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  "documentTitle": "AerCap Holdings (AER)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2015-04-07 00:00:00",
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      "text": "Combined with buybacks funded by the ongoing generation of excess capital, we believe that AerCap can grow its EPS by around 10% annually over the next few years.",
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      "text": "~5% average fleet growth from order book to 2018\nIncremental OPEX and tax synergies\nShare repurchases using excess capital\n~10% 2015 – 2018 EPS CAGR",
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      "text": "While the stock is cheap on 2015 earnings, we believe there is more to come. AerCap's fleet will grow 15% by 2018 as it takes delivery of new planes. As I mentioned, SG&A and the tax rate will improve. Combined with buybacks funded by the ongoing generation of excess capital, we believe that AerCap can grow its EPS by around 10% annually over the next few years.",
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