"Canadian Helicopters’ revenue is primarily generated from its helicopter transportation services. Canadian Helicopters also provides ancillary services, such as flight training and third party repair and maintenance services. For each of the three and twelve-month periods ended December 31, 2009, 86.0% and 89.3% of Canadian Helicopters’ revenue was derived from helicopter transportation services [88.5% for the three and twelve-month periods ended December 31, 2008], with the remainder derived from ancillary services. Canadian Helicopters operates IFR helicopters (providing services operated under instrument flight rules) and VFR helicopters (providing services operated under visual flight rules), which respectively accounted for 40.7% and 59.3% of helicopter transportation services revenue for the period of three months ended December 31, 2009 [60.3% and 39.7% respectively for the three months ended December 31, 2008] and 44.3% and 55.7% for the twelve months ended December 31, 2009 [45.2% and 54.8% respectively for the twelve months ended December 31, 2008]."
MCAP $122.87 million
YIELD 9.25%($0.0918 monthly)
Balance sheet
Assets
Current $73.07 million
Total $217.15 million
Liabilities
Current $26.91 million
Total $56.2 million
Equity $126.93 million
P/B 0.97
Cashflows provided/used(Annual)
Operations
- 2009 $33.19 MM
- 2008 $18.49 MM
- 2007 $32.26MM
- 2006 $25.07 MM
- 2005 $18.06 MM
Investing(without property/equipment disposals)
- 2009 -6.78 MM
- 2008 -12.35 MM
- 2007 -3.71 MM
- 2006 -4.38 MM
- 2005 -82.08 MM
Financing
- 2009 -15.55 MM
- 2008 -17.98 MM
- 2007 -33.84 MM
- 2006 -15.94 MM
- 2005 67.39 MM
Full cycle average annual cash from operation 22-25 million?
Maintenance cap ex? 10 million?
Post-conversion yield of over 5% seems likely.
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