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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Air Canada    AC   CA0089118776

AIR CANADA

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Air Canada : Canada working on possible aid for the airlines and travel sector, says finance minister

10/20/2020 | 01:43pm EST

OTTAWA, Oct 20 (Reuters) - The Canadian government is very aware of the challenges facing airlines and the travel sector during the coronavirus pandemic and is working on possible aid, Finance Minister Chrystia Freeland said on Tuesday.

Freeland said she had spoken to the heads of Canada's major airlines and unions last week but did not give details. Carriers and travel industry executives have repeatedly urged Ottawa for assistance as passenger numbers slump.

"We are obviously aware of the particular challenges that the travel sector, the airlines are facing right now," she told a news conference when asked about an aid package.

"It's definitely an issue we are looking at closely and working on," she said.

Airlines have already received more than C$1 billion ($763 million) from a wage subsidy program that Ottawa introduced to help businesses deal with the pandemic, she said.

Intergovernmental Affairs Minister Dominic LeBlanc told CTV on Sunday that Ottawa might take a stake in major airlines such as Air Canada and WestJet Airlines. Both carriers have suspended dozens of routes.

The Canadian branch of the International Association of Machinists and Aerospace Workers on Tuesday urged Freeland to consider partially or fully nationalizing Air Canada.

Earlier this month major labor unions said the aviation sector would suffer permanent damage unless Ottawa provided a C$7 billion 10-year low-interest loan to offset the effects of the pandemic.

($1=1.3113 Canadian dollars) (Reporting by David Ljunggren, Editing by Franklin Paul and Grant McCool)


© Reuters 2020
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Financials
Sales 2020 6 007 M 4 638 M 4 638 M
Net income 2020 -4 259 M -3 288 M -3 288 M
Net Debt 2020 6 394 M 4 937 M 4 937 M
P/E ratio 2020 -1,72x
Yield 2020 -
Capitalization 7 329 M 5 657 M 5 659 M
EV / Sales 2020 2,28x
EV / Sales 2021 1,45x
Nbr of Employees 22 200
Free-Float 73,8%
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 25,67 CAD
Last Close Price 25,11 CAD
Spread / Highest target 39,4%
Spread / Average Target 2,22%
Spread / Lowest Target -20,4%
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Managers
NameTitle
Calin Rovinescu President, Chief Executive Officer & Director
Vagn Ove Sørensen Chairman
Michael Stewart Rousseau Chief Financial Officer & Deputy CEO
Catherine Dyer Chief Information Officer & Senior Vice President
Michael M. Green Independent Director
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