Financials AerCap Holdings N.V.

Equities

AER

NL0000687663

Business Support Services

Market Closed - Nyse Other stock markets 21:00:02 31/05/2024 BST			5-day change	1st Jan Change
92.71 ^USD	+0.93%		+0.24%	+24.74%

05-23	TD Cowen Adjusts Aercap Holdings' Price Target to $125 From $105, Keeps Buy Rating	MT
05-08	AerCap Secures Deal for $3 Billion in New Aircraft Engines, Board Approves Dividend, $500 Million Share Buyback	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	8,092	5,816	15,677	14,058	15,616	17,971	-	-
Enterprise Value (EV) ¹	36,457	33,309	64,153	14,058	60,473	62,491	60,418	60,355
P/E ratio	7.29 x	-19.5 x	9.75 x	-19.3 x	5.39 x	12.2 x	10.9 x	-
Yield	-	-	-	-	-	0.27%	0.36%	1.08%
Capitalization / Revenue	1.64 x	1.29 x	3 x	2 x	2.06 x	2.32 x	2.26 x	2.21 x
EV / Revenue	7.38 x	7.41 x	12.3 x	2 x	7.98 x	8.06 x	7.59 x	7.41 x
EV / EBITDA	8.46 x	8.18 x	15.6 x	2.44 x	9.51 x	9.39 x	8.79 x	8.79 x
EV / FCF	-144 x	24.6 x	32.2 x	-	101 x	157 x	20.1 x	-
FCF Yield	-0.7%	4.06%	3.1%	-	0.99%	0.64%	4.97%	-
Price to Book	0.87 x	0.67 x	0.95 x	-	0.89 x	1.03 x	0.9 x	0.83 x
Nbr of stocks (in thousands)	131,644	127,593	239,636	241,042	210,120	193,839	-	-
Reference price ²	61.47	45.58	65.42	58.32	74.32	92.71	92.71	92.71
Announcement Date	13/02/20	02/03/21	30/03/22	02/03/23	23/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	4,937	4,494	5,224	7,014	7,580	7,754	7,962	8,140
EBITDA ¹	4,312	4,071	4,116	5,757	6,360	6,656	6,877	6,865
EBIT ¹	2,636	2,426	2,378	3,367	3,879	3,970	4,203	4,284
Operating Margin	53.38%	53.99%	45.53%	48.01%	51.17%	51.19%	52.79%	52.63%
Earnings before Tax (EBT) ¹	1,341	-314.6	1,148	-1,002	3,272	1,779	1,887	1,972
Net income ¹	1,146	-298.6	1,001	-726	3,136	1,583	1,605	1,773
Net margin	23.2%	-6.64%	19.15%	-10.35%	41.37%	20.41%	20.16%	21.78%
EPS ²	8.430	-2.340	6.710	-3.020	13.78	7.580	8.542	-
Free Cash Flow ¹	-253.4	1,352	1,990	-	598.8	397	3,006	-
FCF margin	-5.13%	30.08%	38.1%	-	7.9%	5.12%	37.75%	-
FCF Conversion (EBITDA)	-	33.2%	48.35%	-	9.41%	5.96%	43.7%	-
FCF Conversion (Net income)	-	-	198.94%	-	19.09%	25.08%	187.22%	-
Dividend per Share ²	-	-	-	-	-	0.2500	0.3333	1.000
Announcement Date	13/02/20	02/03/21	30/03/22	02/03/23	23/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	1,442	1,790	1,671	1,724	1,829	1,866	1,924	1,892	1,899	2,018	1,915	1,937	1,958	1,940	1,900
EBITDA ¹	1,018	-1,265	1,363	1,454	1,473	1,529	1,575	1,614	1,642	1,750	1,638	1,648	1,663	1,611	1,597
EBIT ¹	461.7	-1,899	782.6	872.8	879.2	918.6	959.8	990.8	1,010	1,117	956.8	972.1	1,005	-	-
Operating Margin	32.01%	-106.12%	46.84%	50.63%	48.08%	49.24%	49.88%	52.38%	53.2%	55.33%	49.96%	50.2%	51.33%	-	-
Earnings before Tax (EBT) ¹	92.16	-2,280	357.5	461.1	459.3	468.3	538.2	1,179	1,087	658.8	448	456	441	481	482
Net income ¹	88.81	-2,001	339.8	440	495	432	492.9	1,105	1,106	604.2	366.2	409.7	416.8	440	440
Net margin	6.16%	-111.78%	20.34%	25.52%	27.07%	23.15%	25.61%	58.43%	58.24%	29.94%	19.12%	21.16%	21.28%	22.68%	23.16%
EPS ²	0.4400	-8.350	1.400	1.820	2.040	1.790	2.120	4.860	5.370	3.020	1.660	2.025	2.175	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	0.2500	0.2500	0.2500	-	-
Announcement Date	30/03/22	17/05/22	11/08/22	03/11/22	02/03/23	02/05/23	31/07/23	27/10/23	23/02/24	01/05/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	28,365	27,493	48,476	-	44,857	44,520	42,447	42,384
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.578 x	6.753 x	11.78 x	-	7.053 x	6.689 x	6.172 x	6.174 x
Free Cash Flow ¹	-253	1,352	1,990	-	599	397	3,006	-
ROE (net income / shareholders' equity)	12.6%	-3.28%	10.2%	-	15%	11.1%	11.7%	11.8%
ROA (Net income/ Total Assets)	2.64%	-0.7%	2.22%	-	4.45%	2.53%	2.83%	3%
Assets ¹	43,480	42,897	45,084	-	70,501	62,447	56,681	59,100
Book Value Per Share ²	70.80	68.00	69.20	-	83.80	90.30	103.0	112.0
Cash Flow per Share ²	22.90	16.70	24.80	-	23.10	23.80	24.40	-
Capex ¹	4,728	779	1,703	-	4,663	5,573	4,127	-
Capex / Sales	95.77%	17.33%	32.61%	-	61.51%	71.86%	51.83%	-
Announcement Date	13/02/20	02/03/21	30/03/22	02/03/23	23/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for AerCap Holdings N.V.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

92.71 USD

Average target price

101.8 USD

Spread / Average Target

+9.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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