The stock has collapsed despite a strong rebound in airline stocks and data showing air traffic demand remains strong. The $100M in stock buyback was easily exhausted by the heavy selling and the stock trades (at like half of book value) as if there is an inevitable bankruptcy on the horizon.
Mgmt should put the company up for sale to unlock shareholder value as the stock continues to decline. Obviously the market sees no value in AER so selling the company to a strategic or PE is probably a good way to realize value.
Earnings cure low stock prices. AER is a nice earner. I'm happy to patiently hold it. The market is freaking out about European finances, and AER is European. As long as the company continues to earn, I'm not concerned about short-term gyrations.
Much of the float is in 'friendly' hands so don't expect any sale anytime soon. Management realizes that the stock price is depressed but seems unable or unwilling to take the short term steps to halt the decline. They believe the action they have taken is good for the company longterm. (i.e. stock buybacks, sale of divisions) If you believe in that approach..be patient. cheers