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Alafco Aviation Lease And Finance

Source: Kuwait & Middle East Financial Investment Co. - KMEFI

Executive Summary

This report is an initiation of coverage on Aviation Lease and Finance Company (ALAFCO); we focused on the company’s operations, activities and financial performance over a historical period of 7 years, along with relevant industry related variables in order to accurately forecast the company’s financials over a five year horizon and reach an estimated fair value for the stock.

Our estimated target price of ALAFCO stock is based on discounting future cash flow valuation method as stipulated hereinafter in the report. Our conclusion is driven by Discounted Lease Payments (DLP). The relative valuation was inapplicable in the company’s case as the Aircraft Leasing Industry in the region has a limited number of participants; hence, the weight was fully assigned to the discounting lease payments method. As on 15.08.10, ALAFCO was trading at KWD 0.184, standing at a 20% discount to our estimated fair value. We therefore rate the stock as “Undervalued”.

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