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Air Canada Shs Voting and Variable Voting

AC: XTSE (CAN)
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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation
CAD 87.20FnychQpbftllx

As Air Canada Nears Resumption of 2019 Capacity Levels, Costs Have Grown More Rapidly

Business Strategy and Outlook

Roughly 70% of Air Canada's 2022 passenger revenue came from trips that began or ended outside of Canada, with just over 20% from flights to or from the U.S. Air Canada capitalizes on so-called sixth freedom traffic, which connects long-haul international routes to the U.S. via layover in a Canadian airport. While we think Air Canada came into the COVID-19 crisis in better financial shape than many of its U.S.-based peers, its international exposure and extensive travel restrictions in the Canadian market placed it under comparably more financial stress. We expect Air Canada's capacity and passenger load factors will return to prepandemic levels by 2024.

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