Intrinsic value of Air Lease - AL

Previous Close

$46.17

  Intrinsic Value

$14.42

stock screener

  Rating & Target

str. sell

-69%

Previous close

$46.17

 
Intrinsic value

$14.42

 
Up/down potential

-69%

 
Rating

str. sell

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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Air Lease (AL) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
  5.64
  5.57
  5.52
  5.46
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
Revenue, $m
  1,419
  1,507
  1,599
  1,694
  1,794
  1,897
  2,006
  2,119
  2,237
  2,360
  2,489
  2,624
  2,765
  2,913
  3,067
  3,229
  3,399
  3,576
  3,762
  3,957
  4,161
  4,375
  4,600
  4,835
  5,082
  5,341
  5,613
  5,898
  6,197
  6,511
  6,840
Variable operating expenses, $m
 
  695
  737
  781
  827
  875
  925
  977
  1,031
  1,088
  1,148
  1,210
  1,275
  1,343
  1,414
  1,489
  1,567
  1,649
  1,734
  1,824
  1,918
  2,017
  2,121
  2,229
  2,343
  2,462
  2,588
  2,719
  2,857
  3,001
  3,153
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
  695
  737
  781
  827
  875
  925
  977
  1,031
  1,088
  1,148
  1,210
  1,275
  1,343
  1,414
  1,489
  1,567
  1,649
  1,734
  1,824
  1,918
  2,017
  2,121
  2,229
  2,343
  2,462
  2,588
  2,719
  2,857
  3,001
  3,153
Operating income, $m
  866
  812
  862
  913
  967
  1,023
  1,081
  1,142
  1,206
  1,272
  1,342
  1,414
  1,490
  1,570
  1,653
  1,741
  1,832
  1,928
  2,028
  2,133
  2,243
  2,358
  2,479
  2,606
  2,739
  2,879
  3,025
  3,179
  3,340
  3,509
  3,687
EBITDA, $m
  1,319
  1,294
  1,373
  1,455
  1,540
  1,629
  1,722
  1,819
  1,921
  2,027
  2,137
  2,253
  2,374
  2,501
  2,634
  2,773
  2,918
  3,070
  3,230
  3,397
  3,573
  3,757
  3,949
  4,152
  4,364
  4,586
  4,819
  5,064
  5,321
  5,590
  5,873
Interest expense (income), $m
  294
  314
  336
  360
  386
  412
  440
  469
  499
  531
  564
  598
  634
  672
  712
  753
  796
  842
  889
  939
  991
  1,046
  1,103
  1,163
  1,226
  1,292
  1,361
  1,434
  1,510
  1,590
  1,674
Earnings before tax, $m
  580
  499
  526
  553
  581
  610
  641
  673
  706
  741
  778
  816
  856
  898
  942
  987
  1,035
  1,086
  1,139
  1,194
  1,252
  1,313
  1,376
  1,443
  1,513
  1,587
  1,664
  1,745
  1,830
  1,919
  2,012
Tax expense, $m
  205
  135
  142
  149
  157
  165
  173
  182
  191
  200
  210
  220
  231
  242
  254
  267
  280
  293
  307
  322
  338
  354
  372
  390
  409
  428
  449
  471
  494
  518
  543
Net income, $m
  375
  364
  384
  404
  424
  446
  468
  491
  516
  541
  568
  596
  625
  655
  687
  721
  756
  793
  831
  872
  914
  958
  1,005
  1,053
  1,105
  1,158
  1,215
  1,274
  1,336
  1,401
  1,469

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
  14,490
  15,371
  16,289
  17,246
  18,244
  19,286
  20,373
  21,509
  22,695
  23,935
  25,232
  26,589
  28,008
  29,494
  31,050
  32,679
  34,386
  36,174
  38,048
  40,012
  42,071
  44,230
  46,493
  48,867
  51,358
  53,970
  56,710
  59,585
  62,602
  65,767
Adjusted assets (=assets-cash), $m
  13,701
  14,490
  15,371
  16,289
  17,246
  18,244
  19,286
  20,373
  21,509
  22,695
  23,935
  25,232
  26,589
  28,008
  29,494
  31,050
  32,679
  34,386
  36,174
  38,048
  40,012
  42,071
  44,230
  46,493
  48,867
  51,358
  53,970
  56,710
  59,585
  62,602
  65,767
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
  12,137
  12,875
  13,644
  14,446
  15,282
  16,154
  17,065
  18,016
  19,010
  20,049
  21,135
  22,271
  23,460
  24,705
  26,008
  27,373
  28,802
  30,300
  31,869
  33,515
  35,239
  37,047
  38,944
  40,932
  43,018
  45,206
  47,501
  49,909
  52,436
  55,088
Working capital, $m
  0
  -292
  -310
  -329
  -348
  -368
  -389
  -411
  -434
  -458
  -483
  -509
  -536
  -565
  -595
  -626
  -659
  -694
  -730
  -768
  -807
  -849
  -892
  -938
  -986
  -1,036
  -1,089
  -1,144
  -1,202
  -1,263
  -1,327
Total debt, $m
  8,714
  9,321
  10,002
  10,712
  11,451
  12,223
  13,028
  13,868
  14,746
  15,663
  16,622
  17,625
  18,673
  19,771
  20,919
  22,122
  23,381
  24,700
  26,082
  27,531
  29,049
  30,641
  32,309
  34,059
  35,895
  37,819
  39,839
  41,957
  44,179
  46,511
  48,958
Total liabilities, $m
  10,593
  11,201
  11,882
  12,592
  13,331
  14,103
  14,908
  15,748
  16,626
  17,543
  18,502
  19,505
  20,553
  21,651
  22,799
  24,002
  25,261
  26,580
  27,962
  29,411
  30,929
  32,521
  34,189
  35,939
  37,775
  39,699
  41,719
  43,837
  46,059
  48,391
  50,838
Total equity, $m
  3,382
  3,289
  3,489
  3,698
  3,915
  4,141
  4,378
  4,625
  4,882
  5,152
  5,433
  5,728
  6,036
  6,358
  6,695
  7,048
  7,418
  7,806
  8,211
  8,637
  9,083
  9,550
  10,040
  10,554
  11,093
  11,658
  12,251
  12,873
  13,526
  14,211
  14,929
Total liabilities and equity, $m
  13,975
  14,490
  15,371
  16,290
  17,246
  18,244
  19,286
  20,373
  21,508
  22,695
  23,935
  25,233
  26,589
  28,009
  29,494
  31,050
  32,679
  34,386
  36,173
  38,048
  40,012
  42,071
  44,229
  46,493
  48,868
  51,357
  53,970
  56,710
  59,585
  62,602
  65,767
Debt-to-equity ratio
  2.577
  2.830
  2.870
  2.900
  2.930
  2.950
  2.980
  3.000
  3.020
  3.040
  3.060
  3.080
  3.090
  3.110
  3.120
  3.140
  3.150
  3.160
  3.180
  3.190
  3.200
  3.210
  3.220
  3.230
  3.240
  3.240
  3.250
  3.260
  3.270
  3.270
  3.280
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
  364
  384
  404
  424
  446
  468
  491
  516
  541
  568
  596
  625
  655
  687
  721
  756
  793
  831
  872
  914
  958
  1,005
  1,053
  1,105
  1,158
  1,215
  1,274
  1,336
  1,401
  1,469
Depreciation, amort., depletion, $m
  453
  482
  511
  541
  573
  606
  641
  677
  715
  754
  796
  839
  884
  931
  980
  1,032
  1,086
  1,143
  1,202
  1,265
  1,330
  1,398
  1,470
  1,545
  1,624
  1,707
  1,794
  1,885
  1,981
  2,081
  2,186
Funds from operations, $m
  1,021
  846
  895
  945
  997
  1,052
  1,109
  1,168
  1,231
  1,296
  1,363
  1,434
  1,509
  1,586
  1,668
  1,753
  1,842
  1,936
  2,034
  2,136
  2,244
  2,357
  2,475
  2,599
  2,729
  2,865
  3,008
  3,159
  3,316
  3,481
  3,655
Change in working capital, $m
  1
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
Cash from operations, $m
  1,020
  863
  913
  964
  1,017
  1,072
  1,130
  1,190
  1,254
  1,319
  1,388
  1,461
  1,536
  1,615
  1,698
  1,784
  1,875
  1,970
  2,070
  2,174
  2,283
  2,398
  2,518
  2,645
  2,777
  2,916
  3,061
  3,214
  3,374
  3,542
  3,719
Maintenance CAPEX, $m
  0
  -453
  -482
  -511
  -541
  -573
  -606
  -641
  -677
  -715
  -754
  -796
  -839
  -884
  -931
  -980
  -1,032
  -1,086
  -1,143
  -1,202
  -1,265
  -1,330
  -1,398
  -1,470
  -1,545
  -1,624
  -1,707
  -1,794
  -1,885
  -1,981
  -2,081
New CAPEX, $m
  -2,125
  -709
  -738
  -769
  -802
  -836
  -872
  -911
  -951
  -994
  -1,039
  -1,086
  -1,136
  -1,189
  -1,245
  -1,303
  -1,365
  -1,429
  -1,498
  -1,570
  -1,645
  -1,725
  -1,808
  -1,896
  -1,989
  -2,086
  -2,188
  -2,295
  -2,408
  -2,527
  -2,651
Cash from investing activities, $m
  -2,006
  -1,162
  -1,220
  -1,280
  -1,343
  -1,409
  -1,478
  -1,552
  -1,628
  -1,709
  -1,793
  -1,882
  -1,975
  -2,073
  -2,176
  -2,283
  -2,397
  -2,515
  -2,641
  -2,772
  -2,910
  -3,055
  -3,206
  -3,366
  -3,534
  -3,710
  -3,895
  -4,089
  -4,293
  -4,508
  -4,732
Free cash flow, $m
  -986
  -300
  -307
  -316
  -326
  -337
  -349
  -361
  -375
  -389
  -405
  -421
  -439
  -458
  -478
  -499
  -522
  -546
  -571
  -598
  -626
  -656
  -688
  -722
  -757
  -794
  -834
  -875
  -919
  -965
  -1,013
Issuance/(repayment) of debt, $m
  974
  607
  681
  710
  740
  772
  805
  840
  878
  917
  959
  1,003
  1,049
  1,097
  1,149
  1,203
  1,259
  1,319
  1,382
  1,448
  1,518
  1,592
  1,669
  1,750
  1,835
  1,925
  2,019
  2,118
  2,222
  2,332
  2,447
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
  607
  681
  710
  740
  772
  805
  840
  878
  917
  959
  1,003
  1,049
  1,097
  1,149
  1,203
  1,259
  1,319
  1,382
  1,448
  1,518
  1,592
  1,669
  1,750
  1,835
  1,925
  2,019
  2,118
  2,222
  2,332
  2,447
Total cash flow (excl. dividends), $m
  139
  307
  374
  393
  414
  434
  456
  479
  503
  528
  554
  581
  610
  639
  671
  703
  738
  774
  811
  851
  892
  935
  980
  1,028
  1,078
  1,130
  1,185
  1,243
  1,303
  1,367
  1,433
Retained Cash Flow (-), $m
  -362
  -182
  -200
  -208
  -217
  -227
  -236
  -247
  -258
  -269
  -282
  -294
  -308
  -322
  -337
  -353
  -370
  -387
  -406
  -425
  -446
  -467
  -490
  -514
  -539
  -565
  -593
  -622
  -653
  -685
  -719
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
 
  400
  174
  185
  196
  208
  220
  232
  245
  259
  272
  287
  302
  317
  333
  350
  368
  386
  405
  425
  446
  468
  490
  514
  539
  565
  592
  621
  651
  682
  715
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
 
  361
  141
  133
  124
  113
  103
  92
  81
  70
  59
  50
  41
  33
  26
  20
  15
  11
  8
  6
  4
  3
  2
  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 is an aircraft leasing company. The Company is principally engaged in purchasing new commercial jet transport aircraft directly from aircraft manufacturers, such as The Boeing Company (Boeing) and Airbus S.A.S. (Airbus), and leasing those aircraft to airlines across the world. Along with its leasing activities, the Company sells aircraft from its operating lease portfolio to third parties, including other leasing companies, financial services companies and airlines. The Company also provides fleet management services to investors and owners of aircraft portfolios for a management fee. The Company provides aircraft to airline customers in various markets, such as Asia, the Pacific Rim, Latin America, the Middle East, Europe, Africa and North America. As of December 31, 2016, the Company had 237 owned aircraft and 30 aircraft in its managed fleet portfolio.

FINANCIAL RATIOS  of  Air Lease (AL)

Valuation Ratios
P/E Ratio 12.7
Price to Sales 3.3
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow 4.7
Price to Free Cash Flow -4.3
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 6.2% 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 -19.4%. 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 103.764 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 $4.8 billion.

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▶ ETFs with exposure to Air Lease Corp. : December 15, 2017   [Dec-15-17 12:49PM  Capital Cube]
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▶ Air Lease beats 3Q profit forecasts   [Nov-09-17 04:27PM  Associated Press]
▶ ETFs with exposure to Air Lease Corp. : October 13, 2017   [Oct-13-17 10:28AM  Capital Cube]
▶ Air Lease: Healthy Growth and Stock Upside to Continue   [Oct-03-17 11:39AM  GuruFocus.com]
▶ ETFs with exposure to Air Lease Corp. : October 2, 2017   [Oct-02-17 10:39AM  Capital Cube]
▶ Stocks Showing Improved Relative Strength: Air Lease   [Sep-11-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Air Lease Corp. : September 7, 2017   [Sep-07-17 12:21PM  Capital Cube]
▶ 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]
Financial statements of AL
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