Westjet Airlines

TSE:WJA
Westjet Airlines is a company you are probably very familiar with, and have used a number of times if you live in Canada. It started out as a more affordable alternative to Air Canada and has since grown into Canada's second largest airline, with flights to Europe, the Caribbean and many destinations in the United States. The company has been characterized by public generosity initiatives including this past year's Christmas Miracle that gave back to residents affected by the Fort McMurray wildfires. This is important to consider, as it shows management that cares about real people, which can do wonders for brand loyalty and public perception. During that same time, Air Canada was put under the gun when there was supposed price gouging during the wildfire, the business impact of which may never be fully understood with travellers announcing on social media their boycott of Air Canada.

Being based in western Canada, Westjet's stock price has tumbled from over $30 to just over $20 due to their usage for flying people for oil-related work whether it be to Fort McMurray or Calgary. However, with oil prices finding support at $50 and a deal announced back in September with Suncor that sees 100 weekly flights, I think the next year or two for Westjet looks promising. Finally, Westjet's expansion into intercontinental flights to London last year did not start out smoothly, with major delays causing Westjet to reimburse a huge number of passengers as per European regulations. But, those flights have since gone a lot better, and I can personally say that when I used Westjet to fly to London in September, there were no delays or issues. Westjet's interest in expanding into further long-haul routes could be a very strategic and beneficial expansion.

In terms of current financials, I like Westjet as they have been very stable, and don't have the ridiculous debt that Air Canada has (debt is equal to 99% of Air Canada's assets). The current PE ratio is a low 9.1, which is still lower than the historical average of 11, giving it room for more than 20% upside before it could be called "fair value." And due to that discount, you are getting a dividend of 2.59%, which has been growing every year in the last 5 years except last year, understandably. Heavy capital spending in recent years of close to a billion dollars a year point towards a strong future, as well. At a closing price of $22.18 per share, you get a decent dividend and great growth prospects at a sale price in an industry that even Warren Buffett has invested in recently. 
Disclosure: I currently do not own WJA.