Aviation Case Study

Overview

Wyles Hardy & Co. was instructed by the Bank of Ireland to conduct a valuation of a commercially operated helicopter fleet in the UK West Country, including six airworthy Sikorsky S-61 helicopters, two additional airframes, and two Eurocopters. This review aimed to provide a comprehensive valuation for securitisation purposes.

We have considerable experience in the valuation and disposition of assets across all aspects of the aviation industry, having provided advice to insolvency practitioners, banks, finance houses and operators in respect of aircraft, ground support equipment, components and spares parts inventory.

Method

Our team conducted an in-depth assessment of the Sikorsky and Eurocopter helicopters, reviewing each aircraft’s airworthiness status, maintenance history, and operational market value. The scope of work included appraising the fleet considering its operational context, accounting for market demand and the technical value of each airworthy helicopter and airframe. We also analysed the resale market potential for the Sikorsky S-61 model, considering its unique applications within commercial aviation. To enhance valuation accuracy, we benchmarked each aircraft against industry standards and comparable fleet data. The Eurocopters, given their separate operational profiles, were appraised independently, providing the Bank with a nuanced view of the entire asset portfolio. Our report included a risk analysis and recommendations for future disposition strategies, should the Bank require realisation of the fleet..

Results

1. Provided a detailed valuation report for six Sikorsky S-61 helicopters and two airframes, aligning with current market trends and asset utilisation.
2. Assessed market demand for each aircraft type, helping to inform the Bank’s future financial decisions regarding asset securitisation.
3. Recommended disposition strategies based on aircraft condition and potential buyers, contributing to the Bank’s long-term planning.

Conclusion

This securitisation review highlights Wyles Hardy’s expertise in aviation asset valuation, particularly in assessing fleets with diverse operational profiles. By tailoring our approach to account for each helicopter’s airworthiness and market relevance, we delivered a valuation that fully supports the Bank of Ireland’s securitisation requirements. The project underscored the importance of specialised knowledge in valuing assets like the Sikorsky S-61 and Eurocopter models, both of which serve niche market needs. Our comprehensive report, which included valuation, market outlook, and disposition recommendations, reinforced our reputation for precision in aviation asset appraisals. This assignment exemplifies our commitment to delivering actionable insights, equipping clients with robust data to inform strategic asset management and financial planning.

Aircraft types advised on include amongst others:

• Agusta 109A Helicopters
• Avro Lancaster
• BAE 146 – 300, BAE ATP, BAE Jet Stream 3102
• Bell 206L Longranger Helicopter
• Britain Norman Islander & Trilander
• Cessna Citation II Series (Executive Jets)
• Cessna Pressurised Twins to single engined trainers
• Douglas DC3
• Eurocopter EC120 & Dauphine Helicopters
• Fuji, Glastar and ScotaTB single engined tourers
• Hawker Hunter, Hawker Siddeley Buccaneer
• DeHavilland Vampire & Venom, BAC Jet Provost
• Mig 15 Jet Fighter
• Piper Twins to singled engined trainers etc.