RE:RE:RE:RBC: BBD remains our top idea I don't see the problem with failing clients - that's just fear BS IMO. You could replace that line though with dependency on maintaining a healthy backlog. (Boeing by the way has a $520B backlog !?!!?!!!!!!)
The root cause of the fragility is the debt. Has been for 10+ years. Say Bombardier had no debt at all. They'd have plenty of cashflow to develop new products or enter new markets and would be resilient to any storm that negatively impacted backlog.
And like I said many times, there's no actual benefit to shareholder's or the Family for that matter to keep so much debt. The Sales/EV ratio is low because of the debt. Even if it stayed low after the debt was reduced, you could use cashflow to buy back shares cheap.