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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": "The punchline was that when we replicated their framework with more realistic assumptions, we came up with a base case DCF value of $50 per share.",
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      "text": "DCF value per share: $50",
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      "text": "A few weeks before we presented, Morgan Stanley released a report that included a DCF. Morgan Stanley used a series of what we thought to be exceedingly aggressive assumptions that I reviewed in detail last year. The punchline was that when we replicated their framework with more realistic assumptions, we came up with a base case DCF value of $50 per share.",
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      "text": "Source: Morgan Stanley & Co. estimates as provided to Greenlight in April 2014 and Greenlight calculated adjustments to Morgan Stanley & Co. estimates. Greenlight's adjustments to Morgan Stanley's methods, factors, and calculations were in the sole discretion of Greenlight.",
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