AA4

Amedeo Air Four Plus Limited

Industrial Goods and Services First-pass screen £185m

250/1000 Overall fit

AI beneficiary 35% 10

Operating leverage 25% 30

Valuation 25% 45

Downside protection 15% 20

First-pass take

Aircraft leasing company with zero AI exposure. Trading at 33% of NAV (23.5p vs 71.8p) but NAV credibility questioned by USD 199m A380 impairments. Concentrated on two lessees (one in bankruptcy), high leverage (£1,033m debt), and dividend suspended.

Flags

cyclicalconcentrated-customer-basehigh-leverageasset-impairmentdistressed-lesseedividend-suspendedno-ai-exposure