If we base an Airline share price  on the size of its fleet, such as comparing to UAL worth 8B with 700 planes , your telling me Air Canada with 350 plans is worth a market cap of 4B.  Lets see, with AC's current market cap of 600M, and its worth 4B by UAL comparisons (4B/600m)= 6.6 times current value of 2.44)   2.44 x 6.6= $16 (based on size of fleet with UAL. 

Wow Air Canada is severly undervalued based on fleet size with UAL.   Can I now say UAL is way over valued?  If this is the way we are valuing airlines I think I should buy shares of Air Canada.  I have some shares by the way.

Unfortunately there is more behind it then just fleet size.  I thought I have some fun with it though.