Category: 3. Business

  • Two Gen Zers turned down millions from Elon Musk to build an AI based on the human brain—and it’s outperformed models from OpenAI and Anthropic

    Two Gen Zers turned down millions from Elon Musk to build an AI based on the human brain—and it’s outperformed models from OpenAI and Anthropic

    Two years ago, a pair of 22-year-old friends who met in high school in Michigan found themselves sitting inside Tsinghua University’s brain lab in Beijing, staring down a multimillion-dollar offer from Elon Musk.

    The two had just done something unusual for the moment: they built a small large-language model (LLM) trained not on massive internet data dumps, but on a tiny, carefully chosen set of high-quality conversations. And they taught it to improve itself using reinforcement learning (RL), a technique where a model learns the way a person or animal does: by making decisions, receiving feedback, and then refining behavior through rewards and penalties.

    At the time, almost no one was doing this with language models. The only other group exploring RL for LLMs was DeepSeek, the Chinese OpenAI competitor that would later terrify Silicon Valley.

    The two students, William Chen and Guan Wang, called their model OpenChat, and they open-sourced it on a whim.

    To their shock, OpenChat blew up.

    “It got very famous,” Chen told Fortune. Researchers at Berkeley and Stanford pulled the code, built on top of it, and began citing the work. In academic circles, it became one of the earliest examples of how a small model trained on good data, as opposed to more data, could punch above its weight.

    Then it landed somewhere Chen never expected: Elon Musk’s inbox.

    Musk sent an email through what, at the time, was his new company, xAI, which wanted to recruit the students in a multi-million dollar pay package, Chen says. It was the kind of offer young founders dreamed of. 

    They hesitated. Then, they turned it down.

    “We decided that large-language models have their limitations,” Chen said. “We want a new architecture that will overcome the structural limitation of [large-scale machine learning].”

    Instead of taking the deal, they left the comfortable momentum of OpenChat behind and pursued something far more ambitious: a “brain-inspired” reasoning system they believed could outperform current AI models.

    That decision would lead, two years later, to Sapient Intelligence — and to a model that outperformed some of the world’s biggest AI systems on tests of abstract reasoning. They are confident their model is going to be the first to achieve “AGI,” or “artificial general intelligence, the so-called holy grail in AI research where a machine’s intelligence can match or surpass that of a human in any cognitive task.

    Between the two worlds of the arms race

    Chen’s path to turning down Musk didn’t begin in Beijing, but in Bloomfield Hills, Michigan, and with a childhood obsession that drove his parents crazy.

    “When I was young, I would break things apart and never put them back together,” he said. “That’s what got me started.”

    Chan was born in China, raised partly in San Diego and Shenzhen, and eventually sent to attend Cranbrook Schools — a prestigious private boarding school in Michigan — around the time he met Wang, a boy his age who attended a different school but had an equally unusual obsession.

    On the first day they met, the two fell into a long conversation about what Chen calls their “metagoals,” the ultimate purpose of their lives.

    For Wang, that metagoal was AGI, long before the term became popular. He described it in high school as an “algorithm that solves any problem,” since the terminology didn’t exist yet. Chen’s metagoal was different but complementary: optimizing everything, from engineering problems to real-world systems.

    “It was an instant alignment,” Chen said. 

    Today, the two still ask every single person they hire what their metagoals are. 

    Chen founded the school’s drone club, petitioned administrators to let students fly quadcopters on campus, and spent hours tinkering in robotics labs. The two were the kids who stayed late, broke hardware, and kept experimenting.

    “It was a great time,” Chen said. 

    When college admissions rolled around, Chen was accepted to Carnegie Mellon and Georgia Tech — the obvious, prestigious paths for a gifted robotics student. Wang, meanwhile, had been admitted to Tsinghua University, China’s elite engineering powerhouse, often described as “China’s MIT.”

    Chen visited the Beijing campus, toured the labs, and made a decision few American high schoolers would: He followed Wang to Tsinghua. 

    The transition wasn’t easy. The coursework was intense, and the two struggled, even flunking some classes.

    “Most of the Chinese kids are really — I hate to be stereotypical — but they’re really good at studying,” Chen laughed. “They’re really sharp.”

    Still, he was surprised by how supportive his professors were once they learned what he and Wang were building.

    “They were like, ‘Hey, I know this thing you’re trying to make — it’s a very good thing. I actually believe in the concept of AGI,’” he said.

    By then, nearly everyone in Tsinghua’s Brain Cognition and Brain-Inspired Intelligence Lab knew what the two undergraduates were attempting: a new approach to machine intelligence that challenged the dominant assumptions of the field.

    A 3 a.m. breakthrough

    It was at Tsinghua’s brain lab where they developed the Hierarchical Reasoning Model (HRM), the architecture they believe can surpass transformers entirely.

    If OpenChat was their proof of concept, HRM was the moonshot they had been building towards. And the moment it proved itself came, appropriately, in the dead of night.

    On a random early morning in June this year, at 3 a.m., Chen and Wang stared at the benchmark results returned by their small experimental model. Their tiny HRM prototype — just 27 million parameters, microscopic compared to GPT-4 or Claude — was outperforming systems from OpenAI, Anthropic, and DeepSeek on tasks designed specifically to measure reasoning.

    It solved Sudoku-Extreme, found optimal passages through 30×30 mazes, and achieved startlingly high performance on the ARC-AGI benchmark — all without chain-of-thought prompting or brute-force scaling.

    “It was crazy,” Chen said. “Just with a change in the architecture, it gave the model a lot of what we call reasoning depth.” 

    Unlike a transformer, which predicts the next word based on statistical patterns, HRM uses a two-part recurrent structure modeled loosely on how the human brain mixes slow, deliberate thought with fast reflexive reactions. The system can plan, dissect problems, and reason using internal logic rather than imitation. “It’s not guessing,” Chen said. “It’s thinking.”

    Chen says their models hallucinate far less than traditional LLMs and already match state-of-the-art performance in time-series forecasting tasks like weather prediction, quantitative trading, and medical monitoring.

    They are now working on scaling HRM into a general-purpose reasoning engine, with a simple but radical thesis: that AGI won’t come from bigger transformers, but smaller, more efficient architecture. Today’s frontier models are massive — in some cases, hundreds of billions of parameters — but even their creators admit they struggle with reasoning, planning, and multi-step problem decomposition, Chen said. 

    He believes that limitation is structural, not temporary.

    “You can stack more layers,” he says. “But you’re still hitting the limits of a probability model.”

    Sapient is now preparing to open a U.S. office within the next month, raise additional funding, and maybe change their name to begin deploying the second version of their model. The founders believe continuous learning — the ability for a model to absorb new experiences safely, without retraining from scratch — is the next major frontier. 

    “AGI is the holy grail of AI” Chen says. And he expects it to emerge in the next decade. 

    “One day, we’re going to have an AI that’s smarter than humans,” Chen said. “Guan and I always say it’s like Pandora’s box, if we’re not going to make it, someone else will. So we hope that we’re going to be the first one to make that happen.”

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  • Amid ‘instability and fear’ in Trump’s economy, Americans are cutting holiday spending | US economy

    Amid ‘instability and fear’ in Trump’s economy, Americans are cutting holiday spending | US economy

    Americans are feeling rattled about the state of the economy. Donald Trump has batted away question after question from reporters on concerns over higher prices, just a year after he won an election promising to bring down costs.

    While the White House has tried to reduce concern, floating tariff-funded $2,000 stimulus checks and removing import levies on certain agricultural imports, many consumers remain anxious.

    Preparing for the holiday season, and bracing for the spending it often demands, Guardian readers across the US expressed apprehension – and explained how they plan to spend – in this economy. Many said the higher cost of necessities, like groceries, was imposing on their ability to buy gifts for family and friends.

    “I love giving people gifts,” said Grace Brown, 34, of Charlotte, North Carolina. “I’m a person that pays attention all year and will keep notes in my phone if someone mentions something in July they may want.”

    But this year is different. As prices have climbed over the last year, Brown said that her budget for gifts has shrunk. Things already feel squeezed: she and her fiance are already limiting eating out, and have agreed they won’t exchange gifts with each other this holiday.

    “Prices for everything have gone up,” Brown said. “It’s kind of hard to have luxuries.”

    Collection of key pricing data was halted during the shutdown, so it’s unclear how much higher prices have been rising. In September, the latest available reading, prices went up 3%, compared with 2.3% in April.

    Regardless of the official data, consumers feel like prices have been climbing. On Tuesday, the Conference Board reported that consumer confidence had fallen to its lowest level since April, when Trump first announced his full slate of tariffs. The University of Michigan’s Surveys of Consumers, another measure of consumer sentiment, similarly showed drops in confidence after the summer.

    “Being on a fixed income, we have had to cut way back on our spending for the holiday,” said Jeffrey Larimore, 68, of Caldwell, Idaho. “We had enough disposable income to go out to dinner, take weekend trips and spoil [my granddaughters]. Since the tariffs have raised the cost of living, we have cut out all of that.”

    Ryan, a retired law enforcement officer in Texas, who wished to withhold his last name, said his family “can barely put food on the table” let alone do holiday shopping for his young children.

    “I’m scrambling to find some way to preserve some aspect of magic for them,” he said. “I spent my life in service to my country. What he [Trump] has done in less than a single year breaks my heart.”

    Recent surveys indicated that Americans are set to cut back on holiday shopping this year. Deloitte estimated that spending could be down 4% compared with last year, while the National Retail Federation said that after hitting a record high last year, the amount of money Americans are planning to spend this year is down 1.3%.

    In addition to prices going up, more Americans are concerned about the labor market. While expectations of unemployment dropped after Trump’s election, it has been climbing up over the last year. This sentiment tracks with the slow rise in unemployment, which was 4.4% in September – the highest it’s been since October 2021. For many, this means that higher prices aren’t the only concern.

    “My homeowner’s insurance is up, 2026 health insurance is up, property taxes are up for 2026,” said Sarah Tenbensel of Minneapolis. “I may need a second job very soon.”

    Shari Dunn, 57, of Oregon, said that in addition to prices going up, “there is fear regarding employment and contacts”. “It’s more than just tariffs – it’s everything. The instability and fear,” she said.

    Dunn said she is participating in the economic boycott taking place over the Black Friday shopping holiday, one of a handful of consumer boycotts that have been organized since Trump started his second term.

    For some, this past year has meant opting out of the economy in frustration with national politics. Linda McKim Bell, 79, of Portland, Oregon, said that she has tried not to buy anything new since Trump took office.

    “I have shopped all year at online thrift stores for my family gifts,” she said. “I am making the rest of our holiday gifts: orange marmalade and homemade pastries make great gifts. Will continue to buy items that are used as much as possible.”

    Brown said that even though she and her fiance have agreed not to exchange gifts, she may make a trip to Asheville, North Carolina, and support local artists there as the community continues to recover from Hurricane Helene.

    “Whenever we have money to spend, we try to spend it there with small businesses,” Brown said. “One thing I just remember from high school is my teacher would always tell us ‘you vote with your dollars’.”

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  • Armani names new board to steer company through succession plan – Reuters

    1. Armani names new board to steer company through succession plan  Reuters
    2. Armani Group Appoints New Board Members, Includes Marco Bizzarri, John Hooks  WWD
    3. Armani to name new board as founder’s heirs reset fashion group  FashionNetwork India
    4. Armani SpA set to appoint new board as succession process advances | Retail News EU  Apparel Resources
    5. Armani prepares to announce new board of directors after founder’s death: fashion empire undergoes management reboot  Українські Національні Новини

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  • Top Ports, States, and Sectors

    Top Ports, States, and Sectors

    US–Vietnam trade continues to grow, with key states leading most of the activity. Vietnam depends on US exports for production inputs, forming an integrated trade network supported by major transport hubs.


    Recent data show trade between Vietnam and the US is continuing on its robust growth trajectory, as tariff pressures are partly relieved by the prospect of a new bilateral agreement. Vietnam’s exports to the US reached a record of US$126.16 billion in the first ten months of 2025 – up 28 percent year-on-year.

    FIND BUSINESS SUPPORT

    The most recent data was released a week after the fifth round of direct negotiations on the US–Vietnam Reciprocal, Fair, and Balanced Trade Agreement, which took place in Washington, D.C., from November 12 to 14. Alongside the negotiation agenda, both sides participated in activities aimed at enhancing bilateral economic and investment cooperation, expanding trade connections, and garnering support for the ongoing negotiations of the reciprocal trade agreement.

    Speaking to Vietnam Briefing, Dan Martin – Assistant Manager of International Business Advisor at Dezan Shira & Associates – noted that the US–Vietnam trade relationship has grown into something much more strategic than tariff schedules or export numbers suggest. “What’s taking shape is a new layer of industrial interdependence across the Pacific. Vietnam is moving into higher-value manufacturing, and American supply chains are adapting around that shift. It’s less about diversification for its own sake and more about building a second anchor in Asia that can sustain long-term production stability,” said Martin. 

    Recent developments present a positive outlook, highlighting resilient growth in trade between the two countries. This growth is fueled by strengthening bilateral relations, the global shift in manufacturing orders, and the increasing demand of the US market for a wide variety of Vietnam’s products, from electronics to agricultural goods.

    See also: US-Vietnam Framework for Trade Agreement: Key Terms and Expectations

    Explore vital economic, geographic, and regulatory insights for business investors, managers, or expats to navigate Vietnam’s business landscape. Our Online Business Guides offer explainer articles, news, useful tools, and videos from on-the-ground advisors who contribute to the Doing Business in Vietnam knowledge.
    Start exploring

    Two-way trade overview

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    The US remained Vietnam’s largest export market in the first 10 months of 2025, accounting for more than 30 percent of Vietnam’s total shipments.

    Vietnam-US trade is dominated by Vietnam’s tech-oriented exports, alongside strong traditional sectors such as textiles, footwear, and wood products.

    Vietnam’s imports from the US mainly comprise production inputs such as electronics components, cotton, machinery, and plastic raw materials, underscoring a vertically integrated trade relationship in which Vietnam ships finished goods and relies on the US for key manufacturing materials.

    Vietnam’s integration with the US economy runs deeper than many realize. The trade balance masks a complex ecosystem in which American inputs feed Vietnam’s factories, and finished goods return to US consumers. That loop has become a critical stabilizer in global manufacturing. For American firms, the competitive edge now lies in how effectively they can manage that loop – through technology transfer, supplier oversight, and resilient logistics. – Dan Martin, Assistant Manager of International Business Advisor, Dezan Shira & Associates

    Top Commodities in Vietnam-US Trade, January – October 2025

    Item

    Value (US$ Billion)

    Vietnam’s exports to the US

    Computers, electronics, and components

    34.14

    Machinery, equipment, and other parts

    19.61

    Textiles and garments

    14.81

    Footwear

    7.39

    Wood and wooden products

    7.8

    Vietnam’s imports from the US

    Computers, electronic products, and components

    4.4

    Cotton (all types)

    1.21

    Machinery, equipment, tools, and other spare parts

    1.04

    Plastic raw materials

    0.94

    Animal feed and ingredients

    0.68

    Source: Vietnam Customs

    Key US transport hubs in Vietnam–US trade flow

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    Examining transport destinations, US–Vietnam trade flows are heavily concentrated in just a few key states, with California leading through the ports of Los Angeles and Long Beach, and the Los Angeles and San Francisco international airports. These ports and airports account for the largest share of total value and emphasize the state’s central role in managing electronics-heavy, high-volume shipments.

    Illinois follows thanks to Chicago O’Hare’s strong air-cargo throughput, while New Jersey and Georgia contribute mid-tier volumes via Newark and Savannah. Alaska and Washington appear as strategic air and seaport transit points, and Texas rounds out the list with Houston’s energy-linked capacity, showing that while multiple states participate, US–Vietnam trade is overwhelmingly West Coast-centric, with Illinois as the major inland exception.

    Top US Ports/Airports for Vietnam-US Trade (July 2025)

    Rank

    Port/airport

    City, state

    YTD value (US$ billion)

    1

    Port of Los Angeles

    Los Angeles, California

    26.72

    2

    Chicago O’Hare International Airport

    Chicago, Illinois

    19.12

    3

    Port of Long Beach

    Long Beach, California

    10.03

    4

    Los Angeles International Airport (LAX)

    Los Angeles, California

    8.24

    5

    Port of Newark

    Newark, New Jersey

    5.28

    6

    Port of Savannah

    Savannah, Georgia

    5.23

    7

    San Francisco International Airport (SFO)

    San Francisco, California

    3.88

    8

    Ted Stevens Anchorage International Airport

    Anchorage, Alaska

    3.66

    9

    Port of Tacoma

    Tacoma, Washington

    3.09

    10

    Port of Houston

    Houston, Texas

    3.08

    Source: WorldCity

    Top US states importing from Vietnam

    Imports from Vietnam to the top US states grew steadily from 2018 to 2024, though there were notable shifts. While California continues to dominate, Illinois and the South are emerging markets, and Texas illustrates the importance of monitoring sector trends and diversifying sourcing strategies.

    map visualization
    chart visualization

    From 2018 to 2024, California was the largest importer of Vietnamese commodities, rising from US$13.6 billion to US$38.5 billion, driven by tech and consumer goods. Illinois also grew rapidly, reaching US$12.7 billion in 2024, signaling emerging demand in manufacturing and logistics.

    Texas, meanwhile, showed more volatility, peaking in 2022 before declining, reflecting possible supply chain or sector-specific changes. Southern states like Tennessee and Georgia experienced steady growth, reaching US$8.1 billion and US$6.7 billion, respectively, highlighting their increasing role in industrial and manufacturing trade.

    Top Commodities Imported from Vietnam by US State, 2024

    US state

    NAICS-4

    Value (US$ million)

    California

    Semiconductors and other electronic components

    6,171

    Computer equipment

    5,829

    Communications equipment

    4,395

    Footwear

    3,233

    Apparel

    2,727

    Illinois

    Computer equipment

    5,464

    Communications equipment

    2,966

    Audio and video equipment

    1,560

    Navigational/Medic/Control Instrument

    402

    Household and Kitchen Cabinets

    369

    Texas

    Communications equipment

    2,582

    Semiconductors and other electronic components

    2,266

    Household and kitchen cabinets

    1,069

    Apparel

    637

    Computer equipment

    543

    Tennessee

    Computer equipment

    3,166

    Communications equipment

    793

    Apparel

    734

    Semiconductors and other electronic components

    703

    Footwear

    610

    Georgia

    Household and kitchen cabinets

    934

    Plastics products

    757

    Apparel

    683

    Communications equipment

    495

    Semiconductors and other electronic components

    480

    Top US states exporting to Vietnam

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    A majority of US exports to Vietnam are concentrated in a small group of states, with Texas and California consistently among the top contributors, each maintaining US$1.6 billion to US$2.3 billion annually, reflecting strong demand for machinery, tech goods, and agricultural products.

    Washington and Illinois remain smaller but steady exporters, each following a moderate, stable trend.

    map visualization
    chart visualization

    Top Commodities Exported to Vietnam by US State, 2024

    US state

    NAICS-4

    Value (US$ million)

    Oregon

    Semiconductors and other electronic components

    2,405

    Other leather products

    191

    Computer equipment

    28

    Navigational/medical/control instruments

    8

    Cleaning compounds and toilet preparations

    8

    California

    Fruits and tree nuts

    424

    Waste and scrap

    346

    Semiconductors and other electronic components

    292

    Computer equipment

    67

    Other agricultural products

    63

    Texas

    Communications equipment

    643

    Resin, synthetic rubber, and artificial synthetic fibers

    310

    Other agricultural products

    199

    Oil and gas

    117

    Basic chemicals

    90

    Washington

    Grain and oilseed milling products

    226

    Aerospace products and parts

    178

    Oilseeds and grains

    120

    Fruits and treenuts

    83

    Dairy products

    38

    Illinois

    Oilseeds and grains

    130

    Beverages

    103

    Leather and hide tanning

    21

    Animal slaughtering and processing

    19

    Other chemical products and preparations

    17

    Oregon case study: How the US can reduce its deficit with Vietnam

    While the data shows US exports to Vietnam are anchored mainly by West Coast states and Texas, Oregon’s 2024 spike is an interesting example of how new dynamics are shaping trade between the two countries.

    FIND BUSINESS SUPPORT

    According to Business Oregon, Vietnam is Oregon’s fifth-largest export market worldwide and the second-largest in Southeast Asia. The sharp increase was fueled by strong growth in electronics and machinery exports, particularly semiconductor-related products. As Vietnam seeks to position itself as a regional hub for emerging technologies, especially in AI and data-driven sectors, Oregon’s high-tech exports have become an important source of critical inputs supporting that ambition.

    Oregon is also actively seeking deeper collaboration with Vietnam. The state’s leadership recently explored opportunities in Da Nang City, focusing on priority sectors such as chip technology, logistics, and free trade zone (FTZ) development. Continued investment expansion could further boost exports from Oregon.

    Oregon’s experience demonstrates a practical way for the US to cut its trade deficit with Vietnam. By aligning state-level efforts with Vietnam’s strategic goals, other US states and businesses can follow this model. Building partnerships, spotting emerging sectors, and supporting investment in related industries could help balance trade and strengthen long-term economic connections between the countries. – Dan Martin, Assistant Manager of International Business Advisor, Dezan Shira & Associates

    Vietnam’s top importers by industry

    According to the latest Vietnam customs and importers data, the country has over 32,000 importers operating across different industries. Total imports reached US$379 billion, up 6 percent from the previous year.

    Industry

    Value in 2024 (US$ billion)

    Description

    Top importers

    Electronics and electrical machinery

    139

    Vietnam’s electronics exports heavily rely on imported components, such as semiconductors, circuit boards, and smartphones.

    Samsung Electronics Vietnam (3.76M units shipped); LG; Foxconn; Canon Vietnam

    Machinery and computers

    34.3

    Essential for auto assembly and industrial operations.

    Toyota Motor Vietnam (3.96M machinery shipments); Thaco Mazda, Isuzu Vietnam, Hyundai Thanh Cong, Hino Vietnam (1.6–2.4 million units each)

    Plastics and plastic articles

    19.5

    Raw plastics used for injection molding, packaging, and automotive parts.

    Polymer-processing firms in Binh Duong and northern industrial clusters (Bac Ninh)

    Mineral fuels and oils

    16.1

    Imports of crude, petroleum products, and refined fuels for energy and industrial use.

    State energy groups and refineries (Dung Quat, Nghi Son); industrial energy buyers (steel mills, petrochemical zones)

    Iron and steel

    14.1

    Key inputs for construction and machinery industries.

    Construction materials traders; steel fabricators in Ho Chi Minh City, Hanoi, Binh Duong, Bac Ninh; steel-intensive FDI investors

    Textiles and fabrics

    Knit: 7.2

    Manmade filaments: 5.4

    Yarn, synthetic fibers, and fabrics feed domestic garment manufacturing and export.

    Vinatex; domestic garment exporters in northern clusters; FDI-led apparel groups

    Source: Vietnam Export Data

    Takeaways

    For US businesses, understanding which states lead trade with Vietnam is critical. Companies should focus on high-growth sectors like semiconductors, machinery, and textiles, align exports with Vietnam’s strategic priorities, and leverage key transport hubs in California, Illinois, and Texas.

    Emerging states such as Oregon demonstrate that state-level engagement can expand export potential, while monitoring supply chain shifts ensures resilience and maximizes opportunities in the growing Vietnam-US trade relationship.

    Also see

    About Us

    Vietnam Briefing is one of five regional publications under the Asia Briefing brand. It is supported by Dezan Shira & Associates, a pan-Asia, multi-disciplinary professional services firm that assists foreign investors throughout Asia, including through offices in Hanoi, Ho Chi Minh City, and Da Nang in Vietnam. Dezan Shira & Associates also maintains offices or has alliance partners assisting foreign investors in China, Hong Kong SAR, Indonesia, Singapore, Malaysia, Mongolia, Dubai (UAE), Japan, South Korea, Nepal, The Philippines, Sri Lanka, Thailand, Italy, Germany, Bangladesh, Australia, United States, and United Kingdom and Ireland.

    For a complimentary subscription to Vietnam Briefing’s content products, please click here. For support with establishing a business in Vietnam or for assistance in analyzing and entering markets, please contact the firm at vietnam@dezshira.com or visit us at www.dezshira.com

     

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  • Volatus Aerospace (TSXV:FLT) Valuation in Focus Following Major Capital Raise and Strategic Investor Backing

    Volatus Aerospace (TSXV:FLT) Valuation in Focus Following Major Capital Raise and Strategic Investor Backing

    Volatus Aerospace (TSXV:FLT) just wrapped up a follow-on equity offering, raising over CAD 20 million. The company also completed a private placement with significant participation from new international backers, including Unusual Machines, Inc.

    See our latest analysis for Volatus Aerospace.

    After raising fresh capital and drawing in new strategic investors, Volatus Aerospace’s momentum is grabbing attention. The company’s 1-year total shareholder return of 380% signals major value creation, even as the last month’s share price return pulled back. With momentum building again in recent days, these funding events may represent a turning point in market perception and growth prospects.

    If these strategic moves have you interested in what else is happening across advanced aviation and defense, discover See the full list for free.

    With shares still trading at a meaningful discount to analyst targets, investors have to wonder: is Volatus Aerospace offering real upside at today’s price, or are markets already factoring in its ambitious growth plans?

    Volatus Aerospace is currently trading at a price-to-sales (P/S) ratio of 13.4, a striking premium relative to both its North American Airlines industry peers and its own revenue prospects. At the last close of CA$0.60, this high multiple stands out against an industry average of just 0.5x and an estimated fair P/S ratio of 1.9x.

    The P/S ratio shows how much investors are willing to pay for each dollar of revenue. For a growth-focused, unprofitable company like Volatus Aerospace, the metric can reflect expectations for rapid future expansion or premium segment leadership. It also exposes how much optimism is already built into the current share price.

    Compared to peers, the gap is enormous. The market is currently valuing Volatus at levels much higher than both the typical airline and what regression analysis suggests is reasonable for a business at this stage. If investor enthusiasm holds, it could imply lasting belief in substantial top-line growth that may not yet be realized. However, history shows these premiums rarely remain if business results fail to keep up.

    Explore the SWS fair ratio for Volatus Aerospace

    Result: Price-to-Sales of 13.4x (OVERVALUED)

    However, volatile earnings and lofty revenue expectations may leave the share price vulnerable if Volatus Aerospace’s business execution falls short of investor hopes.

    Find out about the key risks to this Volatus Aerospace narrative.

    While the current price-to-sales ratio suggests Volatus Aerospace is trading at a steep premium, our SWS DCF model shows a different picture. According to this approach, shares are actually trading nearly 59% below fair value. Does this mean the market is overlooking Volatus’s longer-term growth prospects?

    Look into how the SWS DCF model arrives at its fair value.

    FLT Discounted Cash Flow as at Nov 2025

    Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Volatus Aerospace for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 927 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

    If you see things differently or want to dive into the numbers yourself, you can shape your own Volatus Aerospace story in just a few minutes. Do it your way

    A great starting point for your Volatus Aerospace research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.

    Right now, some exceptional stocks are catching strong momentum and shaping the future in ways you won’t want to miss. Use these powerful tools to guide your next smart move:

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include FLT.V.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • (Corrections / Correction of Numerical Data) Corrections to the Consolidated Financial Results for the Second Quarter of Fiscal Year 2025 (IFRS)

    2. Consolidated Financial Statements and Notes

    (5) Notes Business combination

     

    (Before correction)

    7. Impact on business performance

    The revenue and profit arising on and after the acquisition date in relation to this business combination are 5,519 million yen and 516 million yen, respectively. The revenue and profit as if the business combination had taken place at the beginning of the consolidated fiscal year ending March 31, 2026 are 33,608 million yen and 1,565 million yen (pro forma information), respectively.

    Please note that this pro forma information has not been reviewed by an auditing firm.

     

    (After correction)

    7. Impact on business performance

    The revenue and profit arising on and after the acquisition date in relation to this business combination are 5,519 million yen and 516 million yen, respectively. The revenue and profit as if the business combination had taken place at the beginning of the consolidated fiscal year ending March 31, 2026 are 241,054 million yen and 84,580 million yen (pro forma information), respectively.

    Please note that this pro forma information has not been reviewed by an auditing firm.

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  • Online shopping from 22% to 91% across EU regions – News articles

    Online shopping from 22% to 91% across EU regions – News articles

    In 2024, there were 23 EU regions at level 2 of the nomenclature of territorial units for statistics (NUTS 2) where at least 80% of the population aged 16 to 74 years ordered goods or services over the internet in the 3 months preceding the survey.

    Approximately half of these 23 regions were in the Netherlands (all 12 regions). The remainder was in Denmark (4 regions), Ireland (all 3 regions), Sweden (3 regions) and the Czech capital region of Praha.

    The central Dutch region of Utrecht had the highest share of people ordering goods or services over the internet (91.5%). Its neighbouring region of Flevoland (89.5%) had the next highest share, followed by the Irish region of Northern and Western (88.3%).

    Source datasets: isoc_r_blt12_i and isoc_ec_ib20

    In 21 EU regions, less than 40% of the population ordered goods or services over the internet. Most of these regions are located in eastern and southern EU, including Romania (6 regions), Bulgaria (5) and southern Italy (6). This category also included 3 outermost regions of France and 1 autonomous region of Portugal.

    The south-eastern Bulgarian region of Yugoiztochen had the lowest share of people ordering goods and services over the internet (21.7%). There were 2 other regions in the EU with shares below 25%: the Caribbean region of Guadeloupe (24.2%) and the north-western Bulgarian region of Severozapaden (24.9%).

    Would you like to learn more about the digital society at the regional level? 

    You can read more about the digital society in the Eurostat regional yearbook – 2025 edition, also available as a set of Statistics Explained articles, as well as in the digital society section of the interactive publication Regions in Europe and the Statistical Atlas.

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  • US regulators ‘taking seriously’ allegations of bankers’ support for Epstein | Banking

    US regulators ‘taking seriously’ allegations of bankers’ support for Epstein | Banking

    US regulators say they are taking allegations that top banks may have facilitated Jeffrey Epstein’s criminal activity “very seriously”, as they faced calls to investigate executives including the former Barclays boss Jes Staley.

    In correspondence seen by the Guardian, bosses from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) said they had reviewed a letter from the Democratic senator Elizabeth Warren, which raised concerns over bankers’ alleged support for the convicted child sex offender Epstein.

    That includes Staley, who Warren said had allegedly protected Epstein’s access to the banking system while working at JP Morgan in the early 2000s. Staley has already been banned from the UK banking sector for playing down his relationship with Epstein.

    While the regulators would not publicly confirm whether they were opening formal inquiries, their directors assured Warren they would take action over any potential misconduct.

    “While it would be inappropriate to comment on any specific ongoing supervisory matter, I take very seriously any allegations of wrongdoing or abuse by banks and bank executives,” the comptroller of the currency, Jonathan Gould, said in a letter to Warren, who is the lead Democrat on the US Senate committee on banking, housing and urban affairs.

    “We appreciate the seriousness of this matter and will continue to examine banks, including JP Morgan Chase Bank, NA, within the scope of our authority, including to ensure banks address safety and soundness concerns and violations of law under our jurisdiction,” Gould added.

    Warren’s original letter raised questions over JP Morgan’s wider banking relationship with the sex offender, noting that Epstein was one of the bank’s most profitable clients before being dropped in 2013, five years after he was jailed for soliciting prostitution from a minor. The well-connected financier died in prison in July 2019, while awaiting trial over child sex trafficking charges.

    The FDIC’s acting chair, Travis Hill, said the regulator took “unlawful activity involving the banking sector, including possible insider involvement in illicit activity, very seriously”.

    His letter, dated 17 November, said “if this type of activity is identified” the watchdog would follow standard protocol: collecting and reviewing potential evidence, before escalating the matter to the FDIC’s inspector general’s office, which has law enforcement powers.

    Wrongdoing could result in a fine and a potential ban from working in the US banking sector.

    The FDIC and OCC declined to comment. The Guardian contacted Staley’s legal representative for comment.

    Warren said in a statement: “Regulators need to investigate and hold accountable Epstein’s enablers – and I’ll believe they’re taking action when I see it. Americans deserve to know that their banking system isn’t facilitating the disturbing crimes of the rich and powerful.”

    A spokesperson for JP Morgan did not directly comment on Warren’s correspondence with regulators but in relation to Epstein said: “We regret any association we had with the man, but did not help him commit his heinous acts. We ended our relationship with him six years before his arrest on sex trafficking charges. The federal government had damning information about his crimes that they failed to share with us or other banks.”

    Last week Warren used an appearance on The Late Show with Stephen Colbert to urge the JP Morgan chief executive, Jamie Dimon, to testify in front of the US Senate banking committee.

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    “They opened about 134 different accounts for Jeffrey Epstein over these years. They did more than a billion dollars in transactions for Jeffrey Epstein … He literally could walk into the bank and get $50m from JP Morgan Chase.

    “So, what I’d like to do, over on the banking committee, is I’d like to have Mr Dimon and some of those other bankers come in and, under oath, testify about exactly what the financial trail is that kept Jeffrey Epstein afloat for so long.”

    JP Morgan said in a statement: “Jamie never met with Epstein, spoke with him, emailed with him, and was not involved in any decisions about his account, to which he testified under oath. There are over a million pages of emails and other documents produced in this case, and not one comes even close to suggesting otherwise.”

    The bank’s spokesperson added: “We will follow the law, including responding to a subpoena. Our involvement with Epstein is largely a matter of public record, with millions of pages of discovery from litigation already publicly available.”

    The correspondence between Warren and US financial regulators comes days after Donald Trump was pressed into signing a bill that will lead to the US justice department releasing all of its unclassified records, documents, and communications related to Epstein and the co-conspirator Ghislaine Maxwell.

    It follows initial backtracking by the US president, who had come under fire for his own ties to the sex offender, having been friends with Epstein before the pair fell out in 2004, before Epstein’s conviction. The documents are expected to be released within 30 days, on or about 19 December.

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  • SFO Guidance on Evaluating a Corporate Compliance Programme : Clyde & Co

    SFO Guidance on Evaluating a Corporate Compliance Programme : Clyde & Co

    Fifteen years on from the UK Bribery Act 2010, the United Kingdom’s corporate crime framework has matured into a cohesive ‘failure to prevent’ regime. That journey continued with the Economic Crime and Corporate Transparency Act 2023 (ECCTA), which introduced the new offence of failure to prevent fraud for large organisations.

    Against this backdrop, the Serious Fraud Office (SFO) has refreshed its Guidance on Evaluating a Corporate Compliance Programme (published on 26 November 2025). The updated Guidance clarifies when, why and how the SFO will examine an organisation’s compliance arrangements across investigations, prosecution decisions, Deferred Prosecution Agreements (DPAs), potential defences to bribery and fraud charges, and sentencing. 

    This article explains what the Guidance means in practice, integrates legal analysis on how compliance evidence influences outcomes, and sets out pragmatic steps to strengthen programmes in line with regulatory expectations. It also assesses whether the UK is moving toward the US Department of Justice’s (DOJ) structured approach to evaluating effective compliance programmes, and whether similar clarity would be useful for the Bribery Act 2010.

    Scope and themes of the refreshed Guidance

    The SFO sets out six scenarios in which a corporate compliance programme will be evaluated. This will be to inform: 

    (i) decisions to prosecute under the Full Code Test; 

    (ii) whether to invite a company into DPA negotiations and, if so, on what terms;

    (iii) whether to include compliance undertakings and/or a monitorship within any DPA; 

    (iv) whether a company can rely on the Bribery Act 2010 section 7 defence of ‘adequate procedures’; 

    (v) whether a company can rely on ECCTA’s ‘reasonable procedures’ defence to failure to prevent fraud; and 

    (vi) the relevance of programme design and operation at sentencing. 

    Evaluation is holistic and fact‑specific. The existence of policies is not determinative: prosecutors will assess whether controls operate effectively in practice and whether leadership has fostered behaviour that prevents fraud and bribery. 

    Effectiveness is judged at two points in time: the state of the programme when misconduct occurred and the state of the programme at the point of charge or resolution, including any remediation undertaken.  

    Practical pointers and SFO approach

    The updated document includes a helpful question‑and‑answer section and is at its best when explaining how the SFO will approach evaluation. In particular, it recognises that isolated compliance failures do not inevitably render a programme ineffective, and reiterates that the SFO will take a holistic view when forming its conclusions. The Guidance also summarises the role of DPAs and monitors, and sets out how the agency will consider remedial commitments, oversight, and proportionate monitoring where appropriate.

    Legal analysis: how the Guidance affects key outcomes

    Prosecution decisions: A programme that was ineffective at the time of offending will weigh in favour of prosecution; conversely, genuine remediation and a proactive, effective programme can weigh against prosecution. 

    DPA eligibility and terms: Programme effectiveness is a key factor in whether the SFO will invite a company to negotiate a DPA. Where appropriate, undertakings may include enhancements to policies, controls, training, reporting and independent monitoring. 

    Statutory defences: For bribery, the statutory defence turns on ‘adequate procedures’; for fraud under ECCTA, the defence turns on ‘reasonable procedures’. Both standards are principle‑based and proportionate to risk. In narrow circumstances, limited procedures may be defensible, but organisations should assume that a documented risk assessment and proportionate controls are the practical baseline. 

    Sentencing: Courts can consider the existence and nature of a compliance programme in mitigation, particularly where the company evidences culture, governance and operations designed to prevent misconduct and shows measurable improvements following discovery.

    Is the SFO moving toward the DOJ’s approach?

    The DOJ’s Evaluation of Corporate Compliance Programs (ECCP) is widely regarded as a clear, operational framework. It organises prosecutorial inquiry around three fundamental questions—design, empowerment and resourcing, and whether the programme works in practice—and encourages assessment in terms of a programme’s ‘technostructure’ (governance, policies, data access, tools) and its outputs (deterrence, detection, remediation). By contrast, the SFO’s compliance evaluation Guidance, consistent with the UK’s principle‑based tradition, is less prescriptive and emphasises holistic, context‑specific analysis. 

    There are signs of convergence—particularly the SFO’s emphasis on effectiveness in practice, dual timeframe assessment (at offence and at resolution), and the growing importance of technology, data and whistleblowing—but the SFO has not yet adopted a question‑led evaluative framework akin to the DOJ’s ECCP. Many corporates would benefit from an articulation that mirrors the DOJ’s clarity, not least because it facilitates planning, benchmarking and internal audit of compliance capability. It would potentially be useful if the Ministry of Justice or the SFO replicated that approach for the Bribery Act 2010, translating the six prevention principles into operational questions and output measures provided that this did not place too higher additional burden on business.

    Statutory guidance and the case for updates

    For multi‑nationals, interpreting what will constitute ‘adequate’ or ‘reasonable’ procedures remains challenging. The refreshed SFO document summarises the six principles at a high level, but detailed statutory guidance sits elsewhere: the Ministry of Justice’s Bribery Act Guidance on section 7, and the Home Office’s Failure to Prevent Fraud Guidance. The absence of an update to the Bribery Act Guidance comparable to the breadth of the Failure to Prevent Fraud Guidance raises a practical question: when will the 2011 Bribery Act Guidance be modernised to reflect current market practice, evolving US expectations, and technology? The intervening years have transformed both compliance tooling and risk landscapes; UK business would benefit from aligned, contemporary guidance across both regimes.

    Practical steps to align with SFO expectations

    • Refresh the risk assessment with a ‘benefit of fraud’ lens: identify where the organisation could benefit from fraud (e.g., sales practices, channel incentives, revenue timing, disclosures, ESG claims) and extend the assessment to associated persons (agents, distributors, outsourcers, resellers) and group entities. 
    • Map policies to controls and evidence operation: create a risk–control matrix, assign owners, define metrics, and test operation through sampling, walk‑throughs and data analytics. Maintain an audit trail of findings and remediation. 
    • Strengthen third‑party governance: update onboarding, contractual clauses and ongoing monitoring to address fraud‑prevention obligations; enforce audit rights, reporting triggers and termination provisions. 
    • Align incentives and culture: review Key Performance Indicators (KPIs) and reward structures to reduce pressure points; deliver role‑specific training; track speak‑up data, investigations and outcomes as indicators of behavioural effectiveness. 
    • Leverage technology: deploy monitoring tools and analytics to surface anomalies and automate evidence of control execution, policy delivery and training completion.

    Clyde & Co perspective

    Clyde & Co’s previous commentary on UK corporate crime enforcement and our Corporate Risk Radar series underline that regulatory complexity is now a board‑level strategic variable. Organisations that treat compliance as a resilience capability—risk‑driven, evidence‑based and tech‑enabled—are better positioned to reduce enforcement exposure, secure pragmatic outcomes and sustain growth. The SFO’s refreshed Guidance reinforces that the decisive question is not whether policies exist, but whether they work in practice and are continuously improved.

    Purpose and context of the update

    The SFO states that the refreshed Guidance aims to provide clarity and transparency on how compliance programmes are assessed. It is intended to help organisations understand the factors prosecutors consider when evaluating effectiveness, particularly in light of the new failure to prevent fraud offence under ECCTA. The Guidance also includes practical resources and hyperlinks to related materials on DPAs and monitors, reinforcing its role as a reference point for corporates navigating enforcement risk.

    Holistic evaluation and practical implications

    The SFO emphasises that isolated compliance failures do not automatically render a programme ineffective. Instead, evaluation will be holistic, considering governance, culture, and operational evidence. This approach reflects a shift from box-ticking to outcome-based assessment, requiring companies to demonstrate that controls work in practice and are proportionate to risk. For multi-nationals, this means aligning global compliance frameworks with UK expectations while maintaining agility to respond to evolving enforcement priorities.

    Convergence with international standards

    While the UK remains principle-based, there are signs of convergence with the DOJ’s structured approach. The DOJ’s Guidance frames evaluation around design, empowerment, and effectiveness, supported by measurable outputs. The SFO’s focus on effectiveness and remediation echoes these themes, but lacks the prescriptive clarity of the DOJ model. Many corporates could benefit from a UK equivalent that translates prevention principles into operational questions and performance indicators, enabling benchmarking and internal audit readiness. However, a half way house might be updated HMG guidance with more details FAQs, scenarios and details in relation to the expected use of technology and KPIs.

    Technology and data-driven compliance

    The Guidance implicitly recognises the growing role of technology and analytics in compliance. Organisations should leverage monitoring tools, data insights, and automation to evidence control execution and detect anomalies. This trend aligns with global best practice and supports the SFO’s expectation that programmes are not static but continuously improved based on risk and performance data.

    Conclusion

    The SFO’s refreshed Guidance marks a material moment in UK enforcement. Organisations should prioritise evidencing operational effectiveness, embedding proportionate procedures under both the Bribery Act 2010 and ECCTA, and maintaining credible cooperation frameworks. Beyond compliance, this is about resilience: leveraging technology, data, and governance to anticipate regulatory expectations. While the UK remains principle-based, convergence with global standards in this area over time is clear. The future may include a more granular level of UK requirements but until then, corporates must translate high-level principles into measurable outputs and continuous improvement to stay ahead of enforcement risk.


    Link to the hub: Regulatory & Investigations : Clyde & Co

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  • Air Canada Valuation in Focus After New International Route Expansion and Recent Price Volatility

    Air Canada Valuation in Focus After New International Route Expansion and Recent Price Volatility

    • Thinking of investing in Air Canada but not sure if the current price reflects its true value? You are not alone. This is a hot topic among investors looking for opportunities.

    • The stock has shown notable volatility, gaining 6.1% over the last week and 5.2% in the last 30 days. However, it is still down 14.7% year-to-date and 23.2% over the past year.

    • Recent discussions around travel demand recovery and evolving industry regulations have added new layers to the Air Canada story. News of expanding international routes and a renewed focus on operational efficiency are fueling debates about the company’s future prospects.

    • Air Canada currently scores 6 out of 6 on our valuation checks, which is a perfect mark. Let us dive into how that score was determined and why a more nuanced perspective on valuation might matter even more by the end of this article.

    Find out why Air Canada’s -23.2% return over the last year is lagging behind its peers.

    The Discounted Cash Flow (DCF) model estimates a company’s intrinsic value by projecting its future cash flows and discounting them back to today’s value. For Air Canada, this approach uses a 2 Stage Free Cash Flow to Equity method based on analysts’ forecasts for the next five years, with later years extrapolated to gauge long-term trends.

    Air Canada’s latest twelve-month Free Cash Flow (FCF) stands at CA$1.71 billion. Analyst estimates indicate this figure could decline in the short run but increase over the next decade. By 2029, projections see annual FCF reaching approximately CA$1.90 billion, with longer-term estimates rising further as industry conditions stabilize and operational efficiencies take effect. All these numbers are presented in Canadian dollars (CA$).

    Using these projections, the DCF model estimates Air Canada’s fair value at CA$85.08 per share. This represents a 77.6% premium over the current market price, suggesting the stock is significantly undervalued according to this approach.

    Result: UNDERVALUED

    Our Discounted Cash Flow (DCF) analysis suggests Air Canada is undervalued by 77.6%. Track this in your watchlist or portfolio, or discover 928 more undervalued stocks based on cash flows.

    AC Discounted Cash Flow as at Nov 2025

    Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Air Canada.

    The price-to-sales (P/S) ratio is a particularly useful valuation measure when analyzing companies that are either coming out of losses or have fluctuating profit margins, as is often the case in the airline industry. Since Air Canada has experienced volatile earnings and recovery is still underway, the P/S ratio provides a straightforward lens to gauge how the market values the company’s revenues, regardless of short-term profitability.

    Growth potential and risk profile are crucial factors in determining what constitutes a “normal” or “fair” P/S ratio. Investors typically assign higher ratios to companies with solid growth prospects and lower perceived risks, while more mature or riskier businesses tend to command lower ratios.

    Air Canada is currently trading at a P/S ratio of 0.26x. For context, the airline industry average P/S sits at 0.61x, while the peer group average is a much higher 26.36x. This highlights the diversity in business models and geographic exposure among airline peers. Simply Wall St’s proprietary Fair Ratio for Air Canada is calculated at 1.07x, which takes a more holistic view of the stock’s growth outlook, profit margins, scale, and the operational risks it faces.

    The Fair Ratio is a more insightful benchmark than just comparing with industry or peer averages, as it tailors the expected valuation multiple to Air Canada’s specific circumstances, including projections for earnings, risk factors, and its competitive position in the sector.

    With the current P/S ratio at 0.26x versus the Fair Ratio of 1.07x, Air Canada appears to be undervalued according to this approach.

    Result: UNDERVALUED

    TSX:AC PS Ratio as at Nov 2025
    TSX:AC PS Ratio as at Nov 2025

    PS ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1439 companies where insiders are betting big on explosive growth.

    Earlier we mentioned that there is an even better way to understand valuation. Let us introduce you to Narratives, an easy yet powerful way to make investment decisions by connecting a company’s story to financial forecasts and, ultimately, to its fair value.

    A Narrative is your personal investment thesis, where you interpret Air Canada’s business outlook, growth opportunities, and risks, and then link those views to specific forecasts for revenue, earnings, margins, and share price. Instead of just looking at historical numbers, Narratives let you craft and track your own scenario, explaining why you think Air Canada deserves a higher or lower value than what the market shows today.

    On Simply Wall St’s Community page, used by millions of investors, you can create and share Narratives to visualize your expectations or see how others are analyzing Air Canada. As new information such as earnings reports or major news comes in, Narratives are updated in real time, helping you keep your investment case current.

    Different investors may see Air Canada’s future very differently. One Narrative predicts strong international route expansion and share buybacks will drive growth and value the stock as high as CA$32.0. Another, more cautious Narrative focuses on rising labor costs and market risks, putting fair value as low as CA$17.4.

    Do you think there’s more to the story for Air Canada? Head over to our Community to see what others are saying!

    TSX:AC Community Fair Values as at Nov 2025
    TSX:AC Community Fair Values as at Nov 2025

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include AC.TO.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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