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    8002   JP3877600001

MARUBENI CORPORATION

(8002)
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Delayed Japan Exchange  -  02:00 2022-08-12 am EDT
1352.00 JPY   +2.19%
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Aircraft lessor Aircastle to be bought in $2.4 billion deal

11/06/2019 | 08:23am EDT
FILE PHOTO: Logo of Marubeni Corp is seen at the company headquarters in Tokyo

Aircastle Ltd said on Wednesday Japan's Marubeni Corp and Mizuho Leasing Co Ltd had offered to buy the aircraft lessor in a deal valued at $2.4 billion, ending a nearly two-week long strategic review of its business.

Shares of the company rose 16% to trade in line with the offer price of $32 per share. Marubeni, the company's largest shareholder, has a 29% stake in Aircastle as of Oct. 23 that is currently valued at about $600 million.

Aircastle, which owned and managed 277 aircraft in 48 countries as of Sept. 30, counts American Airlines, Southwest Airlines and United Airlines among its customers.

Airline bankruptcies have increased this year at the fastest ever rate, led by the collapse of India's Jet Airways, British travel group Thomas Cook and Avianca of Brazil, adding pressure on aircraft leasing companies.

Fitch Ratings said in September that it expects the sector to worsen in the medium term with a potential rise in airline bankruptcies, further aircraft repossessions and increased financing costs. (http://bit.ly/2qrjaG5)

The deal, which is valued at $7.4 billion including debt, is expected to close in the first half of 2020, Aircastle said.

Citigroup Global Markets Inc will serve as financial adviser to Aircastle.

(Reporting by Sanjana Shivdas in Bengaluru; Editing by Shinjini Ganguli and Anil D'Silva)

Stocks treated in this article : Marubeni Corporation, Mizuho Leasing Company, Limited

© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. 0.70% 54.38 Delayed Quote.-9.95%
MARUBENI CORPORATION 2.19% 1352 Delayed Quote.20.77%
MIZUHO LEASING COMPANY, LIMITED 1.48% 3430 Delayed Quote.7.52%
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Analyst Recommendations on MARUBENI CORPORATION
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Financials
Sales 2023 8 677 B 64 946 M 64 946 M
Net income 2023 432 B 3 233 M 3 233 M
Net Debt 2023 1 387 B 10 382 M 10 382 M
P/E ratio 2023 5,63x
Yield 2023 4,84%
Capitalization 2 319 B 17 357 M 17 357 M
EV / Sales 2023 0,43x
EV / Sales 2024 0,50x
Nbr of Employees 42 882
Free-Float 97,0%
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Technical analysis trends MARUBENI CORPORATION
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 9
Last Close Price 1 352,00 JPY
Average target price 1 651,11 JPY
Spread / Average Target 22,1%
EPS Revisions
Managers and Directors
Masumi Kakinoki President, CEO & Representative Director
Takayuki Furuya Executive Officer & Manager-Corporate Planning
Fumiya Kokubu Chairman
Kyohei Takahashi Independent Outside Director
Yuri Okina Independent Outside Director
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