For shareholders who are owning AC, or looking to own AC for the longer run, time to get a better understanding of EBITDA drivers. Time to go and study up on posts on Stockhouse by Airlineinvestor. People hear about business transformations over a decade, but without looking at what that means. A top airline like AC has been rebuilt with added financial engines, or revenue generating factories like Aeroplan II. The banks donate bundles of cash based on loyalty credit card use. It's not just about passenger traffic, quarter to quarter. And this engine is destined to get much bigger over next few years, from 5 million AP members, pushing towards 7 or 8 million members. Also the AP members tend to represent slightly better off households who are not cash strapped during economic cycle troughs. This creates resiliency in cash flow through the Loyalty engine. Also the margins are extremely rich, and with minimal capital outlays. This engine enhances EBITDA like a booster engine. The business does not have to return to 2019 passenger levels to outperform 2019 EBITDA. 

For years, some shareholders have been asking about dividends. I'll admit I am not one of them, as I prefer retained earnings to be re-invested in more profitable initiatives. However, now after learning more about the EBITDA boost from AEROPLAN II from Airlineinvestor 's posts, am warming up to the idea that some time in the near future, after AC has moved back up on its credit ratings, AC will be able to pay dividends based n the security of steady and growing flow of Loyalty cash. Readers can have a good laugh today.. but I am convinced that AC shares will eventually rise to triple digit numbers within a few years, and pay dividends. Here is to patient investing.