Price Target Changed • Jun 12
Price target decreased by 14% to CA$2.21 Down from CA$2.56, the current price target is an average from 5 analysts. New target price is 7.5% below last closing price of CA$2.39. Stock is down 0.4% over the past year. The company is forecast to post a net loss per share of CA$5.53 compared to earnings per share of CA$6.06 last year. Major Estimate Revision • May 28
Consensus EPS estimates fall by 19% The consensus outlook for fiscal year 2026 has been updated. 2026 expected loss increased from -CA$2.60 to -CA$3.08 per share. Revenue forecast unchanged at CA$3.56b. Airlines industry in Canada expected to see average net income decline 0.05% next year. Consensus price target down from CA$2.56 to CA$2.41. Share price was steady at CA$2.63 over the past week. Price Target Changed • May 27
Price target decreased by 9.4% to CA$2.41 Down from CA$2.66, the current price target is an average from 5 analysts. New target price is 8.7% below last closing price of CA$2.64. Stock is up 60% over the past year. The company is forecast to post a net loss per share of CA$3.08 compared to earnings per share of CA$6.06 last year. Announcement • Mar 11
Transat A.T. Inc. Announces Board Appointments Transat A.T. Inc. at its Annual General and Special Meeting of Shareholders held on March 10, 2026 approved the election of following directors: Ms. Christiane Bergevin; Ms. Marie-Pierre Dhers; Mr. Michael R. DiLollo. Reported Earnings • Mar 10
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: CA$0.73 loss per share (improved from CA$3.11 loss in 1Q 2025). Revenue: CA$870.7m (up 5.0% from 1Q 2025). Net loss: CA$29.5m (loss narrowed 76% from 1Q 2025). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 35%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Airlines industry in North America. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Mar 10
Transat A.T. Inc. to Report Q2, 2026 Results on Jun 11, 2026 Transat A.T. Inc. announced that they will report Q2, 2026 results on Jun 11, 2026 Major Estimate Revision • Mar 04
Consensus EPS estimates fall by 24% The consensus outlook for fiscal year 2026 has been updated. 2026 expected loss increased from -CA$0.153 to -CA$0.19 per share. Revenue forecast unchanged at CA$3.56b. Airlines industry in Canada expected to see average net income growth of 21% next year. Consensus price target of CA$2.79 unchanged from last update. Share price was steady at CA$2.58 over the past week. Price Target Changed • Feb 12
Price target decreased by 15% to CA$2.79 Down from CA$3.29, the current price target is an average from 5 analysts. New target price is 15% above last closing price of CA$2.42. Stock is up 36% over the past year. The company is forecast to post a net loss per share of CA$0.14 compared to earnings per share of CA$6.06 last year. Major Estimate Revision • Feb 06
Consensus EPS estimates fall by 575% The consensus outlook for fiscal year 2026 has been updated. 2026 expected loss increased from -CA$0.02 to -CA$0.135 per share. Revenue forecast unchanged at CA$3.57b. Airlines industry in Canada expected to see average net income growth of 34% next year. Consensus price target down from CA$3.29 to CA$3.19. Share price rose 2.7% to CA$2.65 over the past week. Major Estimate Revision • Dec 26
Consensus estimates of losses per share improve by 74% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from CA$3.51b to CA$3.57b. EPS estimate increased from -CA$0.077 per share to -CA$0.02 per share. Airlines industry in Canada expected to see average net income growth of 26% next year. Consensus price target broadly unchanged at CA$3.29. Share price was steady at CA$2.63 over the past week. Reported Earnings • Dec 19
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: CA$6.06 (up from CA$2.94 loss in FY 2024). Revenue: CA$3.40b (up 3.5% from FY 2024). Net income: CA$241.9m (up CA$355.9m from FY 2024). Profit margin: 7.1% (up from net loss in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.0%. Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Airlines industry in North America. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Dec 18
Transat A.T. Inc. to Report Q1, 2026 Results on Mar 10, 2026 Transat A.T. Inc. announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on Mar 10, 2026 Announcement • Dec 16
Transat A.T. Inc., Annual General Meeting, Mar 10, 2026 Transat A.T. Inc., Annual General Meeting, Mar 10, 2026. Announcement • Dec 08
Pierre Karl Péladeau Calls for Urgent Action as Air Transat Faces Labour Dispute and Board Scrutiny On December 7, 2025, Pierre Karl Péladeau, on behalf of Financière Outremont Inc., which holds nearly 10% of Transat AT Inc., publicly criticized the company's board and management for their inability to resolve a labour dispute with pilots and ensure the company's long-term viability. Further, Pierre Karl Péladeau urged for the renewal of the board with directors genuinely interested in the company's financial success and offered to mediate between pilots and management to prevent the company's collapse. Announcement • Dec 02
Pierre Karl Péladeau Provides Information to Shareholders of Transat On December 1, 2025, Pierre Karl Péladeau announced that he has is demanding a board shakeup, a seat at the table and a strategic overhaul at Transat A.T. Inc. In addition, Pierre Karl stated that the company needs urgent change, and he said the board should be reduced to 6 directors with him among three new members from 11 currently, and asking for Company, which owns Air Transat, to restructure a balance sheet he deems broken and launch a strategic review that puts senior management in its sights. Announcement • Nov 22
Air Transat Adds Ghana to Its Destinations from Toronto in 2026 Air Transat announced that its new interline and codeshare agreements with Turkish Airlines are now in effect. This partnership enables travellers to book itineraries combining flights from both airlines, enhancing connectivity between Canada and Turkiye, and key destinations across Europe, Asia, and the Middle East. It allows them to travel on a single ticket for their entire journey and check in their bags only once, through to their final destination. The interline agreement offers access to cities such as Beijing, Delhi, Colombo, and Beirut via Turkish Airlines' global network. Under the codeshare agreement, both carriers will place their airline codes on each other's services, starting with their respective Toronto - Istanbul flights. Additional connecting flights will be added in the coming months. As part of this new cooperation, Air Transat will add a new weekly flight on its year-round Toronto-I Istanbul route, every Thursday starting May 28, 2026, bringing the total to three flights per week. Reported Earnings • Sep 12
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: CA$9.98 (up from CA$1.03 loss in 3Q 2024). Revenue: CA$766.3m (up 4.1% from 3Q 2024). Net income: CA$399.8m (up CA$439.7m from 3Q 2024). Profit margin: 52% (up from net loss in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 95%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Airlines industry in North America. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Sep 11
Transat A.T. Inc. to Report Q4, 2025 Results on Dec 17, 2025 Transat A.T. Inc. announced that they will report Q4, 2025 results at 4:00 PM, US Eastern Standard Time on Dec 17, 2025 Reported Earnings • Jun 13
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: CA$0.58 loss per share (improved from CA$1.41 loss in 2Q 2024). Revenue: CA$1.03b (up 5.9% from 2Q 2024). Net loss: CA$22.9m (loss narrowed 58% from 2Q 2024). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 46%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Airlines industry in North America. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Jun 12
Transat A.T. Inc. to Report Q3, 2025 Results on Sep 11, 2025 Transat A.T. Inc. announced that they will report Q3, 2025 results on Sep 11, 2025 New Risk • Jun 11
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: CA$176m Forecast net loss in 1 year: CA$138m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Negative equity (-CA$1.0b). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$138m net loss next year). Market cap is less than US$100m (CA$107.3m market cap, or US$78.5m). Major Estimate Revision • Jun 08
Consensus EPS estimates upgraded to CA$1.37 loss The consensus outlook for fiscal year 2025 has been updated. 2025 losses forecast to reduce from -CA$4.01 to -CA$1.37 per share. Revenue forecast unchanged from CA$3.42b at last update. Airlines industry in Canada expected to see average net income growth of 9.4% next year. Consensus price target up from CA$1.60 to CA$2.35. Share price rose 24% to CA$2.04 over the past week. Price Target Changed • Jun 06
Price target increased by 53% to CA$2.35 Up from CA$1.54, the current price target is an average from 5 analysts. New target price is 15% above last closing price of CA$2.04. Stock is down 29% over the past year. The company is forecast to post a net loss per share of CA$1.37 next year compared to a net loss per share of CA$2.94 last year. Announcement • May 02
Transat A.T. Inc. Appoints Stéphane Lefebvre as Director Transat A.T. Inc. at its AGM held on May 1, 2025 appointed Stéphane Lefebvre as director. Major Estimate Revision • Mar 20
Consensus EPS estimates fall by 46% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -CA$3.04 to -CA$4.43 per share. Revenue forecast unchanged at CA$3.42b. Airlines industry in Canada expected to see average net income growth of 38% next year. Consensus price target down from CA$1.76 to CA$1.54. Share price fell 8.4% to CA$1.53 over the past week. Price Target Changed • Mar 17
Price target decreased by 13% to CA$1.54 Down from CA$1.76, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of CA$1.55. Stock is down 59% over the past year. The company is forecast to post a net loss per share of CA$4.43 next year compared to a net loss per share of CA$2.94 last year. Price Target Changed • Mar 14
Price target decreased by 9.4% to CA$1.64 Down from CA$1.81, the current price target is an average from 5 analysts. New target price is 10% above last closing price of CA$1.49. Stock is down 62% over the past year. The company is forecast to post a net loss per share of CA$4.82 next year compared to a net loss per share of CA$2.94 last year. Reported Earnings • Mar 13
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: CA$3.10 loss per share (further deteriorated from CA$1.58 loss in 1Q 2024). Revenue: CA$829.5m (up 5.6% from 1Q 2024). Net loss: CA$122.5m (loss widened 101% from 1Q 2024). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Airlines industry in North America. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Announcement • Mar 13
Transat A.T. Inc. to Report Q2, 2025 Results on Jun 12, 2025 Transat A.T. Inc. announced that they will report Q2, 2025 results on Jun 12, 2025 Announcement • Feb 25
Transat A.T. Inc., Annual General Meeting, Apr 29, 2025 Transat A.T. Inc., Annual General Meeting, Apr 29, 2025. New Risk • Feb 11
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: CA$114m Forecast net loss in 2 years: CA$66m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Negative equity (-CA$889m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (CA$66m net loss in 2 years). Market cap is less than US$100m (CA$69.5m market cap, or US$48.6m). Major Estimate Revision • Dec 19
Consensus EPS estimates fall by 29%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from CA$3.33b to CA$3.41b. Forecast EPS reduced from -CA$2.21 to -CA$2.84 per share. Airlines industry in Canada expected to see average net income growth of 32% next year. Consensus price target up from CA$1.69 to CA$1.86. Share price fell 10% to CA$1.83 over the past week. Price Target Changed • Dec 14
Price target increased by 7.1% to CA$1.81 Up from CA$1.69, the current price target is an average from 5 analysts. New target price is 7.2% below last closing price of CA$1.95. Stock is down 45% over the past year. The company is forecast to post a net loss per share of CA$2.95 next year compared to a net loss per share of CA$2.94 last year. Reported Earnings • Dec 13
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: CA$2.94 loss per share (further deteriorated from CA$0.66 loss in FY 2023). Revenue: CA$3.28b (up 7.7% from FY 2023). Net loss: CA$114.0m (loss widened 351% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 27%. Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Airlines industry in North America. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Dec 12
Transat A.T. Inc. to Report Q1, 2025 Results on Mar 13, 2025 Transat A.T. Inc. announced that they will report Q1, 2025 results on Mar 13, 2025 Announcement • Dec 05
Transat A.T. Inc. to Report Q4, 2024 Results on Dec 12, 2024 Transat A.T. Inc. announced that they will report Q4, 2024 results on Dec 12, 2024 New Risk • Nov 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Negative equity (-CA$932m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (CA$38m net loss in 2 years). Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Market cap is less than US$100m (CA$70.3m market cap, or US$50.3m). New Risk • Sep 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Negative equity (-CA$932m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (CA$36m net loss in 2 years). Shareholders have been diluted in the past year (6.4% increase in shares outstanding). Market cap is less than US$100m (CA$73.5m market cap, or US$54.2m). Reported Earnings • Sep 13
Third quarter 2024 earnings: Revenues miss analyst expectations Third quarter 2024 results: Revenue: CA$736.2m (down 1.4% from 3Q 2023). Net loss: CA$39.9m (down 170% from profit in 3Q 2023). Revenue missed analyst estimates by 3.8%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Airlines industry in North America. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Announcement • Sep 10
Transat A.T. Inc. to Report Q3, 2024 Results on Sep 12, 2024 Transat A.T. Inc. announced that they will report Q3, 2024 results on Sep 12, 2024 New Risk • Jul 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.4% 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 Negative equity (-CA$893m). Earnings are forecast to decline by an average of 7.4% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$116m net loss next year). Market cap is less than US$100m (CA$98.8m market cap, or US$72.5m). Major Estimate Revision • Jun 13
Consensus EPS estimates fall by 68% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -CA$2.21 to -CA$3.70 per share. Revenue forecast unchanged at CA$3.28b. Airlines industry in Canada expected to see average net income growth of 22% next year. Consensus price target down from CA$2.84 to CA$2.56. Share price fell 9.9% to CA$2.72 over the past week. Reported Earnings • Jun 07
Second quarter 2024 earnings released: CA$1.40 loss per share (vs CA$0.76 loss in 2Q 2023) Second quarter 2024 results: CA$1.40 loss per share (further deteriorated from CA$0.76 loss in 2Q 2023). Revenue: CA$973.2m (up 12% from 2Q 2023). Net loss: CA$54.4m (loss widened 86% from 2Q 2023). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Airlines industry in North America. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • May 25
Transat A.T. Inc. to Report Q2, 2024 Results on Jun 06, 2024 Transat A.T. Inc. announced that they will report Q2, 2024 results on Jun 06, 2024 Price Target Changed • May 14
Price target decreased by 12% to CA$2.84 Down from CA$3.23, the current price target is an average from 5 analysts. New target price is 13% below last closing price of CA$3.25. Stock is down 10.0% over the past year. The company is forecast to post a net loss per share of CA$2.21 next year compared to a net loss per share of CA$0.66 last year. Major Estimate Revision • May 13
Consensus EPS estimates upgraded to CA$0.81 loss The consensus outlook for fiscal year 2024 has been updated. 2024 losses forecast to reduce from -CA$1.04 to -CA$0.815 per share. Revenue forecast steady at CA$3.34b. Airlines industry in Canada expected to see average net income growth of 24% next year. Consensus price target down from CA$3.23 to CA$3.04. Share price was steady at CA$3.43 over the past week. New Risk • May 05
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: CA$30m Forecast net loss in 1 year: CA$31m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Negative equity (-CA$840m). Minor Risks Currently unprofitable and not forecast to become profitable next year (CA$31m net loss next year). Market cap is less than US$100m (CA$134.4m market cap, or US$98.2m). New Risk • Apr 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$135.7m (US$99.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Negative equity (-CA$840m). Minor Risk Market cap is less than US$100m (CA$135.7m market cap, or US$99.0m). Announcement • Mar 20
Transat A.T. Inc. Appoints Sebastian Ponce as Chief Revenue Officer Transat A.T. Inc. announced the appointment of Sebastian Ponce as chief revenue officer. He is now responsible for the air network strategy, revenue management, and the development of airline alliances. At Transat since 2018, Sebastian most recently held the position of Vice President, Program and Alliances. With his team, he was instrumental in redefining Transat's network and alliance strategy and in setting up the Alliances department, responsible for developing and maintaining airline partnerships. He has also spearheaded numerous inter-carrier partnership agreements, including the recent commercial joint venture with Porter Airlines. Under his leadership, Transat announced two codeshare agreements with Canadian airlines and a dozen interline agreements with carriers in Europe and South America. Sebastian has over 15 years of experience within the airline industry, 10 of which he spent at Air France. Throughout his career, he has led various teams in the Revenue Management, Controlling, Airport Strategy, Network Planning and Alliances departments. Sebastian holds an Executive MBA from McGill and HEC Montréal and a master's degree in industrial engineering from Universidad Tecnica Federico Santa Maria in Chili. Breakeven Date Change • Mar 17
Forecast breakeven date pushed back to 2025 The 5 analysts covering Transat A.T previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of CA$1.98m in 2025. Average annual earnings growth of 76% is required to achieve expected profit on schedule. Price Target Changed • Mar 15
Price target decreased by 15% to CA$3.58 Down from CA$4.20, the current price target is an average from 5 analysts. New target price is 8.2% below last closing price of CA$3.90. Stock is up 27% over the past year. The company is forecast to post earnings per share of CA$1.03 next year compared to a net loss per share of CA$0.66 last year. Reported Earnings • Mar 14
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: CA$1.58 loss per share (further deteriorated from CA$1.49 loss in 1Q 2023). Revenue: CA$785.5m (up 18% from 1Q 2023). Net loss: CA$61.0m (loss widened 7.7% from 1Q 2023). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 114%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Airlines industry in North America. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Jan 06
Transat A.T. Inc., Annual General Meeting, Mar 14, 2024 Transat A.T. Inc., Annual General Meeting, Mar 14, 2024. Breakeven Date Change • Dec 16
Forecast breakeven date moved forward to 2024 The 5 analysts covering Transat A.T previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of CA$2.90m in 2024. Earnings growth of 138% is required to achieve expected profit on schedule. Announcement • Dec 15
Transat A.T. Inc. to Report Q1, 2024 Results on Mar 14, 2024 Transat A.T. Inc. announced that they will report Q1, 2024 results on Mar 14, 2024 Reported Earnings • Dec 14
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: CA$0.66 loss per share (improved from CA$11.77 loss in FY 2022). Revenue: CA$3.05b (up 86% from FY 2022). Net loss: CA$25.3m (loss narrowed 94% from FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 66%. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Airlines industry in North America. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Dec 12
Transat A.T. Inc. Appoints Jean-François Pruneau as Chief Financial Officer, Effective January 9, 2024 Transat A.T. Inc. announced the appointment of Jean-François Pruneau as Chief Financial Officer. Jean-François will take office on January 9, 2024. Jean-François has over 25 years of experience in executive roles at major Quebec and Canadian companies. He most recently served as Executive Vice President and Chief Financial Officer for Starpax Biopharma. Throughout his career, he held various roles in finance at Canadian National Railway, BCE Media and Quebecor, where he spent close to 17 years and progressed to Senior Vice President and Chief Financial officer, before joining Videotron as President and Chief Executive Officer. He also spent close to a decade as a lecturer at HEC Montréal. Jean-François holds a Master of Science (M.Sc.) in Finance from HEC Montréal and obtained the Chartered Financial Analyst (CFA) designation in 2000. Since 2012, he serves as Chairman of the Board and member of the Executive Committee of the Fondation sablon charity. His honours and distinctions include the award "Financial Executive of a Large Corporation" granted in 2015 by the Québec section of Financial Executives International Canada. Price Target Changed • Dec 11
Price target decreased by 10% to CA$3.95 Down from CA$4.40, the current price target is an average from 5 analysts. New target price is 16% above last closing price of CA$3.41. Stock is up 3.6% over the past year. The company is forecast to post a net loss per share of CA$1.96 next year compared to a net loss per share of CA$11.77 last year. Major Estimate Revision • Dec 04
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -CA$1.61 to -CA$1.96 per share. Revenue forecast of CA$3.04b unchanged since last update. Airlines industry in Canada expected to see average net income growth of 22% next year. Consensus price target down from CA$4.40 to CA$4.20. Share price rose 4.6% to CA$3.17 over the past week. Price Target Changed • Dec 02
Price target decreased by 11% to CA$4.20 Down from CA$4.70, the current price target is an average from 5 analysts. New target price is 36% above last closing price of CA$3.08. Stock is down 6.9% over the past year. The company is forecast to post a net loss per share of CA$1.63 next year compared to a net loss per share of CA$11.77 last year. Major Estimate Revision • Nov 02
Consensus EPS estimates fall by 35% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -CA$1.20 to -CA$1.61 per share. Revenue forecast unchanged at CA$3.04b. Airlines industry in Canada expected to see average net income growth of 24% next year. Consensus price target down from CA$4.70 to CA$4.40. Share price was steady at CA$3.05 over the past week. Announcement • Oct 21
Transat A.T. Inc. Announces Departure of Patrick Bui as Its Chief Financial Officer, Effective from December 15, 2023 Transat A.T. Inc. announced that Patrick Bui, Chief Financial Officer, intends to step down from his position on December 15, 2023, to pursue another career opportunity. He will remain in his role to ensure a smooth transition, including through the announcement of the Company's results for the fiscal year ending October 31, 2023. The Corporation has commenced a formal search process for a new Chief Financial Officer. New Risk • Oct 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$135.0m (US$98.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Negative equity (-CA$778m). Minor Risk Market cap is less than US$100m (CA$135.0m market cap, or US$98.8m). New Risk • Oct 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.9% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Negative equity (-CA$778m). Minor Risk Shareholders have been diluted in the past year (8.9% increase in shares outstanding). Major Estimate Revision • Sep 20
Consensus EPS estimates upgraded to CA$1.20 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -CA$2.01 to -CA$1.20 per share. Revenue forecast steady at CA$3.03b. Airlines industry in Canada expected to see average net income growth of 37% next year. Consensus price target up from CA$4.45 to CA$4.60. Share price was steady at CA$4.19 over the past week. Reported Earnings • Sep 15
Third quarter 2023 earnings: Revenues exceed analyst expectations Third quarter 2023 results: Revenue: CA$746.3m (up 47% from 3Q 2022). Net income: CA$57.3m (up CA$163.8m from 3Q 2022). Profit margin: 7.7% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Airlines industry in North America. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • Sep 15
Third quarter 2023 earnings: Revenues exceed analyst expectations Third quarter 2023 results: Revenue: CA$746.3m (up 47% from 3Q 2022). Net income: CA$57.3m (up CA$163.8m from 3Q 2022). Profit margin: 7.7% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Airlines industry in North America. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. Announcement • Sep 15
Transat A.T. Inc. to Report Q4, 2023 Results on Dec 14, 2023 Transat A.T. Inc. announced that they will report Q4, 2023 results on Dec 14, 2023 Major Estimate Revision • Jul 28
Consensus EPS estimates upgraded to CA$2.05 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -CA$2.33 to -CA$2.05 per share. Revenue forecast steady at CA$2.99b. Airlines industry in Canada expected to see average net income growth of 104% next year. Consensus price target of CA$4.40 unchanged from last update. Share price was steady at CA$4.87 over the past week. New Risk • Jun 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Negative equity (-CA$834m). Minor Risk Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Announcement • Jun 09
Transat A.T. Inc. to Report Q3, 2023 Results on Sep 07, 2023 Transat A.T. Inc. announced that they will report Q3, 2023 results on Sep 07, 2023 Reported Earnings • Jun 09
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: CA$0.76 loss per share (improved from CA$2.60 loss in 2Q 2022). Revenue: CA$870.1m (up 143% from 2Q 2022). Net loss: CA$29.2m (loss narrowed 70% from 2Q 2022). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 13%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Airlines industry in North America. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year. Reported Earnings • Mar 11
First quarter 2023 earnings: EPS exceeds analyst expectations First quarter 2023 results: CA$1.49 loss per share (improved from CA$3.03 loss in 1Q 2022). Revenue: CA$667.5m (up 230% from 1Q 2022). Net loss: CA$56.6m (loss narrowed 51% from 1Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Airlines industry in North America. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Mar 10
Consensus estimates of losses per share improve by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from CA$2.91b to CA$2.97b. EPS estimate increased from -CA$3.11 per share to -CA$2.64 per share. Airlines industry in Canada expected to see average net income growth of 215% next year. Consensus price target up from CA$2.54 to CA$3.10. Share price was steady at CA$3.35 over the past week. Announcement • Feb 16
Transat A.T. Inc. Appoints Julie Lamontagne as Chief People, Sustainability and Communications Officer of Transat, Effective from March 13, 2023 Transat A.T. inc. announced the appointment of Julie Lamontagne as Chief People, Sustainability and Communications Officer of Transat. She will be responsible for developing and deploying initiatives in corporate culture, labour relations and talent attraction, retention, and mobilization. She will also oversee corporate responsibility programs as well as internal and external communications. She will begin her new role on March 13. Julie Lamontagne has over 20 years of experience as a human resource professional, including 12 years in executive roles on management committees. Since 2019, she has held the position of Vice President, Talent and Culture at Enerkem and previously served as Vice President at Lumenpulse and EXFO. Julie Lamontagne holds a Bachelor's degree in Industrial Relations from the University of Montreal and is a member of the Ordre des conseillers en ressources humaines agréés du Québec. Breakeven Date Change • Jan 31
Forecast to breakeven in 2025 The 5 analysts covering Transat A.T expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 68% per year to 2024. The company is expected to make a profit of CA$20.0m in 2025. Average annual earnings growth of 101% is required to achieve expected profit on schedule. Announcement • Dec 31
Transat A.T. Inc., Annual General Meeting, Mar 09, 2023 Transat A.T. Inc., Annual General Meeting, Mar 09, 2023. Reported Earnings • Dec 18
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: CA$11.77 loss per share (further deteriorated from CA$10.32 loss in FY 2021). Revenue: CA$1.64b (up CA$1.52b from FY 2021). Net loss: CA$445.3m (loss widened 14% from FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.6%. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Airlines industry in North America. Over the last 3 years on average, earnings per share has fallen by 38% per year whereas the company’s share price has fallen by 42% per year. Announcement • Dec 16
Transat A.T. Inc. to Report Q1, 2023 Results on Mar 09, 2023 Transat A.T. Inc. announced that they will report Q1, 2023 results on Mar 09, 2023 Board Change • Nov 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Stephane Lefebvre 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 • Sep 09
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: CA$2.82 loss per share (improved from CA$3.66 loss in 3Q 2021). Revenue: CA$508.3m (up CA$495.8m from 3Q 2021). Net loss: CA$106.5m (loss narrowed 23% from 3Q 2021). Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Airlines industry in North America. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 41% per year, which means it has not declined as severely as earnings. Announcement • Sep 09
Transat A.T. Inc. to Report Q4, 2022 Results on Dec 15, 2022 Transat A.T. Inc. announced that they will report Q4, 2022 results on Dec 15, 2022 Price Target Changed • Sep 08
Price target decreased to CA$3.05 Down from CA$3.40, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of CA$2.98. Stock is down 39% over the past year. The company is forecast to post a net loss per share of CA$9.84 next year compared to a net loss per share of CA$10.32 last year. Price Target Changed • Sep 06
Price target decreased to CA$3.30 Down from CA$3.55, the current price target is an average from 5 analysts. New target price is 11% above last closing price of CA$2.98. Stock is down 40% over the past year. The company is forecast to post a net loss per share of CA$9.84 next year compared to a net loss per share of CA$10.32 last year. Major Estimate Revision • Jun 16
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -CA$8.08 to -CA$9.48 per share. Revenue forecast unchanged at CA$1.75b. Airlines industry in Canada expected to see average net income growth of 31% next year. Consensus price target down from CA$3.65 to CA$3.55. Share price fell 9.2% to CA$3.87 over the past week. Reported Earnings • Jun 10
Second quarter 2022 earnings: EPS misses analyst expectations Second quarter 2022 results: CA$2.60 loss per share (down from CA$1.84 loss in 2Q 2021). Revenue: CA$358.2m (up CA$350.6m from 2Q 2021). Net loss: CA$98.3m (loss widened 41% from 2Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.8%. Over the next year, revenue is forecast to grow 248%, compared to a 38% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. Announcement • Jun 10
Transat A.T. Inc. to Report Q3, 2022 Results on Sep 08, 2022 Transat A.T. Inc. announced that they will report Q3, 2022 results on Sep 08, 2022 Announcement • Jun 03
Transat A.T. Inc. to Report Q2, 2022 Results on Jun 09, 2022 Transat A.T. Inc. announced that they will report Q2, 2022 results on Jun 09, 2022 
