papers & studies
Airline Maintenance Programs:
A Challenge for the Appraiser
March 2003
As more and more airlines move toward the MSG-3 type of maintenance programs, appraisers are faced with new challenges when valuating aircraft. We begin this paper by examining the evolution of maintenance programs based on economics and safety. Once this is understood we discuss the type of maintenance program affects the valuation of an aircraft, and how it affects the market and residual values.
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Parts & Inventory Appraisals
August 2002
This paper was published in the mba | international aviation oracle as a three part series discussing in detail appraisals of parts and inventories. The study outlines and discusses the ingredients pertinent to an aircraft parts and inventory appraisal. Aircraft parts and inventory appraisal methodology and industry accepted techniques are reviewed demonstrating how these types of appraisals are assembled. In conclusion the study offers an outlook on aircraft parts and inventory values and examines industry trends and conditions that have an impact on these values.
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The Secret of Southwest Airlines
March 2004
In 1993 Morten Beyer & Agnew (mba) published a study entitled “What is Really Wrong with America’s Air Carriers, or The Secret of Southwest Airlines.” More than 500 copies were requested by Congressmen, airlines, analysts, consultants, and the media. The study was updated in 1998 and again in 2003.
At the time of the original study, the U.S. Major airlines were in the midst of the worst recession in their history, having lost more money in the previous three years than they ever made in their prior existence, except for Southwest, which continued its unbroken profitability. Again in 2003, they were deep into an even worse recession and crisis, and Southwest was still the only profitable Major carrier.
In this study, we compared Southwest with American Airlines, noting Southwest’s superior productivity, efficiency, and corporate culture. Only domestic operations were examined, with all data taken from air carrier reports to the DOT.
At the time of the study, American was on the verge of bankruptcy as it sought to reduce its exorbitant labor costs and achieve billions of dollars in other savings. Meanwhile, Southwest continued on its unique path, not cutting back after the terrorist attacks on September 11, 2001, continuing deliberate expansion and still making money.
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presentations & speeches
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Asset Management & Remarketing: Dealing with Aircraft
2005 School of Aircraft Finance
New York, NY USA
April 7, 2005
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The Commercial Aviation Market
Airline Bankruptcies: Opportunities, Risks and Defensive Strategies
Washington, DC USA
January 25, 2005
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The Art and Science of Aircraft Appraisals: A Case Study and Discussion
18th Annual Aircraft Finance Conference
New York, NY USA
December 6, 2004
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Financing New Aircraft: What is the Appetite?
7th Annual European Aviation Summit
Amsterdam, The Netherlands
November 24, 2004
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Control the Investment Process
Due Diligence 360 Workshop
Washington, DC USA
September 28, 2004
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Knowing the Collateral Inside and Out…Inspections are Good!
Due Diligence 360 Workshop
Washington, DC USA
September 28, 2004
presenter: L. Nick Lacey
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Protecting Your Assets
Due Diligence 360 Workshop
Washington, DC USA
September 28, 2004
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Restructuring Lifecycle
Due Diligence 360 Workshop
Washington, DC USA
September 28, 2004
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The "New" Commercial Airline Industry
Due Diligence 360 Workshop
Washington, DC USA
September 28, 2004
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The Boeing 7E7: Did Boeing Get it Right?
Due Diligence 360 Workshop
Washington, DC USA
September 28, 2004
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Asset Management & Remarketing
2004 School of Aircraft Finance
New York, NY USA
April 23, 2004
presenter: Robert F. Agnew
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Aircraft Values: Trends and Analysis
UBS Warburg Structured Aircraft Debt Conference
New York, NY USA
April 2, 2004
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Aircraft Values: Trends and Analysis
China Airfinance Conference
Beijing, China
March 25, 2004
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Freighter Aircraft: "A Different Kind of Market"
China Aircraft Economic Forum
Beijing, China
March 24, 2004
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Regional Jet Market Update
Morgan Stanley Conference
New York, NY USA
March 1, 2004
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Industry Overview
10th Annual Commercial Aircraft Finance Conference
Las Vegas, NV USA
October 27, 2003
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The Airbus A380: Logistics and Financing
US Valuation Conference
Washington, DC USA
September 18, 2003
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Freighter Market Outlook
MSDW EETC Conference
New York, NY USA
May 1, 2003
presenter: Morten S. Beyer
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Asset Management & Remarketing
2003 School of Aircraft Finance
New York, NY USA
April 11, 2003
presenter: Robert F. Agnew
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Valuations: Assessing Value
17th Annual Geneva International Aviation Forum
Geneva, Switzerland
February 27, 2003
presenter: Robert F. Agnew
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Maximize Asset Recovery & Minimize Exposure: A Spotlight on Bankruptcy
CAR Financial Opportunities Conference: Pre Conference Workshop
San Francisco, CA USA
January 27, 2003
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Whose Exposure is it Anyway?
CAR Financial Opportunities Conference
San Francisco, CA USA
January 27, 2003
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Leasing, Residual Values and Asset Management
Freighter Focus on Asia
Hong Kong
September 17, 2002
presenter: Robert F. Agnew
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The Post September 11 Environment: The Current U.S. Perspective
12th ACI Europe Annual Assembly 2002
Strasbourg, France
June 27, 2002
presenter: Robert F. Agnew
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Post 9-11: For Every Action There is a Reaction
Aviation Suppliers Association Annual Conference 2002
Las Vegas, NV USA
June 25, 2002
presenter: Robert F. Agnew
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Asset Management & Remarketing
2002 School of Aircraft Finance
New York, NY USA
April 17, 2002
presenter: Robert F. Agnew
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Overview: The Appraisal Process
Fundamentals of Aircraft Finance - Workshop
Geneva, Switzerland
February 19, 2002
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Fleet Selection
Fundamentals of Aircraft Finance - Workshop
Geneva, Switzerland
February 18, 2002
presenter: Robert F. Agnew
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Widebodies and Freighters
MSDW EETC Conference
New York, NY USA
November 2, 2001
presenter: Morten S. Beyer
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The Current Market for Widebody and Regional Jet Aircraft
MSDW Value Briefing 2002
New York, NY USA
May 3, 2001
presenter: Robert F. Agnew
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Considering Engine Types
MSDW EETC Conference
New York, NY USA
March 15, 2001
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Volatility of Aircraft Values
MSDW EETC Conference
New York, NY USA
March 14, 2001
presenter: Robert F. Agnew
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