Fly Leasing Still Holding Below Fair Value

Although Fly Leasing (FLY) is up a little from when I last wrote about the company, the performance over the last year still hasn’t been very compelling next to AerCap (AER) or Air Lease (AL), and the shares continue to underperform the S&P 500 over that span. At this point, there’s not much that management can do other than execute the plan in place and prove to the Street that the planes it will be acquiring from AirAsia will generate attractive returns. Fly Leasing deserves to trade at a discount to book value, but I believe a 30% discount is too large, and I think a fairer price is in the high teens today.

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Fly Leasing Still Holding Below Fair Value