Chapter 697 Four Billion Is Not Expensive

Yang Cheng whispered a name, "Erickson Schuberg".

To be reasonable, at first he thought he didn’t know anyone in the leasing field, but after Riz Khan’s introduction, he suddenly remembered that when he was still in various nightclubs in New York two years ago, he heard someone mention over this name.

He vaguely remembered that the person who mentioned this name was an executive from an investment bank on Wall Street. He was drunk and showed off to the beauties. He was furious and even turned against the board of directors. At that time, Yang Cheng was also in the army of ridicule, thinking that this person was an idiot who offended the board of directors for a few hundred dollars.

We must know that the annual capital transactions of leasing companies range from billions to tens of billions, and the problem of missing accounts often occurs. If it is only a small amount of a few hundred dollars, there is really no need for a thorough investigation. How about embezzling or even stealing for a few hundred dollars? Are you not afraid of affecting your future once you are discovered?

Therefore, although the people on the board of directors at that time were pleased with Schuberg's meticulousness, they couldn't stand his nonsense and making a big fuss. They held a board meeting for a few hundred dollars. Forget it, still criticizing us on the board? Who gave you the guts? Can't you see the situation clearly? Your position is assigned by us.

So the board of directors dismissed Schuberg in a fit of anger, and then another similar thing happened in another company. Since then, Schuberg's reputation in the industry has been bad, and no one dares to re-enable Schuberg despite public opinion. grid.

Thinking back to this, Yang Cheng couldn't help sighing. He could understand Eriksson Schuberg's uprightness, and he could also understand the indignation of the boards of directors of various companies. Of course, Yang Cheng was still hesitating whether to use this Schuberg. He was not afraid of Schuberg's stubbornness, but mainly because he was still hesitating whether to enter the field of aircraft leasing.

He sighed and said to Ruiz, "I've heard of Schulberger. This temper is like a stone in a latrine—it's smelly and hard. Are you sure you can train him well?"

Ruiz smiled wryly and shook his head, "Boss, since you have heard of Schuberg, you should know that he will never bow his head because of anyone's face, except his wife."

Yang Cheng smiled, and asked curiously, "Is he still wife Guanyan?"

Ruiz smiled even more unkindly, "Who would make his wife's achievement higher than him, it's okay to be disobedient."

The two laughed. . .

After laughing for a while, Yang Cheng said sternly, "Actually, the prospect of the aircraft leasing industry is very good. I know this very well. Leaving aside the mature European and American markets, on the other side of the ocean, as an imported product, aircraft leasing has a great reputation in Z China has been around for a while, but the real rapid development began in 2007 after the bank-affiliated financial leasing companies opened the gates.

After nearly 10 years of hard work, the aircraft leasing industry in country Z has not only broken the monopoly of foreign capital on China's aircraft leasing industry, but also a large number of Chinese-funded aircraft leasing companies such as Gongyin Leasing, Bohai Financial Holdings, and Guoyin Leasing have expanded their business tentacles. As a result, Chinese-funded aircraft leasing companies have started to compete head-on with foreign-funded leasing companies in the North American, European, and Southeast Asian markets, but generally speaking, that market is still a blue ocean. "

Ruiz was a little surprised, "Boss, you still know it very well?"

Yang Cheng waved his hand. He can't say that these are news that he heard occasionally in country Z in his previous life, can he?

Ruiz smiled and didn't ask any further questions.

"Anyway, if we want to enter the market, we cannot avoid the top ten aircraft leasing companies. Among these ten aircraft leasing companies, there are two aircraft leasing companies with a fleet of 1,500-2,000 aircraft. There are 2 companies with a fleet size between 500 and 1,000, and 6 companies with a fleet size of less than 500.

The two giants with the largest scale are naturally GECAS and AerCap. If we can initiate a merger and acquisition of one of them, we can quickly cut the cake without wasting time on integration. "

Yang Cheng nodded and did not answer the call. Instead, he took out his mobile phone and searched for information on GEGAS in the news terminal of Bloomberg News. GECAS was established in 1993. Business aircraft leasing company.

Generally speaking, the main business of GECAS is to purchase aircraft from aircraft manufacturers such as Boeing, Airbus, Embraer and Bombardier, and then lease them to major airlines around the world through dry lease. In the leaseback business, aircraft are purchased from airlines and leased to airlines.

To facilitate business development, GECAS has set up three global headquarters, located in Singapore, Shannon in County Clare, Ireland, and Norwalk, Connecticut, USA.

As early as the mid-1990s, GECAS had developed into one of the largest aircraft leasing companies in the world, with a self-owned fleet of 445 aircraft and a managed fleet of more than 430 aircraft.

Between 1999 and 2003, GECAS began to expand other businesses of the department.

In 1999, GECAS began to lease engines; in 2000, it engaged in aircraft financing; in 2002, it began to get involved in the cargo aircraft business; at the same time, GECAS also entered the cargo market and ordered regional aircraft business; in 2006, GECAS expanded its business to the fuselage through acquisitions delivery;

In 2011, GECAS placed the first batch of orders for A320neos and ATR 72-600s; in 2013, when Boeing delivered its 350th 737 to GECAS, GECAS added an order for Boeing 787 Dreamliner; in 2014, GECAS entered the helicopter leasing business , acquired Milestone, which owns 168 helicopters.

Leveraging parent company GM's business, GECAS also provides solutions such as spare engine leasing, aviation consulting services and spare parts financing and management, and remains equipped with the latest commercial aviation technology.

Seeing this, Yang Cheng has lost the desire to continue watching. GECAS has developed so well under GM, and GM has no reason to give up this golden mountain. With a fleet size of nearly 2,000 GECAS, its revenue capacity may be It is even stronger than New Era Media, what area does he use to acquire it?

Sure enough, the financial status of GECAS is introduced below the information. As of the first half of 2015, the average age of GECAS aircraft was 7 years, and the total asset value was 46.1 billion US dollars. The profit in the first half of 2015 is expected to exceed 650 million US dollars, and GECAS’s Lessees include more than 270 airlines, business divisions in 75 countries, and more than 500 employees.

In terms of ratings, GECAS does not have an independent credit rating, but as part of GE, Standard & Poor's gives GECAS a rating of AA+.

Yang Cheng threw the phone away and said goodbye to you.

Ruiz inexplicably picked up the phone and glanced at it, understood why Yang Cheng was so emotional, looked at Yang Cheng awkwardly and said, "Boss, maybe we shouldn't set our goals so far, why don't we look at the top ten rankings?" How many companies are behind?"

Quickly searched on the mobile phone, "For example, this company, AL Group, full name Air Lease, is an aircraft leasing company born in the United States. It was established in 2010 and its founder Stephen Hayes.

The company listed on the New York Stock Exchange in 2011. Its initial public offering of Class A shares is estimated to have raised a total of 960 million U.S. dollars. As of now, Air Lease has ordered about 400 aircraft worth more than 30 billion U.S. dollars, according to Forbes. The valuation of over $4 billion is within our acceptable range.

AL Group purchases new commercial aircraft through direct orders from Boeing, Airbus, Embraer and ATR, and through specialized aircraft leasing and financing leases to airline customers around the world. "

Yang Cheng's face softened a little when he heard the market value of 4 billion US dollars. At least it doesn't sound like a fantasy. It's only 4 billion US dollars. After a little squeeze, the money will be taken out. "What about the liabilities?"

This is what he is more concerned about. It is impossible for an aircraft leasing company to buy an aircraft entirely in cash. It is bound to need a loan. If there is a loan, there will be debts. This is a normal situation, but he does not want to buy an insolvent company.

Ruiz flicked the phone screen, found the exact figure and said, "Currently, AL Group's total assets are close to 13.5 billion US dollars, but its liabilities exceed 10 billion US dollars, which is estimated to be 10.5 billion US dollars. The situation is not serious."

Yang Cheng agrees that this debt ratio is not high. Compared with some companies that are often responsible for 100% or 200%, this AL Group is still healthy.

After talking for so long, he was also a little tired, so he just waved his hand and passed the matter to Ruiz, "Go and contact AL Group first, don't be in a hurry for a full acquisition for the time being, buy a part of the shares, and ask for a board seat That’s enough, the scale of the business is too large, there is no need for us to eat it alone, we just need to provide preferential services to our customers.”

Ruiz thought about it, but he didn't persuade him anymore. It's really not appropriate to spend a lot of money to acquire a company that seems to have nothing to do with its industry. If the cultural tourism group has been integrated, it's a different matter.

. . .

After sending Ruiz away, Yang Cheng lay on the sofa and read the headlines, and saw a piece of news that made him feel depressed. In the second round of the NBA playoffs, the Nets faced the Atlanta Hawks with the best record in the Eastern Conference in the regular season. After Paul was reimbursed due to injury, he failed to win a game in the first three games. Although Deron Williams worked hard for his own future, he was still slightly behind. It’s a good way, I can only support it alone, but I always lose my resistance due to exhaustion of physical strength in the last quarter, resulting in the final loss of the game.

Although the fourth game has not yet started, the ending has been predicted by everyone. Everyone does not think that there will be a miracle in the fourth game. Paul fell before the final again, and he still has not touched the floor of the final.

Yang Cheng broke his promise in disguise. You must know that he swore at the time that Chris Paul could at least touch the floor of the Eastern Conference Finals, but now. . .

He sent Paul a text message himself, with no extra nonsense, just saying, "We're coming back next season!"

Paul replied in seconds, "Thank you boss, I believe you can bring the championship puzzle to the team."

Compared with Liverpool's success this season, the results of the Nets are not so impressive, but he only took over in the middle of the season, no matter how critical people are, they can't find Yang Cheng's fault, after all, he brought the team Can a superstar in his prime really ask for more?

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