Intrinsic value of Aircastle - AYR

Previous Close

$24.26

  Intrinsic Value

$5.77

stock screener

  Rating & Target

str. sell

-76%

Previous close

$24.26

 
Intrinsic value

$5.77

 
Up/down potential

-76%

 
Rating

str. sell

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

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

We calculate the intrinsic value of AYR 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

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, %
  -5.62
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  773
  788
  807
  827
  851
  876
  905
  935
  969
  1,005
  1,043
  1,085
  1,129
  1,175
  1,225
  1,278
  1,334
  1,393
  1,456
  1,522
  1,592
  1,666
  1,744
  1,826
  1,912
  2,004
  2,099
  2,200
  2,306
  2,418
  2,536
Variable operating expenses, $m
 
  487
  498
  511
  526
  542
  559
  578
  599
  621
  645
  670
  697
  726
  757
  790
  825
  861
  900
  941
  984
  1,030
  1,078
  1,128
  1,182
  1,238
  1,297
  1,360
  1,425
  1,494
  1,567
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
  403
  487
  498
  511
  526
  542
  559
  578
  599
  621
  645
  670
  697
  726
  757
  790
  825
  861
  900
  941
  984
  1,030
  1,078
  1,128
  1,182
  1,238
  1,297
  1,360
  1,425
  1,494
  1,567
Operating income, $m
  370
  301
  308
  316
  325
  335
  346
  357
  370
  384
  399
  414
  431
  449
  468
  488
  510
  532
  556
  582
  608
  636
  666
  698
  731
  765
  802
  841
  881
  924
  969
EBITDA, $m
  675
  612
  626
  642
  660
  680
  702
  726
  752
  779
  809
  841
  876
  912
  951
  992
  1,035
  1,081
  1,130
  1,181
  1,235
  1,293
  1,353
  1,417
  1,484
  1,554
  1,629
  1,707
  1,789
  1,876
  1,967
Interest expense (income), $m
  225
  230
  235
  241
  248
  257
  266
  275
  286
  298
  310
  324
  338
  353
  370
  387
  406
  425
  446
  468
  491
  515
  541
  568
  596
  627
  658
  692
  727
  764
  803
Earnings before tax, $m
  157
  71
  73
  75
  76
  78
  80
  82
  84
  86
  88
  91
  93
  96
  98
  101
  104
  107
  111
  114
  118
  121
  125
  130
  134
  139
  144
  149
  154
  160
  166
Tax expense, $m
  13
  19
  20
  20
  21
  21
  22
  22
  23
  23
  24
  24
  25
  26
  27
  27
  28
  29
  30
  31
  32
  33
  34
  35
  36
  37
  39
  40
  42
  43
  45
Net income, $m
  151
  52
  53
  55
  56
  57
  58
  60
  61
  63
  64
  66
  68
  70
  72
  74
  76
  78
  81
  83
  86
  89
  92
  95
  98
  101
  105
  109
  113
  117
  121

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  456
  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
  7,245
  6,916
  7,075
  7,257
  7,461
  7,688
  7,936
  8,206
  8,499
  8,814
  9,152
  9,514
  9,900
  10,311
  10,748
  11,212
  11,703
  12,223
  12,773
  13,354
  13,968
  14,615
  15,298
  16,018
  16,776
  17,575
  18,416
  19,301
  20,232
  21,212
  22,243
Adjusted assets (=assets-cash), $m
  6,789
  6,916
  7,075
  7,257
  7,461
  7,688
  7,936
  8,206
  8,499
  8,814
  9,152
  9,514
  9,900
  10,311
  10,748
  11,212
  11,703
  12,223
  12,773
  13,354
  13,968
  14,615
  15,298
  16,018
  16,776
  17,575
  18,416
  19,301
  20,232
  21,212
  22,243
Revenue / Adjusted assets
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
  0.114
Average production assets, $m
  6,057
  6,178
  6,320
  6,483
  6,665
  6,867
  7,089
  7,330
  7,592
  7,873
  8,176
  8,499
  8,844
  9,211
  9,601
  10,015
  10,454
  10,919
  11,410
  11,929
  12,478
  13,056
  13,666
  14,309
  14,986
  15,700
  16,451
  17,241
  18,073
  18,949
  19,869
Working capital, $m
  0
  -340
  -348
  -357
  -367
  -378
  -390
  -403
  -418
  -433
  -450
  -467
  -486
  -507
  -528
  -551
  -575
  -601
  -628
  -656
  -686
  -718
  -752
  -787
  -824
  -864
  -905
  -948
  -994
  -1,042
  -1,093
Total debt, $m
  4,629
  4,606
  4,730
  4,871
  5,030
  5,207
  5,400
  5,611
  5,838
  6,084
  6,347
  6,629
  6,930
  7,250
  7,591
  7,952
  8,335
  8,740
  9,168
  9,621
  10,099
  10,603
  11,135
  11,696
  12,287
  12,909
  13,564
  14,253
  14,979
  15,742
  16,545
Total liabilities, $m
  5,410
  5,388
  5,512
  5,653
  5,812
  5,989
  6,182
  6,393
  6,620
  6,866
  7,129
  7,411
  7,712
  8,032
  8,373
  8,734
  9,117
  9,522
  9,950
  10,403
  10,881
  11,385
  11,917
  12,478
  13,069
  13,691
  14,346
  15,035
  15,761
  16,524
  17,327
Total equity, $m
  1,834
  1,529
  1,564
  1,604
  1,649
  1,699
  1,754
  1,814
  1,878
  1,948
  2,023
  2,103
  2,188
  2,279
  2,375
  2,478
  2,586
  2,701
  2,823
  2,951
  3,087
  3,230
  3,381
  3,540
  3,708
  3,884
  4,070
  4,265
  4,471
  4,688
  4,916
Total liabilities and equity, $m
  7,244
  6,917
  7,076
  7,257
  7,461
  7,688
  7,936
  8,207
  8,498
  8,814
  9,152
  9,514
  9,900
  10,311
  10,748
  11,212
  11,703
  12,223
  12,773
  13,354
  13,968
  14,615
  15,298
  16,018
  16,777
  17,575
  18,416
  19,300
  20,232
  21,212
  22,243
Debt-to-equity ratio
  2.524
  3.010
  3.020
  3.040
  3.050
  3.060
  3.080
  3.090
  3.110
  3.120
  3.140
  3.150
  3.170
  3.180
  3.200
  3.210
  3.220
  3.240
  3.250
  3.260
  3.270
  3.280
  3.290
  3.300
  3.310
  3.320
  3.330
  3.340
  3.350
  3.360
  3.370
Adjusted equity ratio
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221
  0.221

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  151
  52
  53
  55
  56
  57
  58
  60
  61
  63
  64
  66
  68
  70
  72
  74
  76
  78
  81
  83
  86
  89
  92
  95
  98
  101
  105
  109
  113
  117
  121
Depreciation, amort., depletion, $m
  305
  310
  318
  326
  335
  345
  356
  368
  381
  396
  411
  427
  444
  463
  482
  503
  525
  549
  573
  599
  627
  656
  687
  719
  753
  789
  827
  866
  908
  952
  998
Funds from operations, $m
  467
  363
  371
  380
  391
  402
  415
  428
  443
  458
  475
  493
  512
  533
  554
  577
  601
  627
  654
  683
  713
  745
  778
  814
  851
  890
  932
  975
  1,021
  1,069
  1,119
Change in working capital, $m
  -1
  -7
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
Cash from operations, $m
  468
  369
  379
  389
  401
  413
  427
  441
  457
  474
  492
  511
  531
  553
  576
  600
  625
  653
  681
  711
  743
  777
  812
  849
  888
  929
  973
  1,018
  1,067
  1,117
  1,170
Maintenance CAPEX, $m
  0
  -304
  -310
  -318
  -326
  -335
  -345
  -356
  -368
  -381
  -396
  -411
  -427
  -444
  -463
  -482
  -503
  -525
  -549
  -573
  -599
  -627
  -656
  -687
  -719
  -753
  -789
  -827
  -866
  -908
  -952
New CAPEX, $m
  -1,331
  -121
  -142
  -162
  -182
  -202
  -222
  -241
  -261
  -282
  -302
  -323
  -345
  -367
  -390
  -414
  -439
  -465
  -491
  -519
  -548
  -578
  -610
  -643
  -677
  -713
  -751
  -791
  -832
  -875
  -921
Cash from investing activities, $m
  -646
  -425
  -452
  -480
  -508
  -537
  -567
  -597
  -629
  -663
  -698
  -734
  -772
  -811
  -853
  -896
  -942
  -990
  -1,040
  -1,092
  -1,147
  -1,205
  -1,266
  -1,330
  -1,396
  -1,466
  -1,540
  -1,618
  -1,698
  -1,783
  -1,873
Free cash flow, $m
  -178
  -56
  -74
  -91
  -107
  -124
  -140
  -156
  -173
  -189
  -206
  -223
  -241
  -259
  -277
  -297
  -317
  -337
  -359
  -381
  -405
  -429
  -454
  -481
  -508
  -537
  -567
  -599
  -632
  -667
  -703
Issuance/(repayment) of debt, $m
  465
  100
  124
  142
  159
  176
  193
  211
  228
  246
  263
  282
  301
  320
  340
  361
  383
  405
  428
  453
  478
  504
  532
  561
  591
  622
  655
  689
  726
  763
  803
Issuance/(repurchase) of shares, $m
  -37
  0
  0
  0
  0
  0
  0
  0
  3
  7
  10
  14
  17
  21
  25
  29
  33
  37
  41
  45
  50
  54
  59
  64
  70
  75
  81
  87
  93
  100
  107
Cash from financing (excl. dividends), $m  
  555
  100
  124
  142
  159
  176
  193
  211
  231
  253
  273
  296
  318
  341
  365
  390
  416
  442
  469
  498
  528
  558
  591
  625
  661
  697
  736
  776
  819
  863
  910
Total cash flow (excl. dividends), $m
  377
  43
  50
  51
  52
  53
  53
  54
  59
  63
  68
  73
  78
  83
  88
  93
  99
  104
  110
  117
  123
  130
  137
  144
  152
  160
  169
  178
  187
  197
  207
Retained Cash Flow (-), $m
  -54
  -28
  -35
  -40
  -45
  -50
  -55
  -60
  -65
  -70
  -75
  -80
  -85
  -91
  -97
  -102
  -109
  -115
  -122
  -128
  -136
  -143
  -151
  -159
  -168
  -177
  -186
  -196
  -206
  -217
  -228
Prev. year cash balance distribution, $m
 
  333
  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
 
  349
  15
  11
  7
  3
  -1
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
Discount rate, %
 
  10.20
  10.71
  11.25
  11.81
  12.40
  13.02
  13.67
  14.35
  15.07
  15.82
  16.61
  17.45
  18.32
  19.23
  20.20
  21.21
  22.27
  23.38
  24.55
  25.77
  27.06
  28.42
  29.84
  31.33
  32.90
  34.54
  36.27
  38.08
  39.99
  41.98
PV of cash for distribution, $m
 
  317
  12
  8
  4
  1
  -1
  -2
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  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
  99.8
  99.5
  99.0
  98.3
  97.6
  96.7
  95.7
  94.6
  93.4
  92.2
  90.9
  89.5
  88.1
  86.7
  85.2
  83.7
  82.1
  80.6
  79.0
  77.4
  75.9
  74.3
  72.7

Aircastle Limited is a holding company. The Company, through its subsidiaries, acquires, leases and sells commercial jet aircrafts to airlines. The Company is engaged in financing and managing commercial flight equipment. The Company manages its aircrafts in the United States, Ireland and Singapore. As of December 31, 2016, the Company owned and managed on behalf of its joint ventures 206 aircrafts leased to 71 lessees located in 36 countries. The Company originates acquisitions and sales through relationships with airlines, other aircraft lessors, financial institutions and brokers, as well as other sources. As of February 7, 2017, the Company had lease commitments or letters of intent to lease or sell 16 aircrafts. The Company's aircraft portfolio includes passenger wide-body, passenger narrow-body and freighter aircrafts. The Company's portfolio spans across various regions, such as the Middle East and Africa, South America, North America, Asia and Pacific, and Europe.

FINANCIAL RATIOS  of  Aircastle (AYR)

Valuation Ratios
P/E Ratio 12.6
Price to Sales 2.5
Price to Book 1
Price to Tangible Book
Price to Cash Flow 4.1
Price to Free Cash Flow -2.2
Growth Rates
Sales Growth Rate -5.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.8%
Cap. Spend. - 3 Yr. Gr. Rate 1%
Financial Strength
Quick Ratio 4
Current Ratio NaN
LT Debt to Equity 245.7%
Total Debt to Equity 252.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 2.4%
Ret/ On T. Cap. - 3 Yr. Avg. 2.1%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 7.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 88.9%
EBITDA Margin - 3 Yr. Avg. 80.7%
Operating Margin 47.9%
Oper. Margin - 3 Yr. Avg. 42%
Pre-Tax Margin 20.3%
Pre-Tax Margin - 3 Yr. Avg. 16.5%
Net Profit Margin 19.5%
Net Profit Margin - 3 Yr. Avg. 15.6%
Effective Tax Rate 8.3%
Eff/ Tax Rate - 3 Yr. Avg. 10.3%
Payout Ratio 51%

AYR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AYR stock intrinsic value calculation we used $773 million for the last fiscal year's total revenue generated by Aircastle. The default revenue input number comes from 2016 income statement of Aircastle. 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 AYR stock valuation model: a) initial revenue growth rate of 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 10.2%, whose default value for AYR is calculated based on our internal credit rating of Aircastle, 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 Aircastle.
    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 AYR stock the variable cost ratio is equal to 61.8%.

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 AYR 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 5.1% for Aircastle.

Corporate tax rate of 27% is the nominal tax rate for Aircastle. 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 AYR 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 AYR are equal to 783.6%.

Life of production assets of 19.9 years is the average useful life of capital assets used in Aircastle 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 AYR is equal to -43.1%. 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 - $1834 million for Aircastle - 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 79.521 million for Aircastle 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 Aircastle at the current share price and the inputted number of shares is $1.9 billion.

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COMPANY NEWS

▶ Best NYSE Industrial Dividend Picks For The Day   [Dec-23-17 11:02AM  Simply Wall St.]
▶ ETFs with exposure to Aircastle Ltd. : November 21, 2017   [Nov-21-17 11:18AM  Capital Cube]
▶ ETFs with exposure to Aircastle Ltd. : November 9, 2017   [Nov-09-17 11:59AM  Capital Cube]
▶ Aircastle tops Street 3Q forecasts   [09:11AM  Associated Press]
▶ Aircastle Limited to Host Earnings Call   [09:10AM  ACCESSWIRE]
▶ ETFs with exposure to Aircastle Ltd. : October 25, 2017   [Oct-25-17 09:51AM  Capital Cube]
▶ Aircastle Annouces Relocation of Stamford Office   [Oct-23-17 08:00AM  PR Newswire]
▶ 3 Stocks Warren Buffett Can't Buy, but You Can   [Oct-14-17 03:16PM  Motley Fool]
▶ ETFs with exposure to Aircastle Ltd. : October 10, 2017   [Oct-10-17 11:01AM  Capital Cube]
▶ ETFs with exposure to Aircastle Ltd. : September 20, 2017   [Sep-20-17 05:12PM  Capital Cube]
▶ ETFs with exposure to Aircastle Ltd. : September 7, 2017   [Sep-07-17 12:41PM  Capital Cube]
▶ Aircastle reports 2Q loss   [Aug-08-17 10:23PM  Associated Press]
▶ Five Lessons For Aerospace From Jet Leasing Earnings   [Aug-04-17 10:38AM  Barrons.com]
▶ Aircastle Ltd. Value Analysis (NYSE:AYR) : August 4, 2017   [Aug-03-17 09:58PM  Capital Cube]
▶ ETFs with exposure to Aircastle Ltd. : August 1, 2017   [Aug-01-17 04:15PM  Capital Cube]
▶ ETFs with exposure to Aircastle Ltd. : July 10, 2017   [Jul-10-17 02:00PM  Capital Cube]
▶ ETFs with exposure to Aircastle Ltd. : June 9, 2017   [Jun-09-17 01:17PM  Capital Cube]
▶ Aircastle misses 1Q profit forecasts   [08:49AM  Associated Press]
▶ Aircastle Ltd. Value Analysis (NYSE:AYR) : April 28, 2017   [Apr-28-17 04:38PM  Capital Cube]
▶ Top Ranked Value Stocks to Buy for April 10th   [Apr-10-17 10:14AM  Zacks]
▶ Top Ranked Income Stocks to Buy for March 22nd   [Mar-22-17 11:23AM  Zacks]
▶ 3 Dividend Stocks To Buy - And 2 To Sell Now   [Feb-06-17 09:14AM  at Forbes]
▶ 4 Top Small-Cap Stocks to Buy This Winter   [09:20AM  at Motley Fool]
Financial statements of AYR
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