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Jan 6 2020, 09:00 GMT
Avation is a small but agile aircraft lessor that has quickly and profitably built an attractive fleet of young aircraft. The investment case, where further scaling would provide commercial and financing benefits, was not fairly reflected by valuation levels, in our view. The commencement of a formal sale process is a step towards correcting this and we note that M&A in the space has historically happened above book value.
Jan 6 2020, 09:00 GMT