Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aercap-holdings-nv" target="_blank" data-smartkarma-citation="entities:28083:1" rel="noopener">AerCap Holdings NV (AER US)</a> (AerCap) 2023 result was excellent; record core profit of USD2.4b, 27% ROE, and share buyback of USD2.6b of shares (~18% shares in issue) </li>
<li>Management guided continued growth in 2024 and announced a further USD500m share buyback (~3% shares in issue). We think it can easily beat this lowball target       </li>
<li>Poised for growth; aircraft lease rates and asset values are rising. Maintain BUY with higher TP of USD90.6 (+16% UPSIDE) pegged to FY24 P/BV of 0.94x (1SD above LT average)   </li>
</ul>



AerCap Holdings NV (AER US) (AerCap) 2023 result was excellent; record core profit of USD2.4b, 27% ROE, and share buyback of USD2.6b of shares (~18% shares in issue) 
Management guided continued growth in 2024 and announced a further USD500m share buyback (~3% shares in issue). We think it can easily beat this lowball target       
Poised for growth; aircraft lease rates and asset values are rising. Maintain BUY with higher TP of USD90.6 (+16% UPSIDE) pegged to FY24 P/BV of 0.94x (1SD above LT average)   


AerCap (AER US): Splendid 2023, More to Come in 2024

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>AerCap Holdings N.V. reported a strong first quarter in 2026, demonstrating resilience despite a challenging macroeconomic and geopolitical environment.</li><li>The company delivered record financial results with GAAP net income of $818 million ($4.96 per share) and adjusted net income of $889 million ($5.39 per share), corresponding to an 18% GAAP return on equity and a 19% adjusted return on equity.</li><li>Operating lease rentals totaled $1.682 billion, slightly lower than the previous quarter, primarily due to aircraft sales and downtime related to Spirit Airlines aircraft.</li></ul>

AerCap Holdings N.V. reported a strong first quarter in 2026, demonstrating resilience despite a challenging macroeconomic and geopolitical environment.The company delivered record financial results with GAAP net income of $818 million ($4.96 per share) and adjusted net income of $889 million ($5.39 per share), corresponding to an 18% GAAP return on equity and a 19% adjusted return on equity.Operating lease rentals totaled $1.682 billion, slightly lower than the previous quarter, primarily due to aircraft sales and downtime related to Spirit Airlines aircraft.

AerCap’s $21 Billion Liquidity Cushion: Why Investors May Look Past Fuel Risk!

<ul><li>AerCap Holdings NV's third quarter 2025 performance provides a comprehensive look at both the strengths and challenges facing the company, which remains a major player in the aircraft leasing industry.</li><li>The company announced a GAAP net income of $1.2 billion, with a notable EPS of $6.98, driven largely by gains on aircraft sales and insurance recoveries from previous conflicts.</li><li>The adjusted net income was reported at $865 million, resulting in a record adjusted EPS of $4.97.</li></ul>

AerCap Holdings NV's third quarter 2025 performance provides a comprehensive look at both the strengths and challenges facing the company, which remains a major player in the aircraft leasing industry.The company announced a GAAP net income of $1.2 billion, with a notable EPS of $6.98, driven largely by gains on aircraft sales and insurance recoveries from previous conflicts.The adjusted net income was reported at $865 million, resulting in a record adjusted EPS of $4.97.

AerCap Holdings N.V. Supercharges Its Fleet—97 New Aircraft on the Way!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Sumitomo Mitsui Financial Group / Technical Analysis

Sumitomo Mitsui Financial Group (8316 JP)

<ul>
<li>Our bullish outlook (since early-November 2023) remains intact. Continue to ride this trend higher and buy dips as long as ACWI-US and EEM-US remain above supports at $110 and $41-$42.</li>
<li>In our previous Int'l Compass (June 27) we discussed the rotation that we believed was starting, whereby global Technology (IXN-US) would consolidate as investors rotate to laggard areas.</li>
<li>This rotation has continued while Technology goes through a healthy consolidation. Continue to focus on other more value-oriented Sectors while Technology/growth consolidates</li>
</ul>


Our bullish outlook (since early-November 2023) remains intact. Continue to ride this trend higher and buy dips as long as ACWI-US and EEM-US remain above supports at $110 and $41-$42.
In our previous Int'l Compass (June 27) we discussed the rotation that we believed was starting, whereby global Technology (IXN-US) would consolidate as investors rotate to laggard areas.
This rotation has continued while Technology goes through a healthy consolidation. Continue to focus on other more value-oriented Sectors while Technology/growth consolidates


Rotation Continues; Bullish Outlook Intact; Buys in Global Financials, Industrials, Discretionary

Thematic (Sector/Industry)

<ul>
<li>We compiled the share price movements of 183 global travel/mobility stocks to uncover general trends and identify rotation and laggard plays   </li>
<li>Tourist countries like Greece, Spain and Turkey did very well. The U.S. also performed well, almost all names closed the year higher except for those with unique problems  </li>
<li>China and anything that is China-focused performed the worst, even companies that delivered great results are not spared and currently trading at cheap valuations </li>
</ul>


We compiled the share price movements of 183 global travel/mobility stocks to uncover general trends and identify rotation and laggard plays   
Tourist countries like Greece, Spain and Turkey did very well. The U.S. also performed well, almost all names closed the year higher except for those with unique problems  
China and anything that is China-focused performed the worst, even companies that delivered great results are not spared and currently trading at cheap valuations 


2023 Winners & Losers: Laggards and Rotation Plays for Global Travel/Mobility Stocks

Ireland

AerCap Holdings NV is the world's largest aircraft leasing firm by fleet value, and is listed on the New York Stock Exchange (AER). It has its headquarters in Dublin with offices in Amsterdam, Los Angeles, Shannon, Fort Lauderdale, Singapore, Shanghai, Abu Dhabi, Seattle and Toulouse.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

AerCap Holdings NV (AER US)

AerCap (AER US): Splendid 2023, More to Come in 2024

AerCap reported a record 2023 financial performance. Expect more growth in 2024, with rising lease rates and asset values. Stock remains cheap,...

Mo Aziz

AerCap’s $21 Billion Liquidity Cushion: Why Investors May Look Past Fuel Risk!

AerCap Holdings N.V. reported a strong first quarter in 2026, demonstrating resilience despite a challenging macroeconomic and geopolitical...

Baptista Research

AerCap Holdings N.V. Supercharges Its Fleet—97 New Aircraft on the Way!

AerCap Holdings NV's third quarter 2025 performance provides a comprehensive look at both the strengths and challenges facing the company, which...

Baptista Research

Rotation Continues; Bullish Outlook Intact; Buys in Global Financials, Industrials, Discretionary

Rotation Continues; Bullish Outlook Intact as $ACWI and $EEM hold above $110 and $41-42; Buys in global Financials, Industrials, and Consumer...

Vermilion Research

2023 Winners & Losers: Laggards and Rotation Plays for Global Travel/Mobility Stocks

This report provides a quick peek on the best and worst performers in the world of global aviation and the industries that revolve around it. We...

Mo Aziz

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AerCap (AER US): Splendid 2023, More to Come in 2024

​AerCap reported a record 2023 financial performance. Expect more growth in 2024, with rising lease rates and asset values. Stock remains cheap,...

Mo Aziz

AerCap’s $21 Billion Liquidity Cushion: Why Investors May Look Past Fuel Risk!

AerCap Holdings N.V. reported a strong first quarter in 2026, demonstrating resilience despite a challenging macroeconomic and geopolitical...

Baptista Research

AerCap Holdings N.V. Supercharges Its Fleet—97 New Aircraft on the Way!

AerCap Holdings NV's third quarter 2025 performance provides a comprehensive look at both the strengths and challenges facing the company, which...

Baptista Research

Rotation Continues; Bullish Outlook Intact; Buys in Global Financials, Industrials, Discretionary

Rotation Continues; Bullish Outlook Intact as $ACWI and $EEM hold above $110 and $41-42; Buys in global Financials, Industrials, and Consumer...

Vermilion Research

2023 Winners & Losers: Laggards and Rotation Plays for Global Travel/Mobility Stocks

This report provides a quick peek on the best and worst performers in the world of global aviation and the industries that revolve around it. We...

Mo Aziz

AerCap reported a record 2023 financial performance. Expect more growth in 2024, with rising lease rates and asset values. Stock remains cheap,...