RE:ALL THE RIGHT SIGNALS Yep You're right.
But the stock market is an anticipation game.
All the reasons you mentioned explain why the AC's shares has stalled at 15$ last year after a dip at 9$ in march.
As well explained by Airlineinvestor sooner today, we're close to the post-Covid era. Things began to improve, the worst is behind. Investors wonder what the resumption of air traffic will look like.
AC show resilience over 20$, unless a new surprise on the COVID side, it will stand there before climbing.