Air Canada Adding Capacity but Operating Margins Held up this Quarter; Maintaining Fair Value
Despite continued capacity growth and competitors entering international markets more aggressively, no-moat Air Canada managed to turn in strong third-quarter profitability due to 10.6% year-over-year growth in total revenue combined with lower fuel prices. Following the results, we don’t plan any material changes to our CAD 12.50 fair value estimate.Air Canada’s passenger revenue jumped 10.5% from the third quarter of 2015, reaching CAD 4.1 billion; Atlantic and Pacific routes accounted for 5...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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