Copa Holdings (CPA)

I am fairly new to value investing, so let me know what you guys think

Copa Holdings is a Panamanian-based airline company and one of the largest airlines in Central America. They are currently trading at a PE of 7.17 and have a 5.86% dividend yield. They have a fairly clean balance sheet with 3.8 billion in total debt compared to 6.6 billion in assets.

Since their IPO in 2005, they have tripled their fleet size and grown revenue and cash flow from operations at an average CAGR of around 11%. Additionally, they have 100 planes ordered for delivery in the next 8 years, which will not quite double their current fleet, unless they retire or sell some of the planes they operate now. Management seems to be focused on long-term and sustainable growth without being too aggressive.

I think their biggest strength is their operational efficiency. They operate a fleet that consists entirely of Boeing 737s, which allows for reduced training of staff, along with greater staff flexibility. They are the cheapest operating full-service airline by a pretty good margin (ex-fuel costs are about 75-80% of their Latin American peers), and their operating costs are comparable to Latin American low-cost carriers. They have consistently had better operating margins than their peers, and the only years since 2020 in which they didn't have double-digit operating margins were 2020 and 2021.

The price has dropped pretty significantly since the oil price spike because of the Iran war, but oil prices always go up and down, and that obviously doesn't change the intrinsic value of the company too much. It seems like a good stock to hold long-term and buy whenever it dips due to high oil prices, earnings misses, or anything else that may cause a market over-reaction.

Thanks in advance for any of your inputs