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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Chorus Aviation Inc.    CHR   CA17040T3001

CHORUS AVIATION INC.

(CHR)
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Chorus Aviation : shares surge 34 per cent after confirming takeover proposal

10/23/2020 | 05:53pm EST

HALIFAX — Shares of Chorus Aviation Inc. surged 34 per cent after it confirmed receiving an acquisition proposal from an unnamed third party.

The Halifax-based regional aviation company said in a brief news release Friday that it had received "a preliminary, non-binding acquisition proposal from a third party that is subject to a number of significant conditions."

Chorus shares, which had been halted in trading, closed up 81 cents to $3.18. That's still a big drop from about $8 before the COVID-19 pandemic caused a massive loss in demand due to travel restrictions.

Chorus said there's no assurance a transaction will occur and said it doesn't intend to comment further unless there is a deal to announce.

Walter Spracklin of RBC Dominion Securities Inc. said he's not surprised that Chorus is a takeover target because of its unique business model and resilient cash flow streams from the fixed-fee nature of revenues.

Spracklin suspects the interested party is likely a Canadian-domiciled financial sponsor rather than a strategic buyer given the weakened state of the global airline industry and foreign ownership restrictions.

This report by The Canadian Press was first published Oct. 23, 2020.

Companies in this story: (TSX:CHR)

© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials
Sales 2020 946 M 726 M 726 M
Net income 2020 51,1 M 39,2 M 39,2 M
Net Debt 2020 2 105 M 1 616 M 1 616 M
P/E ratio 2020 13,8x
Yield 2020 5,48%
Capitalization 709 M 544 M 544 M
EV / Sales 2020 2,98x
EV / Sales 2021 2,41x
Nbr of Employees 2 810
Free-Float 98,6%
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Technical analysis trends CHORUS AVIATION INC.
Short TermMid-TermLong Term
TrendsBullishBullishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 4,81 CAD
Last Close Price 4,38 CAD
Spread / Highest target 25,6%
Spread / Average Target 9,73%
Spread / Lowest Target -15,5%
EPS Revisions
Managers
NameTitle
Joseph D. Randell President, Chief Executive Officer & Director
Richard Douglas Falconer Chairman
Colin L. Copp COO & President-Chorus Aviation Services
Gary James Osborne Chief Financial Officer
Karen Cramm Independent Director
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