Company Valuation: Air Canada

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 7,561 6,963 6,700 7,779 5,703 7,562 - -
Change - -7.91% -3.78% 16.11% -26.69% 32.59% - -
Enterprise Value (EV) 1 15,282 14,458 12,011 12,697 11,114 12,948 13,266 12,999
Change - -5.39% -16.93% 5.72% -12.47% 16.5% 2.45% -2.02%
P/E -2.06x -4.08x 3.14x 4.87x 10.4x 38.2x 12.8x 7x
PBR 840x -4.47x 8.42x 3.17x 2.19x 1.71x 1.49x 1.23x
PEG - 0.1x -0x -0.2x -0.2x -0.6x 0x 0.1x
Capitalization / Revenue 1.18x 0.42x 0.31x 0.35x 0.25x 0.3x 0.29x 0.27x
EV / Revenue 2.39x 0.87x 0.55x 0.57x 0.5x 0.51x 0.5x 0.46x
EV / EBITDA -10.4x 9.92x 3.02x 3.54x 3.56x 4.3x 3.61x 2.97x
EV / EBIT -5.01x -77.3x 5.27x 10.1x 12.1x 20.2x 11.1x 7.37x
EV / FCF -5.8x 18.2x 4.36x 9.81x 14.9x 26x 66.1x 10x
FCF Yield -17.2% 5.51% 22.9% 10.2% 6.72% 3.85% 1.51% 9.97%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -10.25 -4.75 5.96 4.574 1.86 0.7067 2.113 3.855
Distribution rate - - - - - - - -
Net sales 1 6,400 16,556 21,833 22,255 22,372 25,222 26,500 28,172
EBITDA 1 -1,464 1,457 3,982 3,586 3,124 3,012 3,679 4,379
EBIT 1 -3,049 -187 2,279 1,263 918 639.9 1,191 1,764
Net income 1 -3,602 -1,700 2,276 1,720 644 199.8 512.7 982.4
Net Debt 1 7,721 7,495 5,311 4,918 5,411 5,387 5,705 5,437
Reference price 2 21.13 19.39 18.69 22.26 19.29 27.00 27.00 27.00
Nbr of stocks (in thousands) 357,835 359,098 358,469 349,475 295,653 280,059 - -
Announcement Date 2/18/22 A 2/17/23 A 2/16/24 A 2/13/25 A 2/12/26 A - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.6x0.92x7.53x0.91% 54.59B
10.4x0.79x6.92x-.--% 36.01B
13.79x1.38x6.31x1.84% 27.96B
8.39x0.82x3.9x2.13% 25.59B
13.79x0.74x6.72x1.73% 20.37B
66.17x2.28x13.44x0.07% 20.1B
28.65x1.09x5.82x3.68% 16.63B
-11.14x1.62x11.32x-.--% 16.18B
11.11x1.14x4.74x - 14.36B
Average 17.20x 1.20x 7.41x 1.3% 25.75B
Weighted average by Cap. 16.32x 1.12x 7.30x 1.17%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield