Intrinsic value of Air Lease - AL

Previous Close

$40.04

  Intrinsic Value

$15.15

stock screener

  Rating & Target

str. sell

-62%

  Value-price divergence*

-48%

Previous close

$40.04

 
Intrinsic value

$15.15

 
Up/down potential

-62%

 
Rating

str. sell

 
Value-price divergence*

-48%

Our model is not good at valuating stocks of financial companies, such as AL.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AL stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.03
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
  5.00
Revenue, $m
  1,419
  1,490
  1,564
  1,643
  1,725
  1,811
  1,902
  1,997
  2,097
  2,201
  2,311
  2,427
  2,548
  2,676
  2,810
  2,950
  3,097
  3,252
  3,415
  3,586
  3,765
  3,953
  4,151
  4,358
  4,576
  4,805
  5,045
  5,298
  5,563
  5,841
  6,133
Variable operating expenses, $m
 
  687
  721
  757
  795
  835
  877
  920
  966
  1,015
  1,066
  1,119
  1,175
  1,234
  1,295
  1,360
  1,428
  1,499
  1,574
  1,653
  1,736
  1,822
  1,914
  2,009
  2,110
  2,215
  2,326
  2,442
  2,564
  2,693
  2,827
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  553
  687
  721
  757
  795
  835
  877
  920
  966
  1,015
  1,066
  1,119
  1,175
  1,234
  1,295
  1,360
  1,428
  1,499
  1,574
  1,653
  1,736
  1,822
  1,914
  2,009
  2,110
  2,215
  2,326
  2,442
  2,564
  2,693
  2,827
Operating income, $m
  866
  803
  843
  885
  930
  976
  1,025
  1,076
  1,130
  1,187
  1,246
  1,308
  1,374
  1,442
  1,514
  1,590
  1,670
  1,753
  1,841
  1,933
  2,029
  2,131
  2,237
  2,349
  2,467
  2,590
  2,720
  2,856
  2,998
  3,148
  3,306
EBITDA, $m
  1,319
  1,279
  1,343
  1,410
  1,481
  1,555
  1,633
  1,714
  1,800
  1,890
  1,985
  2,084
  2,188
  2,297
  2,412
  2,533
  2,660
  2,792
  2,932
  3,079
  3,233
  3,394
  3,564
  3,742
  3,929
  4,126
  4,332
  4,549
  4,776
  5,015
  5,266
Interest expense (income), $m
  294
  314
  331
  351
  372
  394
  417
  441
  467
  493
  521
  551
  582
  614
  648
  684
  722
  761
  803
  846
  892
  940
  990
  1,043
  1,099
  1,157
  1,218
  1,282
  1,350
  1,421
  1,495
Earnings before tax, $m
  580
  489
  512
  534
  558
  582
  608
  635
  663
  693
  724
  757
  792
  828
  866
  906
  948
  992
  1,038
  1,087
  1,138
  1,191
  1,247
  1,306
  1,368
  1,433
  1,501
  1,573
  1,648
  1,727
  1,810
Tax expense, $m
  205
  132
  138
  144
  151
  157
  164
  171
  179
  187
  196
  204
  214
  224
  234
  245
  256
  268
  280
  293
  307
  322
  337
  353
  369
  387
  405
  425
  445
  466
  489
Net income, $m
  375
  357
  374
  390
  407
  425
  444
  464
  484
  506
  529
  553
  578
  604
  632
  661
  692
  724
  758
  793
  830
  869
  910
  954
  999
  1,046
  1,096
  1,148
  1,203
  1,261
  1,322

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  275
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  13,976
  14,326
  15,043
  15,795
  16,585
  17,414
  18,285
  19,199
  20,159
  21,167
  22,225
  23,336
  24,503
  25,728
  27,015
  28,365
  29,784
  31,273
  32,836
  34,478
  36,202
  38,012
  39,913
  41,909
  44,004
  46,204
  48,514
  50,940
  53,487
  56,162
  58,970
Adjusted assets (=assets-cash), $m
  13,701
  14,326
  15,043
  15,795
  16,585
  17,414
  18,285
  19,199
  20,159
  21,167
  22,225
  23,336
  24,503
  25,728
  27,015
  28,365
  29,784
  31,273
  32,836
  34,478
  36,202
  38,012
  39,913
  41,909
  44,004
  46,204
  48,514
  50,940
  53,487
  56,162
  58,970
Revenue / Adjusted assets
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
  0.104
Average production assets, $m
  11,428
  12,000
  12,600
  13,230
  13,892
  14,586
  15,315
  16,081
  16,885
  17,730
  18,616
  19,547
  20,524
  21,550
  22,628
  23,759
  24,947
  26,195
  27,504
  28,880
  30,324
  31,840
  33,432
  35,103
  36,858
  38,701
  40,636
  42,668
  44,802
  47,042
  49,394
Working capital, $m
  0
  -149
  -156
  -164
  -172
  -181
  -190
  -200
  -210
  -220
  -231
  -243
  -255
  -268
  -281
  -295
  -310
  -325
  -341
  -359
  -377
  -395
  -415
  -436
  -458
  -481
  -505
  -530
  -556
  -584
  -613
Total debt, $m
  8,714
  9,194
  9,748
  10,329
  10,940
  11,581
  12,254
  12,961
  13,703
  14,482
  15,300
  16,159
  17,061
  18,008
  19,002
  20,046
  21,143
  22,294
  23,503
  24,772
  26,104
  27,504
  28,973
  30,515
  32,135
  33,836
  35,622
  37,497
  39,466
  41,533
  43,703
Total liabilities, $m
  10,593
  11,074
  11,628
  12,209
  12,820
  13,461
  14,134
  14,841
  15,583
  16,362
  17,180
  18,039
  18,941
  19,888
  20,882
  21,926
  23,023
  24,174
  25,383
  26,652
  27,984
  29,384
  30,853
  32,395
  34,015
  35,716
  37,502
  39,377
  41,346
  43,413
  45,583
Total equity, $m
  3,382
  3,252
  3,415
  3,585
  3,765
  3,953
  4,151
  4,358
  4,576
  4,805
  5,045
  5,297
  5,562
  5,840
  6,132
  6,439
  6,761
  7,099
  7,454
  7,827
  8,218
  8,629
  9,060
  9,513
  9,989
  10,488
  11,013
  11,563
  12,142
  12,749
  13,386
Total liabilities and equity, $m
  13,975
  14,326
  15,043
  15,794
  16,585
  17,414
  18,285
  19,199
  20,159
  21,167
  22,225
  23,336
  24,503
  25,728
  27,014
  28,365
  29,784
  31,273
  32,837
  34,479
  36,202
  38,013
  39,913
  41,908
  44,004
  46,204
  48,515
  50,940
  53,488
  56,162
  58,969
Debt-to-equity ratio
  2.577
  2.830
  2.850
  2.880
  2.910
  2.930
  2.950
  2.970
  2.990
  3.010
  3.030
  3.050
  3.070
  3.080
  3.100
  3.110
  3.130
  3.140
  3.150
  3.170
  3.180
  3.190
  3.200
  3.210
  3.220
  3.230
  3.230
  3.240
  3.250
  3.260
  3.260
Adjusted equity ratio
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227
  0.227

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  375
  357
  374
  390
  407
  425
  444
  464
  484
  506
  529
  553
  578
  604
  632
  661
  692
  724
  758
  793
  830
  869
  910
  954
  999
  1,046
  1,096
  1,148
  1,203
  1,261
  1,322
Depreciation, amort., depletion, $m
  453
  476
  500
  525
  551
  579
  608
  638
  670
  704
  739
  776
  814
  855
  898
  943
  990
  1,039
  1,091
  1,146
  1,203
  1,263
  1,327
  1,393
  1,463
  1,536
  1,613
  1,693
  1,778
  1,867
  1,960
Funds from operations, $m
  1,021
  833
  874
  915
  958
  1,004
  1,052
  1,102
  1,154
  1,210
  1,268
  1,329
  1,392
  1,460
  1,530
  1,604
  1,682
  1,764
  1,849
  1,939
  2,034
  2,133
  2,237
  2,347
  2,461
  2,582
  2,709
  2,842
  2,981
  3,128
  3,282
Change in working capital, $m
  1
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
Cash from operations, $m
  1,020
  841
  881
  923
  967
  1,013
  1,061
  1,111
  1,164
  1,220
  1,279
  1,340
  1,405
  1,472
  1,544
  1,618
  1,697
  1,779
  1,866
  1,956
  2,052
  2,152
  2,257
  2,367
  2,483
  2,605
  2,733
  2,867
  3,008
  3,156
  3,311
Maintenance CAPEX, $m
  0
  -453
  -476
  -500
  -525
  -551
  -579
  -608
  -638
  -670
  -704
  -739
  -776
  -814
  -855
  -898
  -943
  -990
  -1,039
  -1,091
  -1,146
  -1,203
  -1,263
  -1,327
  -1,393
  -1,463
  -1,536
  -1,613
  -1,693
  -1,778
  -1,867
New CAPEX, $m
  -2,125
  -572
  -600
  -630
  -662
  -695
  -729
  -766
  -804
  -844
  -886
  -931
  -977
  -1,026
  -1,078
  -1,131
  -1,188
  -1,247
  -1,310
  -1,375
  -1,444
  -1,516
  -1,592
  -1,672
  -1,755
  -1,843
  -1,935
  -2,032
  -2,133
  -2,240
  -2,352
Cash from investing activities, $m
  -2,006
  -1,025
  -1,076
  -1,130
  -1,187
  -1,246
  -1,308
  -1,374
  -1,442
  -1,514
  -1,590
  -1,670
  -1,753
  -1,840
  -1,933
  -2,029
  -2,131
  -2,237
  -2,349
  -2,466
  -2,590
  -2,719
  -2,855
  -2,999
  -3,148
  -3,306
  -3,471
  -3,645
  -3,826
  -4,018
  -4,219
Free cash flow, $m
  -986
  -185
  -195
  -207
  -220
  -233
  -247
  -262
  -278
  -294
  -311
  -329
  -348
  -368
  -389
  -411
  -434
  -458
  -484
  -510
  -538
  -568
  -599
  -631
  -665
  -701
  -738
  -778
  -819
  -862
  -908
Issuance/(repayment) of debt, $m
  974
  480
  554
  581
  610
  641
  673
  707
  742
  779
  818
  859
  902
  947
  994
  1,044
  1,096
  1,151
  1,209
  1,269
  1,333
  1,399
  1,469
  1,543
  1,620
  1,701
  1,786
  1,875
  1,969
  2,067
  2,171
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,125
  480
  554
  581
  610
  641
  673
  707
  742
  779
  818
  859
  902
  947
  994
  1,044
  1,096
  1,151
  1,209
  1,269
  1,333
  1,399
  1,469
  1,543
  1,620
  1,701
  1,786
  1,875
  1,969
  2,067
  2,171
Total cash flow (excl. dividends), $m
  139
  295
  359
  374
  391
  408
  426
  444
  464
  485
  507
  530
  554
  579
  605
  633
  662
  693
  725
  759
  794
  832
  871
  912
  955
  1,000
  1,048
  1,097
  1,150
  1,205
  1,263
Retained Cash Flow (-), $m
  -362
  -145
  -163
  -171
  -179
  -188
  -198
  -208
  -218
  -229
  -240
  -252
  -265
  -278
  -292
  -307
  -322
  -338
  -355
  -373
  -391
  -411
  -431
  -453
  -476
  -499
  -524
  -551
  -578
  -607
  -637
Prev. year cash balance distribution, $m
 
  275
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  425
  196
  204
  211
  219
  228
  237
  246
  256
  266
  277
  289
  301
  313
  326
  340
  355
  370
  386
  403
  421
  439
  459
  479
  501
  523
  547
  572
  598
  625
Discount rate, %
 
  10.60
  11.13
  11.69
  12.27
  12.88
  13.53
  14.21
  14.92
  15.66
  16.44
  17.27
  18.13
  19.04
  19.99
  20.99
  22.04
  23.14
  24.30
  25.51
  26.79
  28.12
  29.53
  31.01
  32.56
  34.19
  35.90
  37.69
  39.57
  41.55
  43.63
PV of cash for distribution, $m
 
  384
  159
  146
  133
  120
  106
  93
  81
  69
  58
  48
  39
  31
  24
  19
  14
  10
  7
  5
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Air Lease Corporation, an aircraft leasing company, engages in the purchase and leasing of commercial jet transport aircraft to airlines in Asia, the Pacific Rim, Latin America, the Middle East, Europe, Africa, and North America. The company also sells aircraft from its operating lease portfolio to third parties, including other leasing companies, financial services companies, and airlines. In addition, it provides fleet management services to investors and owners of aircraft portfolios. As of December 31, 2016, the company owned a fleet of 237 aircraft, including 188 single-aisle narrowbody jet aircraft and 49 twin-aisle widebody jet aircraft. Air Lease Corporation was founded in 2010 and is based in Los Angeles, California.

FINANCIAL RATIOS  of  Air Lease (AL)

Valuation Ratios
P/E Ratio 11
Price to Sales 2.9
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 4
Price to Free Cash Flow -3.7
Growth Rates
Sales Growth Rate 16%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -7.9%
Cap. Spend. - 3 Yr. Gr. Rate 7.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 257.7%
Total Debt to Equity 257.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital 3.3%
Ret/ On T. Cap. - 3 Yr. Avg. 2.9%
Return On Equity 11.7%
Return On Equity - 3 Yr. Avg. 10%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 93.5%
EBITDA Margin - 3 Yr. Avg. 89.8%
Operating Margin 61%
Oper. Margin - 3 Yr. Avg. 57.8%
Pre-Tax Margin 40.9%
Pre-Tax Margin - 3 Yr. Avg. 36.9%
Net Profit Margin 26.4%
Net Profit Margin - 3 Yr. Avg. 23.8%
Effective Tax Rate 35.3%
Eff/ Tax Rate - 3 Yr. Avg. 35.4%
Payout Ratio 5.6%

AL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AL stock intrinsic value calculation we used $1419 million for the last fiscal year's total revenue generated by Air Lease. The default revenue input number comes from 2016 income statement of Air Lease. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AL stock valuation model: a) initial revenue growth rate of 5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.6%, whose default value for AL is calculated based on our internal credit rating of Air Lease, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Air Lease.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AL stock the variable cost ratio is equal to 46.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AL stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.6% for Air Lease.

Corporate tax rate of 27% is the nominal tax rate for Air Lease. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AL stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AL are equal to 805.4%.

Life of production assets of 25.2 years is the average useful life of capital assets used in Air Lease operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AL is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3382 million for Air Lease - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 102.874 million for Air Lease is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Air Lease at the current share price and the inputted number of shares is $4.1 billion.

RELATED COMPANIES Price Int.Val. Rating
AYR Aircastle 22.25 5.79  str.sell
FLY Fly Leasing AD 13.41 4.64  str.sell
ACY AeroCentury 10.95 11.17  sell
WLFC Willis Lease F 24.27 8.40  str.sell
AER AerCap Holding 48.98 25.01  sell
FTAI Fortress Trans 17.18 3.14  str.sell
GATX GATX 62.12 31.49  sell
CAI CAI Internatio 28.31 5.71  str.sell
TGH Textainer Grou 15.65 4.82  str.sell

COMPANY NEWS

▶ Is Air Lease a Great Stock for Value Investors?   [Aug-16-17 09:50AM  Zacks]
▶ [$$] Napier Park Forms New Aircraft-Leasing Fund With Air Lease Corp.   [Aug-04-17 12:25PM  The Wall Street Journal]
▶ Air Lease beats Street 2Q forecasts   [02:28AM  Associated Press]
▶ ETFs with exposure to Air Lease Corp. : July 27, 2017   [Jul-27-17 02:10PM  Capital Cube]
▶ New Strong Sell Stocks for July 19th   [Jul-19-17 09:19AM  Zacks]
▶ ETFs with exposure to Air Lease Corp. : July 17, 2017   [Jul-17-17 01:35PM  Capital Cube]
▶ ETFs with exposure to Air Lease Corp. : July 6, 2017   [Jul-06-17 01:38PM  Capital Cube]
▶ Boeing Is Crushing Airbus On Orders At Paris Air Show   [Jun-20-17 04:14PM  Investor's Business Daily]
▶ Boeing Continues to Stack Up Orders in Paris   [08:10AM  24/7 Wall St.]
▶ ETFs with exposure to Air Lease Corp. : June 13, 2017   [Jun-13-17 12:14PM  Capital Cube]
▶ Which Stocks Are Showing Rising Relative Strength?   [Jun-02-17 01:42PM  Investor's Business Daily]
▶ Is The Runway Being Cleared For Air Lease To Break Out?   [11:40AM  Investor's Business Daily]
▶ The Top Stories From This Week's Barron's   [May-13-17 02:08AM  Barrons.com]
▶ Air Lease misses Street 1Q forecasts   [May-05-17 05:02AM  Associated Press]
▶ Air Lease Corp. Value Analysis (NYSE:AL) : April 28, 2017   [Apr-28-17 04:35PM  Capital Cube]
▶ Which Stocks Benefit As Air Carriers Trend Toward Lease Vs. Own?   [Apr-27-17 05:16PM  Investor's Business Daily]
▶ 2 Asset Classes That Are Arguably Still Cheap   [Mar-24-17 01:13PM  Motley Fool]
▶ 2 Asset Classes That Are Arguably Still Cheap   [01:13PM  at Motley Fool]
▶ How Much Does a Boeing 737 Cost?   [Mar-13-17 10:30AM  24/7 Wall St.]
▶ Boeing Shops New Midrange Aircraft Design To Potential Customers   [Mar-08-17 04:06PM  Investor's Business Daily]
Stock chart of AL Financial statements of AL
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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