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     401  16 Kommentare AerCap Holdings N.V. to Release Fourth Quarter and Full Year 2014 Financial Results on February 23, 2015

    AMSTERDAM, The Netherlands, January 30, 2015 - AerCap Holdings N.V. ("AerCap," NYSE: AER) announced today that it will host a conference call and webcast for investors and analysts at 9:00 am Eastern Time on Monday, February 23, 2015 to review its fourth quarter and full year 2014 financial results.

    AerCap's fourth quarter and full year 2014 earnings press release will be issued before financial markets open in the United States on February 23, 2015. A copy of the press release will be posted on the "Investor Relations" section of AerCap's website at http://www.aercap.com. At the same time, the presentation slides for the conference call will also be posted on AerCap's website.

    The call can be accessed live by dialing (U.S./Canada) +1-646-254-3363 or (International) +31 20 716 8296 and referencing code 5761817 at least 5 minutes before start time, or by visiting AerCap's website at http://www.aercap.com under "Investor Relations". 

    The webcast replay will be archived in the "Investor Relations" section of the company's website for one year.

    About AerCap

    AerCap is the global leader in aircraft leasing and has one of the most attractive order books in the industry. AerCap serves over 200 customers in approximately 90 countries with comprehensive fleet solutions and provides part-out and engine leasing services through its subsidiary, AeroTurbine. AerCap is listed on the New York Stock Exchange (AER). The company is headquartered in Amsterdam and has offices in Los Angeles, Shannon, Dublin, Fort Lauderdale, Miami, Singapore, Shanghai, Abu Dhabi, Seattle, and Toulouse.

    This press release may contain forward-looking statements that involve risks and uncertainties. In most cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of such terms or similar terminology.  Such forward-looking statements are not guarantees of future performance and involve significant assumptions, risks and uncertainties, and actual results may differ materially from those in the forward-looking statements.

    Contact for Investors:
     John Wikoff
    Tel. +31 6 31 69 94 30
    jwikoff@aercap.com

          		Contact for Media:
     Frauke Oberdieck
    Tel. +31 20 655 9616
    foberdieck@aercap.com

    www.aercap.com




    This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
    The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
    Source: AerCap Holdings N.V. via Globenewswire
    HUG#1890679



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    AerCap Holdings N.V. to Release Fourth Quarter and Full Year 2014 Financial Results on February 23, 2015 AMSTERDAM, The Netherlands, January 30, 2015 - AerCap Holdings N.V. ("AerCap," NYSE: AER) announced today that it will host a conference call and webcast for investors and analysts at 9:00 am Eastern Time on Monday, February 23, 2015 to review its …

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    31.03.21 16:10:42
    AerCap Scores The Mother Of 'Buy Low, Sell High' Deals

    Mar. 31, 2021 4:25 AM ETAerCap Holdings N.V. (AER)FTAIGE7 Comments4 Likes

    Stephen Simpson profile picture.
    Stephen Simpson
    14.99K Followers
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    http://kratistoinvesting.blogspot.com/
    Long Only, Growth At A Reasonable Price, Value

    Contributor Since2010

    Stephen Simpson is a freelance financial writer and investor.

    Probably not just a team of raccoons wearing human clothes, but curious as to how many people actually bother to read this stuff...
    Summary

    AerCap's acquisition of GEACS is a bold move that will roughly replicate its current fleet, but at a 20% to 25% discount to book.
    AerCap's enhanced size should give it lower financing costs over time, better bargaining power with aircraft OEMs, and enhanced deal options with larger airline clients.
    Depending upon how quickly GE wishes to exit and how quickly the aircraft resale market recovers, AerCap may end up buying back some of GE's stake.
    Adding GEACS to AerCap creates meaningful accretion, lifting my core earnings-based fair value to over $70.
    Investors can’t fault the management of AerCap (AER) for thinking too small. Yet again management has shown its willingness to make bold moves at tough points in the cycle, agreeing to a huge $31B-plus deal with General Electric (GE) to acquire GEACS and create far and away the largest aircraft leasing company in the world.

    I believe time will show this to be a savvy deal done a bit past the bottom of the cycle, with AerCap paying around 0.6x book (on a levered basis) for a quality leasing company and paying around 0.75x to 0.80x for a fleet similar to its own, all while maintaining its invaluable investment-grade debt rating. I expect meaningful aircraft sales in the years to come (into a strengthening market), with share repurchases restarting a little further down the line.

    Size Isn’t Everything, But It Still Does Matter

    At the recent 2021 JPMorgan Industrials conference, the CEO of Avolon, one of AerCap’s larger competitors, claimed that an investment-grade debt rating was more important in aircraft leasing than size. While a link to the presentation is not available, he made a similar point in an interview earlier in the year.

    I agree to a point. The “secret sauce” to successful aircraft leasing isn’t really that complicated – borrow on better terms than your clients can, buy planes that are in demand, and keep your operating costs low. Do that, and the business can print money. It’s also why I regard AerCap maintaining its IG rating through this process as critical to long-term value from the deal.

    That said, quantity has a quality all its own. Enhanced scale should reduce AerCap’s long-term financing costs, strengthening that critical competitive factor. AerCap should also be able to achieve at least modestly better terms with OEMS like Airbus (OTCPK:EADSY) and Boeing (BA). AerCap should also be able to achieve some modest operating cost synergies by removing duplicate back-office expenses.

    A larger fleet will also facilitate AerCap being even more of a “partner of choice” for larger airlines that want to lease more of their fleet instead of owning it – including sale-leaseback transactions, which AerCap management has said they’re seeing “strong interest” in from potential clients.

    Will The Deal Get Done?

    A few entities have already come public with their opposition to the merger, arguing that it will harm customers, hurt competition, and so on. I find those arguments a little insincere.

    For starters, while AerCap + GEACS will undoubtedly be the largest leasing company (by a wide margin), it will still only be around 15% to 20% of the global leasing fleet assuming a return to around 10,000 to 12,000 leased planes in service. Leasing terms are generally established by the underlying values of the planes and the creditworthiness of the lessee; with AerCap representing only around 20% of the global leasing fleet and focusing on the most popular aircraft models, I don’t see the company having any sort of monopoly pricing power.

    Likewise, the company will only have commercial relationships with around 30% of the airlines operating today. As leasing is likely to become an even larger part of the aircraft market during the post-pandemic recovery, that will further mitigate the influence AerCap can have on the industry.

    In some modest ways it could also be a beneficial deal for some lessors. AerCap may find that in the future it’s less financially advantageous to deal with smaller, riskier airlines and may instead choose to focus on larger, better-rated customers (who can lease more planes and reliably commit to longer lease terms). Should that be the case, smaller lessors will have the opportunity to pick up that business, likely at slightly more attractive lease rates.

    Post-Deal Maneuvers To Watch For

    GE will own 46% of the combined company and will get two board seats, but the deal is structured in such a way that GE can get out pretty quickly if they choose. There are lock-ups for each third of GE’s holdings, with the first third expiring within nine months of close, one third at 12 months, and the final third at 15 months. Depending upon the timing of GE’s sales, the credit markets, the market for aircraft sales, and AerCap’s liquidity situation, it is plausible to me that AerCap could buy back some of GE’s stake, likely at a discount.

    AerCap management did make it clear that aircraft sales will accelerate after the deal, and over $1 billion a year is certainly in the cards. A lot will depend upon market conditions, of course, as AerCap has shown itself to be a savvy buyer and seller and will likely wait for aircraft demand to recover before looking to do meaningful sales.

    I’m also curious to see what will happen with the regional jet, engine, and helicopter leasing operations. I don’t think AerCap wanted any of these, but indications are that it was an all-or-nothing proposition. Engine leasing actually isn’t a bad business, Fortress Transportation & Infrastructure (FTAI) has done pretty well with it, and AerCap has the scale to be a long-term player if they wish to be.

    The regional jet business will probably be run off, with planes sold as leases expire.

    The helicopter business is more uncertain. This business has been marked down significantly ($1.6B of the $3B impairment charge), and it should be at or near the bottom given conditions in offshore oil/gas and the bankruptcy of several service firms. I would expect AerCap to be opportunistic; I don’t believe they have the intention of being a long-term player in helicopter leasing, but may wait for a market recovery before selling the assets.

    The Outlook

    Roughly speaking, adding GEACS adds $7B in revenue and $5B in operating cash flow, and by my math should produce at least mid-teens accretion in the first year, and significantly more the years thereafter. Again, I believe AerCap is basically replicating its fleet (similar age, similar lease terms, slightly worse skew to older tech with GEACS) at a 20% to 25% discount to book ahead of a significant recovery in air travel and aircraft demand.

    I expect AerCap to generate high single-digit core earnings growth (around 8%) in the decade after the deal, helped in large part by double-digit growth in the early years as aircraft demand recovers and aircraft are sold. Longer term, growth will slow toward the low-to-mid single-digits, but I do believe leasing will continue to grow as a percentage of the overall aircraft market, allowing AerCap to outgrow the global fleet. I also believe the addition of the GEACS assets will push ROE's into the low-to-mid teens versus my prior standalone estimate of around 10%.

    The Bottom Line

    Discounted back, I believe the core earnings from the enlarged AerCap support a fair value in the low $70’s. I get a lower value on a ROTE-driven price/book basis, with a fair value in the mid-$60s. Either support owning the shares today, though, and I believe AerCap is worth holding not only for its leverage to a post-pandemic air travel recovery, but also management’s demonstrated ability to deploy capital to acquire assets at attractive prices.
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    18.03.21 18:49:05
    Ich habe einen. Hatte früher viel mit flugzeugleasing zu tun. Extrem zyklisch extrem risikoreich. Hier wird in kommender Zeit einiges an Müll vor die Tür gebracht. Dafür ist die Aktie sehr günstig und wir haben zukünftig die Nummer 1.
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    08.03.21 23:01:59
    Moin zusammen. Bin gerade über die Aktie gestolpert. Ist hier noch jemand drin und kann was dazu sagen?
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    10.07.19 16:07:42
    zugekauft
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    01.07.19 21:41:59
    http://yetanothervalueblog.com/2019/07/should-the-airplane-l…
    weitere 5 Kommentare anzeigen | alle 16 Kommentare »

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