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Introduction There are some great companies in aircraft leasing world, such as, but not limited to,GECAS, AerCap, ALC and BOCA, etc. However, if asking what makes them outstanding in the industry, the most common answer you can get from people is probably: “they are large in scale”. But we all know that large does not equal to excellent albeit that large do reflect something (such as operating capability) in this industry. In this article, I will give you an overview of how they performed in 2017 and what are the key metrics in evaluating the successful of an aircraft leasing company. As mentioned in the title, the three lessors I have chosen are AerCap, BOCA and ALC for all of them are listed company (two in the USA and one in HK). This article is going to talk about the following aspects in terms of each lessor and the comparison among them, inclusive of current fleet, committed fleet (or order book), diversification, transactions in 2017, profitability, liquidity and capital resources, leverage, credit rating and stock performance. Conclusion 1. Apart from part-out lessors, mainstream lessors will always have the impulse to keep its fleet young, efficient, high liquidity, and in-demand even at the expenses of losing money. 2. Lessors with large order book and lessors with small or no order book will adopt different business strategy as the former has to de-risk its order book from time to time. 3. Diversification is another factor that always entangles lessors for they are afraid of putting all eggs in one basket. 4. Top lessors will need to have the ability to execute deals in very short time which not only needs experts from all aspects but also require a very efficient working system and a flat approval process. 5. Net margin of lessors is usually above 20% and sometimes up to 50%. 6. Source to use ratio is the key metric in measuring lessors’ liquidity and continuity. 7. Typical leverage ratio of lessors is ranging from 2.5x to 3.5x. 8. Although rating is assigned to lessors on stand-alone basis, there are strong evidences that it is affected by the creditably of controlling shareholder, especially when the parent shows strong commitment to its subsidiary. 9. It is almost impossible for lessors to boost its business and profit margin in a very short time from organic growth given the nature of the business and this has been well reflected in their market price. 10. Although the growth potential is weaker than high-tech or internet companies, lessors can provide stable increase in equity value by making 10% to 20% ROE each year while undertaking a smaller risk. 如果读完了上面的部分，还想知道这些结论是怎么来的，还有兴趣接着读全文。那么： IF 你已经是我的微信好友且给我发了50元红包， Then 我会将PDF版本的全文发给你。 IF Not |
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来自： 格桑花多吃肉 > 《飞机租赁及航空金融》
