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Air Canada Class B AC

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Morningstar’s Analysis

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Economic Moat




Air Canada Raises and Conserves Cash in Second Quarter to Survive Pandemic-Related Downturn

Burkett Huey, CFA Equity Analyst

Analyst Note

| Burkett Huey, CFA |

No-moat-rated Air Canada reported a net loss of CAD 6.44 per share, below CapIQ consensus loss of CAD 3.95 per share, amid a difficult time for airlines, particularly long-haul airlines such as Air Canada. We’re reducing our fair value estimate for the firm to CAD 22 per share from CAD 23 as we model in a deeper trough for the firm in the near term but continue to expect a post-pandemic recovery in air traffic after a COVID-19 vaccine is created and well distributed, which we anticipate will occur by the end of 2020 and by mid-2021, respectively.

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Company Profile

Business Description

Air Canada is Canada's largest airline, generally serving nearly 50 million passengers each year together with its regional partners. Air Canada is a sixth freedom airline, similar to Gulf carriers, which flies many U.S. nationals on long-haul trips with a layover in Canada. In 2019, the company generated CAD 19 billion in total revenue.

7373 Cote Vertu Boulevard West, Air Canada Centre
Saint-Laurent, QC, H4S 1Z3, Canada
T +1 514 422-5000
Sector Industrials
Industry Airlines
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 32,903