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 7,858 - -
Change - -7.91% -3.78% 16.11% -26.69% 37.79% - -
Enterprise Value (EV) 1 15,282 14,458 12,011 12,697 11,114 13,245 13,563 13,295
Change - -5.39% -16.93% 5.72% -12.47% 19.17% 2.4% -1.97%
P/E -2.06x -4.08x 3.14x 4.87x 10.4x 39.5x 11.5x 8.63x
PBR 840x -4.47x 8.42x 3.17x 2.19x 1.74x 1.47x 1.22x
PEG - 0.1x -0x -0.2x -0.2x -0.6x 0x 0.3x
Capitalization / Revenue 1.18x 0.42x 0.31x 0.35x 0.25x 0.31x 0.3x 0.28x
EV / Revenue 2.39x 0.87x 0.55x 0.57x 0.5x 0.53x 0.51x 0.47x
EV / EBITDA -10.4x 9.92x 3.02x 3.54x 3.56x 4.34x 3.64x 3.06x
EV / EBIT -5.01x -77.3x 5.27x 10.1x 12.1x 19.7x 10.5x 7.73x
EV / FCF -5.8x 18.2x 4.36x 9.81x 14.9x 27.3x 54.1x 10.3x
FCF Yield -17.2% 5.51% 22.9% 10.2% 6.72% 3.66% 1.85% 9.74%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -10.25 -4.75 5.96 4.574 1.86 0.71 2.447 3.25
Distribution rate - - - - - - - -
Net sales 1 6,400 16,556 21,833 22,255 22,372 25,198 26,412 28,079
EBITDA 1 -1,464 1,457 3,982 3,586 3,124 3,049 3,730 4,345
EBIT 1 -3,049 -187 2,279 1,263 918 674 1,286 1,720
Net income 1 -3,602 -1,700 2,276 1,720 644 205.8 617.9 885.2
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 28.06 28.06 28.06
Nbr of stocks (in thousands) 357,835 359,098 358,469 349,475 295,653 280,059 - -
Announcement Date 2/18/22 2/17/23 2/16/24 2/13/25 2/12/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.23x0.88x6.84x1% 51.02B
9.67x0.78x6.39x-.--% 35.05B
13.23x1.34x6.02x1.89% 28B
8.42x0.82x3.85x2.15% 26.15B
69.02x2.36x13.72x0.06% 21.27B
28.09x1.1x5.84x3.66% 16.82B
-10.92x1.58x11.67x-.--% 15.85B
11x1.16x4.82x3.17% 14.85B
-47.34x1.55x9.72x-.--% 11.88B
Average 10.38x 1.28x 7.65x 1.32% 24.54B
Weighted average by Cap. 13.23x 1.18x 7.26x 1.22%

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