DDM Analysis: AER

Valuation Snapshot

Stable Growth	$3,489.95 - $4,111.75	$3,853.31
Multi-Stage	$1,372.49 - $1,505.94	$1,437.97
Blended Fair Value	$2,645.64
Current Price	$121.47
Upside	2,078.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.76	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,789.03
(-) Cash Dividends Paid (M)	194.81
(=) Cash Retained (M)	3,594.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	757.81	473.63	284.18
Cash Retained (M)	3,594.22	3,594.22	3,594.22
(-) Cash Required (M)	-757.81	-473.63	-284.18
(=) Excess Retained (M)	2,836.42	3,120.60	3,310.05
(/) Shares Outstanding (M)	183.27	183.27	183.27
(=) Excess Retained per Share	15.48	17.03	18.06
LTM Dividend per Share	1.06	1.06	1.06
(+) Excess Retained per Share	15.48	17.03	18.06
(=) Adjusted Dividend	16.54	18.09	19.12
WACC / Discount Rate	4.57%	4.57%	4.57%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3,489.95	$3,853.31	$4,111.75
Upside / Downside	2,773.09%	3,072.23%	3,284.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,789.03	4,035.32	4,297.62	4,576.96	4,874.46	5,191.30	5,347.04
Payout Ratio	5.14%	22.11%	39.08%	56.06%	73.03%	90.00%	92.50%
Projected Dividends (M)	194.81	892.34	1,679.72	2,565.69	3,559.74	4,672.17	4,946.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.57%	4.57%	4.57%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	845.34	853.35	861.36
Year 2 PV (M)	1,507.44	1,536.15	1,565.13
Year 3 PV (M)	2,181.26	2,243.88	2,307.68
Year 4 PV (M)	2,866.97	2,977.23	3,090.63
Year 5 PV (M)	3,564.72	3,736.90	3,915.66
PV of Terminal Value (M)	240,564.31	252,183.66	264,247.70
Equity Value (M)	251,530.03	263,531.15	275,988.17
Shares Outstanding (M)	183.27	183.27	183.27
Fair Value	$1,372.49	$1,437.97	$1,505.94
Upside / Downside	1,029.90%	1,083.81%	1,139.77%

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AerCap Holdings N.V. (AER)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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