Notwithstanding a first quarter "hiccup" that saw flights canceled in January and February due to the Omicron variant, business continues to recover at Copa Holdings (CPA), with capacity and passenger revenue slowly coming back and management continuing to execute exceptionally well on controllable costs.
Copa shares are up about 23% since my last article, outperforming both Volaris (VLRS) and Gol Linhas (GOL), both of which saw better performance earlier in the recovery cycle from stronger recoveries in domestic traffic within Mexico and Brazil, respectively. At this point, I continue to see double-digit annualized return potential, and I don't think investors need to be overly concerned that they've missed all the recovery gains.
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