Maintaining our FVEs for Canadian Airlines After Updating Market Expectations
We maintain our fair value estimates of CAD 20 for Westjet and CAD 35 for Air Canada after reviewing our outlook. Likewise, we maintain our no-moat ratings and stable moat trends. Air Canada shares trade at a material discount to our fair value estimate, but Westjet shares appear fairly valued.These operate as a duopoly in an air travel market characterized by expensive government fees and taxes that get passed on to travelers, reliance on U.S. transborder travel, and a limited market size. Bec...
WestJet Airlines is a Canadian airline. Co. provides scheduled and charter commercial air travel, vacation packages and cargo services across North America, Central America, the Caribbean and Europe. Co.'s commercial air travel business also supports a variety of other product and service offerings including: flight change and cancel options; upgrading to its Plus seating; baggage fees; food, beverage and inflight entertainment options; and its WestJet RBC MasterCard. Co.'s vacation package provides a variety of products and services purchased through packages such as: flights, hotel accommodations, car rentals and tour attractions.
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.
We have operations in 27 countries.
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