RE:All right, here's why this stock is dangerous...That is an extremely biased point of view.... and I see no value in your post. I wish DD could be done by just looking at the Wall Street Journal but sadly you cannot.
Point 1 - Which portion of their financials indicates without Air Canada, Aimia is worthless or "broken"? Please explain further, as nothing changes with Aeroplan members still being able to use their miles with AC even after 2020. Moreover, it can't be the revenue they get from AC, they are not even their biggest customer. Slide 31 https://www.aimia.com/content/dam/aimiawebsite/financial_reports/2017/Q1/2017-Q1-Aimia-highlights-presentation.pdf
Are you talking about the right company?
Sadly for the short term investors, one of the best things for this company was the dropping of the dividend, by a governing force put into place to protect companies. Due to the sharp decline in stock price their diividend was forced to be suspended. The stock price loses 80%+ of it's value by losing 11% of it income.... in three years. Textbook over-reaction. A company that does over $2bil with a market cap 250mil ish. With the dividend suspended the company can pay off its debt quicker and with business as usual, it is a win-win.
Point 2 - This has already been covered in another post. The tangible assets, understand the business they are in.
Points 3 - The most biased of them all, as Quarter one of every year is typically a loss on FCF. You can't take a snapshot of 1 year...
Look at slide 25 - https://www.aimia.com/content/dam/aimiawebsite/financial_reports/2017/Q1/2017-Q1-Aimia-highlights-presentation.pdf
As you can see this is just seasonal FCF and is totally normal. Matter of fact, you can see on slide 17 with Nectar big campaign dropping off 20% they were still in a normal FCF trend for the quarter with a new "significant" campaign starting in May. (slide 18). Looking forward to Q2.
As Air Canada said this past week, there has been no run on redemptions.
Hold strong and your patience will be rewarded. There is a reason an investment giant like Pershing is buying up stock relentlessly.... this thing is going to fly.