2024-06-24 01:33:19 ET
Summary
- Chorus Aviation's business transformation progress has been disappointing, with margin contraction and declining operating income and net income.
- The company's pivot towards an asset-light model has not been successful, with delayed Fund III closure and lack of sustainable growth.
- Despite potential improvements in returns on invested capital, Chorus Aviation's underperformance compared to the market and lack of validation for the business case make it not a buy.
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Chorus Aviation: Business Transformation Struggles And Investor Disappointment Persist