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Exchange Income owns a diversified group of Industrial businesses centred on aerospace and manufacturing. The aerospace side has a strong, integrated market position in remote communities across Canada’s North with passenger and cargo arms as well as flight training, government surveillance, parts and medical evacuation. We believe these businesses face much lower competition than commercial air travel therefore allowing Exchange to earn high return on capital. On the manufacturing side, Exchange operates niche businesses that are benefitting from secular trends such as environmental access matting and cell tower services. The company is gearing up for a heavy period of organic growth which should drive EPS toward $5 per share in 2025 with new government contracts coming into effect. The shares yield 5.5 per cent and historically buying the company at 11x P/E has proven to be a good entry point.
Leader in Canadian aerospace, interesting manufacturing. Aerospace is in niche markets, without much competition. Medivac, pilot schools, government contracts for maritime surveillance. Expects huge revenue and profit growth when contracts renew in 2025. Yield is 5.44%, dividend should grow.
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