Aviation Finance Picks
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Created by arnabdgp
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Date updated:05-14-2007

Prior to September '06 investors could gain exposure to the aircraft leasing industry only via private equity or conglomerates like GE, AIG, and GATX,where aircraft leasing is a relatively small component.According to Citigroup,historically aircraft lessors have earned higher and more stable returns than airlines. On May 11 private-equity group Terra Firma Capital Partners Ltd acquired Pegasus Aviation in a deal that will create the world's third largest aircraft lessor.After the successful debut of Aircastle and Genesis you might see Terra cashing out sooner rather than later.Aircraft orders and lease rate almost halved by 2003 compared to the 1997-2000 peak period but have since recovered.Most forecasters believe that the underlying demand for air travel will continue to grow at a rate of 5-6%, 1.4x to 2.0x real global GDP.

symbol name last price % change open
  • +
  • AYR
    Aircastle Ltd Cmn
  • $8.86
  • 0.00%
  • $N/A

Aircastle Ltd reported first-quarter profit nearly doubled, boosted by sharply higher lease rentals, as it grew its fleet. Citi forecasts a an annualized dividend of $2.07 by 4Q07. A dividend growth model results in a fair value target price of $39 per share.

People owning AYR also tend to own: ANHBHSCRRGLKGLSGPTHTGC

TheStreet.com Rating: C+ What is this?

  • +
  • GLS
    Genesis Lease Lim
  • $8.16
  • 0.00%
  • $N/A

Dividend Projection (Citigroup) 2007E: $2.05 2008E:$2.17 2009E:$2.28 Genesis has a high quality portfolio of 41 aircrafts that has been cherry-picked from GECAS's vast portfolio of 1,400 planes. Relationship with GECAS is a major competitive advantage in terms of global access to customers.GECAS is demonstrating its commitment to Genesis by remaining invested via its 11% stake for atleast 2 years.

People owning GLS also tend to own: ACASAHRBSDMDFRFEEDFMDKCAP

TheStreet.com Rating: D What is this?

  • +
  • CIT
    Cit
  • $0.00
  • N/A
  • $N/A

CIT Group is a commercial and consumer finance company providing financing and leasing products and services to clients in a variety of industries (manufacturing,retail,healthcare,transportation) around the globe. Transportation Finance accounts for $12 Billion or 16% of total assets.2006 yielded strong results with earnings doubling and credit metrics improving broadly.At 12.0x next year's earnings the stock is cheap and gives broad sector diversification. Technically the stock should roll over its double-top formation and base around $58 where you should look to add.

People owning CIT also tend to own: AHMAIZALBAMPAVTAXCABBI

TheStreet.com Rating: No Rating What is this?

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