Air Canada Shs Voting and Variable Voting

AC: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 55.00	Xphsg	Dzbbsyzb

Air Canada Earnings: Slower Growth, Lower Yields Will Test Cost Discipline; Cutting Fair Value 9%

Nicolas Owens

Aug 7, 2024

After reviewing no-moat Air Canada's second-quarter 2024 results and full-year expectations, we have lowered our fair value estimate to CAD 13 from CAD 14.30 to reflect slower growth, lower yields, and looming cost growth.

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