Intrinsic value of Aircastle - AYR

Previous Close

$20.99

  Intrinsic Value

$6.17

stock screener

  Rating & Target

str. sell

-71%

Previous close

$20.99

 
Intrinsic value

$6.17

 
Up/down potential

-71%

 
Rating

str. sell

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

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

Revenue (in 2017), $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 1.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
Revenue, $m
  822
  849
  878
  910
  944
  981
  1,020
  1,061
  1,106
  1,153
  1,203
  1,256
  1,312
  1,371
  1,434
  1,500
  1,570
  1,643
  1,721
  1,802
  1,888
  1,979
  2,074
  2,174
  2,280
  2,391
  2,507
  2,630
  2,759
  2,894
Variable operating expenses, $m
  428
  442
  457
  473
  490
  509
  528
  549
  572
  596
  607
  634
  662
  692
  723
  757
  792
  829
  868
  909
  953
  998
  1,046
  1,097
  1,150
  1,206
  1,265
  1,327
  1,392
  1,460
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
  428
  442
  457
  473
  490
  509
  528
  549
  572
  596
  607
  634
  662
  692
  723
  757
  792
  829
  868
  909
  953
  998
  1,046
  1,097
  1,150
  1,206
  1,265
  1,327
  1,392
  1,460
Operating income, $m
  393
  407
  421
  437
  454
  472
  491
  512
  534
  557
  596
  622
  650
  680
  711
  743
  778
  814
  853
  893
  936
  981
  1,028
  1,077
  1,130
  1,185
  1,242
  1,303
  1,367
  1,434
EBITDA, $m
  1,166
  1,204
  1,246
  1,291
  1,340
  1,391
  1,447
  1,506
  1,569
  1,636
  1,707
  1,782
  1,862
  1,946
  2,035
  2,128
  2,227
  2,332
  2,442
  2,557
  2,679
  2,808
  2,943
  3,085
  3,235
  3,392
  3,558
  3,731
  3,914
  4,107
Interest expense (income), $m
  225
  315
  309
  311
  313
  316
  318
  321
  324
  327
  330
  334
  338
  341
  346
  350
  355
  360
  365
  370
  376
  382
  388
  395
  402
  410
  418
  426
  435
  444
  453
Earnings before tax, $m
  79
  97
  110
  124
  138
  154
  170
  188
  207
  227
  262
  285
  309
  334
  361
  389
  418
  450
  482
  517
  554
  592
  633
  675
  720
  767
  817
  869
  923
  981
Tax expense, $m
  21
  26
  30
  33
  37
  42
  46
  51
  56
  61
  71
  77
  83
  90
  97
  105
  113
  121
  130
  140
  149
  160
  171
  182
  194
  207
  220
  235
  249
  265
Net income, $m
  57
  71
  80
  90
  101
  112
  124
  137
  151
  166
  192
  208
  225
  244
  263
  284
  305
  328
  352
  378
  404
  432
  462
  493
  526
  560
  596
  634
  674
  716

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  135
  139
  144
  149
  155
  161
  167
  174
  181
  189
  197
  206
  215
  225
  235
  246
  257
  269
  282
  296
  310
  324
  340
  357
  374
  392
  411
  431
  452
  475
Adjusted assets (=assets-cash), $m
  135
  139
  144
  149
  155
  161
  167
  174
  181
  189
  197
  206
  215
  225
  235
  246
  257
  269
  282
  296
  310
  324
  340
  357
  374
  392
  411
  431
  452
  475
Revenue / Adjusted assets
  6.089
  6.108
  6.097
  6.107
  6.090
  6.093
  6.108
  6.098
  6.110
  6.101
  6.107
  6.097
  6.102
  6.093
  6.102
  6.098
  6.109
  6.108
  6.103
  6.088
  6.090
  6.108
  6.100
  6.090
  6.096
  6.099
  6.100
  6.102
  6.104
  6.093
Average production assets, $m
  7,588
  7,837
  8,109
  8,402
  8,717
  9,055
  9,416
  9,802
  10,212
  10,647
  11,109
  11,598
  12,116
  12,663
  13,241
  13,851
  14,495
  15,174
  15,889
  16,643
  17,437
  18,272
  19,152
  20,077
  21,050
  22,074
  23,151
  24,283
  25,473
  26,724
Working capital, $m
  -5,458
  -5,637
  -5,832
  -6,043
  -6,270
  -6,513
  -6,773
  -7,050
  -7,345
  -7,658
  -7,990
  -8,342
  -8,715
  -9,108
  -9,524
  -9,963
  -10,426
  -10,915
  -11,429
  -11,971
  -12,542
  -13,143
  -13,776
  -14,441
  -15,142
  -15,878
  -16,652
  -17,467
  -18,323
  -19,222
Total debt, $m
  613
  617
  622
  626
  631
  637
  643
  649
  655
  662
  670
  677
  686
  694
  704
  713
  724
  735
  746
  758
  771
  784
  798
  813
  829
  845
  862
  880
  899
  919
Total liabilities, $m
  121
  125
  130
  134
  139
  145
  151
  157
  163
  170
  178
  185
  194
  202
  212
  221
  232
  243
  254
  266
  279
  292
  306
  321
  336
  353
  370
  388
  407
  427
Total equity, $m
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  22
  24
  25
  26
  27
  28
  30
  31
  32
  34
  36
  37
  39
  41
  43
  45
  47
Total liabilities and equity, $m
  134
  139
  144
  149
  154
  161
  168
  174
  181
  189
  198
  206
  216
  224
  236
  246
  258
  270
  282
  296
  310
  324
  340
  357
  373
  392
  411
  431
  452
  474
Debt-to-equity ratio
  45.520
  44.360
  43.170
  41.980
  40.790
  39.600
  38.430
  37.270
  36.140
  35.030
  33.940
  32.890
  31.870
  30.880
  29.930
  29.010
  28.120
  27.260
  26.440
  25.650
  24.890
  24.170
  23.470
  22.800
  22.160
  21.550
  20.970
  20.410
  19.880
  19.370
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  57
  71
  80
  90
  101
  112
  124
  137
  151
  166
  192
  208
  225
  244
  263
  284
  305
  328
  352
  378
  404
  432
  462
  493
  526
  560
  596
  634
  674
  716
Depreciation, amort., depletion, $m
  773
  798
  825
  854
  886
  920
  956
  994
  1,035
  1,079
  1,111
  1,160
  1,212
  1,266
  1,324
  1,385
  1,450
  1,517
  1,589
  1,664
  1,744
  1,827
  1,915
  2,008
  2,105
  2,207
  2,315
  2,428
  2,547
  2,672
Funds from operations, $m
  830
  869
  905
  944
  987
  1,032
  1,080
  1,132
  1,186
  1,244
  1,302
  1,368
  1,437
  1,510
  1,587
  1,669
  1,755
  1,846
  1,941
  2,042
  2,148
  2,259
  2,377
  2,501
  2,631
  2,767
  2,911
  3,062
  3,221
  3,388
Change in working capital, $m
  -164
  -180
  -195
  -211
  -227
  -243
  -260
  -277
  -295
  -313
  -332
  -352
  -372
  -394
  -416
  -439
  -463
  -488
  -515
  -542
  -571
  -601
  -633
  -666
  -700
  -736
  -774
  -814
  -856
  -900
Cash from operations, $m
  994
  1,048
  1,100
  1,155
  1,213
  1,275
  1,340
  1,409
  1,481
  1,558
  1,635
  1,720
  1,809
  1,904
  2,003
  2,108
  2,218
  2,334
  2,456
  2,584
  2,719
  2,861
  3,010
  3,166
  3,331
  3,504
  3,686
  3,877
  4,077
  4,288
Maintenance CAPEX, $m
  -736
  -759
  -784
  -811
  -840
  -872
  -906
  -942
  -980
  -1,021
  -1,065
  -1,111
  -1,160
  -1,212
  -1,266
  -1,324
  -1,385
  -1,450
  -1,517
  -1,589
  -1,664
  -1,744
  -1,827
  -1,915
  -2,008
  -2,105
  -2,207
  -2,315
  -2,428
  -2,547
New CAPEX, $m
  -232
  -250
  -271
  -293
  -315
  -338
  -361
  -385
  -410
  -435
  -462
  -489
  -518
  -547
  -578
  -610
  -644
  -679
  -715
  -754
  -794
  -836
  -879
  -925
  -973
  -1,024
  -1,077
  -1,132
  -1,190
  -1,251
Cash from investing activities, $m
  -968
  -1,009
  -1,055
  -1,104
  -1,155
  -1,210
  -1,267
  -1,327
  -1,390
  -1,456
  -1,527
  -1,600
  -1,678
  -1,759
  -1,844
  -1,934
  -2,029
  -2,129
  -2,232
  -2,343
  -2,458
  -2,580
  -2,706
  -2,840
  -2,981
  -3,129
  -3,284
  -3,447
  -3,618
  -3,798
Free cash flow, $m
  27
  40
  45
  51
  58
  65
  73
  82
  91
  101
  108
  120
  132
  145
  159
  173
  189
  206
  223
  241
  261
  281
  303
  326
  350
  375
  402
  430
  459
  490
Issuance/(repayment) of debt, $m
  -11
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
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
Cash from financing (excl. dividends), $m  
  -11
  4
  4
  5
  5
  5
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
Total cash flow (excl. dividends), $m
  16
  44
  50
  56
  63
  71
  79
  88
  98
  108
  115
  127
  140
  154
  168
  183
  199
  216
  234
  253
  273
  295
  317
  340
  365
  391
  419
  448
  478
  510
Retained Cash Flow (-), $m
  -15
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Prev. year cash balance distribution, $m
  1
  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
  14
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  20
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
  45
  47
Cash available for distribution, $m
  3
  44
  49
  55
  62
  70
  78
  87
  97
  107
  115
  127
  139
  153
  167
  182
  198
  215
  233
  252
  272
  293
  315
  339
  364
  390
  417
  446
  476
  508
Discount rate, %
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
  2
  37
  37
  38
  38
  37
  36
  35
  33
  31
  27
  24
  22
  19
  16
  13
  11
  8
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  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

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 10.9
Price to Sales 2.1
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow 3.5
Price to Free Cash Flow -1.9
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 $797 million for the last fiscal year's total revenue generated by Aircastle. The default revenue input number comes from 2017 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 3.1% 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 8.6%, 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 52.2%.

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 50.4% 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 1.7%.

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 923.4%.

Life of production assets of 10 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 -664.2%. 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 - $0 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 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 $1.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ The Top 7 Aviation and Aerospace Stocks to Buy Now   [Aug-10-18 02:41PM  InvestorPlace]
▶ Aircastle: 2Q Earnings Snapshot   [08:10AM  Associated Press]
▶ Aircastle Limited to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ Earnings Preview: Aircastle   [Aug-06-18 03:12PM  Benzinga]
▶ Top Ranked Income Stocks to Buy for June 26th   [Jun-26-18 07:27AM  Zacks]
▶ Is It The Right Time To Buy Aircastle Limited (NYSE:AYR)?   [Jun-23-18 09:12AM  Simply Wall St.]
▶ Best Dividend Stock Picks   [May-24-18 09:02AM  Simply Wall St.]
▶ Aircastle Announces Secondary Offering of Common Shares   [May-16-18 04:55PM  PR Newswire]
▶ Free Research Report as GATX's EPS Surged 38%   [May-04-18 07:40AM  ACCESSWIRE]
▶ Aircastle: 1Q Earnings Snapshot   [May-03-18 09:24AM  Associated Press]
▶ Best-In-Class Dividend Stocks   [Apr-23-18 09:02AM  Simply Wall St.]
▶ April Top Industrial Dividend Payers   [Apr-21-18 12:02PM  Simply Wall St.]
▶ March Top Industrial Dividend Payers   [Mar-10-18 11:02AM  Simply Wall St.]
▶ New Strong Sell Stocks for March 8th   [Mar-08-18 08:54AM  Zacks]
▶ Aircastle tops 4Q profit forecasts   [Feb-13-18 07:59AM  Associated Press]
▶ Aircastle Limited to Host Earnings Call   [07:10AM  ACCESSWIRE]
▶ Top NasdaqGM Industrial Dividend Payers   [Feb-03-18 11:02AM  Simply Wall St.]
▶ 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]
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