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Feb 14 2019, 16:45 GMT
AerCap’s Q4 results provided another reminder of the consistency of its model. Evidence of such earnings consistency usually earns a company the label of ‘high-quality’ and typically leads to premium multiples, particularly where there are signs of growth in the underlying business. In AerCap’s case, however, the market is valuing its equity at a 22% discount to book. Until these circumstances change, we reiterate our ‘Outperform’ rating.