Chorus Aviation (CHR) ran 8% on its Q3 results, which beat estimates and came with a guide for the company’s non-CPA revenue to roughly double between 2025-2027…

… on a combination of 5-10% organic growth and recent acquisitions. Given the segment runs at higher margins than Chorus’ total business…

… that should support continued buyback activity, given leverage sits comfortably within management’s 1-2x target range.

Future M&A could also be on the table, with an active opportunity pipeline…

❝

There are opportunities that we’re working through right now that we feel very good about, that fit very well and fit all the parameters we’ve talked about as far as return metrics and so on.

Colin Copp (CEO) - CHR Q3/26 call

… and a multiple that could support equity issuance if necessary, assuming it can find targets at sub-5x EBITDA like its recent $40M SkyCare deal.

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