Intrinsic value of Air Lease - AL

Previous Close

$43.75

  Intrinsic Value

$11.77

stock screener

  Rating & Target

str. sell

-73%

Previous close

$43.75

 
Intrinsic value

$11.77

 
Up/down potential

-73%

 
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.

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 4.5

 

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
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  1,419
  1,545
  1,677
  1,814
  1,956
  2,104
  2,257
  2,417
  2,583
  2,755
  2,935
  3,121
  3,316
  3,518
  3,729
  3,949
  4,178
  4,417
  4,666
  4,927
  5,199
  5,484
  5,781
  6,093
  6,418
  6,759
  7,116
  7,490
  7,881
  8,292
  8,721
Variable operating expenses, $m
 
  712
  773
  836
  902
  970
  1,041
  1,114
  1,191
  1,270
  1,353
  1,439
  1,529
  1,622
  1,719
  1,820
  1,926
  2,036
  2,151
  2,271
  2,397
  2,528
  2,665
  2,809
  2,959
  3,116
  3,281
  3,453
  3,633
  3,822
  4,021
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
  712
  773
  836
  902
  970
  1,041
  1,114
  1,191
  1,270
  1,353
  1,439
  1,529
  1,622
  1,719
  1,820
  1,926
  2,036
  2,151
  2,271
  2,397
  2,528
  2,665
  2,809
  2,959
  3,116
  3,281
  3,453
  3,633
  3,822
  4,021
Operating income, $m
  866
  833
  904
  978
  1,054
  1,134
  1,217
  1,303
  1,392
  1,485
  1,582
  1,682
  1,787
  1,896
  2,010
  2,128
  2,252
  2,381
  2,515
  2,656
  2,802
  2,956
  3,116
  3,284
  3,460
  3,643
  3,836
  4,037
  4,248
  4,469
  4,701
EBITDA, $m
  1,319
  1,327
  1,440
  1,557
  1,679
  1,806
  1,938
  2,075
  2,218
  2,366
  2,520
  2,680
  2,847
  3,021
  3,202
  3,390
  3,587
  3,792
  4,007
  4,230
  4,464
  4,708
  4,964
  5,231
  5,511
  5,804
  6,110
  6,431
  6,767
  7,119
  7,488
Interest expense (income), $m
  294
  314
  346
  381
  418
  456
  495
  536
  579
  623
  670
  718
  768
  820
  874
  930
  989
  1,050
  1,114
  1,181
  1,251
  1,324
  1,400
  1,479
  1,563
  1,650
  1,741
  1,836
  1,936
  2,041
  2,151
Earnings before tax, $m
  580
  519
  558
  597
  637
  678
  721
  766
  813
  862
  912
  965
  1,020
  1,077
  1,136
  1,198
  1,263
  1,330
  1,401
  1,475
  1,552
  1,632
  1,717
  1,805
  1,897
  1,994
  2,095
  2,201
  2,312
  2,428
  2,550
Tax expense, $m
  205
  140
  151
  161
  172
  183
  195
  207
  220
  233
  246
  261
  275
  291
  307
  324
  341
  359
  378
  398
  419
  441
  463
  487
  512
  538
  566
  594
  624
  656
  688
Net income, $m
  375
  379
  407
  435
  465
  495
  527
  559
  594
  629
  666
  704
  744
  786
  829
  875
  922
  971
  1,023
  1,077
  1,133
  1,192
  1,253
  1,317
  1,385
  1,455
  1,529
  1,606
  1,687
  1,772
  1,861

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
  14,859
  16,123
  17,439
  18,806
  20,228
  21,705
  23,240
  24,836
  26,494
  28,219
  30,014
  31,882
  33,827
  35,854
  37,967
  40,170
  42,469
  44,868
  47,374
  49,993
  52,729
  55,591
  58,584
  61,716
  64,993
  68,425
  72,019
  75,783
  79,727
  83,859
Adjusted assets (=assets-cash), $m
  13,701
  14,859
  16,123
  17,439
  18,806
  20,228
  21,705
  23,240
  24,836
  26,494
  28,219
  30,014
  31,882
  33,827
  35,854
  37,967
  40,170
  42,469
  44,868
  47,374
  49,993
  52,729
  55,591
  58,584
  61,716
  64,993
  68,425
  72,019
  75,783
  79,727
  83,859
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
  12,446
  13,505
  14,607
  15,752
  16,943
  18,180
  19,466
  20,803
  22,192
  23,637
  25,140
  26,705
  28,334
  30,032
  31,801
  33,647
  35,572
  37,582
  39,682
  41,875
  44,167
  46,564
  49,071
  51,694
  54,439
  57,314
  60,324
  63,477
  66,780
  70,242
Working capital, $m
  0
  -300
  -325
  -352
  -379
  -408
  -438
  -469
  -501
  -535
  -569
  -606
  -643
  -683
  -723
  -766
  -810
  -857
  -905
  -956
  -1,009
  -1,064
  -1,122
  -1,182
  -1,245
  -1,311
  -1,381
  -1,453
  -1,529
  -1,609
  -1,692
Total debt, $m
  8,714
  9,606
  10,583
  11,600
  12,657
  13,756
  14,898
  16,085
  17,318
  18,600
  19,934
  21,321
  22,765
  24,269
  25,835
  27,468
  29,171
  30,948
  32,803
  34,740
  36,764
  38,880
  41,092
  43,405
  45,826
  48,360
  51,012
  53,790
  56,700
  59,749
  62,943
Total liabilities, $m
  10,593
  11,486
  12,463
  13,480
  14,537
  15,636
  16,778
  17,965
  19,198
  20,480
  21,814
  23,201
  24,645
  26,149
  27,715
  29,348
  31,051
  32,828
  34,683
  36,620
  38,644
  40,760
  42,972
  45,285
  47,706
  50,240
  52,892
  55,670
  58,580
  61,629
  64,823
Total equity, $m
  3,382
  3,373
  3,660
  3,959
  4,269
  4,592
  4,927
  5,275
  5,638
  6,014
  6,406
  6,813
  7,237
  7,679
  8,139
  8,618
  9,119
  9,640
  10,185
  10,754
  11,348
  11,970
  12,619
  13,299
  14,009
  14,753
  15,532
  16,348
  17,203
  18,098
  19,036
Total liabilities and equity, $m
  13,975
  14,859
  16,123
  17,439
  18,806
  20,228
  21,705
  23,240
  24,836
  26,494
  28,220
  30,014
  31,882
  33,828
  35,854
  37,966
  40,170
  42,468
  44,868
  47,374
  49,992
  52,730
  55,591
  58,584
  61,715
  64,993
  68,424
  72,018
  75,783
  79,727
  83,859
Debt-to-equity ratio
  2.577
  2.850
  2.890
  2.930
  2.960
  3.000
  3.020
  3.050
  3.070
  3.090
  3.110
  3.130
  3.150
  3.160
  3.170
  3.190
  3.200
  3.210
  3.220
  3.230
  3.240
  3.250
  3.260
  3.260
  3.270
  3.280
  3.280
  3.290
  3.300
  3.300
  3.310
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
  379
  407
  435
  465
  495
  527
  559
  594
  629
  666
  704
  744
  786
  829
  875
  922
  971
  1,023
  1,077
  1,133
  1,192
  1,253
  1,317
  1,385
  1,455
  1,529
  1,606
  1,687
  1,772
  1,861
Depreciation, amort., depletion, $m
  453
  494
  536
  580
  625
  672
  721
  772
  826
  881
  938
  998
  1,060
  1,124
  1,192
  1,262
  1,335
  1,412
  1,491
  1,575
  1,662
  1,753
  1,848
  1,947
  2,051
  2,160
  2,274
  2,394
  2,519
  2,650
  2,787
Funds from operations, $m
  1,021
  873
  943
  1,015
  1,090
  1,167
  1,248
  1,332
  1,419
  1,510
  1,604
  1,702
  1,804
  1,910
  2,021
  2,137
  2,257
  2,383
  2,514
  2,651
  2,794
  2,944
  3,101
  3,265
  3,436
  3,616
  3,803
  4,000
  4,206
  4,422
  4,649
Change in working capital, $m
  1
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -76
  -80
  -83
Cash from operations, $m
  1,020
  897
  969
  1,042
  1,117
  1,196
  1,278
  1,363
  1,451
  1,543
  1,639
  1,738
  1,842
  1,950
  2,062
  2,179
  2,302
  2,429
  2,563
  2,702
  2,847
  2,999
  3,159
  3,325
  3,499
  3,682
  3,873
  4,073
  4,282
  4,502
  4,732
Maintenance CAPEX, $m
  0
  -453
  -494
  -536
  -580
  -625
  -672
  -721
  -772
  -826
  -881
  -938
  -998
  -1,060
  -1,124
  -1,192
  -1,262
  -1,335
  -1,412
  -1,491
  -1,575
  -1,662
  -1,753
  -1,848
  -1,947
  -2,051
  -2,160
  -2,274
  -2,394
  -2,519
  -2,650
New CAPEX, $m
  -2,125
  -1,018
  -1,059
  -1,102
  -1,146
  -1,191
  -1,237
  -1,286
  -1,336
  -1,389
  -1,445
  -1,503
  -1,565
  -1,629
  -1,698
  -1,770
  -1,845
  -1,926
  -2,010
  -2,099
  -2,193
  -2,292
  -2,397
  -2,507
  -2,623
  -2,746
  -2,874
  -3,010
  -3,153
  -3,303
  -3,462
Cash from investing activities, $m
  -2,006
  -1,471
  -1,553
  -1,638
  -1,726
  -1,816
  -1,909
  -2,007
  -2,108
  -2,215
  -2,326
  -2,441
  -2,563
  -2,689
  -2,822
  -2,962
  -3,107
  -3,261
  -3,422
  -3,590
  -3,768
  -3,954
  -4,150
  -4,355
  -4,570
  -4,797
  -5,034
  -5,284
  -5,547
  -5,822
  -6,112
Free cash flow, $m
  -986
  -574
  -584
  -596
  -608
  -620
  -632
  -644
  -658
  -672
  -687
  -703
  -721
  -740
  -760
  -782
  -806
  -831
  -859
  -889
  -921
  -955
  -991
  -1,030
  -1,071
  -1,115
  -1,162
  -1,212
  -1,264
  -1,320
  -1,380
Issuance/(repayment) of debt, $m
  974
  892
  977
  1,017
  1,057
  1,099
  1,142
  1,187
  1,233
  1,282
  1,333
  1,387
  1,444
  1,504
  1,567
  1,633
  1,703
  1,777
  1,855
  1,937
  2,024
  2,115
  2,212
  2,314
  2,421
  2,534
  2,653
  2,778
  2,910
  3,049
  3,195
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
  892
  977
  1,017
  1,057
  1,099
  1,142
  1,187
  1,233
  1,282
  1,333
  1,387
  1,444
  1,504
  1,567
  1,633
  1,703
  1,777
  1,855
  1,937
  2,024
  2,115
  2,212
  2,314
  2,421
  2,534
  2,653
  2,778
  2,910
  3,049
  3,195
Total cash flow (excl. dividends), $m
  139
  318
  393
  421
  449
  479
  510
  542
  576
  610
  647
  684
  723
  764
  807
  851
  897
  945
  996
  1,048
  1,103
  1,161
  1,221
  1,284
  1,350
  1,419
  1,491
  1,566
  1,645
  1,728
  1,815
Retained Cash Flow (-), $m
  -362
  -266
  -287
  -299
  -310
  -323
  -335
  -348
  -362
  -377
  -392
  -407
  -424
  -442
  -460
  -480
  -500
  -522
  -545
  -569
  -594
  -621
  -650
  -679
  -711
  -744
  -779
  -816
  -854
  -895
  -938
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
 
  327
  106
  122
  139
  156
  175
  194
  214
  234
  255
  277
  299
  323
  347
  371
  397
  424
  451
  480
  509
  540
  571
  604
  639
  675
  712
  750
  791
  833
  877
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
 
  296
  86
  88
  87
  85
  82
  76
  70
  63
  56
  48
  41
  33
  27
  21
  16
  12
  9
  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
Price to Sales 3.2
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 4.4
Price to Free Cash Flow -4.1
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 8.9% 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 103.308 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 $4.5 billion.

RELATED COMPANIES Price Int.Val. Rating
AYR Aircastle 23.28 5.84  str.sell
FLY Fly Leasing AD 13.26 4.91  str.sell
ACY AeroCentury 14.80 15.66  hold
WLFC Willis Lease F 24.52 8.39  str.sell
AER AerCap Holding 52.06 34.56  sell
FTAI Fortress Trans 18.08 3.09  str.sell
GATX GATX 61.26 32.99  sell
CAI CAI Internatio 30.08 5.74  str.sell
TGH Textainer Grou 21.55 4.95  str.sell

COMPANY NEWS

▶ Stocks With Rising Relative Strength: Air Lease   [Dec-04-17 03:00AM  Investor's Business Daily]
▶ 3 Growth Stocks to Buy and Hold for 25 Years   [Nov-11-17 10:45AM  Motley Fool]
▶ 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]
▶ 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]
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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