Chorus Aviation Inc.

Kalkine’s “Global Travel and Leisure Report” delivers an in-depth analysis of leading companies and transformative trends shaping the travel ecosystem across the U.S., Canada, Australia, UK, and New Zealand. The report spans the full travel value chain from airlines and hospitality groups to digital travel platforms and the booming growth in leisure, entertainment, gaming/casinos, retail and consumer discretionary sectors, capturing how these segments are revolutionizing modern travel experiences.

Canada's Travel and Leisure sector in 2025 is resilient and growth-oriented, driven by digital transformation (particularly AI integration), a decent push for sustainability, favorable government policies, and renewed demand from both domestic and international travelers. The sector spans a diverse value chain including airlines, hotels, digital travel platforms, entertainment, gaming, casinos, retail, and consumer discretionary, each playing a vital role in reshaping travel experiences. Growth is further fueled by rising immigration, increased urban mobility, and a shift toward personalized, health-secure, and eco-conscious travel. While challenges like labor shortages, infrastructure gaps, and regulatory uncertainties remain, the sector’s outlook remains positive, hinging on its ability to scale innovation, attract investment, and expand capacity.

Image source: © 2025 Krish Capital Pty. Ltd., Analysis: Kalkine Group 

Canada’s travel and tourism industry continues to demonstrate resilience and recovery in 2024, contributing significantly to the national economy and employment landscape.

• Total Economic Contribution (2024): It contributed CAD ~130 billion, aligned with a ~3.8% YoY growth in tourism GDP, which highlights the sector’s expanding role in post-pandemic recovery.
• Employment Impact: The industry supported around ~709,000 jobs, representing ~3.4% of total employment, with a 1.8% increase over 2023 levels.
• Direct GDP Share: Travel and tourism directly contributed approximately ~1.78% to Canada’s national GDP in Q4 2024, reflecting sustained recovery from pandemic-era lows.

Image source: © 2025 Krish Capital Pty. Ltd., Analysis: Kalkine Group 

Image source: © 2025 Krish Capital Pty. Ltd., Analysis: Kalkine Group 

Image source: © 2025 Krish Capital Pty. Ltd., Analysis: Kalkine Group 

Image source: © 2025 Krish Capital Pty. Ltd., Analysis: Kalkine Group 

Image source: © 2025 Krish Capital Pty. Ltd., Analysis: Kalkine Group 

Canada’s travel and leisure industry appears set for steady growth, supported by sustainable local demand, the revival of international arrivals, and favorable government policies. Ongoing improvements in infrastructure, growing consumer interest, and rising focus on eco-friendly and immersive travel experiences are creating attractive prospects for both businesses and investors. That said, challenges such as staffing gaps, rising operational costs, and global economic headwinds will require careful navigation. Despite these hurdles, the sector’s long-term outlook remains optimistic, as Canada continues to enhance its appeal as a top-tier destination in the post-COVID landscape. 

Amid elevated Market Volatility and Global Economic Headwinds, Chorus Aviation Inc. (TSX: CHR) stands out as our defensive pick within the  Travel and Leisure Sector, supported by rigorous fundamental and technical research. 

Section1: Company Overview and Fundamental Insights:

Chorus Aviation Inc. (TSX: CHR) is a Canadian holding company. It aims to deliver regional aviation to the world through its businesses. It specializes in contract flying, maintenance, repair and overhaul, and aircraft leasing solutions. The company operates in two segments, namely, Regional Aviation Services and Regional Aircraft Leasing and generates maximum revenue from the Regional Aviation Services segment.

Kalkine’s “Global Travel and Leisure Report” covers the Investment Highlights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

The top 10 shareholders together form ~16.54% of the total shareholding. Bsi Dragonfly Holdings Lp and American Century Investment Management, Inc. hold a maximum stake in the company at ~­­­13.98% and ~0.66%, respectively.

The company reported rising operating income and net income in Q1 2025 against pcp, which is a key positive. Furthermore, it clocked industry beating margins. Along with this, the group also clocked higher free cash flows, displaying its strength and adaptability.

Section 2: Business Updates and Financial Highlights

The picture below gives an overview of the company’s recent activities, such as an update on initiating quarterly dividend.

Section 3: Key Risks and Company Outlook

Section 4: Stock Recommendation Summary

The stock has witnessed an upside of ~10.02% and ~8.12% over the last 1 week and 1 month respectively. Moreover, the stock is trading above the average 52-week high price of CAD 24.08 and 52-week low price of CAD 16.73, providing an opportunity to ride the trend.

Valuation Methodology: EV to EBITDA Based Relative Valuation (Illustrative)

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is July 2, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock. 

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.