Air Lease Corp. (AL) is an aircraft leasing company with a young, fuel-efficient fleet, addressing demand for replacement of older aircraft and more lift in emerging markets, namely Asia. It has strong growth and predictable cash flows, as evidenced by a 23% rise in sales and 42% rise in earnings-per- share in the second quarter. Deliveries are 100% booked through 2015 and 50% placed for 2016.We believe the stock fell in the third quarter due more to general market weakness than reported results, and that Air Lease is well positioned for a long “runway” of profitable growth. (David Goldsmith)
From Ron Baron (Trades, Portfolio)’s Baron Partners Fund Q3 2014 Report.
