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 7,735 - -
Change - -7.91% -3.78% 16.11% -26.69% 35.63% - -
Enterprise Value (EV) 1 15,282 14,458 12,011 12,697 11,114 13,122 13,440 13,172
Change - -5.39% -16.93% 5.72% -12.47% 18.07% 2.42% -1.99%
P/E -2.06x -4.08x 3.14x 4.87x 10.4x 38.9x 11.3x 8.5x
PBR 840x -4.47x 8.42x 3.17x 2.19x 1.71x 1.44x 1.2x
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 0.29x 0.28x
EV / Revenue 2.39x 0.87x 0.55x 0.57x 0.5x 0.52x 0.51x 0.47x
EV / EBITDA -10.4x 9.92x 3.02x 3.54x 3.56x 4.3x 3.6x 3.03x
EV / EBIT -5.01x -77.3x 5.27x 10.1x 12.1x 19.5x 10.4x 7.66x
EV / FCF -5.8x 18.2x 4.36x 9.81x 14.9x 27x 53.6x 10.2x
FCF Yield -17.2% 5.51% 22.9% 10.2% 6.72% 3.7% 1.86% 9.83%
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 27.62 27.62 27.62
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
12.48x0.89x6.92x0.96% 51.6B
10.02x0.77x6.34x-.--% 34.7B
12.62x1.28x5.78x1.98% 26.62B
7.82x0.77x3.65x2.3% 24.23B
62.98x2.18x12.7x0.07% 19.25B
27.35x1.07x5.71x3.76% 16.36B
-10.13x1.6x11.2x-.--% 15.66B
11.26x1.15x4.78x - 14.55B
-11.92x1.59x10.34x-.--% 11.49B
Average 13.61x 1.26x 7.49x 1.13% 23.83B
Weighted average by Cap. 14.20x 1.14x 7.09x 1.11%

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

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