Bombardier Inc Registered Shs -B- Subord Vtg

BBD.B: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 54.00	Hdbhcm	Pqwczqvr

Bombardier Tracking to 2018 Expectations; We’re Shifting Our Focus to 2019 and Beyond

Chris Higgins

Aug 2, 2018

The turnaround continues at Canadian industrial conglomerate Bombardier, which reported second-quarter results featuring higher revenue, expanding margins, and improving cash flow. We think management is tracking to the deconsolidated C Series guidance it unveiled earlier this year, which calls for operating profit, or EBIT, before special items of about $950 million and break-even free cash flow. Based on this quarter's performance and management's initial outlook for 2019, we're planning to move up our CAD 4.40 fair value by around 8%.

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