wrongwayup wrote:There is some preexisting research on the issue, done by a couple people in Toulouse of all places.
https://www.researchgate.net/publicatio ... e_industry
My earlier post has apparently been removed, as I posted the link without context.
The best thing to do is model it out for yourself: model the purchase/finance/residual value cash flows and compare to a fixed set of lease cashflows over the same period. The advanced model would include tax implications and vary by jurisdiction. You can calculate ROIC and net margin implications from there if you have a set of cashflows from operation and assume the leased and owned aircraft are otherwise identical. Every airline is different. I didn't take finance at school but it's probably an upper year university project in terms of complexity in order to get it right.
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