PTB provides aircraft engine maintenance, repair and overhaul (MRO) on long term contracts, as well as aircraft leasing & finance and also parts sales.

It's focused on prop-engine aircraft with less than 25 seats. 80% of customers are outside of tourism, with no single client representing more than 15% of revenues

Aircraft leasing is the growth engine, as new leases include MRO contracts. Leases are typically for 5-8 years.

MRO contracts are based on hours flown, NOT passenger numbers. To date (24/3) the company says it has not been impacted by mandated shutdowns (most customers are still in the air), and the business is classed as one that provides essential services.

Recently acquired US based Prime Turbines: an engine maintenance, repair and overhaul business with 3 workshops in the US.  It doubles workshop capacity, increases margin capture (as they no longer need to outsource US based work), gives FAA/EASA approval and therefore massively expands addressable market. It will increase revenues by approx 78% on a pro-forma basis.

It has around $31m in debt, which represents about 37% of equity or ~2x pro-forma EBITDA

Post acquisition, total share count should be ~125.5m. 

Founder led, with strong inside ownership.

Shares have lost over 50% since the start of the coronavirus crisis, but this looks like  big overreaction given the nature of the business. A good update from the company on the virus impact here.

I need to do more research, but this looks interesting.