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  "documentTitle": "FTAI Aviation, Ltd. (FTAI)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2025-01-15 00:00:00",
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  "notes": "The slide uses a comparison frame to equate FTAI's business model with traditional leasing companies, highlighting shared negative characteristics like cyclicality and low growth.",
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      "text": "We believe as little as 20% of Aerospace Products volume is true module-swapping work.",
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      "text": "As we show, the primary function of Aerospace Products appears to be to sell or exchange whole engines (not individual modules). Substantially all leasing companies sell, trade, and exchange, engines / aircraft. We believe as little as 20% of Aerospace Products volume is true module-swapping work. Despite FTAI's 2026 guidance for improved FCF, which investors require in an aerospace aftermarket business, FTAI's financial profile looks like that of other leasing businesses. We believe FTAI's profile will continue to mirror that of a leasing business. Generally, leasing companies trade on a P/BV and/or a P/E basis, and have the following features: Highly capital intensive, Cyclical, Volatile earnings, Low growth, Subpar ROIC",
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      "kind": "quote",
      "text": "Accordingly, our YE24 equity price target is lifted to $105, predicated on a blend of 1.1x BV and 10x forward P/E. — JPM's coverage of Aercap, May 8, 2024",
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      "text": "1 Per JPM's coverage of Aercap, May 8, 2024: \"Accordingly, our YE24 equity price target is lifted to $105, predicated on a blend of 1.1x BV and 10x forward P/E.\"",
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      "kind": "title",
      "text": "Aerospace Products Is a Dressed-Up Leasing Business",
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