LUV - AerSale: Near-Term Catalysts Could Result In A Doubling Of Share Price

• We believe AerSale shares are poised to double within the coming month due to several imminent catalysts.
• ASLE appears to be on the verge of receiving FAA approval and an initial order from a major airline for AerAware, its wearable HUD product for the commercial airline industry.
• Additionally, we believe ASLE will almost certainly substantially raise its full-year guidance when it reports Q3 earnings in early November.
• We project that ASLE's Adj. Fully-diluted EPS will grow at a 231% CAGR from $0.17 in FY'20 to $1.89 FY'22, yet its shares are trading at just 11x FY'22 earnings.
• Assuming the Company trades at a multiple that is in line with its peers, we value ASLE shares at $47.13, 121% higher than the current share price.

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