Avation came into this earnings print with the stock at £1.405, a modest gain over the past three months, and a reputation as a recovering aircraft lessor trading on a discounted P/E around 13x. The full year 2026 numbers put hard figures behind that recovery, with profit after tax of US$8.4m and net asset value per share around £3.33, well above the current price. That gap between the market quote and the balance sheet value, rather than the headline earnings per share, is the key factor investors appear to be focusing on today.

Love the gap between Avation’s £3.33 net asset value per share and the £1.405 share price but unsure which other balance sheet heavy plays offer a similar cushion with cleaner fundamentals? Take a look at…