Air Canada Shs Voting and Variable Voting

AC: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 88.70	Pmgcz	Yflrchm

Air Canada Earnings: Breakeven on 10% More Capacity, Paid Down CAD 1.4B Debt; FVE Up

Nicolas Owens

May 3, 2024

Having reviewed no-moat Air Canada's first-quarter 2024 results, we have raised our fair value estimate to CAD 14.30 from CAD 14 to reflect the accrual of time. The firm's results were well within our expectations, and our 2024 full-year and forward forecasts remain unchanged.

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