Aircastle (NYSE:AYR) is one of several firms in the aircraft leasing business. Today with the stock around $19 a share, the company trades a little below book value (around $21 when last reported), yet it stands to benefit greatly from rising interest rates and an improving economy. Further, while earnings may be inconsistent at AYR, this is largely the result of periodic non-cash write-offs, and the company does throw off a tremendous amount of cash as evidenced by its high (and recently increased) dividend of $0.80 a share annually. Finally, following several prominent acquisitions in the space (most notably AER's purchase of ILFC), it is possible AYR could become an acquisition target. The firm's share price does not...
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