Chorus Aviation, $5.61, symbol CHR.B on Toronto (Shares outstanding: 114.6 million; Market cap: $685.4 million; www.flyjazz.ca), formerly known as Jazz Air Income Fund, is Air Canada’s main regional affiliate.
Chorus owns Jazz Air, Canada’s largest regional airline and second-biggest airline overall, based on the number of planes it operates and routes it flies. Jazz Air and Air Canada have a capacity purchase agreement (CPA) under which Air Canada buys almost all of Jazz’s seats based on predetermined rates.
The company’s current CPA with Air Canada provides the stable long-term cash flow it needs to maintain its monthly dividend and buy new aircraft.
However, the CPA ends in 2020 and will likely result in lower cash flow—although Chorus should still be able to keep paying the current dividend. Acquisitions could also add diversification and reduce Chorus’ exposure to Air Canada. That, combined with additional cost savings, will also support the dividend.
In May 2015, Chorus bought Voyageur Airways for $80 million. This privately…
Privacy Policy and Terms of Use
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