3.3: Air Arabia D/E Ratio, (2010-14)
3.4: ROE & ROA
3.5: Cash Flow from Operations (in USD mn) and CFO-to-Sales ratio, 20109-14
6.1: Air Arabia vs. Dubai Financial Market General Index index, Rebased 2009-2014
6.2: Air Arabia Volume traded (in mn) vs. Price
6.3: Risk vs. Return: Air Arabia, Jazeera Airways and Dubai Financial Market General Index, 2009-14
7.1: LCC Penetration in MENA Region, 2007 & 2014
7.2: Airlines Industry – Net profits (USD billions) and Fuel costs (USD billions)

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