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| DON'T BUY | 3.610 | Benj Gallander | He did not like this as a income trust. It is folly as having an airline as an income trust. Would not go near this. | 2010-06-08 | |
| DON'T BUY | 4.080 | Douglas Kee | Feeder airline for Air Canada. A good business model. They have a contract with Air Canada and as long as they keep costs low they will do a good job. He is generally not a big player of income trusts. | 2010-06-02 | |
| DON'T BUY | 4.300 | Ross Healy | Doesn't like airlines in general. Seem to be money pits. This one has nothing but goodwill in the balance sheet. | 2010-05-20 | |
| WEAK BUY | 5.020 | Jim Huang | Strong relationship with Air Canada. Given the tough times and lines have been going through, you can expect a renegotiation. Can see some growth through the use of the Toronto Island Airport. Distribution is not sustainable and you could see it get in cut by half but it would still be pretty good. High risk. | 2010-04-19 | |
| DON'T BUY | 4.710 | David Baskin | Airline industry has a history of poor results and he is not a fan. Very difficult environment. Pay out will go down when they convert to a corporation. | 2010-04-08 | |
| SPECULATIVE BUY | 3.600 | Prakash Hariharan | Have a reasonably watertight agreement with Air Canada. You have a good idea what will happen for the next year or two. Trading at 2 or 3 times free cash flow, which is good for a distressed debt investor. But what happens if Air Canada goes bankrupt and the agreement doesn’t hold up – in the hands of the bankrupts court. So speculative. | 2009-09-29 | |
| DON'T BUY | 3.520 | Michael Simpson, CFA | Think they'll have trouble maintaining the dividends. Have to negotiate their support agreement with their parent, Air Canada. | 2009-09-17 | |
| DON'T BUY | 3.450 | John Zechner | Concerned about distributions at current levels. Wouldn’t be a buyer in it. | 2009-09-08 | |
| Comment | 3.220 | Ben Cheng | 31% distribution indicates market is expecting a cut. Has a CPA agreement with Air Canada that provides them with a minimum amount of block hours. Amounts to about an 85% payout ratio so there is not much danger of a cut. Starting to look better as unions have ratified an agreement allowing Air Canada to operate outside of bankruptcy proceedings. Have also renegotiated bank lines. Starting to look at this and may Buy shortly. | 2009-07-13 | |
| DON'T BUY | 2.800 | Michael Sprung | Company under a lot of stress. Higher energy prices would put them under more pressure. | 2009-04-22 | |
| Comment | 3.550 | Gavin Graham | Not subject to the pressures that other airlines are. It sells blocks of time to Air Canada (AC.A-T) for a fixed price. They are only on the hook for controllable parts such as operating the planes and logistics/backups. Yielding 29%, which tells you the market thinks Air Canada is going to chop the amount of time it buys. | 2009-03-23 | |
| DON'T BUY | 4.070 | Sandy McIntyre | Doesn't like the airline business so doesn't invest in them. | 2009-02-24 | |
| PAST TOP PICK | 5.340 | Ben Cheng | (A Top Pick Sept 5/07. Down 22%.) Has been unfairly treated. Too much concentration on their ability to meet distributions. Had to make some capital expenditures last quarter. Have an older fleet. 100% payout. Doesn't think they will cut distributions. Still likes. | 2008-09-24 | |
| Comment | 5.000 | Michael Simpson, CFA | Regional airline. Benefiting from lower fuel prices. Have an agreement with Air Canada. 18% distribution. Generally speaking, he does not like airlines. | 2008-09-19 | |
| Comment | 4.970 | Gavin Graham | (Market Call Minute.) Have a fixed price contract with Air Canada so they are not too exposed to the unpleasant things happening in the airlines. If you want to be in an airline, this and Westjet (WJA-T) would be the ones. | 2008-09-17 | |
| DON'T BUY | 5.720 | Benj Gallander | (Market Call Minute.) Would stay away from this one. | 2008-09-15 | |
| SELL | 4.970 | David Baskin | Typically uses turboprops and regional jets but it is tough times for all the airlines. This company serves some fairly low occupancy routes, which they will probably be cutting. | 2008-07-03 | |
| Comment | 7.200 | Bruce Campbell | Air Canada pays their fuel costs and the market tends to forget this. Parent of all these guys is Ace Aviation (ACE.A-T), which is selling all their Aero Plan and Jazz so there is ongoing pressure. One more crunch to come, probably in the next 2 or 3 months and then the pressure will be off and there might be a recovery. Would sell on a rebound. | 2008-05-26 | |
| BUY | 8.010 | Bill Shaw | Performing relatively well. The agreement it has with Air Canada is solid and provides some upside. | 2008-02-19 | |
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| Comment | 7.300 | Bruce Campbell | Ace Aviation Holdings, which has a part of this, announced that they are collapsing the structure and selling off their portion. This is part of the reason for the drop. He would play this with Jazz Technologies (JAZ.A-T) instead. | 2008-01-23 | |
| BUY | 7.320 | Ben Cheng | Canadian Airlines, particularly this one and Westjet (WJA-T) have been painted with the same brush as the national and regional carriers in the US. This one operates outside of the major hubs, catering more to the regional destinations, which are not as economically sensitive. Have been somewhat sheltered from the rise in jet fuel costs. | 2008-01-21 | |
| BUY | 7.810 | Patrick Kim | Transportation space can be fickle, but this name is a relatively conservative way to play the airline space. | 2007-11-02 | |
| TOP PICK | 7.750 | Ben Cheng | Ridership and capacity had been setting new levels. Operates under a capacity purchase agreement with AC. Like a glorified 12% bond. As long as they keep costs, mostly labour, under control they will continue to have stable cash flow. (Labour contracts g | 2007-09-05 | |
| PAST TOP PICK | 8.330 | Michael Decter | (A Top Pick Nov 24/06. Up 4.2%.) Running the planes full but he is not as keen on this now. Consider it as a Hold. | 2007-06-20 | |
| DON'T BUY | 8.160 | Andrew Guy, CFA | High yield which is synonymous with high risk. Very dependent on the health of Air Canada, which at the moment is doing very well. Airline industry is very volatile. | 2007-04-09 | |
| PAST TOP PICK | 8.200 | Michael Decter | (A Top Pick Nov 24/06. Up 2.4%.) Sold it a little higher than where it is now. Likes the company but moved into other things. | 2007-02-26 | |
| Comment | 8.480 | Gavin Graham | Airline business is just about the worst possible business as an income trust model. Have a guaranteed agreement with Air Canada to sell a number of seats to them. It depends on how well Air Canada does. If you’ve made money and you think the economy might be slowing down, you might want to consider taking some profit. | 2006-12-28 | |
| TOP PICK | 8.010 | Michael Decter | Likes their return and that they are part of Air Canada. Feels they will do a lot of business over the next number of years. Enormously well positioned to deliver on the discount airline concept. | 2006-11-24 | |
| HOLD | 9.150 | Greg Guichon | Not a growth play. Has a covenant from Air Canada to meet the revenues. You have to be comfortable with that covenant. Recent sell off has been a function of interest rates and the perception that oil prices are going to hurt them. Thinks management will turn this into a growth play, maybe next year. | 2006-04-28 | |
| DON'T BUY | 9.940 | Jean-Francois Tardif | This does not fit the normal trust profile. It is tied in to Air Canada so is not entirely on its own. Prefers a purer play. | 2006-02-15 | |
| DON'T BUY | 9.890 | Ravi Sood | A controversial trust. He is not bothered by its structure but feels the risk/reward is not worth it. Would be more interested at $9.20. | 2006-02-10 | |
| DON'T BUY | 9.920 | Michele Robitaille | Not suitable for the income trust model. Airline industry consistantly loses money. Good agreements with Air Canada. Concern with Air Canada owning 80% of this. | 2006-02-08 | |
| DON'T BUY | 10.000 | Dean Orrico | Generally does not like airlines. | 2006-02-03 |
