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    AC   CA0089118776

AIR CANADA

(AC)
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Delayed Toronto Stock Exchange  -  04:16 2022-12-02 pm EST
19.06 CAD   -0.21%
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Air Canada Welcomes Government of Canada Decision to Lift Mask, Testing and ArriveCan Requirements

09/26/2022 | 02:14pm EST

Further streamlining is needed to benefit travellers, economy  

MONTREAL, Sept. 26, 2022 /CNW/ - Air Canada today welcomed the Government of Canada's decision to lift remaining COVID-19 restrictions, including requirements for wearing masks on aircraft, testing and quarantine, and the compulsory use of ArriveCan beginning October 1, 2022.

"Air Canada welcomes the removal of these restrictions, acknowledging that air travel is safe and that the measures were not justified by science. . We believe it will greatly facilitate travel, help to continue stabilizing the country's air transport sector and support Canada's economy. Customers and crew will still have the option to wear masks and we also encourage customers to monitor their own health to be sure they feel well and fit to travel," said Craig Landry, Executive Vice-President and Chief Operating Officer at Air Canada.

"While today's announcement is a positive step, we urge the government not to lose momentum. Lessons learned during the pandemic should now be applied to streamlining the air transport system in Canada and to enact further reforms. This includes improving processes, such as security and customs at airports, developing new trusted traveller programs, deploying new technologies and, more fundamentally, re-examining the user-pay model that finances air transportation in Canada, whose weaknesses and interdependencies were exposed by COVID."

The relaxed measures announced today are expected to advance Air Canada's ongoing recovery from COVID. Working with our partners and stakeholders in the industry, we are returning to pre-pandemic service levels.  This includes significant improvements in on-time performance as compared to earlier in the summer, meaningful reductions in delays and cancellations, a daily flight completion factor now over 98%, as well as baggage handling performance that has fully restabilized at pre-pandemic levels.

About Air Canada

Air Canada is Canada's largest airline, the country's flag carrier and a founding member of Star Alliance, the world's most comprehensive air transportation network. Air Canada provides scheduled passenger service directly to 50 airports in Canada, 47 in the United States and 69 internationally. It holds a Four-Star ranking from Skytrax. Air Canada's Aeroplan program is Canada's premier travel loyalty program, where members can earn or redeem points on the world's largest airline partner network of 45 airlines, plus through an extensive range of merchandise, hotel and car rental rewards. Its freight division, Air Canada Cargo, provides air freight lift and connectivity to hundreds of destinations across six continents using Air Canada's passenger flights and cargo-only flights with its fleet of Boeing 767-300 freighters. Air Canada has committed to a net zero emissions goal from all global operations by 2050. 

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SOURCE Air Canada

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Analyst Recommendations on AIR CANADA
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Financials
Sales 2022 16 374 M 12 158 M 12 158 M
Net income 2022 -1 751 M -1 300 M -1 300 M
Net Debt 2022 8 131 M 6 037 M 6 037 M
P/E ratio 2022 -3,81x
Yield 2022 -
Capitalization 6 826 M 5 069 M 5 069 M
EV / Sales 2022 0,91x
EV / Sales 2023 0,70x
Nbr of Employees 30
Free-Float 84,7%
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Mean consensus BUY
Number of Analysts 16
Last Close Price 19,06 CAD
Average target price 27,00 CAD
Spread / Average Target 41,7%
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Managers and Directors
Michael Stewart Rousseau President, Chief Executive Officer & Director
Amos S. Kazzaz Chief Financial Officer & Executive Vice President
Vagn Ove S°rensen Chairman
Craig Landry Executive Vice President-Operations
Michael M. Green Independent Director
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