FORTRESS TRANS INFRASTR INVS FTAI
November 16, 2020 - 5:49am EST by
member
| 2020 | 2021 | ||||||
| Price: | 17.28 | EPS | 2.67 | 4.57 | |||
| Shares Out. (in M): | 86 | P/E | 7 | 3.5 | |||
| Market Cap (in $M): | 1,470 | P/FCF | 7 | 3.5 | |||
| Net Debt (in $M): | 1,200 | EBIT | 300 | 600 | |||
| TEV (in $M): | 2,670 | TEV/EBIT | 9 | 4.5 | |||
- FTAI AVIATION LTD FTAI 11/30/2024
- FTAI AVIATION LTD FTAI 10/31/2023
- FTAI AVIATION LTD FTAI 01/09/2023
- FORTRESS TRANS INFRASTR INVS FTAI 12/22/2021
- FORTRESS TRANS INFRASTR INVS FTAI 10/17/2019
- FORTRESS TRANS INFRASTR INVS FTAI 07/28/2017
- FORTRESS TRANS INFRASTR INVS FTAI 04/22/2016
- FORTRESS TRANS INFRASTR INVS FTAI.PB 12/14/2020
- BETA
- SAFRAN SA SAFRY 12/06/2021
- MTU Aero Engines AG MTX GR 11/28/2022
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| 32 | |
Hi - so I am not the pro here but dug into this exact issue when doing work on this name - I think it is a very good question, although I am less concerned... login to read the rest | |
| 31 | |
sorry... if so, FIG's decision to keep pushing capital into this business given its high ROIC.... seems to favor their EBITDA incentive comp over optimizing long-term capital allocatino. | |
| 30 | |
This spin-off looks like a timely catalyst. I have one concern and was wondering what the thoughts were on the following issue.
The OEMs realize that FTAI and its peers stole its highly profitable and high... login to read the rest | |
| 29 | |
Quite the panic in this one -- I would have thought near-dated catalysts would be helpful but seems to be the opposite. Hopefully they can sell something quickly before Omicron kills us all. | |
| 28 | |
They presented on Wednesday at a small conference and confirmed a "beauty contest" for the infrastructure assets so it does seem like a sale is possible, still confused about tax implications though. | |
| 27 | |
Fortress is for sale (softbank trying to offload). The partners would make a lot more $ via performance fee on a sale than keeping it on the mgmt fee track. | |
| 26 | |
That would be very nice. Any reason you think this beyond it being a good idea? I had kind of gotten the impression that they wanted to wait to see Jefferson mature to get full... login to read the rest | |
| 25 | |
Our view is that they may end up selling infrastructure altogether pre spin to a consortium of buyers and focus on aviation. Pro forma for infra sale for $1.5bn-2.0bn we think the aviation business is | |
| 24 | |
Hi hbomb5, $2.3 bn debt will stay with aviation and infrastructure will pay aviation $800 mm. They will acquire Alitalia and Avianca aircraft for $340 mm. So pro forma aviation debt is $1,840 mm. Today's... login to read the rest | |
| 23 | |
Leasing business can be viewed as price/book or ev/ebitda. Either way you get the entire current market cap in just the aviation segment. You can use AL or AER as a comp, even thought FTAI | |
| 22 | |
Is EBITDA multiple the right way to value the engine leasing business? I understand the $50~100 million non-leasing EBITDA next year could well be worth midteens multiple, but curious how you think about the leasing | |
| 21 | |
I would be surprised if stock is not 50% higher in 12 months. The set up is the best I've seen in years. First, it is all about 2022, but to directly address your question... login to read the rest | |
| 20 | |
Any thoughts after the results? Market didn't love them but I'm unsure why - new deals in aviation look good and the spin is now probably Jan/Feb?
Are you worried about Jefferson? They seem to be... login to read the rest | |
| 19 | |
Thanks for the helpful dialogue on this stock. I'm a little perplexed why mgmt would issue 12m shares. Leverage on '22 ebitda is 3x or lower, which is not high for this company. Do you... login to read the rest | |
| 18 | |
The recent myopic sell-off related to covid notwithstanding, the fundamental earnings power/div capacity at FTAI is up somewhere between 20-30% in the last month.
We now expect base case EBITDA of $750mn (normalized for engine utilization)... login to read the rest | |
| 17 | |
Carlyle Group Inc. has agreed to buy Fly Leasing Ltd., taking the aircraft company private in a deal with an enterprise value of $2.36 billion.
Brookfield Asset Management Inc. is adding another big name to its ranks, appointing... login to read the rest | |
| 15 | |
Aercap will try to delever quickly post transaction by selling assets. Did same type of asset disposals post ILFC deal. Aercap has a great trading relationship with FTAI and they have had several dealings in the... login to read the rest | |
| 14 | |
Why would AER not want these engines? | |
| 13 | |
FTAI could be the biggest beneficiary from a potential AER/GECAS deal. We anticipate there may be potential for FTAI to purchase $1-$2bn of engine assets post merger (most of them CFM56, which fit perfectly with... login to read the rest | |
| 12 | |
This is for the vein
we expect 15yr off take agreement with Exxon or aramco at Jefferson that alone will be worth $300mn in ebitda and $15+ to the stock price sometime this year | |
| 11 | |
Thanks for the update. Any idea if this is the vein or some other part? also, seems like the unexpectedly positive energy environment could be a positive for their infrastructure business. Any thoughts on whether | |
| 10 | |
One of Fortress Transportation and Infrastructure Investors LLC’s (NYSE: FTAI or the “Company”) suppliers has received Federal Aviation Administration (“FAA”) approval for an alternative solution that will help FTAI become more cost-effective in maintaining its... login to read the rest | |
| 9 | |
any update here on some of the aforementioned catalsyts? | |
| 8 | |
FTAI have announced a partnership with AAR (AIR US) to create “Serviceable Engine Products” for CFM56 engines utilising USM (used serviceable material). The partnership will build USM inventory using the “Module Factory” (FTAI’s collaboration with... login to read the rest | |
| 5 | |
EBITDA bridge:
LMT – second $20m is the part-out of 20 engines for a profit of $1m per engine using LMT facility, as guided on 3Q earnings call
Aviation
On 3Q guided that the earnings potential of the... login to read the rest | |
| 3 | |
Moat:
4yrs to get FAA approval to manufacture hot engine parts. Not easy. Chromalloy one of very few that can do this outside OEMs.
OEMs generally take loss on new engines and then recoup with spare parts/maintenance... login to read the rest | |
| 2 | |
I am no expert in this area, but what is FTAI's advantage here? If first mover, how can that be anything more than fleeting?
As I understand, the engine manufacturing is a tight oligopoly whose model... login to read the rest | |
| 1 | |
Thanks for the interesting idea.
Just a question re: the Fortress "overhang". You noted you're less concerned with that dynamic here versus other situations you were involved with. Is that more a function of the business... login to read the rest | |