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TRZ.TO (TRZ) Fair Value & Analysis

Consumer Cyclical · CA · Market cap C$95.6M (≈ $68.8M) · ISIN CA89351T4019

TT TRZ.TO TRZ · TO
PriceC$2.19
Fair ValueC$2.87
Upside+31.2%
Quality45/100
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Strengths

Trades 24% below our fair value of C$2.87
Negative equity (buybacks among others) · generates free cash flow
Ranks above peers (7/11)

Risks

!Mixed Growth (revenue 5y +21.2 %/yr)
!Thin margins · 8.1% net margin
!Narrow moat 22/100
Mixed Growth (revenue 5y +21.2 %/yr)
Thin margins · 8.1% net margin
Negative equity (buybacks among others) · generates free cash flow
Ranks above peers (7/11)
Narrow moat 22/100
Evidence: High Range C$1.24 – C$3.59 Share as image

Fair value as of: Aug 20, 2026

From 21 valuation models · updated 11 days ago

Fair value updated Aug 20, 2026, revised from C$2.90 to C$2.87 (−1.0%) since Aug 13, 2026. Share price −2.7% over the past month.

Below-average quality, trading 24% below our fair value.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

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What matters now

  • The model range is unusually wide (C$1.24 to C$3.59). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (45/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

C$7.26 C$1.44 Fair Value C$2.87 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range C$1.44 – C$7.26 · fair‑value band C$1.24 – C$3.59 · the C$2.19 price screens below the C$2.87 fair value. Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

TRZ.TO (TRZ) currently trades at C$2.19, while our model-based Fair Value estimate is C$2.87, implying the stock looks roughly 31.2% undervalued today. The Quality Score stands at 45/100 (below-average quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, TRZ.TO generated revenue of C$3.4B at a net margin of 9.7%. Revenue grew 5.0% year over year. Net debt stands at C$961M. The stock trades on a trailing P/E of 0.3. Fundamentals as of Aug 20, 2026

Our scenario range runs from C$1.24 (bear case) to C$3.59 (bull case); at C$2.19, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 33% below its 52-week high and 6% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -24% fair-value upside, at 31%, TRZ screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 10 months have passed since. In that time the company retained roughly 5.60 CAD per share, which is 194.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF C$0.8594 C$1.08 C$1.73 80
Growth DCF C$0.8246 C$1.12 C$1.64 79
5Y Revenue Exit C$0.5801 C$0.6925 C$0.9193 74
All 21 models by family
DCF Models
FCF DCF C$0.8594 C$1.08 C$1.73 80
Owner Earnings C$3.81 C$7.19 C$13.08 73
5Y Revenue Exit C$0.5801 C$0.6925 C$0.9193 74
5Y EBITDA Exit C$1.74 C$3.05 C$5.60 72
5Y P/E Exit C$2.52 C$5.70 C$10.10 67
10Y Revenue Exit C$0.6784 C$0.9171 C$1.02 68
10Y EBITDA Exit C$1.40 C$3.02 C$6.04 64
10Y P/E Exit C$1.89 C$4.43 C$8.93 59
Earnings-Based
Graham-Dodd C$1.29 C$9.01 C$12.64 63
Lynch FV C$3.27 C$4.67 C$6.07 61
PEG = 1.0 C$3.27 C$4.67 C$6.07 57
EPV C$0.3823 C$0.3910 C$0.3981 74
Multiples
P/E Multiple C$3.13 C$4.18 C$5.22 63
P/S Multiple C$2.40 C$3.20 C$4.00 58
EV/EBIT C$0.4732 C$0.5279 C$0.5827 66
EV/EBITDA C$2.23 C$2.87 C$3.52 67
EV/Revenue C$0.4197 C$0.4671 C$0.5144 54
Growth DCF
Growth DCF C$0.8246 C$1.12 C$1.64 79
Rev-Margin DCF C$0.5801 C$0.7486 C$1.05 73
Economic Profit
ROIC Compounder C$0.3823 C$0.3910 C$0.3981 72
Growth Earnings
Growth-Adj P/E C$4.29 C$6.14 C$7.98 67

Widest divergence: Growth Earnings (C$6.14) versus Economic Profit (C$0.3910). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/E ratio 0.3
P/S ratio 0.02 P/E × margin
EPS (TTM) C$8.09 price ÷ EPS = P/E 0.3
Net margin 7.1% FY2025
Return on equity -850% TTM
Return on assets (EBIT) -6.2% avg 5y
More key figures
Profitability
Operating margin -2.2% TTM
Growth
Revenue (TTM) C$3.4B TTM
Revenue growth (YoY) +5.0% 3y avg +27.4%
EPS growth (YoY) +11.6%
Balance sheet & cash flow
Free cash flow C$59.1M FY2025
Net debt C$961M FY2025 · ≈ 16.3 yrs of FCF

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 44 · Market factors (momentum, volatility) 26

Profitability 57
Margins and returns on capital today
Quality Growth 78
Are margins and returns improving?
Cashflow 16
Earnings quality: real cash, not paper profit
Fin. Strength 26
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 49
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 10
Distance to the 52-week high (market factor)
Net Issuance 29
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Transat A.T. Inc., together with its subsidiaries, engages in the leisure travel business in the Americas and the Transatlantic. It offers vacation packages, hotel stays, and air travel services under the Transat and Air Transat brands.

Full company description

Transat A.T. Inc., together with its subsidiaries, engages in the leisure travel business in the Americas and the Transatlantic. It offers vacation packages, hotel stays, and air travel services under the Transat and Air Transat brands. The company also provides passenger air transportation services under the Air Transat brand; outgoing tours; and destination services, including hospitality and representation, passenger transfers, excursions, tours, sports, and other activities, as well as specialty services, such as destination weddings and teambuilding, etc. In addition, it engages in the retail distribution business, which includes providing advice to travelers and sells consumer products. As of October 31, 2025, the company's fleet consists of 16 Airbus A330s, 19 Airbus A321LRs, and 8 Airbus A321ceos fleets. Transat A.T. Inc. was incorporated in 1987 and is headquartered in Montreal, Canada.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

TRZ.TO reported revenue of C$3.4B in FY2025 versus C$125M in FY2021, a compound +128.4%/yr. Reported net income was C$242M in FY2025.

Growth Quality 62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
C$3.4B
Latest YoY
+3.5%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+27.4%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+21.2%
Avg. revenue growth/yr (32Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.6%
Revenue +128.4%/yr
FY21 C$125M
FY22 C$1.6B
FY23 C$3.0B
FY24 C$3.3B
FY25 C$3.4B
Net income
FY21 −C$389M
FY22 −C$445M
FY23 −C$25.3M
FY24 −C$114M
FY25 C$242M

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Cite: Fair Value Calculator (2026). "TRZ.TO Fair Value". https://www.fairvalue-calculator.com/stock/TRZ

Peer Group

Travel Services · 94 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 45 · Below median
Fair Value upside +31% · Above median
Return on assets -2% · Bottom 25%
Net margin (TTM) 8% · Above median
Operating margin (TTM) -8% · Bottom 25%
Revenue growth -0% · Below median
Dividend yield (TTM) 5.6% · Top 25%

Valuation Multiples vs Travel Services median · lower = cheaper

P/E (TTM) 0.3× · Cheaper than 75% of peers
P/S (TTM) 0.02× · Cheaper than 75% of peers
P/FCF 1.2× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE75 · sector 19
FUTURE0 · sector 29
PAST0 · sector 31
HEALTH100 · sector 97
DIVIDEND100 · sector 39

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Travel Services stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

Stock Price Fair Value vs Fair Value
Booking Holdings BKNG $202.56 $152.94 -24%
Airbnb, Inc ABNB $184.40 $85.66 -54%
Royal Caribbean Cruises Ltd RCL $290.00 $215.19 -26%
Viking Holdings VIK $104.19 $43.68 -58%
Carnival Corporation CCL $25.59 $31.36 +23%
Expedia Group EXPE $325.57 $248.63 -24%
Trip.com Group TCOM $45.14 $89.35 +98%
Norwegian Cruise Line Holdings NCLH $17.09 $20.28 +19%
Global Business Travel Group GBTG $9.44 $5.04 -47%
Travel + Leisure Co TNL $73.57 $26.57 -64%

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Frequently asked questions

Is TRZ.TO (TRZ) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of C$2.87 versus a price of C$2.19, about +31% (undervalued).
What is the fair value of TRZ?
Our model-based fair value for TRZ.TO is C$2.87 (as of Aug 20, 2026), built from audited fundamentals. The current price: C$2.19.
What is the quality score of TRZ?
TRZ.TO has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of TRZ.TO (TRZ)?
TRZ.TO reported trailing-twelve-month revenue of about C$3.4B (latest available figure, as of Aug 20, 2026).
What is the net profit margin of TRZ?
The net profit margin of TRZ.TO is about 9.7%, meaning it keeps roughly 9.7% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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