美国东部时间2022年6月14日上午11：06(MT Newwires)-加拿大丰业银行分析师在一份报告中表示，庞巴迪公司(BBD-A.TO，BBD-B.TO)即使是一家纯粹的商务机制造商，也是一只深度价值股票，其估值与基本面脱节。
热门资讯> 正文
加拿大丰业银行称庞巴迪太便宜了，不能忽视股票整合后的情况
2022-06-14 23:08
- 丰业银行(BNS) 0
- 维视图像(MVIS) 0
11:06 AM EDT, 06/14/2022 (MT Newswires) -- Bombardier Inc. (BBD-A.TO, BBD-B.TO) is a deep-value stock even as a pure-play business jet maker and its valuation is disconnected with fundamentals, Scotiabank analysts said in a report.
The bank said it has a positive view on Bombardier and noted the company completed the previously announced 25:1 share consolidation effective June 13. Bombardier consolidated each class of shares to have 12.3 million Class A shares and 85.4 million Class B shares outstanding.
该行表示，它对庞巴迪持积极态度，并指出该公司完成了之前宣布的25：1股票整合，从6月13日起生效。庞巴迪合并了每一类股票，拥有1,230万股A类股和8,540万股B类流通股。
It said that while some investors were concerned consolidation was intended to keep the stock from falling below $1.00, the primary reason was to reduce the stock's volatility, which may help attract long-term investors.
该公司表示，尽管一些投资者担心整合的目的是为了防止该股跌破1.00美元，但主要原因是为了降低该股的波动性，这可能有助于吸引长期投资者。
The bank noted that the current risk-off environment is supporting the bears, with the company's stock down about 50% since September 2021 due to reasons such as Gulfstream's launch of new business jets and the impact of the Russia-Ukraine conflict on supply chain.
该行指出，目前的避险环境正在支持空头，由于湾流推出新的商务机以及俄罗斯-乌克兰冲突对供应链的影响等原因，该公司股价自2021年9月以来下跌了约50%。
It also noted that Bombardier is trading at 6.5x, 5.5x and 4.5x EV/EBITDA on 2023, 2024 and 2025 estimated earnings, compared with closest competitors General Dynamics (NYSE: GD) and Textron (NYSE: TXT) trading at 8x-12x on 2023 estimates. It thinks Bombardier's 6.5x valuation could potentially be as low as it can get in this cycle.
它还指出，庞巴迪2023年、2024年和2025年的EV/EBITDA预期收益分别为6.5倍、5.5倍和4.5倍，而最接近的竞争对手通用动力(NYSE：GD)和德事隆(NYSE：TXT)2023年的预期收益为8-12倍。该公司认为，庞巴迪6.5倍的估值可能是本轮周期所能达到的最低水平。
Scotiabank said Bombardier's management has been executing "very well" on the five-year plan, consistently beating the Street, deleveraging, and turning free cash flows around, as the business jet market remains solid.
加拿大丰业银行表示，随着公务机市场保持强劲，庞巴迪管理层一直在执行五年计划，始终如一地击败华尔街，去杠杆化，并扭转自由现金流。
It said that the company's fundamentals are robust after four consecutive quarters of strength and that its backlog at $13.5 billion is approaching the pre-pandemic peak of $14.4 billion. The bank also said Bombardier is well positioned to partially redeem or refinance upcoming debt maturities of $800 million in 2024 and $1.3 billion in 2025.
该公司表示，在连续四个季度表现强劲后，该公司的基本面是强劲的，积压的135亿美元正在接近疫情爆发前144亿美元的峰值。该行还表示，庞巴迪处于有利地位，可以部分赎回或再融资即将于2024年到期的8亿美元债务和2025年到期的13亿美元债务。
Scotiabank maintained its Sector Outperform rating and said Bombardier offers the highest potential return in its coverage. It revised its target to $55 from $2.35 before consolidation.
加拿大丰业银行维持其行业表现优于大盘的评级，并表示庞巴迪在其覆盖范围内提供了最高的潜在回报。该公司将目标价从整合前的2.35美元修正为55美元。
Price: 30.18, Change: +0.02, Percent Change: +0.07
价格：30.18，变化：+0.02，变化百分比：+0.07
推荐文章
风险及免责提示：以上内容仅代表作者的个人立场和观点，不代表华盛的任何立场，华盛亦无法证实上述内容的真实性、准确性和原创性。投资者在做出任何投资决定前，应结合自身情况，考虑投资产品的风险。必要时，请咨询专业投资顾问的意见。华盛不提供任何投资建议，对此亦不做任何承诺和保证。
