Let's update a couple of investments/themes. 1) Aircraft lessors. As expected snap back has been quick but $AL has outperformed $AER.
Still think $AL is the better bet here, given rel val (0.78x vs 1.15x P/B); likely nt catalyst (bback, potential wholeco sale), even if extant RoEs etc still lag for another 18mos.
Have shifted most all my exposure of these two to $AL. Note that $AER is closing in on 10yr highs re P/B...
Still think $AL is the better bet here, given rel val (0.78x vs 1.15x P/B); likely nt catalyst (bback, potential wholeco sale), even if extant RoEs etc still lag for another 18mos.
Have shifted most all my exposure of these two to $AL. Note that $AER is closing in on 10yr highs re P/B...
Still think another 10-15% upside nt in $AER but easy $$ has been made.
Ofc $AVAP.LN remains v cheap, structurally mispriced, you can look up my old tweets but thats a diff bucket/size/liquidity etc.
Ofc $AVAP.LN remains v cheap, structurally mispriced, you can look up my old tweets but thats a diff bucket/size/liquidity etc.
2) $PAC.AX. Stock has not recovered post buyback but has never been cheaper (well, not lately). Here are the updated numbers. 27% discount to PF NAV, w/ $9.25 of NAV in very hard value:
Per second table, even taking an absolute hatchet (-50% to marks, post tax) to the unsold boutiques left you still get north of current px.
Risk remains around what happens here but w/ River at 41% and huge excess cash - around $120mm vs current mkt cap of $330mm - still think this ia high DD rate of return w/ minimal impairment risk.
Risk remains around what happens here but w/ River at 41% and huge excess cash - around $120mm vs current mkt cap of $330mm - still think this ia high DD rate of return w/ minimal impairment risk.
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