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  "documentTitle": "AerCap Holdings (AER)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2015-04-07 00:00:00",
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  "notes": "The slide uses a contrast between credit and equity market sentiment to suggest a future re-rating of the stock.",
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      "text": "We think that the equity market will follow the credit market and re-rate the company.",
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      "text": "AER 7 yr unsecured bond yield",
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      "text": "P/E multiple: 8.5x",
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      "text": "The company's 7-year unsecured bond yields have declined to under 4% since the deal was announced. They should decline further once the company regains the investment grade credit rating it lost due to the ILFC transaction. Though the stock has advanced, the P/E multiple has barely changed despite strong post-deal execution and improving earnings. We think that the equity market will follow the credit market and re-rate the company.",
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      "text": "Source: Bloomberg L.P.; Bloomberg consensus estimates retrieved April 2015 and Greenlight calculations.",
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      "text": "The credit markets get it... but the equity markets don't",
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