AER
AerCap Holdings N.V.
Finance/Real Estate, Industrial/Transportation
04/07/2014
Presented
| Date | 04/02/2014 |
| Price | $41.81 |
| Market Cap | $4.76B |
| Ent Value | $10.68B |
| P/E Ratio | 9.68x |
| Book Value | $37.04 |
| Div Yield | N/A |
| Shares O/S | 113.78M |
| Ave Daily Vol | 1,270,000 |
| Short Int | 0.76% |
Current
| Price | $97.14 |
| Market Cap | $19.67B |
| AerCap Holdings N.V., through its subsidiaries, is engaged in leasing, financing, selling, and managing commercial aircraft and engines primarily in the United States and Russia. The company provides aircraft asset management and corporate services, including remarketing aircraft; collecting rental and maintenance payments, monitoring aircraft maintenance, monitoring and enforcing contract compliance, and accepting delivery and redelivery of aircraft; and conducting ongoing lessee financial performance reviews. Its aircraft asset management services also comprise periodically inspecting the leased aircraft; coordinating technical modifications to aircraft to meet new lessee requirements; conducting restructurings negotiations in connection with lease defaults; repossessing aircraft; arranging and monitoring insurance coverage; registering and de-registering aircraft; arranging for aircraft and aircraft engine valuations; and providing market research services. In addition, the company offers cash management services consisting of treasury services, such as the financing, refinancing, hedging, and ongoing cash management of vehicles; and administrative services comprising accounting and secretarial services, including the preparation of budgets and financial statements, and liaising with, in the case of securitization vehicles. AerCap Holdings offers its asset management and corporate services to securitization vehicles, joint ventures, and other third parties. The company operates a fleet of 378 aircraft. AerCap Holdings N.V. was founded in 1995 and is headquartered in Schiphol, the Netherlands. |
Highlights
Despite AerCap’s stock – AER - doubling since December, 2013, when AIG agreed to sell it its aircraft leasing unit (International Lease Finance Corporation; ILFC) for ~$3 billion, the presenter believes there is further upside to the story and is long the stock. Consensus estimates for AER have also doubled and management has guided to $4 of pro forma EPS, but this is well below the presenter’s expectations for what will be the largest aircraft leasing company in the world once the deal closes.
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