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... full exit within the next year.  ·         AerCap (AER) Stake Sales: GE just consummated the merger of GECAS with AER on 11/1/21.
...companies such as Domino’s Pizza, Microsoft, or AerCap – it’s pretty easy to assess their brand and product and how it stacks up.
...dation to buy or sell any security.  We wrote up AerCap (“AER” or “the Company”) three years ago and believe that the shares today offer a compelling value proposition at $63....outstanding shares per annum in the coming years. AerCap, like other large publicly-traded aircraft lessors, has historically traded at a meaningful discount to book value despite a long history of earning double-digit ROEs, disciplined capital allocation and prudent growth....rmance over the last 2 years. At the end of 2019, AerCap had book value per share of just under $74 which, before accounting for the GECAS transaction, had grown to nearly $77 in the third quarter of last year despite the largest impairment in the Company’s history and a historically unprecedented downturn....d. While we will be the first to acknowledge that AerCap is not the greatest business nor does it have the deepest moat we have come across in our careers, in our view shares should trade closer to book value where they would still offer prospective purchasers a low double-digit return, implying a roughly 33% return for today’s a roughly 33% return for today’s purchasers. AerCap has capitalized on market dislocations and its competitors repositioning efforts in the past, most notably with its acquisition of ILFC from AIG in 2013....n of GECAS, a transformative deal that would make AerCap the largest lessor in the world....ming fourth quarter call. For those that followed AerCap’s acquisition of ILFC, you will be familiar with some of the accounting issues.... the assets acquired to reflect the price paid by AerCap, which does not capture the discount AER received....bly less leveraging than ILFC. Covenant leverage, AerCap’s preferred metric, stood at just 2....fic, as it has in recent quarters, we expect that AerCap will sell considerably more aircraft than it has suggested both to optimize the portfolio and to fund either growth at attractive economics or share repurchases....nd benchmark assets that comprise the majority of AerCap’s fleet....s will provide a strong demand tailwind. Although AerCap was regarded by many as an over-levered and vulnerable company in the early stages of the pandemic, we believe the last two years have demonstrated the resilience of the Company’s balance sheet and the prudence of the management team....ce sheet and the prudence of the management team. AerCap reported positive operating cash flow throughout the pandemic and enjoyed a comfortable liquidity position even at the depths of the crisis....ts disciplined culture of risk management. Today, AerCap continues to enjoy a strong liquidity position which would provide the Company with the wherewithal to withstand another prolonged period of turbulence, with $13 billion in available liquidity (excluding operating cash flow from the business) compared to $9 billion in projected outlays (debt maturities and capital expenditures) over the next twelve that rising rates represent a material risk to AerCap....scount to book value. The GECAS transaction makes AerCap the largest lessor in the world in an industry in which scale is valuable in all aspects of the business ranging from negotiating large orders with OEMs at discounted pricing or positioning large portfolios of assets for lessees.
...pany can conceivably massively increase EPS (a la AerCap) by simply arbitraging the clear and obvious discrepancy between their intrinsic value (something north of $140, and we think closer to $200) and the current market price.
...essors - Udvar-Hazy at Air Lease, Aengus Kelly at Aercap, etc - on the strength in narrowbody lease rates and demand.