Investment thesis
Fly Leasing (FLY) released very good financial results for Q2 2020 with GAAP EPS of $0.32 and the book value per share rising to $29.46.However, aviation has been the industry most severely impacted by COVID-19 and with some global airlines not expecting demand to return to pre-crisis levels before 2024, the future looks grim for the aircraft leasing sector.
There still haven't been any significant impairments of assets in the aircraft leasing industry, but Fly Leasing is looking much more vulnerable compared to listed sector players AerCap (AER) and