A Business at a Glance
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Corporate History and Background Monocle Acquisition Corporation (“Monocle”) was initially formed as a Delaware corporation on August 20, 2018 for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses. On December 22, 2020, Monocle consummated the previously announced business combination pursuant to that certain Amended and Restated Agreement and Plan of Merger, dated September 8, 2020 (the “Merger Agreement”) by and among Monocle, the Company, AerSale Aviation, Inc. (f/k/a AerSale Corp.), a Delaware corporation (“AerSale Aviation”), Monocle Merger Sub 1 Inc., a Delaware corporation (“Merger Sub 1”), Monocle Merger Sub 2 LLC, a Delaware limited liability company (“Merger Sub 2”), and Leonard Green & Partners, L.P., a Delaware limited partnership, solely in its capacity as the initial Holder Representative (as defined in the Merger Agreement).
| Metric | TTM | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 339M | 345M | 335M | 409M | 340M | 209M |
| Net Income | 5.9M | 5.9M | -5.6M | 44M | 36M | 8.1M |
| EPS | $0.11 | $0.11 | $-0.15 | $0.83 | $0.76 | $7.39 |
| Free Cash Flow | -6.6M | -18M | -186M | -16M | 75M | -19M |
| ROIC | 1.3% | 1.4% | -1.2% | 14.0% | 15.4% | 2.9% |
| Gross Margin | 30.8% | 30.1% | 27.6% | 37.1% | 35.1% | 25.3% |
| Debt/Equity | 0.00 | 0.00 | 0.02 | 0.19 | 0.19 | 0.11 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 14M | 9.7M | -11M | 55M | 57M | 11M |
| Operating Margin | 4.0% | 2.8% | -3.2% | 13.5% | 16.6% | 5.4% |
| ROE | 0.9% | 1.2% | -1.3% | 9.9% | 8.8% | 2.3% |
| Shares Outstanding | 47M | 53M | 37M | 53M | 48M | 52M |
| Metric | 2019 | 2020 | 2021 | 2022 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 304M | 209M | 340M | 409M | 335M | 345M | 339M |
| Gross Margin | 28.0% | 25.3% | 35.1% | 37.1% | 27.6% | 30.1% | 30.8% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 22M | 11M | 57M | 55M | -11M | 9.7M | 14M |
| Op. Margin | 7.3% | 5.4% | 16.6% | 13.5% | -3.2% | 2.8% | 4.0% |
| Net Income | N/A | 8.1M | 36M | 44M | -5.6M | 5.9M | 5.9M |
| Net Margin | N/A | 3.9% | 10.6% | 10.7% | -1.7% | 1.7% | 1.7% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | N/A | 2.9% | 15.4% | 14.0% | -1.2% | 1.4% | 1.3% |
| ROE | N/A | 2.3% | 8.8% | 9.9% | -1.3% | 1.2% | 0.9% |
| ROA | N/A | 2.1% | 7.4% | 8.3% | -1.0% | 1.0% | 0.9% |
| Cash Flow | |||||||
| Op. Cash Flow | 45M | -12M | 79M | -113K | -174M | 11M | 3.2M |
| Free Cash Flow | 9.0M | -19M | 75M | -16M | -186M | -18M | -6.6M |
| Owner Earnings | 15M | -37M | 53M | -28M | -197M | -9.2M | -17M |
| CapEx | 36M | 7.3M | 3.9M | 16M | 11M | 29M | 9.8M |
| Maint. CapEx | 30M | 24M | 13M | 11M | 10M | 16M | 16M |
| Growth CapEx | 6.4M | 0 | 0 | 4.6M | 900K | 13M | 0 |
| D&A | 30M | 24M | 13M | 11M | 10M | 16M | 16M |
| CapEx/OCF | 80.3% | N/A | 4.9% | N/A | N/A | 259.6% | 305.1% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 0 | 1.0M | 13M | 16M | 12M | 4.3M | 4.3M |
| Debt Repayment | 0 | 0 | 0 | 0 | 1.4M | 9.2M | 9.2M |
| Balance Sheet | |||||||
| Net Debt | -11M | N/A | N/A | N/A | 2.7M | -2.9M | -2.7M |
| Cash & Equiv. | N/A | N/A | N/A | N/A | N/A | N/A | 5.3M |
| Long-Term Debt | 3.4M | N/A | N/A | N/A | 7.3M | 1.2M | 1.2M |
| Debt/Equity | 0.02 | 0.11 | 0.19 | 0.19 | 0.02 | 0.00 | 0.00 |
| Interest Coverage | 7.3 | 6.9 | 57.8 | 50.4 | -69.5 | 1.7 | 1.7 |
| Equity | 294M | 351M | 409M | 445M | 445M | 456M | 646M |
| Total Assets | 344M | 389M | 487M | 532M | 554M | 605M | 646M |
| Total Liabilities | 50M | 38M | 79M | 87M | 109M | 149M | 229M |
| Intangibles | 14M | 20M | 20M | 20M | 20M | 20M | 20M |
| Retained Earnings | 51M | 59M | 95M | 139M | 133M | 139M | 139M |
| Working Capital | 101M | 147M | 204M | 281M | 219M | 209M | 209M |
| Current Assets | 142M | 179M | 272M | 334M | 265M | 284M | 284M |
| Current Liabilities | 41M | 32M | 68M | 53M | 46M | 75M | 75M |
| Per Share Data | |||||||
| EPS | -516.98 | 7.39 | 0.76 | 0.83 | -0.15 | 0.11 | 0.11 |
| Owner EPS | 0.37 | -0.73 | 1.12 | -0.52 | -5.30 | -0.17 | -0.36 |
| Book Value | 7.16 | 6.80 | 8.60 | 8.42 | 12.00 | 8.57 | 13.70 |
| Cash Flow/Share | 1.11 | -0.24 | 1.66 | -0.00 | -4.70 | 0.21 | 0.46 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 41.0M | 51.7M | 47.5M | 52.8M | 37.1M | 53.2M | 47.2M |
| Valuation | |||||||
| P/E Ratio | N/A | 2.3 | 22.8 | 19.0 | N/A | 55.7 | 64.2 |
| P/FCF | 46.5 | N/A | 10.9 | N/A | N/A | N/A | N/A |
| EV/EBIT | 18.4 | N/A | N/A | N/A | N/A | 33.2 | 24.2 |
| Price/Book | 1.4 | 2.5 | 2.0 | 1.9 | 1.1 | 0.7 | 0.5 |
| Price/Sales | 1.3 | 2.5 | 2.0 | 2.1 | 1.7 | 1.1 | 1.0 |
| FCF Yield | 2.2% | -2.3% | 9.2% | -1.9% | -38.9% | -5.5% | -2.0% |
| Market Cap | 417M | 866M | 822M | 833M | 477M | 326M | 333M |
| Avg. Price | 9.94 | 10.29 | 14.16 | 16.48 | 15.70 | 6.97 | 7.06 |
| Year-End Price | 10.16 | 16.75 | 17.29 | 15.76 | 12.85 | 6.13 | 7.06 |
AerSale Corp passes 1 of 9 quality checks, indicating weak fundamentals.
AerSale Corp trades at 64.2x trailing earnings, compared to its 15-year median P/E of 20.9x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 6.5% with a gross margin of 31.0%. At current prices, the estimated annualized return to fair value is +43.5%.
AerSale Corp (ASLE) has a current P/E ratio of 64.2, compared to its historical median P/E of 20.9. The stock is currently considered Expensive based on its historical valuation range.
AerSale Corp (ASLE) has a 5-year average return on invested capital (ROIC) of 6.5%. This is below average and may indicate limited pricing power.
AerSale Corp (ASLE) has a market capitalization of $333M. It is classified as a small-cap stock.
AerSale Corp (ASLE) does not currently pay a regular dividend.
Based on historical P/E analysis, AerSale Corp (ASLE) appears expensive. The current P/E of 64.2 is 208% above its historical median of 20.9. The estimated fair value CAGR (P/E method) is -59.3%.
AerSale Corp (ASLE) operates in the Wholesale-Machinery, Equipment & Supplies industry, within the Consumer Cyclical sector.
AerSale Corp (ASLE) reported annual revenue of $345 million in its most recent fiscal year, based on SEC EDGAR filings.
AerSale Corp (ASLE) has a net profit margin of 1.7%. This is a modest margin.
AerSale Corp (ASLE) generated $-18 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
AerSale Corp (ASLE) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
AerSale Corp (ASLE) reported earnings per share (EPS) of $0.11 in its most recent fiscal year.
AerSale Corp (ASLE) has a return on equity (ROE) of 1.2%. This indicates moderate shareholder returns.
AerSale Corp (ASLE) has a 5-year average gross margin of 31.0%. This indicates decent pricing power.
The Ledger Terminal provides 6 years of financial data for AerSale Corp (ASLE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AerSale Corp (ASLE) has a book value per share of $8.57, based on its most recent annual SEC filing.
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