Financials Transat A.T. Inc.

Equities

TRZ

CA89351T4019

Leisure & Recreation

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-09-19 pm EDT			5-day change	1st Jan Change
1.770 ^CAD	-1.67%		-2.21%	-52.55%

Sep. 13	Transat A.T. Price Target Lowered to $2 at TD	MT
Sep. 12	Transat In Talks With Canada, Quebec Government for Financial Help	DJ

Projected Income Statement: Transat A.T. Inc.

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,937	1,302	124.8	1,642	3,048	3,251	3,324	3,521
Change	-	-55.67%	-90.41%	1,215.55%	85.64%	6.66%	2.23%	5.93%
EBITDA ¹	38.17	-122.2	-213.9	-156.8	263.3	147.7	242.9	327.6
Change	-	-	75.06%	-26.71%	-	-43.88%	64.4%	34.88%
EBIT ¹	-25.91	-326.3	-373.6	-310.2	89.73	-64.25	19.85	91
Change	-	1,159.41%	14.52%	-16.99%	-	-	-	358.44%
Interest Paid ¹	-1.52	-48.05	-77.02	-105.3	-	-129.5	-140.1	-134.3
Earnings before Tax (EBT) ¹	-38.77	-489	-389.4	-449.5	-24.68	-169.7	-82.84	-12.83
Change	-	1,161.34%	-20.36%	15.42%	-94.51%	-587.76%	51.19%	84.52%
Net income ¹	-33.19	-496.5	-389.6	-445.3	-25.29	-161.8	-106.7	-12.83
Change	-	1,396.02%	-21.55%	14.31%	-94.32%	-539.76%	34.04%	87.98%
Announcement Date	12/11/19	12/11/20	12/8/21	12/14/22	12/13/23	-	-	-

¹CAD in Million

Estimates

Fiscal Period: October	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
Net sales ¹	693.2	692.8	571.3	9.546	28.43	41.92	7.569	12.55	62.78	202.4	358.2	508.3	573.1	667.5	870.1	746.3	764.5	785.5	973.2	736.2	762.2
Change	-	-0.06%	-17.54%	-98.33%	197.78%	47.47%	-81.94%	65.78%	400.33%	222.45%	76.92%	41.92%	12.76%	16.46%	30.36%	-14.23%	2.43%	2.75%	23.9%	-24.35%	3.54%
EBITDA ¹	50.86	27.39	21.11	-79.94	-90.74	-53.63	-50.96	-50.93	-58.36	-36.37	-51.01	-57.82	-11.54	3.331	56.14	114.8	89.01	-8.625	37.64	41.33	78.74
Change	-	-46.14%	-22.94%	-	13.5%	-40.89%	-4.98%	-0.07%	14.6%	-37.68%	40.27%	13.35%	-80.03%	-	1,585.5%	104.44%	-22.46%	-	-	9.81%	90.53%
EBIT ¹	33.64	-20.89	-32.05	-133.1	-142.6	-91.12	-86.24	-98.28	-98	-73.84	-87.51	-96	-52.83	-38.1	18.74	64.38	44.72	-52.43	-15.16	-9.837	10
Change	-	-	53.39%	315.41%	7.13%	-36.1%	-5.36%	13.97%	-0.29%	-24.65%	18.52%	9.69%	-44.97%	-27.88%	-	243.52%	-30.53%	-	-71.08%	-35.12%	-
Charge d'intérêts	-0.339	-10.09	-11.24	-11.77	-14.94	-	-	-18.07	-21.78	-21.97	-24.96	-	-	-	-32.68	-33.69	-	-35.64	-34.71	-36.19	-
Earnings before Tax (EBT)	28.5	-43.96	-157.9	-45.85	-241.3	-60.3	-	-137.9	-121.8	-113.8	-97.62	-	-	-	-29.07	58.03	3.023	-61.04	-54.02	-38.32	-
Change	-	-	259.05%	-70.95%	426.3%	-75.01%	-100%	-	-11.71%	-6.5%	-14.25%	-100%	-	-	-	-	-94.79%	-	-11.49%	-29.08%	100%
Net income ¹	20.28	-33.8	-179.5	-45.12	-238.1	-60.53	-69.56	-138.1	-121.3	-114.3	-98.28	-	-	-	-29.18	57.3	3.195	-60.98	-54.39	-39.89	-4.032
Change	-	-	431.13%	-74.87%	427.71%	-74.57%	14.91%	98.57%	-12.15%	-5.76%	-14.05%	-100%	-	-	-	-	-94.42%	-	-10.81%	-26.65%	89.89%
Announcement Date	12/11/19	3/11/20	6/10/20	9/9/20	12/11/20	3/10/21	6/9/21	9/8/21	12/8/21	3/9/22	6/9/22	9/8/22	12/14/22	3/8/23	6/7/23	9/13/23	12/13/23	3/14/24	6/5/24	9/12/24	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Transat A.T. Inc.

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	986	1,610	-	1,966	1,750	1,287
Change	-	-	-	63.29%	-	-	-10.99%	-26.46%
Announcement Date	12/11/19	12/11/20	12/8/21	12/14/22	12/13/23	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Transat A.T. Inc.

Fiscal Period: October	2019	2020	2021	2022	2024	2025	2026
CAPEX ¹	92.28	61.42	5.599	32.53	82.98	72	40
Change	-	-33.44%	-90.88%	481.01%	-	-13.24%	-44.44%
Free Cash Flow (FCF) ¹	-28.2	-107.6	-524	-210.4	-136.2	14.76	102.3
Change	-	281.38%	387.22%	-59.85%	-	-110.84%	593.11%
Announcement Date	12/11/19	12/11/20	12/8/21	12/14/22	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Transat A.T. Inc.

Fiscal Period: October	2018	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	-	1.3%	-9.38%	-171.36%	-9.55%	8.64%	4.54%	7.31%	9.3%
EBIT Margin (%)	-	-0.88%	-25.06%	-299.36%	-18.89%	2.94%	-1.98%	0.6%	2.58%
EBT Margin (%)	-	-1.32%	-37.55%	-311.99%	-27.37%	-0.81%	-5.22%	-2.49%	-0.36%
Net margin (%)	-	-1.13%	-38.14%	-312.1%	-27.12%	-0.83%	-4.98%	-3.21%	-0.36%
FCF margin (%)	-	-0.96%	-8.26%	-419.85%	-12.81%	-	-4.19%	0.44%	2.9%
FCF / Net Income (%)	-	84.97%	21.66%	134.52%	47.24%	-	84.15%	-13.83%	-797.41%
Profitability
ROA	-1.8%	-1.32%	-13.03%	-14.91%	-10%	2.01%	-	-	-
ROE	1.22%	-5.52%	-159.28%	313.05%	83.61%	3.31%	-	-	-
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-4.61x	-10.27x	-	13.3x	7.2x	3.93x
Debt / Free cash flow	-	-	-	-1.88x	-7.65x	-	-14.43x	118.6x	12.58x
Capital Intensity
CAPEX / Current Assets (%)	-	3.14%	4.72%	4.49%	1.98%	-	2.55%	2.17%	1.14%
CAPEX / EBITDA (%)	-	241.75%	-50.27%	-2.62%	-20.75%	-	56.17%	29.64%	12.21%
CAPEX / FCF (%)	-	-327.2%	-57.11%	-1.07%	-15.46%	-	-60.94%	487.94%	39.11%
Items per share
Cash flow per share ¹	-	-	-	-	-	-	5.341	4.796	-
Change	-	-	-	-	-	-	-	-10.2%	-
Dividend per Share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Book Value Per Share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
EPS ¹	-	-0.88	-13.15	-10.32	-11.77	-0.66	-4.01	-2.747	-0.33
Change	-	-	1,394.32%	-21.52%	14.05%	-94.39%	507.58%	-31.5%	-87.99%
Nbr of stocks (in thousands)	-	37,747	37,747	37,747	37,973	38,455	40,857	40,857	40,857
Announcement Date	-	12/11/19	12/11/20	12/8/21	12/14/22	12/13/23	-	-	-