WESTJET AIRLINES $18.52 (Toronto symbol WJA; TSINetwork Rating: Extra Risk) (1-877-493-7853; www.westjet.com; Shares outstanding: 123.3 million; Market cap: $2.2 billion; Dividend yield: 3.0%) serves 100 destinations in North America, Central America, the Caribbean and Europe. Its fleet of 108 modern Boeing 737s are 30% more fuel efficient than older jets.
In June 2013, the company launched WestJet Encore, its Canadian regional airline. This business now operates 23 Bombardier Q400 NextGen turboprop planes, which seat 78 passengers.
The Canadian airline market remains highly competitive, especially with Air Canada expanding its Rouge budget airline to serve more leisure destinations in Europe, the Caribbean, Mexico and the U.S.
However, WestJet has taken delivery of its first of three Boeing 767 wide-body aircraft. That will let it compete with Air Canada internationally.
In the three months ended September 30, 2015, WestJet’s revenue rose 3.5%, to $1.05 billion from $1.01 billion a year earlier. Excluding one-time items, earnings per share gained 24.2%, to $0.82 from $0.66.
WestJet has a great hidden asset in its workforce, which refrains from unionizing in favour of directly cooperating with management. That’s a plus, because many flyers find it provides friendlier service than unionized airlines. WestJet also benefits from the fact that most of its employees are shareholders.
The company is forecast to earn $2.74 a share in 2016. The stock trades at a low 6.8 times that estimate.
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