Company Performance - Copa Holdings has seen a stock increase of 2.9% over the past month, reaching a new 52-week high of $127.09, with a year-to-date gain of 38.5% compared to the Zacks Transportation sector's decline of 7.2% and the airline industry's increase of 3.1% [1] - The company has a strong record of positive earnings surprises, having beaten earnings consensus estimates in the last four quarters, including an EPS of $3.61 against a consensus estimate of $3.25 in its latest report [2] - For the current fiscal year, Copa Holdings is projected to post earnings of $16.53 per share on revenues of $3.61 billion, reflecting a 13.53% change in EPS and a 4.73% change in revenues [3] Valuation Metrics - Copa Holdings has a Value Score of A, with Growth and Momentum Scores of B and F respectively, resulting in a combined VGM Score of A [6] - The stock trades at 7.4X current fiscal year EPS estimates, below the peer industry average of 9.8X, and at 5.3X trailing cash flow compared to the peer group's average of 4.6X, with a PEG ratio of 1.06, indicating strong value potential [7] Zacks Rank - Copa Holdings holds a Zacks Rank of 2 (Buy), supported by favorable earnings estimate revisions from analysts [8] - The stock meets the criteria for selection, as it carries a Zacks Rank of 1 or 2 and Style Scores of A or B, suggesting potential for future growth [9] Industry Comparison - International Consolidated Airlines Group SA (ICAGY) is a notable peer with a Zacks Rank of 1 (Strong Buy) and strong earnings performance, having beaten consensus estimates by 158% [10][11] - ICAGY is expected to post earnings of $1.62 per share on revenues of $38.55 billion for the current fiscal year, with shares gaining 4.7% over the past month [11][12] - Despite the Transportation - Airline industry ranking in the bottom 63% of all industries, both Copa Holdings and ICAGY show promising fundamentals and potential tailwinds [12]

Group 1 - JD Bancshares, Inc. has appointed Carrie H. Calvin, CPA, CFE and Preston Castille to its Board of Directors [1]

Group 1: Copa Holdings Performance - Copa Holdings, S.A. (CPA) reported robust traffic numbers for August 2025, driven by high passenger volumes and upbeat air travel demand, with revenue passenger miles (RPM) improving year-over-year [1][8] - Available seat miles (capacity) increased by 5.8% year-over-year in August, while RPM improved by 9.8% year-over-year, indicating strong demand [2][8] - The load factor rose to 88.3% from 85.1% in August 2024, as traffic growth outpaced capacity expansion [2][8] Group 2: Market Position and Stock Performance - CPA currently holds a Zacks Rank 3 (Hold) and has seen its shares gain 33.3% year-to-date, outperforming the Zacks Airline industry, which increased by 8.3% [3] Group 3: Competitor Performance - Allegiant Travel Company reported a 12.1% increase in scheduled traffic (RPM) and a 14.6% rise in capacity (available seat miles) for August 2025, but its load factor declined to 82.6% [9] - LATAM Airlines Group experienced a 10.8% increase in consolidated traffic (RPK) and a 9.4% rise in capacity (ASK), with a load factor of 85.4% [10][11] - Ryanair Holdings transported 21 million passengers in August 2025, reflecting a 2% year-over-year increase, with a consistent load factor of 96% [12][14]

Core Insights - Copa Holdings reported a 5.8% increase in capacity (ASM) for August 2025 compared to August 2024, reaching 2,755.1 million available seat miles [1] - Revenue passenger miles (RPM) increased by 9.8% year-over-year, totaling 2,432.2 million for August 2025 [1] - The load factor for August 2025 was 88.3%, which is 3.2 percentage points higher than the load factor in August 2024 [1] Company Overview - Copa Holdings is a prominent provider of passenger and cargo services in Latin America, serving countries across North, Central, and South America, as well as the Caribbean [2] - The company operates through its subsidiaries, enhancing its service offerings in the region [2] Definitions - Available seat miles (ASM) is calculated by multiplying the aircraft seating capacity by the number of miles flown [2] - Revenue passenger miles (RPM) measures the number of miles flown by revenue-generating passengers [2] - Load factor indicates the percentage of aircraft seating capacity that is utilized [2]

Core Viewpoint - Copa Holdings (NYSE: CPA) is rated as a "Strong Buy" with a significant price increase of approximately 30%, moving from the $90s to around $120 recently [1]. Summary by Relevant Sections - **Stock Performance** - The stock has experienced a notable increase of +30% since the initial rating was given earlier this year [1]. - **Investment Thesis** - The positive outlook on Copa Holdings is maintained despite the recent price increase, indicating continued confidence in the company's growth potential [1].

Core Viewpoint - Kootenay Silver Inc. has appointed Ron Miller as a director, bringing over 30 years of experience in accounting and advisory services, particularly in the mining sector [1][2][3]. Company Overview - Kootenay Silver Inc. is an exploration company focused on discovering and developing mineral projects in the Sierra Madre Region of Mexico, with a significant portfolio of silver assets [5]. - The company aims to expand its silver resources and develop priority silver projects in Sonora and Chihuahua, Mexico [5]. Appointment of Ron Miller - Ron Miller, a CPA, CA, has extensive experience in public practice and has been involved in numerous mergers, acquisitions, and financing for public companies, particularly in the mining sector [1][2]. - The President & CEO of Kootenay, James McDonald, expressed optimism about leveraging Miller's experience to advance the company's high-grade Columba discovery and resource projects [3]. Stock Options Announcement - Kootenay Silver Inc. has granted stock purchase options to a consultant, allowing the purchase of up to 250,000 shares at a price of $1.19 per share for a period of two years [3].

Core Insights - Copa Holdings (CPA) is experiencing growth due to increased passenger volumes, with robust traffic numbers reported for July 2025 driven by strong air travel demand [1] - The company is expanding its capacity to meet rising demand, with available seat miles increasing by 6.3% year-over-year in July [2] - Revenue passenger miles (RPM) improved by 7.8% year-over-year in July, leading to a load factor increase to 88.8% from 87.6% in July 2024 [2][8] Capacity and Traffic Growth - In the second quarter of 2025, RPM increased by 6.4% year-over-year, with a load factor rise of 0.5 percentage points to 87.3% [3] - Traffic growth outpaced capacity expansion of 5.8% during the same period, indicating strong demand [3] Comparative Analysis with Other Airlines - Ryanair reported a 3% year-over-year increase in passengers transported, totaling 20.7 million in July 2025, with a consistent load factor of 96% [4][5] - Controladora Vuela Compania de Aviacion (Volaris) saw a 3% year-over-year increase in passengers, but its load factor decreased by 4.9 percentage points to 84.9% due to capacity expansion outpacing traffic growth [7]

Group 1 - Copa Holdings reported a 6.3% increase in capacity (ASM) for July 2025 compared to July 2024, reaching 2,854.8 million available seat miles [1] - The company experienced a 7.8% increase in system-wide passenger traffic (RPM) for July 2025, totaling 2,533.7 million revenue passenger miles [1] - The load factor for July 2025 was 88.8%, which is 1.2 percentage points higher than the load factor in July 2024 [1] Group 2 - Copa Holdings is a prominent provider of passenger and cargo services in Latin America, serving countries across North, Central, and South America, as well as the Caribbean [2] - The company operates through its subsidiaries to deliver these services [2]

Core Insights - Copa Holdings, S.A. (CPA) reported strong second-quarter 2025 results, with both earnings and revenues exceeding the Zacks Consensus Estimate, leading to a 7.7% increase in stock price since the earnings release on August 6 [1] Financial Performance - Quarterly earnings per share were $3.61, surpassing the Zacks Consensus Estimate of $3.25 and reflecting a 25.3% year-over-year improvement [2] - Revenues reached $842.60 million, beating the Zacks Consensus Estimate of $834.8 million and increasing by 2.8% year over year, driven by an 8% rise in onboard passengers [2] - Passenger revenues, contributing 94.6% to total revenues, grew 2% year over year to $797.26 million, supported by a 6.4% increase in revenue passenger miles (RPMs), despite a 4.1% decrease in passenger yield [3] Revenue Breakdown - Cargo and mail revenues increased by 12.4% year over year to $28.3 million, attributed to higher cargo volumes [4] - Other operating revenues improved by 33.9% year over year to $17.03 million, driven by increased ConnectMiles revenues from non-air partners [4] Operational Metrics - Copa Holdings' traffic (measured in RPMs) grew by 6.4%, while capacity (measured in available seat miles) increased by 5.8% from the previous year, resulting in a load factor of 87.3%, up 0.5 percentage points [5] - Passenger revenue per available seat mile decreased by 3.6% year over year to 10.1 cents, while revenue per available seat mile (RASM) fell by 2.8% to 10.7 cents [6] Cost Analysis - Total operating expenses rose by 0.9% year over year to $665.98 million, primarily due to increased capacity and maintenance costs, partially offset by lower fuel and passenger servicing expenses [7] - Employee-related expenses increased by 6.5%, while maintenance costs surged over 100% year over year [8] Cash Position - At the end of the second quarter, Copa Holdings had cash and cash equivalents of $236.17 million, up from $164.82 million at the end of the previous quarter [8] 2025 Outlook - Management anticipates consolidated capacity growth of 7-8% year over year, with an expected operating margin of 21-23% [9] - RASM is projected to be 11.2 cents, with a load factor expectation of 87% for the current year [9]

Financial Performance - Net profit for 2Q25 was US$148.9 million, or US$3.61 per share, reflecting a 25.2% increase in earnings per share compared to 2Q24[3] - Operating income for the quarter was US$176.6 million, a 10.7% increase from US$159.5 million in 2Q24[9] - Operating profit for Q2 2025 was US$176.6 million, a 10.7% increase compared to Q2 2024[21] - Net profit for Q2 2025 reached US$148.9 million, a 23.8% increase from Q2 2024[21] - Basic Earnings Per Share (EPS) for Q2 2025 was US$3.61, a 25.3% increase compared to Q2 2024[21] Revenue and Expenses - Operating revenues reached US$842.6 million, a 2.8% increase year-over-year, with a load factor of 87.3%, up 0.5 percentage points[6] - Consolidated operating revenue for Q2 2025 totaled US$842.6 million, a 2.8% increase from Q2 2024[19] - Passenger revenue increased by US$15.8 million or 2.0% year-over-year to US$797.3 million, driven by a 6.4% increase in revenue passenger miles (RPMs)[19] - Cargo and mail revenue rose to US$28.3 million, a 12.4% increase compared to Q2 2024, due to higher cargo volumes[20] - Total operating expenses for Q2 2025 were US$666.0 million, a 0.9% increase from Q2 2024, primarily due to higher maintenance and repair costs[21] - Fuel expenses decreased by US$31.9 million or 13.0% year-over-year to US$214.1 million, attributed to a 17.0% lower effective fuel price[21] Cash Flow and Investments - The company ended the quarter with approximately US$1.4 billion in cash and investments, representing 39% of the last twelve months' revenues[3] - Net cash flow from operating activities for the first half of 2025 was $484,282 thousand, an increase from $470,777 thousand in the same period of 2024[31] - Cash flow used in investing activities increased significantly to $733,297 thousand in 2025 from $258,696 thousand in 2024, primarily due to higher acquisition of investments and aircraft[31] - Total cash and cash equivalents and investments as of June 30, 2025, reached $1,368,640 thousand, up from $1,207,254 thousand in 2024[31] - Cash and cash equivalents as of June 30, 2025, were $236,171 thousand, a decrease from $613,313 thousand at the beginning of the year[31] - The company reported a net decrease in cash and cash equivalents of $377,142 thousand for the first half of 2025, compared to a minor decrease of $5,739 thousand in 2024[31] - Dividends paid in the first half of 2025 were $133,027 thousand, slightly down from $134,756 thousand in the same period of 2024[31] - The company’s long-term investments increased to $368,332 thousand in 2025 from $258,379 thousand in 2024, reflecting a strategic focus on long-term growth[31] Operational Metrics - Copa Airlines achieved an on-time performance of 91.5% and a flight completion factor of 99.8% for the quarter[3] - The company took delivery of three Boeing 737 MAX 8 aircraft, ending the quarter with a consolidated fleet of 115 aircraft[3] - Copa Holdings reported a decrease in passenger revenues per available seat mile (PRASM) by 3.6% to 10.1 cents, alongside a decline in passenger yields of 4.1%[6] - Operating costs per available seat mile (ASM) excluding fuel for Q2 2025 was reported at 5.8 cents, consistent with Q1 2025 and YTD 2025, while down from 5.8 cents in Q2 2024[33] - Aircraft fuel cost per ASM decreased to 2.7 cents in Q2 2025 from 3.3 cents in Q2 2024, indicating improved fuel efficiency[33] Balance Sheet - Adjusted Net Debt to EBITDA ratio stood at 0.6 times, maintaining a strong balance sheet[9] - Total assets as of June 2025 were US$6.0 billion, an increase from US$5.7 billion in December 2024[29] - Total equity increased to US$2.56 billion in June 2025, up from US$2.37 billion in December 2024[29] - Proceeds from new borrowings increased to $165,000 thousand in the first half of 2025 compared to $108,000 thousand in 2024[31]