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Snímek obrazovky 2021-08-18 v 13.38_edit

Aeropuertos Dominicanos Siglo

Investment evaluation

The images below show the real trades of some of our clients or the balances of the property accounts of some of our clients, while IMPERIUM FINANCE s.r.o. does not guarantee that the same or higher appreciation will result from the trading of every investor. Investing is always associated with risks, which the investor should first familiarize himself with, e.g. through the document "Investment services, investment instruments and risks related to them", which is available  here . Please also note that the evaluations below are based on gross performance. In order to obtain a net return, it is necessary to take into account the influence of all costs associated with investing, see, for example, a sample calculation of business costs, which is available here . The net investment return may also be affected by the tax regime, which depends on the individual circumstances of each investor and may change in the future. If the investment instrument listed below is denominated in a foreign currency, the valuation presented also refers to this currency and the return on the investment in the investor's currency may be affected by exchange rate fluctuations.
aerdos

+18.28%

Evaluation in 4 months

Aeropuertos Dominicanos Siglo

The company operates a network of 6 airports in the Dominican Republic. It belongs 100% to the Vinci Airports holding, which operates a total of 46 airports in the world.

Complete information

Issuer
Aeropuertos Dominicanos Siglo XXI SA
The name of the issue
Aerodome, 6.75% 30mar2029
Currency
US dollar $
Emission volume
317,000,000 USD

The face value of the bond

1000 USD

Indicative market price

$880 USD

Discount

120 USD
Coupon from face value
6.75% p.a
Coupon payout frequency

Due date

Quarterly payment
30.3.2029

 100% liquidity

Yes
Minimum volume
$200,000

Yield to Maturity 

9.17% pa - before taking into account all costs

Preferred scenario

20.41% pa - before taking into account all costs
Rating
B+
Hierarchy of debt
Senior Secured & First Lien
You can find the prospectus for the bonds here:
6.750% Senior Secured Notes due 2029 - Prospectus
Management 

As can be seen in the picture below, the company will not be making a loss this year either. On the contrary, it should manage with a profit of USD 1.925 billion. Next year already with a profit of 3.5 billion USD.

 

The company's profit has been growing continuously since 1997, even in the crisis years of 2008-2009 it was not at a loss (both years approx. +1.5 billion USD).

image (25).png
Hierarchy of debt

Debt is  senior secured and in addition in class  1st lien . In the event of company bankruptcy, it is the first to be paid in full. Even so, we do not expect any decline.

hierarchie dluhu

Bond summary

The bond was trading at $1100 (110% of face value) before Covid-19, we are currently able to get it around $890. Considering that this year too, the company will make a profit of 1.9 billion USD and the Dominican Republic will continue to be a very interesting vacation destination. We believe the debt is undervalued and expect the price to rise back to $1050.

After a very successful "traveler series" of bonds (easJet, MTU Aeroengines, Royal Caribbean, United Airlines), we are still looking for imbalances in the debt market where interesting results can be achieved while taking lower risk than is usual for such returns.

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