Financials Air Canada

Equities

AC

CA0089118776

Airlines

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-09-17 pm EDT			5-day change	1st Jan Change
16.49 ^CAD	+0.55%		+8.99%	-11.77%

Sep. 16	Toronto Stocks Flat; Bausch + Lomb Rises on Report of Possible Sale	DJ
Sep. 16	National Bank on Air Canada Reaching Tentative Deal With Pilots	MT

Projected Income Statement: Air Canada

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	19,131	5,833	6,400	16,556	21,833	22,111	23,322	24,603
Change	-	-69.51%	9.72%	158.69%	31.87%	1.27%	5.48%	5.49%
EBITDA ¹	3,636	-2,043	-1,464	1,457	3,982	3,215	3,605	3,881
Change	-	-	-28.34%	-	173.3%	-19.27%	12.14%	7.65%
EBIT ¹	1,650	-3,776	-3,049	-187	2,279	1,423	1,735	1,940
Change	-	-	-19.25%	-93.87%	-	-37.58%	21.93%	11.84%
Interest Paid ¹	-515	-656	-749	-909	-944	-753.8	-656.8	-650
Earnings before Tax (EBT) ¹	1,775	-4,853	-3,981	-1,524	2,212	1,130	1,472	1,602
Change	-	-	-17.97%	-61.72%	-	-48.9%	30.18%	8.86%
Net income ¹	1,476	-4,647	-3,602	-1,700	2,276	927.3	1,061	1,197
Change	-	-	-22.49%	-52.8%	-	-59.26%	14.44%	12.82%
Announcement Date	2/18/20	2/12/21	2/18/22	2/17/23	2/16/24	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	5,553	4,429	3,722	527	757	827	729	837	2,103	2,731	2,573	3,981	5,322	4,680	4,887	5,427	6,344	5,175	5,226	5,519	6,196	5,181	5,510	5,868	6,783	5,496	-	-
Change	-	-20.24%	-15.96%	-85.84%	43.64%	9.25%	-11.85%	14.81%	151.25%	29.86%	-5.79%	54.72%	33.69%	-12.06%	4.42%	11.05%	16.9%	-18.43%	0.99%	5.61%	12.27%	-16.39%	6.35%	6.5%	15.59%	-18.97%	-100%	-
EBITDA ¹	1,472	665	71	-832	-554	-728	-763	-656	-67	22	-143	154	1,057	389	411	1,220	1,830	521	453	914	1,358	522	451	987	1,504	510.5	512	1,031
Change	-	-54.82%	-89.32%	-	-33.41%	31.41%	4.81%	-14.02%	-89.79%	-	-	-	586.36%	-63.2%	5.66%	196.84%	50%	-71.53%	-13.05%	101.77%	48.53%	-61.55%	-13.62%	118.88%	52.38%	-66.06%	0.29%	101.37%
EBIT ¹	956	145	-433	-1,555	-785	-1,003	-1,049	-1,133	-364	-503	-550	-253	644	-28	-17	802	1,415	79	11	466	939	9.273	36.65	555.4	1,192	-12	-	-
Change	-	-84.83%	-	259.12%	-49.52%	27.77%	4.59%	8.01%	-67.87%	38.19%	9.34%	-54%	-	-	-39.29%	-	76.43%	-94.42%	-86.08%	4,136.36%	101.49%	-99.01%	295.23%	1,415.56%	114.61%	-	100%	-
Charge d'intérêts ¹	-129	-122	-129	-149	-196	-182	-177	-164	-197	-211	-209	-216	-239	-245	-240	-241	-236	-222	-217	-182	-180.5	-178	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	878	172	-1,276	-1,481	-821	-1,275	-1,387	-1,298	-679	-617	-814	-352	-504	146	-23	796	1,317	122	-65	404	831.2	-29.75	-104	476	1,064	38	-	-
Change	-	-80.41%	-	16.07%	-44.56%	55.3%	8.78%	-6.42%	-47.69%	-9.13%	31.93%	-56.76%	43.18%	-	-	-	65.45%	-90.74%	-	-	105.75%	-	-249.58%	-	123.53%	-96.43%	-100%	-
Net income ¹	636	152	-1,049	-1,752	-685	-1,161	-1,304	-1,165	-640	-493	-974	-386	-508	168	4	838	1,250	184	-81	410	708.5	-40.25	-77	352	787	28	-	-
Change	-	-76.1%	-	67.02%	-60.9%	69.49%	12.32%	-10.66%	-45.06%	-22.97%	97.57%	-60.37%	31.61%	-	-97.62%	20,850%	49.16%	-85.28%	-	-	72.8%	-	-91.3%	-	123.58%	-96.44%	-100%	-
Announcement Date	10/29/19	2/18/20	5/4/20	7/31/20	11/9/20	2/12/21	5/7/21	7/23/21	11/2/21	2/18/22	4/26/22	8/2/22	10/28/22	2/17/23	5/12/23	8/11/23	10/30/23	2/16/24	5/2/24	8/7/24	-	-	-	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Air Canada

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,353	5,488	7,721	7,495	5,311	4,716	4,427	5,268
Change	-	63.67%	40.69%	-2.93%	-29.14%	-11.2%	-6.13%	19%
Announcement Date	2/18/20	2/12/21	2/18/22	2/17/23	2/16/24	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Air Canada

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	2,025	1,202	1,073	1,572	1,564	2,427	3,475	4,531
Change	-	-40.64%	-10.73%	46.51%	-0.51%	55.15%	43.22%	30.38%
Free Cash Flow (FCF) ¹	3,711	-3,555	-2,636	796	2,756	772	80.68	-572
Change	-	-195.8%	-25.85%	-130.2%	246.23%	-71.99%	-89.55%	-808.99%
Announcement Date	2/18/20	2/12/21	2/18/22	2/17/23	2/16/24	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Air Canada

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	19.01%	-35.02%	-22.88%	8.8%	18.24%	14.54%	15.46%	15.77%
EBIT Margin (%)	8.62%	-64.74%	-47.64%	-1.13%	10.44%	6.43%	7.44%	7.88%
EBT Margin (%)	9.28%	-83.2%	-62.2%	-9.21%	10.13%	5.11%	6.31%	6.51%
Net margin (%)	7.72%	-79.67%	-56.28%	-10.27%	10.42%	4.19%	4.55%	4.87%
FCF margin (%)	19.4%	-60.95%	-41.19%	4.81%	12.62%	3.49%	0.35%	-2.32%
FCF / Net Income (%)	251.42%	76.5%	73.18%	-46.82%	121.09%	83.25%	7.6%	-47.78%
Profitability
ROA	3.69%	-14.95%	-12.1%	-5.66%	7.62%	2.33%	3.82%	3.6%
ROE	23.89%	-138.58%	-417.87%	-	-	70.33%	52.82%	-
Financial Health
Leverage (Debt/EBITDA)	0.92x	-2.69x	-5.27x	5.14x	1.33x	1.47x	1.23x	1.36x
Debt / Free cash flow	0.9x	-1.54x	-2.93x	9.42x	1.93x	6.11x	54.87x	-9.21x
Capital Intensity
CAPEX / Current Assets (%)	10.58%	20.61%	16.77%	9.5%	7.16%	10.97%	14.9%	18.42%
CAPEX / EBITDA (%)	55.69%	-58.84%	-73.29%	107.89%	39.28%	75.48%	96.4%	116.76%
CAPEX / FCF (%)	54.57%	-33.81%	-40.71%	197.49%	56.75%	314.33%	4,307.46%	-792.1%
Items per share
Cash flow per share ¹	21	-8.344	-4.453	6.615	11.49	8.197	9.031	-
Change	-	-139.73%	-46.63%	-248.54%	73.7%	-28.65%	10.17%	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	16.68	5.163	0.0252	-4.339	2.221	4.942	7.98	11.74
Change	-	-69.04%	-99.51%	-17,353.28%	-151.18%	122.54%	61.49%	47.11%
EPS ¹	5.44	-16.47	-10.25	-4.75	5.96	2.547	3.067	3.21
Change	-	-402.76%	-37.77%	-53.66%	-225.47%	-57.27%	20.45%	4.65%
Nbr of stocks (in thousands)	264,819	332,172	357,835	359,098	358,469	358,493	358,493	358,493
Announcement Date	2/18/20	2/12/21	2/18/22	2/17/23	2/16/24	-	-	-