AU
UK
CA
US
IND
NZ
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 Q1 2025, contributing significantly to the national economy and employment landscape.
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
Amid elevated Market Volatility and Global Economic Headwinds, Transat A.T. Inc (TSX: TRZ) stands out as our defensive pick within the
Consumer Discretionary Sector, supported by rigorous fundamental and technical research.
Section1: Company Overview and Fundamental Insights:
Transat A.T. Inc (TSX: TRZ) is a Canadian company that specializes in the organization, marketing, and distribution of holiday travel in the tourism industry. The company offers vacation packages, hotel stays, and air travel under the Transat and Air Transat brands. The company's core business consists of tour operators based in Canada that are vertically integrated with its other services of air transportation, distribution through a dynamic travel agency network, value-added services at travel destinations, and accommodations. Its geographical segments include the Transatlantic, Americas, and others.
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 8 shareholders together form ~16.59% of the total shareholding. Fonds de Solidarité FTQ and Caisse de Depot et Placement du Quebec hold a maximum stake in the company at ~10.82% and ~5.46%, respectively.
The company reported rising Operating Income and Net Income in Q3 2025 against pcp, which is a key positive. Along with this, the company also clocked higher Cash Flows related to Investing Activities and Adjusted EBITDA, displaying its decent growth and investing capabilities.
Section 2: Business Updates and Financial Highlights
The picture below gives an overview of the company’s recent activity, such as an update on Expansion of Networks.
Section 3: Key Risks and Company Outlook
Section 4: Stock Recommendation Summary
The stock has witnessed a downside of ~8.13% and an upside of ~49.66% over the last 1 week and 6 months respectively. Moreover, it is trading above the below 52-week high price of CAD 3.25 and 52-week low price of CAD 1.41, providing an opportunity to accumulate the stock.
Valuation Methodology: EV to Sales 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 October 22, 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.
This report (“Report”) has been issued by Kalkine New Zealand Limited (FSP691351) (NZBN:9429047678101) (“Kalkine”). Kalkine is a Financial Advice Provider (“FAP”) and is authorised by a Class 1 Financial Advice Provider Licence issued by Financial Markets Authority (“FMA”) to provide financial advice. Kalkine provides only general financial advice through its research reports following a person becoming a member. The reports contain buy/sell/hold and other recommendations in relation to equity securities, managed funds and other managed investment schemes and other financial advice products. The recommendations and opinions in this Report and on Kalkine website do not take into account any of your investment objectives, financial situation or needs. Before you make a decision about whether to acquire a financial product, you should obtain the Product Disclosure Statement from the product issuer. You should consider the appropriateness of advice taking into account your own objectives, financial situation and needs and seek independent financial advice before making any financial decisions. If you act on the advice in the research reports, you may have to pay fees, expenses or other amounts (but not to Kalkine).
The information in this Report and on the Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its reports (including this Report), newsletters and websites. All information represents our views at the date of publication and may change without notice.
Kalkine does not issue, sell or deal in any financial products. The information in this Report does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products. Our reports contain general recommendations to invest in securities and other financial products. Kalkine is not responsible for, and does not guarantee, the performance of, or returns on, any investments mentioned in this Report.
This Report may contain information on past performance of particular investments. Past performance is not a reliable indicator of future performance. Returns stated do not take into account transaction costs and taxes.
Further information about the complaints and dispute resolution process, as well as information about Kalkine’s duties are available on Kalkine’s website. Please read our Financial Advice Provider (FAP) disclosure statement and Complaints Handling Guide, which are available on the website.
Copyright 2025 Krish Capital Pty. Ltd. (ABN 61629651510). All Rights Reserved. No part of this Report, or its content, may be reproduced in any form without our prior consent.
Past performance is not a reliable indicator of future performance.
Please wait processing your request...