Exchange Income Corp T.EIF

Alternate Symbol(s): EIFZF | T.EIF.DB.J | T.EIF.DB.L | T.EIF.DB.M | T.EIF.DB.K

Industrials Airlines

Exchange Income Corporation is a Canada-based diversified acquisition-oriented company. The Company operates through two segments: Aerospace & Aviation and Manufacturing. The Aerospace & Aviation segment is comprised of three lines of business: Essential Air Services, Aerospace, and Aircraft Sales & Leasing. Its Essential Air Services includes both fixed wing and rotary wing operations. Aerospace includes its vertically integrated aerospace offerings that provide customized and integrated special mission aircraft solutions primarily to governments across the globe. Aircraft Sales & Leasing includes aftermarket aircraft, engine and parts sales and aircraft and engine leasing, along with aircraft management services. The Manufacturing segment is comprised of three lines of business: Environmental Access Solutions, Multi-Storey Window Solutions and Precision Manufacturing & Engineering. The Company also focuses on portable hydronic (glycol-based) climate-controlled equipment.

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Exchange Income Corp

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Post by retiredcfon Jul 17, 2023 9:09am

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Post# 35543837

RBC

July 17, 2023

Exchange Income Corporation
EIF Wins Fixed Wing Medevac Contract for the Province of Manitoba

TSX: EIF | CAD 51.82 | Outperform | Price Target CAD 70.00

Sentiment: Positive

Our view. EIF today announced its subsidiary, Keewatin Air, was the successful bidder to provide critical care fixed wing medevac coverage for the Province of Manitoba. This is (another) important contract win for EIF and will be a driver of growth into 2024 and 2025. Consensus 2024E EBITDA is for $637MM (or +18% 2-year EBITDA CAGR) and we estimate this contract (details not disclosed) adds another ~$15MM of annual EBITDA (the shares trade under 7x forward EV/EBITDA by the way). Our view is that these two contracts speak to the quality of and confidence placed in EIF's medevac services throughout Canada and we view today's announcement as a positive. The aircraft will be phased into service commencing at the end of the first quarter of 2024 and we are hoping to follow up with management later this morning.

What happened? EIF today announced its subsidiary, Keewatin Air, was the successful bidder to provide critical care fixed wing medevac coverage for the Province of Manitoba. The tendered 10-year contract requires a fleet of five planes which will be a combination of jet and turboprop aircraft. It follows a 10-year contract awarded last month by the Province of British Columbia to EIC`s subsidiary Carson Air to provide fixed wing medevac coverage.

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