Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €17.90, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 9x in the Airlines industry in Europe. Total returns to shareholders of 35% over the past three years. Anuncio • Aug 06
Chorus Aviation Inc. Declares Cash Dividend, Payable on September 30, 2026 The Board of Directors of Chorus Aviation Inc. declared a cash dividend of $0.11 per Class A Variable Voting Share and Class B Voting Share payable on September 30, 2026 to Shareholders of record at the close of business on September 15, 2026. Reported Earnings • Aug 05
Second quarter 2026 earnings released: EPS: CA$0.60 (vs CA$1.24 in 2Q 2025) Second quarter 2026 results: EPS: CA$0.60 (down from CA$1.24 in 2Q 2025). Revenue: CA$349.4m (up 7.6% from 2Q 2025). Net income: CA$13.8m (down 57% from 2Q 2025). Profit margin: 4.0% (down from 10.0% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 5.4% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 08
Upcoming dividend of CA$0.11 per share Eligible shareholders must have bought the stock before 15 June 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (2.5%). Board Change • May 21
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. President, CEO & Director Colin Copp was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Anuncio • May 10
Chorus Aviation Inc. Declares Quarterly Cash Dividend, Payable on June 30, 2026 Chorus Aviation Inc. announced the declaration of a cash dividend of $0.11 per Class A Variable Voting Share and Class B Voting Share payable on June 30, 2026 to Shareholders of record at the close of business on June 15, 2026. Anuncio • Feb 24
Chorus Aviation Inc., Annual General Meeting, May 08, 2026 Chorus Aviation Inc., Annual General Meeting, May 08, 2026. Anuncio • Feb 13
Chorus Aviation Inc. Announces Declaration of Quarterly Cash Dividend, Payable on March 31, 2026 Chorus Aviation Inc. announced the declaration of quarterly cash dividend of $0.11 per Class A Variable Voting Share and Class B Voting Share payable on March 31, 2026 to Shareholders of record at the close of business on March 13, 2026. This declared dividend represents a 38% increase from the prior quarterly dividend. Anuncio • Nov 08
Chorus Aviation Inc. Provides Earnings Guidance for the Full Year Ending December 31, 2025 and for Fiscal Year 2026 Chorus Aviation Inc. provided earnings guidance for the full year ending December 31, 2025 and for fiscal year 2026. For the 2025, the company expects revenue to be $123,000,000.
For the 2026, the company expects revenue to be $104,000,000. Anuncio • Nov 07
Chorus Aviation Inc. Announces Quarterly Dividend, Payable on December 29, 2025 Chorus Aviation Inc. announced the declaration of a cash dividend of CAD 0.08 per Class A Variable Voting Share and Class B Voting Share payable on December 29, 2025 to shareholders of record at the close of business on December 12, 2025. Anuncio • Sep 22
Chorus Aviation Inc. (TSX:CHR) announces an Equity Buyback for CAD 50 million worth of its shares. Chorus Aviation Inc. (TSX:CHR) announces a share repurchase program. Under the substantial course issuer bid, the company will repurchase up to CAD 50 million of its Class A Variable Voting Shares and Class B Voting Shares. The shares will be repurchased at a cash purchase price of not less than CAD 23 and not more than CAD 25 per Share. If Shares with an aggregate purchase price of more than CAD 25 million are properly tendered and not properly withdrawn, the company will purchase the Shares on a pro rata basis except that "odd lot" tenders. The purpose of the offer is use of the company's financial resources given its available cash resources and to truly reflect the value in share prices. The offer is valid till November 10, 2025. Anuncio • Apr 07
Chorus Aviation Inc. (TSX:CHR) announces an Equity Buyback for CAD 25 million worth of its shares. Chorus Aviation Inc. (TSX:CHR) announces a share repurchase program. Under the substantial course issuer bid, the company will repurchase up to CAD 25 million of its Class A Variable Voting Shares and Class B Voting Shares. The shares will be repurchased at a cash purchase price of not less than CAD 17.50 and not more than CAD 21 per Share. If Shares with an aggregate purchase price of more than CAD 25 million are properly tendered and not properly withdrawn, the company will purchase the Shares on a pro rata basis except that "odd lot" tenders. The purpose of the offer is use of the company's financial resources given its available cash resources and to truly reflect the value in share prices. The offer is valid till May 20, 2025. Anuncio • Feb 26
Chorus Aviation Inc., Annual General Meeting, May 07, 2025 Chorus Aviation Inc., Annual General Meeting, May 07, 2025. Anuncio • Dec 08
HPS Investment Partners, LLC completed the acquisition of Chorus Aviation Capital Corp. from Chorus Aviation Inc. (TSX:CHR). HPS Investment Partners, LLC entered into an agreement to acquire Chorus Aviation Capital Corp. from Chorus Aviation Inc. (TSX:CHR) for approximately CAD 1.9 billion on July 30, 2024. The aggregate consideration for the Transaction is approximately CAD 1.9 billion, of which CAD 814 million is in the form of cash (net of estimated transaction expenses) and CAD 1.086 billion is in the form of aircraft debt to be assumed or prepaid by the buyers at closing and the value of the non-controlling interest. The SPA permits Chorus’ board of directors to consider an unsolicited superior proposal (including a proposal for the acquisition of Chorus) which is received after the date of the SPA and before the approval of the Transaction by shareholders. The buyers will have the right to match a superior proposal for the RAL segment. Chorus has agreed to pay the buyers a break fee of $25 million (CAD 34.598750 million) in the event that the Chorus board withdraws or otherwise changes its recommendation in favour of the Transaction after receiving a superior proposal and subsequently terminates the SPA to accept the superior proposal. Brookfield holds approximately 13.2% of Chorus’ outstanding common shares, and Air Canada holds approximately 8.1% of Chorus’ outstanding common shares. Both shareholders have signed voting support agreements with the buyers pursuant to which they have agreed to vote in favor of the approval of the Transaction and are expected to maintain representation on the Company’s board of directors following completion of the Transaction. The Transaction is subject to the approval of at least two thirds (66 2/3%) of the votes cast by Chorus’ common shareholders, regulatory approvals and other customary conditions to closing. Completion of the Transaction is not conditional on financing. The Chorus board has unanimously determined that the Transaction is in the best interest of Chorus and will unanimously recommend that shareholders vote in favour of the transaction. Brookfield and Air Canada, the Company’s largest shareholders, have both signed agreements to vote in favor of the Transaction at the Meeting. Chorus Aviation Inc. shareholders will hold special meeting on September 25, 2024 to approve the transaction. The transaction is subject to Antitrust clearances. On September 25, 2024, Chorus Aviation announced shareholder approval, expiration of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the receipt of approval from Ireland’s Competition and Consumer Protection Commission. On October 24, 2024, all regulatory conditions for the sale of Chorus Aviation Capital Corp. have been satisfied.
The Transaction is expected to close by the end of this year. The proceeds from the Transaction are expected to be used to pay down or redeem the Company’s corporate financings, including the Series 1 Preferred Shares and all of the Debentures, as well as pay all related transaction expenses and early redemption amounts (including the multiple on invested capital payable upon the redemption of the Series 1 Preferred Shares). Following the closing of the Transaction, Chorus will exercise its rights to redeem or make an offer to redeem (as applicable) the Debentures in accordance with the terms of the relevant indentures.
Goldman Sachs International provided an opinion to the Chorus board and also acted as lead financial advisor to the Company. Scotiabank also acted as financial advisor to the Company. Chorus is advised by James Cameron, Jordan Simpson, Siddharth Sharma and Andrew Reilly of Milbank LLP as lead transaction counsel and Alex Gorka, Michelle Lally and Kaeleigh Kuzma of Osler, Hoskin & Harcourt LLP as Canadian corporate counsel. Slaughter and May acted as legal advisor to HPS Investment. Alexandra J. McCormack and Paul T. Schnell of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to The Goldman Sachs Group, Inc. in the transaction. Kingsdale Advisors LP acted as proxy solicitor of Chorus Aviation Inc.
HPS Investment Partners, LLC completed the acquisition of Chorus Aviation Capital Corp. from Chorus Aviation Inc. (TSX:CHR) on December 6, 2024. Anuncio • Dec 06
Chorus Aviation Inc. Announces Management Changes Chorus Aviation Inc. announced the planned retirement of Jolene Mahody, Executive Vice President and Chief Strategy Officer, effective January 2025 after a 32-year career with Chorus and its predecessor companies. Randolph deGooyer has been appointed to the role of Chief Operating Officer of Chorus, effective January 1, 2025. Randolph is currently the President of Chorus' largest subsidiary, Jazz Aviation, and brings significant operational and industry experience to his new role. Doug Clarke, currently Jazz's Vice President of Finance and Business Services, will replace Randolph as President of Jazz. With the disposition of the RAL segment, Chorus is reducing corporate overhead cost in many areas, including reducing its Board of Directors by 50%. As a result, Chorus directors Gail Hamilton, R Stephen Hannahs, Alan Jenkins and David Levenson are stepping down from the board effective January 1, 2025, and Karen Cramm will stay on until the next annual general meeting. New Risk • Nov 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: CA$0.10 (vs CA$0.04 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.10 (up from CA$0.04 in 3Q 2023). Revenue: CA$342.0m (down 24% from 3Q 2023). Net income: CA$21.2m (up 171% from 3Q 2023). Profit margin: 6.2% (up from 1.7% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to decline by 4.8% p.a. on average during the next 3 years, while revenues in the Airlines industry in Europe are expected to grow by 5.2%. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Oct 04
Independent Chairman recently bought €233k worth of stock On the 30th of September, Paul Rivett bought around 125k shares on-market at roughly €1.87 per share. This transaction amounted to 62% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth €250k. This was Paul's only on-market trade for the last 12 months. Recent Insider Transactions • Aug 28
Independent Director recently bought €250k worth of stock On the 23rd of August, David Levenson bought around 145k shares on-market at roughly €1.73 per share. This transaction increased David's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: CA$0.003 (vs CA$0.053 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.003 (down from CA$0.053 in 2Q 2023). Revenue: CA$351.2m (down 12% from 2Q 2023). Net income: CA$571.0k (down 94% from 2Q 2023). Profit margin: 0.2% (down from 2.6% in 2Q 2023). Revenue is expected to decline by 8.0% p.a. on average during the next 3 years, while revenues in the Airlines industry in Europe are expected to grow by 5.7%. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Aug 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 94% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.8x net interest cover). Earnings are forecast to decline by an average of 94% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (9.5% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €2.10, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Airlines industry in Europe. Total loss to shareholders of 30% over the past three years. Anuncio • Jul 30
HPS Investment Partners, LLC entered into an agreement to acquire Chorus Aviation Capital Corp. from Chorus Aviation Inc. (TSX:CHR) for approximately CAD 1.9 billion. HPS Investment Partners, LLC entered into an agreement to acquire Chorus Aviation Capital Corp. from Chorus Aviation Inc. (TSX:CHR) ("Chorus" or the "Company") for approximately CAD 1.9 billion on July 30, 2024. The aggregate consideration for the Transaction is approximately CAD 1.9 billion, of which CAD 814 million is in the form of cash (net of estimated transaction expenses) and CAD 1.086 billion is in the form of aircraft debt to be assumed or prepaid by the buyers at closing and the value of the non-controlling interest. The SPA permits Chorus’ board of directors to consider an unsolicited superior proposal (including a proposal for the acquisition of Chorus) which is received after the date of the SPA and before the approval of the Transaction by shareholders. The buyers will have the right to match a superior proposal for the RAL segment. Chorus has agreed to pay the buyers a break fee of $25 million (CAD 34.598750 million) in the event that the Chorus board withdraws or otherwise changes its recommendation in favour of the Transaction after receiving a superior proposal and subsequently terminates the SPA to accept the superior proposal. Brookfield holds approximately 13.2% of Chorus’ outstanding common shares, and Air Canada holds approximately 8.1% of Chorus’ outstanding common shares. Both shareholders have signed voting support agreements with the buyers pursuant to which they have agreed to vote in favour of the approval of the Transaction and are expected to maintain representation on the Company’s board of directors following completion of the Transaction. The Transaction is subject to the approval of at least two thirds (66 2/3%) of the votes cast by Chorus’ common shareholders, regulatory approvals and other customary conditions to closing. Completion of the Transaction is not conditional on financing. The Chorus board has unanimously determined that the Transaction is in the best interest of Chorus and will unanimously recommend that shareholders vote in favour of the Transaction. Brookfield and Air Canada, the Company’s largest shareholders, have both signed agreements to vote in favour of the Transaction at the Meeting.
The Transaction is expected to close by the end of this year. The proceeds from the Transaction are expected to be used to pay down or redeem the Company’s corporate financings, including the Series 1 Preferred Shares and all of the Debentures, as well as pay all related transaction expenses and early redemption amounts (including the multiple on invested capital payable upon the redemption of the Series 1 Preferred Shares). Following the closing of the Transaction, Chorus will exercise its rights to redeem or make an offer to redeem (as applicable) the Debentures in accordance with the terms of the relevant indentures. Goldman Sachs International provided an opinion to the Chorus board and also acted as lead financial advisor to the Company. Scotiabank also acted as financial advisor to the Company. Chorus is advised by Milbank LLP as lead transaction counsel and Osler, Hoskin & Harcourt LLP as Canadian corporate counsel. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €1.77, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 6x in the Airlines industry in Europe. Total loss to shareholders of 42% over the past three years. Reported Earnings • May 07
First quarter 2024 earnings released First quarter 2024 results: Revenue: CA$426.2m (up 2.6% from 1Q 2023). Net loss: CA$29.0k (down 100% from profit in 1Q 2023). Profit margin: 0% (down from 5.5% in 1Q 2023). Revenue is expected to decline by 2.9% p.a. on average during the next 3 years, while revenues in the Airlines industry in Europe are expected to grow by 6.8%. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. New Risk • Feb 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 4.4% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: CA$0.34 (vs CA$0.13 in FY 2022) Full year 2023 results: EPS: CA$0.34 (up from CA$0.13 in FY 2022). Revenue: CA$1.68b (up 5.3% from FY 2022). Net income: CA$65.9m (up 154% from FY 2022). Profit margin: 3.9% (up from 1.6% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.3% p.a. on average during the next 3 years, while revenues in the Airlines industry in Europe are expected to grow by 6.7%. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. New Risk • Jan 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Shareholders have been diluted in the past year (9.0% increase in shares outstanding). Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €1.70, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Airlines industry in Europe. Total loss to shareholders of 29% over the past three years. Anuncio • Nov 10
Chorus Aviation Inc. Provides Unaudited Consolidated Earnings Guidance for the Year Ending December 31, 2023 Chorus Aviation Inc. provided unaudited consolidated earnings guidance for the year ending December 31, 2023. For the year, the company expects revenue to be between CAD 1,500,000,000 to CAD 1,700,000,000. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: CA$0.04 (vs CA$0.064 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.04 (down from CA$0.064 in 3Q 2022). Revenue: CA$447.6m (up 6.2% from 3Q 2022). Net income: CA$7.80m (down 40% from 3Q 2022). Profit margin: 1.7% (down from 3.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 3.3% p.a. on average during the next 3 years, while revenues in the Airlines industry in Europe are expected to grow by 6.5%. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • Aug 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (9.7% increase in shares outstanding). Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: CA$0.05 (vs CA$0.24 loss in 2Q 2022) Second quarter 2023 results: EPS: CA$0.05 (up from CA$0.24 loss in 2Q 2022). Revenue: CA$396.8m (up 1.1% from 2Q 2022). Net income: CA$19.0m (up CA$65.3m from 2Q 2022). Profit margin: 4.8% (up from net loss in 2Q 2022). The move to profitability was primarily driven by lower expenses. Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Airlines industry in Europe are expected to grow by 6.3%. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Recent Insider Transactions • May 15
Independent Director recently bought €68k worth of stock On the 11th of May, David Levenson bought around 33k shares on-market at roughly €2.05 per share. This transaction increased David's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €183k more in shares than they have sold in the last 12 months. Reported Earnings • May 09
First quarter 2023 earnings released: EPS: CA$0.11 (vs CA$0.13 in 1Q 2022) First quarter 2023 results: EPS: CA$0.11 (down from CA$0.13 in 1Q 2022). Revenue: CA$415.3m (up 21% from 1Q 2022). Net income: CA$22.7m (down 1.1% from 1Q 2022). Profit margin: 5.5% (down from 6.7% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 1.0% p.a. on average during the next 3 years, while revenues in the Airlines industry in Europe are expected to grow by 7.4%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Anuncio • May 09
Chorus Aviation Inc. Provides Earnings Guidance for the Year Ending December 31, 2023 Chorus Aviation Inc. provided earnings guidance for the year ending December 31, 2023. Revenue is expected to be between CAD 1,500,000,000 to CAD 1,700,000,000. Recent Insider Transactions • Apr 05
Independent Director recently bought €65k worth of stock On the 31st of March, David Levenson bought around 30k shares on-market at roughly €2.17 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €137k more in shares than they have sold in the last 12 months. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: CA$0.13 (vs CA$0.12 loss in FY 2021) Full year 2022 results: EPS: CA$0.13 (up from CA$0.12 loss in FY 2021). Revenue: CA$1.60b (up 56% from FY 2021). Net income: CA$26.0m (up CA$46.5m from FY 2021). Profit margin: 1.6% (up from net loss in FY 2021). Total aircraft: 340 (up by 131 from FY 2021). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Anuncio • Feb 17
Chorus Aviation Inc. Provides Earnings Guidance for the Year Ending December 31, 2023 Chorus Aviation Inc. provided earnings guidance for the year ending December 31, 2023. For the year, the company expects revenue to be in the range of CAD 1,500,000,000 to CAD 1,700,000,000. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director David Levenson was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: CA$0.06 (vs CA$0.079 loss in 3Q 2021) Third quarter 2022 results: EPS: CA$0.06 (up from CA$0.079 loss in 3Q 2021). Revenue: CA$421.3m (up 54% from 3Q 2021). Net income: CA$13.1m (up CA$27.1m from 3Q 2021). Profit margin: 3.1% (up from net loss in 3Q 2021). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Airlines industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 06
Second quarter 2022 earnings released: CA$0.24 loss per share (vs CA$0.12 profit in 2Q 2021) Second quarter 2022 results: CA$0.24 loss per share (down from CA$0.12 profit in 2Q 2021). Revenue: CA$392.3m (up 96% from 2Q 2021). Net loss: CA$46.3m (down 315% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 21%, compared to a 77% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Board Change • Jun 02
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director David Levenson was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 07
First quarter 2022 earnings released: EPS: CA$0.13 (vs CA$0.23 loss in 1Q 2021) First quarter 2022 results: EPS: CA$0.13 (up from CA$0.23 loss in 1Q 2021). Revenue: CA$342.4m (up 69% from 1Q 2021). Net income: CA$22.9m (up CA$61.0m from 1Q 2021). Profit margin: 6.7% (up from net loss in 1Q 2021). Over the next year, revenue is forecast to grow 22%, compared to a 156% growth forecast for the industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 18
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: CA$0.12 loss per share (down from CA$0.26 profit in FY 2020). Revenue: CA$1.02b (up 7.9% from FY 2020). Net loss: CA$20.5m (down 149% from profit in FY 2020). Revenue exceeded analyst estimates by 5.8%. Over the next year, revenue is forecast to grow 24%, compared to a 162% growth forecast for the airlines industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 12
Third quarter 2021 earnings released The company reported a mediocre third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: CA$274.4m (up 40% from 3Q 2020). Net loss: CA$14.1m (down 169% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 12
Second quarter 2021 earnings released The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: CA$199.9m (up 8.5% from 2Q 2020). Net income: CA$21.5m (down 26% from 2Q 2020). Profit margin: 11% (down from 16% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Board Change • Aug 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Paul Rivett was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Executive Departure • Jun 24
Independent Director Richard McCoy has left the company On the 21st of June, Richard McCoy's tenure as Independent Director ended after 15.4 years in the role. As of March 2021, Richard still personally held 51.29k shares (€155k worth at the time). A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 4.42 years. Executive Departure • Jun 24
Independent Director Margaret Clandillon has left the company On the 21st of June, Margaret Clandillon's tenure as Independent Director ended after 3.1 years in the role. We don't have any record of a personal shareholding under Margaret's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 4.42 years. Recent Insider Transactions • May 31
Insider recently sold €60k worth of stock On the 27th of May, Christopher Kelly sold around 17k shares on-market at roughly €3.53 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought €85k more than they sold in the last 12 months. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improved over the past week After last week's 17% share price gain to CA$3.40, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 21x in the Airlines industry globally. Total loss to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1.38 per share. Reported Earnings • May 14
First quarter 2021 earnings released The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: CA$202.5m (down 43% from 1Q 2020). Net loss: CA$38.1m (loss widened 120% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • May 13
First quarter 2021 earnings released The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: CA$202.5m (down 43% from 1Q 2020). Net loss: CA$38.1m (loss widened 120% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Anuncio • Apr 08
Chorus Aviation Inc. announced that it has received CAD 30.000002 million in funding from Alberta Investment Management Corporation, NordStar Capital LP On April 6, 2021, Chorus Aviation Inc. (TSX:CHR) closed the transaction. Anuncio • Mar 17
Chorus Aviation Inc. announced that it expects to receive CAD 30.000002 million in funding from Alberta Investment Management Corporation, NordStar Capital LP Chorus Aviation Inc. (TSX:CHR) announced that it has entered into agreements with Alberta Investment Management Corporation on behalf of certain of its clients and NordStar Capital LP for a private placement of 3,260,870 units at a price of CAD 4.60 per unit for gross proceeds of CAD 15,000,002 and 15,000 convertible senior unsecured debentures at a price of CAD 1,000 per share for gross proceeds of CAD 15,000,000 for aggregate gross proceeds of CAD 30,000,002 on March 16, 2021. Each unit will be comprised of one common share of the company which, for greater certainty, shall mean for Canadian investors participating in the offering, class B voting shares, and for non-Canadian investors participating in the offering, class A variable voting shares, and one-half of a common share purchase warrant. Each full warrant shall entitle the holder thereof to purchase one common share at an exercise price of CAD 6.20 at any time for a period of 12 months following the closing. The debentures bear an interest rate of 6% per annum, payable semi-annually on the last day of June and December commencing on December 31, 2021 and will mature on June 30, 2026. The debentures will be convertible at the holder's option into common shares at a conversion price of CAD 6.35 per common share, subject to adjustment in certain circumstances. The debentures will not be redeemable by the company before June 30, 2024. On or after June 30, 2024 and prior to June 30, 2025, the debentures may be redeemed in whole or in part from time to time at the option of the company at par plus accrued and unpaid interest, if any, to but excluding the date of redemption, provided that the arithmetic average of the volume weighted average trading price of the common shares on the Toronto Stock Exchange for the 20 consecutive trading days ending five trading days preceding the date on which notice of redemption is given is at least 125% of the conversion price. On or after June 30, 2025, the debentures may be redeemed at the option of the company at any time at par plus accrued and unpaid interest, if any, to but excluding the date of redemption. The transaction is expected to close on or about April 6, 2021 and is subject to the receipt of all required regulatory approvals including that of the TSX Venture Exchange. Is New 90 Day High Low • Mar 09
New 90-day high: €3.20 The company is up 17% from its price of €2.74 on 09 December 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Airlines industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.06 per share. Anuncio • Mar 02
Chorus Aviation Inc., Annual General Meeting, May 13, 2021 Chorus Aviation Inc., Annual General Meeting, May 13, 2021. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS CA$0.26 (vs CA$0.85 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: CA$948.7m (down 31% from FY 2019). Net income: CA$41.5m (down 69% from FY 2019). Profit margin: 4.4% (down from 9.7% in FY 2019). Total aircraft: 196 (down by 1 from FY 2019). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 21
Revenue beats expectations Revenue exceeded analyst estimates by 0.6%. Over the next year, revenue is forecast to grow 3.6%, compared to a 32% growth forecast for the Airlines industry in Germany. Anuncio • Dec 25
Chorus Aviation Delivers Two Airbus A220-300 Aircraft to airBaltic Chorus Aviation Inc. announced the delivery of two new Airbus A220-300 aircraft to airBaltic of Latvia. The aircraft (MSNs 55094 and 55095) are the final two of five units placed on long-term lease with the airline through a committed sale and leaseback transaction announced on November 20, 2019. Is New 90 Day High Low • Dec 05
New 90-day high: €2.94 The company is up 78% from its price of €1.65 on 04 September 2020. The German market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Airlines industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.35 per share. Valuation Update With 7 Day Price Move • Nov 20
Market bids up stock over the past week After last week's 19% share price gain to CA$2.60, the stock is trading at a trailing P/E ratio of 9.7x, up from the previous P/E ratio of 8.1x. This compares to an average P/E of 14x in the Airlines industry. Total return to shareholders over the past three years is a loss of 52%. Is New 90 Day High Low • Nov 19
New 90-day high: €2.72 The company is up 68% from its price of €1.62 on 20 August 2020. The German market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Airlines industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €1.56 per share. Analyst Estimate Surprise Post Earnings • Nov 13
Revenue misses expectations Revenue missed analyst estimates by 10%. Over the next year, revenue is expected to shrink by 2.1% compared to a 9.7% decline forecast for the Airlines industry in Germany. Reported Earnings • Nov 13
Third quarter 2020 earnings released: EPS CA$0.13 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: CA$196.4m (down 44% from 3Q 2019). Net income: CA$20.5m (down 15% from 3Q 2019). Profit margin: 10% (up from 6.9% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year whereas the company’s share price has fallen by 30% per year. Anuncio • Oct 06
Chorus Aviation Inc. to Report Q3, 2020 Results on Nov 11, 2020 Chorus Aviation Inc. announced that they will report Q3, 2020 results at 11:00 AM, GMT Standard Time on Nov 11, 2020 Anuncio • Sep 22
Chorus Aviation Delivers Third Airbus A220-300 Aircraft to airBaltic Chorus Aviation Inc. announced the delivery of a new Airbus A220-300 aircraft to airBaltic of Latvia. The aircraft (MSN 55086) is the third of five units to be placed on long-term lease with the airline through a committed sale and leaseback transaction. The two remaining aircraft are expected to be delivered later this year. Anuncio • Aug 23
Chorus Aviation Inc. Not Provides Earnings Guidance The COVID-19 pandemic and resulting government restrictions have created unprecedented challenges for the aviation industry and global cancellations are impacting airlines around the world. Substantially all Chorus Aviation Inc. revenue is derived from airline customers, through its CPA and its leasing of aircraft to airline customers globally; therefore, Chorus is exposed to the challenges facing the air passenger industry. Currently, the full duration and impact of this pandemic on aviation are unknown. 
