RE:RE:RE:RE:RE:RE:RE:RE:RE:3 companies thatUtopia: an imagined place or state of things in which everything is perfect.
Some dream of a dividend some times after the RS. Utopia.
Bombardier is rated CCC+, a very weak rating. The use of future FCFs is already determined; Capex, models development and reducing Debt if there are any left.
To call a dividend a company needs to have a FCF margin (the dividend rate is usually between 30% and 70% of the FCF; 70% for an operation with low volatility like real estate and a lower rate for a more volatile operation).
Bombardier as a pure plane builder is in an cyclical business with a good profit level in positive times and weak results in difficult times. A very bad profile for a regular dividend.
Anyway, investors will never be attracted by a dividend with this kind of profile but by the potential level of profits in the good times.
The game is not a potential dividend but a reasonable leverage to deliver high profit in positive times (not too much equity) and pass through easily more difficult times (not too much debt).