HI there,
First - Air Canada. To be honest - just don't like it. Airlines have been very cyclical historical and have had many crises like we are experiencing today. Air Canada already went bankrcupt once, almost did a second time and now again, it requires a bailout. Sure, it may offer some decent upside on a re-opening but we are still a ways away from that, likely 2022 as you pointed out. But even then, it will be a much weaker company financially than it was before the pandemic. It is the same thing with a company like Cineplex. I don't think its going anywhere, and will rebound on a reopening, but it will take years for them to be in as good of a financial position as it was pre-pandemic.
Alithya is a far more interesting company. Yes, It is definitely in competition with a company like CGI and it is growing at a pretty decent clip. Despite the pandemic which has impacted these types of companies, it is still growing and it has very strong book to bill ratios. The company is also making some acquisitions that will accelerate growth. The company only went public in late 2018, but it hasn't done a whole lot since then.
Likely because the company hasn't been profitable whereas most in the industry generate consistent profits. That being said, if it can get there sooner rather than later, it is trading at pretty cheap valuations. At only 0.5 times sales and at an EV/Rev of 0.9, it is pretty cheap. The acquisition of R3D Conseil was a good one and should help the company towards profitability. I think this company has potential, but as a small cap is likely gonna have to prove itself capable.
Mat