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AA4

AA4

— First-pass screen 0.72p £18.9bn
250/1000 Overall fit
AI beneficiary 35% 10
Operating leverage 25% 30
Valuation 25% 45
Downside protection 15% 20

First-pass take

Aircraft leasing company with zero AI exposure. Trading at 33% of NAV (23.5p vs 71.8p) but NAV credibility questioned by USD 199m A380 impairments. Concentrated on two lessees (one in bankruptcy), high leverage (£1,033m debt), and dividend suspended.

Flags

cyclicalconcentrated-customer-basehigh-leverageasset-impairmentdistressed-lesseedividend-suspendedno-ai-exposure