RE:Snapshot or could be a movieThanks. Great summary.
Its all about the FCF. With above numbers, investment rating will come, sometime in 2024 or earlier. 2022 FCF should be above 1.0B (we will know in few weeks with Q3 results).
And not to forget what they can do with AC Cargo in future potentially. Or buy backs. I really hope buy backs start soon while the sp is lower.
By 2024/25, the transformation, which AC started in 2012 will be achieved, however few years delayed because of COVID. But thats normal for any long term structural transformation. Post transformation, AC (or other well run airline businesses) will become free cash flow generators.