olivLaw · European equity research
DP AIRCRAFT I LIMITED DPA.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
DP Aircraft I Limited is an aircraft leasing company that owns Boeing 787s leased to Thai Airways, with transition to LOT Polish Airlines scheduled for the end of 2026. The company is relevant now because demand for widebody aircraft remains strong and delayed deliveries raise asset values, while airlines face more than $11 billion in incremental costs.
At the close of 05 Nov 2026, DP AIRCRAFT I LIMITED (DPA.L) stock was 0.14 USD (−3.45% on the day), with market capitalisation 35.8 m USD, P/E 8.8 on diluted EPS of 0.02 USD over the last 12 months, beta 0.25, 52-week range 0.14–0.16 USD.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 41.9
- weak (30–45)
- Bollinger (20, 2)
- 0.14 – 0.16
- in the lower half of the band · %B 0.14 · band width 12.4%
- SMA 50 / 200
- 0.15 / 0.10
- mixed trend
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.7% | −0.6% | −6.0 pp | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | unavailable | +4.3% | unavailable | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | unavailable | +9.9% | unavailable | +6.7% |
| 3 years | unavailable | +49.8% | unavailable | +24.8% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 3.2, median 5.9, max 8.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -2.5 m | 4.5 m | 4.1 m |
| Net income YoY | unavailable | unavailable | −10.0% |
| Diluted EPS | -0.01 | 0.02 | 0.02 |
| Diluted EPS YoY | unavailable | unavailable | −15.6% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.0 m USD
- Financial debt
- 77.2 m USD
- Net debt
- 75.2 m USD
- Equity
- 51.8 m USD
- Total assets
- 147.3 m USD
- Debt / equity
- 1.49x
- Current ratio
- 0.25x
- ROE
- 8.2%
- ROA
- 2.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 6.2 m | 7.5 m | 6.7 m | esef· 12 May 2026verified |
| Depreciation & amortisation | 1.3 m | 440.8 k | 0 | esef· 12 May 2026verified |
| EBITDA | 7.5 m ≈ | 7.9 m ≈ | 6.7 m ≈ | esef· 12 May 2026derived |
| Interest expense | 9.6 m | 3.9 m | 3.5 m | esef· 12 May 2026verified |
| Pre-tax income | -2.5 m | 4.5 m | 4.1 m | esef· 12 May 2026verified |
| Income tax | -3.6 k | 4.6 k | 4.4 k | esef· 12 May 2026verified |
| Net income | -2.5 m | 4.5 m | 4.1 m | esef· 12 May 2026verified |
| Diluted EPS | -0.01 | 0.02 | 0.02 | esef· 12 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 914.5 k | 1.7 m | 2.0 m | esef· 12 May 2026verified |
| Receivables | 3.1 m | 3.3 m | 3.3 m | esef· 12 May 2026verified |
| Current assets | 5.2 m | 6.1 m | 23.6 m | esef· 12 May 2026verified |
| Property, plant & equipment, net | 124.1 m | 123.7 m | 123.7 m | esef· 12 May 2026verified |
| Total assets | 150.9 m | 149.8 m | 147.3 m | esef· 12 May 2026verified |
| Short-term debt | 7.7 m | 8.1 m | 77.2 m | esef· 12 May 2026verified |
| Long-term debt | 85.0 m | 77.1 m | 0 | esef· 12 May 2026verified |
| Current liabilities | 8.8 m | 9.5 m | 95.5 m | esef· 12 May 2026verified |
| Total liabilities | 108.6 m | 102.1 m | 95.5 m | esef· 12 May 2026verified |
| Equity | 42.2 m | 47.7 m | 51.8 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 239.3 m | 239.9 m | 256.0 m | esef· 12 May 2026derived |
Cash flow · USD
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 35.8 m USD
Key indicators
Coverage and freshness
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.19 – 0.34 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · not enough peers
- Peers: P/E0.19 – 0.34 (Mid 0.24)18 companies used · median multiple 15.3x · quartiles 11.8x – 21.4x0EV1.L, ABDN.L, ABF.L, AIRE.L, AJB.L, ALFA.L, AMIF.L, APN.L, APTD.L, ASHM.L, AUTO.L, BAB.L, BAG.L, BATS.L, BBY.L, BCG.L, BKG.L, BME.L
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.2% | 24 (vs peers) | 20% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 11.2x | 0 (on a fixed band) | 20% |
| Interest coverage · Balance sheet | 1.9x | 7 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 8.8x | 84 (vs peers) | 20% |
| EV/EBITDA · Valuation | 16.6x | 0 (on a fixed band) | 20% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet2/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial24/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation42/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DP AIRCRAFT I LIMITED (DPA.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 8.2%; net debt/EBITDA 11.2x.
The estimated value range is 0.19–0.34 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.24 USD, the price of 0.14 USD leaves a potential of 74.3% (value / price − 1) and a margin of safety of 42.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 8.8x
- The price is below the estimated value range
What contradicts it
- ROIC: 5.2%
- Net debt / EBITDA: 11.2x
- Interest coverage: 1.9x
- Current ratio: 0.2x
- EV/EBITDA: 16.6x
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for DPA.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
DP Aircraft I Limited is an aircraft leasing company that owns Boeing 787s leased to Thai Airways, with transition to LOT Polish Airlines scheduled for the end of 2026. The company is relevant now because demand for widebody aircraft remains strong and delayed deliveries raise asset values, while airlines face more than $11 billion in incremental costs 1.
SWOT
Strengths
- A long-term contract with a national carrier and a prospect of transition to a new customer, LOT Polish Airlines 1.
- The assets are Boeing 787s, a sought-after aircraft type with good efficiency and operational flexibility 1.
- Management considers the widebody market favourable, which supports asset values 1.
Weaknesses
- Dependence on a single lessee until the current lease ends may create vulnerability during the transition period 1.
- The company relies on a refinancing not yet completed and on bridge facilities agreed with related parties 1.
- The small size of the portfolio limits risk diversification across aircraft types and lessees 1.
Opportunities
Risks
- Refinancing not completedhigh
The refinancing planned for the second quarter of 2026 has not yet been completed, and any delay could affect the transition plans 1.
- Dependence on Thai Airwayshigh
Until the current lease ends, revenue depends on Thai Airways' ability to meet its obligations, and a significant part of its debt remains outstanding 1.
- Transition to LOTmedium
The transfer of aircraft to LOT could face operational or technical delays, which could reduce revenue during the transition period 1.
- Engine problemsmedium
A shortage of spare Trent 1000 engines could limit aircraft operation and influence lease conditions 1.
- Geopolitical and fuel shocksmedium
Instability in the Middle East could keep raising airline costs and reduce demand on some routes 1.
Investment thesis
What would need to be true (bull case)
- Demand for Boeing 787s remains high, and production delays support lease rates and asset values, according to management 1.
- The long-term LOT contract could reduce uncertainty after the Thai Airways lease expires 1.
- Thai Airways has exited its restructuring and reported operating profit, which could support its ability to pay 1.
What would break the thesis
- The refinancing has not been completed, and the bridge facility comes from a related party, which could raise questions about terms 1.
- A significant part of Thai Airways' debt remains outstanding, which could weigh on lease stability 1.
- Trent 1000 engine problems and higher fuel prices could reduce utilisation and operating margins for lessees 1.
What to watch
- Completion of the aircraft refinancingQ2 2026
- Transition of aircraft to LOT Polish Airlinesend of 2026
- Evolution of fuel prices and airline capacitysecond half of 2026
- Resolution of Trent 1000 engine availability issuesnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
DP Aircraft I Limited owns and leases Boeing 787 aircraft and is managed by an external asset manager. According to the 2025 annual report, its fleet is leased mainly to Thai Airways International, whose fleet stood at 80 aircraft in 2025 1. The company has signed a 12-year lease with LOT Polish Airlines for both aircraft, starting after the current Thai Airways lease expires 1.
The financial structure includes a planned refinancing in the second quarter of 2026 which, according to management, could strengthen the group's financial position 1. In April 2026 the company agreed a $1.5 million bridge facility with an entity associated with a director, to fund time-critical investments tied to the transfer of the aircraft to LOT 1.
Management presents the LOT transaction as enhancing asset value, since the long-term contract reduces idle-time risk after the current lease ends. If the transfer and refinancing proceed on schedule, the company's situation could become more predictable 1.
Segments
Boeing 787 lease to Thai Airways
The current fleet is leased to Thai Airways, which exited its rehabilitation plan in June 2025. The airline reported operating profit of around THB 40.8 billion in 2025 1, suggesting better capacity to pay lease obligations, although a significant balance of debt remains outstanding 1.
Contract with LOT Polish Airlines
The two Boeing 787s will be leased to LOT for 12 years, starting after the Thai Airways lease expires with transition scheduled for the end of 2026 1. This contract extends the lease term and reduces dependence on a single customer.
Market context
The global aviation market grew in 2025, with air travel demand rising 5.3% compared with 2024 and the passenger load factor reaching a record 83.6% 1. At the same time airlines face rising costs, and the aircraft leasing market was about $195 billion in 2025, projected to reach $388 billion by 2035 1.
Delayed aircraft deliveries and a shortage of widebody aircraft keep lease rates high, according to the report. However, geopolitical tensions in the Middle East and higher fuel prices could compress airline margins in the short term 1.
Trends
- Delays in widebody aircraft deliveriestailwind
Production delays at aircraft manufacturers limit airline capacity and push demand toward leased aircraft, which could support lease rates and asset values 1.
- Trent 1000 engine problemsheadwind
Boeing 787 fleets with Rolls-Royce Trent 1000 engines, including Thai Airways', have been affected by a shortage of spare engines, which could limit aircraft utilisation 1.
- Higher jet fuel pricesheadwind
Middle East tensions have driven a significant increase in jet fuel prices, which could reduce airline profitability and their ability to pay 1.
- Demand for new-generation widebody aircraftmixed
New-generation widebody aircraft, including the Boeing 787, remain in high demand because of their efficiency and operational flexibility, supporting the medium-term outlook for these assets 1.
Competitive position
The company competes with other aircraft lessors holding widebody fleets, such as Avolon, which ordered 90 Airbus aircraft and acquired ten Boeing 787-8s from China Southern 1. The acquisition of Air Lease Corporation by a Japanese-led consortium indicates strong interest in leasing assets 1.
The market is concentrated among a few large leasing companies, and younger widebody aircraft are hard to find at present, which could favour lessors with long-term assets available 1.
- Avolon
Aircraft leasing company that ordered 90 Airbus aircraft and acquired ten Boeing 787-8s from China Southern 1.
- Air Lease Corporation
Aircraft leasing company being acquired by a consortium led by a Japanese group together with two investment managers 1.
- Sumitomo Corporation
Japanese group involved in the acquisition of Air Lease Corporation, showing strategic investor interest in aircraft leasing 1.
- Apollo Global ManagementAPO
Financial investor involved in the acquisition of Air Lease Corporation, expanding its presence in aircraft financing 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / DP AIRCRAFT I LIMITED · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.