Behind The Idea: Era Group - A Fortress Balance Sheet, Superb Management, And Strong, Growing FCF With 100%+ Upside [Seeking Alpha]
ERA GROUP INC (ERA)
US:NYSE Investor Relations:
ir.erahelicopters.com
Company Research
Source: Seeking Alpha
Summary ERA Group has positive free cash flow and a superb balance sheet, the latter a source of strength and not a liability to be overcome. The company has the best fleet in the industry – 100% owned/no leases. The fleet has been trimmed recently to focus on the tightening market for AW139s. ERA, with the best management team and an attractive valuation (FCF yield of ~12%; ~60% discount to BV), is leveraged to an offshore recovery that appears to be underway. Shareholders will benefit as the company is run by superior capital allocators who can take advantage of optionality to either pursue highly accretive or grow BVPS through share repurchases. Investors are likely to earn 100% even without an offshore recovery, while or an industry recovery will generate 300-400% returns, but the downside is likely only a 10-15% decline. This article was selected to be shared with PRO+ subscribers, who also got 7 days' exclusive access to Large Margin of Safety's original Top Idea on Era Group
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