Air Canada Books Solid First Quarter Despite MAX Groundings; Maintaining Fair Value Estimate
We’re reaffirming our CAD 33 fair value estimate for Air Canada following first-quarter results that revealed the extent of management’s MAX grounding contingency plans. Though its 24 MAX aircraft comprised a fifth of its narrow body fleet, management assuaged MAX grounding pressure in the first quarter by strategically pulling capacity from underperforming routes, delaying new route launches, and opportunistically leasing aircraft. We assumed accommodating MAX chartered itineraries and limiting...Air Canada is a domestic and international airline Company. Co. is engaged in the provision of scheduled passenger services in the Canadian market, the Canada-United States transborder market and in the international market to and from Canada. Through its subsidiaries, Co. also operates in low-cost carriers segment, providing service to customers in lower density markets and also in higher density markets at off-peak times throughout Canada and the United States. Co. also provides air cargo services on domestic and the U.S. transborder flights; tour operator services which operate in the outgoing leisure travel market; and ground handling services.
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