Category: 3. Business

• 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.

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

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!

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

The development of these purpose-built police specials involved police officers themselves, who worked together with engineers in Mladá Boleslav and drew on extensive experience from the first-generation Kodiaq police fleet. Power now comes from the sporty RS variant and consists of a 2.0 TSI turbocharged petrol engine delivering 195 kW, all-wheel drive, and a DSG automatic transmission. The car is also equipped with specially tuned DCC+ adaptive dampers. 

The Škoda Kodiaq will serve both patrol and traffic police units. A new feature is the introduction of 18-inch alloy wheels, replacing the original steel rims with plastic covers. These allow for better cooling of the upgraded more robust braking system, which comes from the seven-seat version of the SUV. Another interesting upgrade is the ability to quickly switch the drivetrain and chassis into sport mode, giving the driver immediate access to full vehicle performance. 

Tokyo, November 28, 2025 – Mitsubishi Heavy Industries, Ltd. (MHI) published its integrated report, “MHI REPORT 2025”, which provides a balance of financial and non-financial information of MHI Group and its “SUSTAINABILITY DATABOOK 2025” (the Databook), an annual report summarizing non-financial information of the Group.

“MHI REPORT 2025” provides explanations centering on our new corporate strategy, Innovative Total Optimization (ITO) established by CEO Eisaku Ito, who took the office in April. In a message from the President and CEO at the beginning, CEO Ito outlines his management approach to achieve Group-Wide Optimization and Reach Expansion to unlock growth potential and establish a virtuous cycle of high profitability and growth investments by creating new value. Next, in a message from the CFO, CFO Hiroshi Nishio shares his perspective on the financial strategy that supports medium- to long-term growth to meet the capital market’s expectations of the Group, from perspectives such as financial discipline, resource allocation, and portfolio management.

Two feature articles are included. The topic of the first feature is at the forefront of our future growth areas. A message from CSO Masayuki Suematsu explains our growth strategy, centering on the initiatives for growth areas established in the 2024 Medium-Term Business Plan. In a roundtable discussion on the data center business, the feature discusses the future outlook of the market, the Group’s strengths, and its eagerness to expand this business. The topic of the second feature is the technology platform supporting MHI Group. In a message from the CTO, CTO Tomoaki Omura shares his own mission to transform our technology platform and lay the groundwork for businesses that can underpin growth in the future, in addition to contributing to the ongoing business operations of the Group. The feature introduces the Shared Technology Framework, which is designed to serve as a Group-wide hub for technology.

The latter half of the report contains an article covering a roundtable discussion on the Company’s governance system. Three outside directors exchange opinions reflecting on the ten years since the Company transitioned to an Audit and Supervisory Committee structure in 2015. The functions of the Nomination and Remuneration Committee and principles on CEO succession are also covered.

The Databook provides the public with information on the progress being achieved by MHI Group in its sustainability management strategy, with content divided into sustainability management, the environment, society, and governance, along with detailed performance data.

The 2025 edition of the Databook includes expanded coverage of the Company’s initiatives related to the circular economy.(Note1) Also included are information on the certification of “Wadaoki Forest,” a forested area cultivated within Mihara Machinery Works in Hiroshima Prefecture as a “Nationally Certified Sustainably Managed Natural Site” by the Ministry of the Environment, and the “Strategy Map for Well-being and Health Management” developed to promote employee health and well-being.(Note2)

MHI Group aims to contribute to the resolution of the issues facing the world with our diverse technologies, thereby providing value to customers and society while also enhancing our corporate value. Going forward, we will continue to clearly communicate this mission to a broad range of stakeholders.

• 1 A circular economy is an economic system that aims to efficiently circulate resources to promote a sustainable society along with economic growth.
• 2Well-being is a concept signifying a state in which individual rights and self-fulfillment are guaranteed, and physical, mental, and social conditions are good.

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The I3 Instrument, funded by the ERDF, supports interregional collaboration in shared smart specialisation areas, fostering innovation-driven industrial transitions, and cross-regional value chains. As part of the Work Programme 2025–2027, the new Strand 2b call is open and will remain open until 19 March 2026.

This call represents a significant opportunity for both more developed and transition regions to strengthen innovation capacity, and for less developed regions to connect with broader European ecosystems. However, finding suitable partners with complementary strengths and shared priorities remains a challenge.

To address this, the 15th I3 Instrument Support Facility virtual event will provide a structured online matchmaking format to help participants build new partnerships for future I3 Instrument project proposals.

Participants will:

• Meet potential partners from other EU regions considering engagement in I3 Instrument projects;
• Explore complementarities and shared smart specialisation areas;
• Foster early-stage discussions that may lead to concrete I3 Instrument consortia or future cooperation opportunities.

The format will consist of three networking rounds in small breakout groups (3–4 participants), each lasting about 20 minutes, supported by light thematic prompts to guide discussion. An optional fourth networking round will be offered at the end for further exchanges.

NEW YORK — NEW YORK (AP) — Black Friday bargains no longer tempt people to leave Thanksgiving tables for midnight mall runs. Brawls in store aisles over toys and TVs with limited-time discounts are spectacles of holidays past. Online shopping and retailers launching discounts weeks before the turkey feast subdued that kind of fervor.

But the sales event still has enough enthusiasts to make the day after Thanksgiving the one when U.S. stores get the most shoppers coming in the door. For that reason, Black Friday still rules as the unofficial start of the holiday shopping season.

This year’s kickoff comes as consumer confidence in the U.S. economy fell this month in the aftermath of the federal government shutdown, weak hiring and stubborn inflation, according to a report The Conference Board issued Tuesday.

Many retail executives have reported customers becoming more discerning and increasingly focused on deals while at the same time remaining willing to splash out for important occasions like the start of the school year and the winter holidays, creating a halo effect.

“Consumers have been saying the economy is terrible while continuing to spend for years now, so the outlook is probably better than they are telling us,” Bill Adams, the chief economist at Comerica Bank, said this week of shoppers’ moods heading into Black Friday. “But business surveys also report consumers are being more sensitive to prices and selective in spending.”

While planning for the holidays in the spring and summer, retail companies were wrestling with the volatility of President Donald Trump ’s wide-ranging tariffs on imported goods. Many accelerated shipments of some merchandise before the tariffs took effect or decided to absorb some of the import tax costs instead of raising prices for customers.

Market research firm Circana said that 40% of all general merchandise sold in September saw a price increase of at least 5% compared with the first four months of the year.

Toys, baby products, housewares, and team sports equipment were among the hardest hit categories. For example, 83% of toys sold in September saw an increase of at least 5%, Circana said. Industry group The Toy Association says nearly 80% of the toys sold in the U.S. are made in China, a country the Trump administration hit with especially high tariffs at various points this year.

Still, analysts and mall executives cited solid momentum heading into Black Friday week. At the Mall of America in Bloomington, Minnesota, foot traffic in recent weeks surpassed the numbers from pre-pandemic 2019, said Jill Renslow, the mall’s chief business development and marketing officer.

“We’re seeing a very positive start to the holiday season,” Renslow said. “The last few Saturdays in November have been very strong.”

The growth in online sales also has been robust so far. From Nov. 1 to Nov. 23, consumers spent $79.7 billion, according to web tracking and analysis platform Adobe Analytics. That represented a gain of 7.5% from a year earlier and was bigger than Adobe’s 5.3% growth forecast for the season.

Mastercard SpendingPulse, which tracks spending across all payment methods, predicted a 3.6% increase in holiday sales from Nov. 1 through Dec. 24. That compares with a 4.1% increase last year.

“Clearly, there’s uncertainty,” Mastercard Chief Economist Michelle Meyer said. “Clearly, consumers feel on edge. But at the moment, it doesn’t seem like it’s changing how they are showing up for this season.”

According to Adobe Analytics, Thanksgiving Day was the best time to shop online to get the deepest discount on sporting goods. But Black Friday will be the best time to buy TVs, toys and appliances online.

Cyber Monday, however, should be the best time to buy apparel and computers. Apparel discounts peaked at 12.2% off the suggested manufacturer’s price between Nov. 1 and Nov. 23 but are expected to hit 25% off on Cyber Monday, Adobe said.

SINGAPORE, Nov 28 (Reuters) – Saudi Arabia, the world’s biggest oil exporter, is expected to lower its January crude price for Asian buyers for a second month to its lowest level for five years, tracking the decline in spot benchmark prices, sources said on Friday.

The January official selling price for flagship Arab Light crude will likely decline by 30-40 cents a barrel to a premium between 60 cents and 70 cents to the average of Oman/Dubai quotes, five Asia-based refining sources said in a Reuters survey.

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That would mark a second monthly decline and the lowest since January 2021, Reuters data showed.

The January OSPs for other crude grades – Arab Extra Light, Arab Medium and Arab Heavy – could fall by 30-50 cents a barrel from December, the sources said.

The forecasts mirrored a downward trend in cash Dubai’s premium to swaps, which have averaged 90 cents per barrel so far this month, down 32 cents from October. .

OPEC+ has raised output targets by around 2.9 million barrels per day from April to December.

There were also unexpected additional supplies this month from Kuwait Petroleum Corp which offered some 3.9 million barrels of heavy crude to the spot market after an outage at its Al-Zour refinery due to a fire.

State oil giant Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices.

Saudi Aramco officials as a matter of policy do not comment on the kingdom’s monthly OSPs.

Below are expected Saudi prices for January (in $/bbl against the Oman/Dubai average):

Source: Reuters, trade

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