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Gold/Mining/Energy : Air Canada is taking off? -- Ignore unavailable to you. Want to Upgrade?

To: Stephen O who wrote (928)	10/22/1999 1:54:00 PM
From: Michel Miron	Read Replies (1) \| Respond to of 1033

The strike threat at the beginning of the quarter cost AC about $30M or about 16 cent a share. The 1997 figure included extraordinary item. Only on their present performance AC justify a share price of $10-12 (average in the industry is 10 times P/E ratio or 20 times book value). ONEX offer has no longer anything to do with the price. I hope the government will back a Canadian solution to the airline mess by forcing CA to accept AC offer (the Asian routes are owned by the Canadian gov.). AMR will be the only party with a loss, ONEX will make huge capital gains on its AC shares, AC shareholders will will benefit from a rise in the value of their shares.