Given the facts pertaining to Air Canada, Baltia falls in line with Air Canada in PPS at or near .63 to .70.  But that would be after they are established, as is the case of Air Canada.  Previous posts from Delta and myself would show that we both looked at the pro forma and equated a P/E ratio of starup up airlines in the past that would put Baltia at .83 to .89 after the first  year based on O/S from about a year ago.  Given the changing circumstances of the O/S Delta revised the PPS downward to the .59 mark. 

Delta, if I'm wrong please correct me.