Just to complete Financial pictureFor the complete Financial Picture of the Bomber Financials.
Sorry I got tired to complete the the picture yesterday. So I'll complete it today to clarify, and simplify, the overall picture of the company.
This is for the benefit of those that can't be bothered to read statements & just want a Quick & Dirty financial picture. And also to clarify the picture for those like Ibtemporary, Pablo Lafortune and a few others that are more familiar with the statements. just so that they don't feel compelled to add this component of the Financials.
Bombardier's 2021 Financials weren't stellar & neither 2022 will be either. Reason of course is the heavy Capex as I discussed in the post to BAGO.
But other than the heavy CAPEX of 2021/2 the reality is that out of EBITDA we still have the Interest component. on the LTD which has to be taken care.
So it's simple for everybody to do this.
Bombardier has Interest payments of around $430M every year for the LTD, & also some Preffs. Plus a small $100M to $150M of CAPEX set aside for unexpected expendatures.
So. every year you can simply the Financials by taking EBITDA - minus the $430 in interest for the LTD, and if they use the $150M CAPEX that they set aside fine, if not then the rest of the EBITDA is all usaeable to the LTD.
This simple explanation. should correct and finish the Financial picture of every YEAR.
So again forget 2021 & even 2022 years they were CAPEX heavy, so Bombardier may have bunched up the CAPEX to some different areas of the Statements.
But for the 2023 Picture and up to Bombardier's Guidence of $1.5B EBITDA & $500M Profit should be clearer.
Don't forget you can't jump from 2021/2 EBITDA of $680M & 2022 of close to $1B to 2025 projected EBITDA of $1.5B & $500 Profit/+FCF. Btw I use rough numbers here.
So 2023 EBITDA of over $1.2B - $430M - $150M (if used) should leave us with about $750M to use to LTD. 2024 should be $1.5B -$430M = $1.1B will all be usuablt to bring down the LTD. Mind you the company may set aside some money for R&D as well. But as I said the Bomber is a master for Streches like the G8000. So I don't think they'll set aside more that $100M a year for those type of expenses. Remember that a lot of the development work for the G8000 was done with the G7500 design.
So GL trading, do your own DD, and don't listen to people who try to tell you otherwise on the Financials.
Their is no DOOM & GLOOM in the forseable future of the Bomber Financials. They've become a predictable outfit. Just keep your eyes on the "IDIOT HEIR".