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AVOL - Aircraft leasing company (Ireland headquarters, Cayman Island corporation), 40% Asia/Pacific focus, 2.5 year fleet age, 49 customers in 28 countries, 73% single aisle aircraft. Air Lease (NYSE-AL), which is U.S.-based) trades at P/E multiple of 10.5x 2016E ($3.17 EPS), trading multiple implies ~$34/share for AVOL (note: AL 33% tax rate). Aircastle Ltd. (NYSE-AYR) (U.S. headquarters, Bermuda corporation) trades at ~10x P/E multiple ($2.29 EPS), tax rate <10%. Fly Leasing Ltd. (NYSE-FLY) (Ireland headquarters, Bermuda corporation) trades at 8.5x P/E multiple ($1.88 EPS, decline from 2015E $1.88 EPS). Last, AerCap Holdings NV (NYSE-AER) (Netherlands-based), an integrated/ diversified aircraft-related company with a $9.0B market cap, trades at 8.0x P/E multiple ($5.71 EPS) (note: ~15% tax rate). AER along with CIT Group Inc. (NYSE-CIT), which also has aircraft leasing operations, may have been the other party that made the $30/share for AVOL. DISCLAIMER

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