AerCap Holdings

Q2 results underpin positive long-term thesis

  • Sectors : Aircraft Leasing
  • Companies : AerCap Holdings

Ratings and price correct at time of issue.

  • AerCap Holdings

    Closing Price: 4889c

  • RATING 27/06/17

  • PREVIOUS RATING N/A

DAVY VIEW

AerCap’s Q2 results provide a strong reminder of the company’s attractive investment proposition. The quarter itself was a significant beat versus estimates owing to net gains on sale of $70m at a margin of 17% over book value. In contrast, the stock trades at an 8% discount to book. Gains on sale aside, the net spread was stable at 9.3% and the company reiterated its commitment to shareholder value with a new $250m buyback. We rate the stock ‘Outperform’ with a $60 price target.

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Aug 3 2017, 16:00 IST/BST

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