Almost a year ago, I wrote an article praising Aircastle (AYR), an aircraft leasing company run by an extremely competent management team that was trading at a substantial discount to its book value. Since then, the company has appreciated over 50% and I have exited my position as the gap between the share price and book value has been closed.
As the search for deals in this overbought market becomes increasingly difficult, let us turn our attention to Willis Lease Finance (WLFC) (referred to as Willis Lease for the balance of this article), another leasing company in the airline space that is selling at a significant discount to book value and is run by one...
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