RE:A Time for Learning .. EBITDA $$$I agree for the most part, although there is some capacity issues after the blsitering growth that AC did. That being said Rovinescu has done a tremendous job stabilizing debts and getting them down. My concern is that fifth-freedom traffic will not be as popular as direct flights offer quicker flihgts as well as consumers may prefer less airtime after the pandemic. Aeroplan is a huge plus and getting it back under it's wing is a major positive for cash,.
I think with the new CEO, we will see a bigger focus on deleveraging for the time being. Air Canada survival was really on the huge cash pile Calin set the company with. AC had more cash than Delta, United and American which shows how solid Calin had put the company. I would guess that we will see an increased debt repayment. We will probably also see AC take opportunity in the domestic market. While Westjet is now private, based on their financials prior, the fact that ONEX would have to front everything, and the retreat they did compared to AC, AC has a huge upperhand when travel returns. Other airlines such as Lufthansa, BA, Korean, Air France, Cathay etc. will be either retreating or be unable to fill in higher capaciity. They may cut routes and volume as they work their costs out. AC will likely be able to fill in capacity as needed quicker and take market share.
While a dividend is nice, I don't think it's going to happen anytime soon. AC will want to pay down debt, redeploy aircraft and take the market. And IMO, that is the better way to go.