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Bombardier Inc. T.BBD.A

Alternate Symbol(s):  BDRPF | T.BBD.PR.B | BDRXF | T.BBD.PR.C | T.BBD.PR.D | BOMBF | BDRAF | T.BBD.B | BDRBF

Industrials Aerospace & Defense
Bombardier Inc. is a Canada-based manufacturer of business aircraft with a global network of service centers. The Company is focused on designing, manufacturing and servicing business jets. The Company has a worldwide fleet of more than 5,000 aircraft in service with a variety of multinational corporations, charter and fractional ownership providers, governments and private individuals. It operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. Its robust customer support network services the Learjet, Challenger and Global families of aircraft, and includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Austria, the United Arab Emirates, Singapore, China and Australia. The Company's jets include Challenger 350, Challenger 3500, Challenger 650, Global 5500, Global 6500, Global 7500 and Global 8000.


TSX:BBD.A - Post by User

Bombardier Inc.
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Comment by Copainon Dec 21, 2016 10:24pm
101 Views
Post# 25633263

RE:RE:TD Securities Reiterated Rating Hold ...Has Target Of $1.75

RE:RE:TD Securities Reiterated Rating Hold ...Has Target Of $1.75Le rapport de TD Securities est bon et il a ete mis a jour le 19 decembre 2016.

Reference:

https://www.tdsresearch.com/equities/fundamental.disclosure.action?companyName=Bombardier%20Inc.&companySymbol=BBD.B-T


Justification of Target Price
12-Month Target Price: $1.75 (US)
Our target price represents the average of the two scenarios (Exhibit 7): our primary valuation scenario uses our 2020 EBITDA forecasts for all segments except for the C Series, which uses 2022 EBITDA forecasts. The secondary scenario uses the mid-point of management's implied 2020 financial targets. Adjustments are made to remove EV and net debt attributable to minority interests. The value is discounted at 17.5% to derive our 12-month target price.

Key Risks to Target Price

Overall Risk Rating: SPECULATIVE
Our SPECULATIVE risk rating reflects Bombardier?s elevated share price volatility; high balance sheet leverage; negative medium-term FCF profile; and aircraft demand risk. Key risks to target price include the following: the financial fragility of airline customers; the ability to successfully finance aircraft on firm order; share price volatility; sustained long-term strength in the price of oil; strength or appreciation of the Canadian dollar; competition; unusual effects on consumer confidence in travel; the successful execution of restructuring initiatives; high financial leverage; cost overruns on major projects; and subordinate voting share structure (Bombardier/Beaudoin/Fontaine family controls approximately 53% of votes).

Last Updated: Mon Dec 19, 2016

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