CAE INC. $6.68 (Toronto symbol CAE; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 255.1 million; Market cap: $1.7 billion; Price-to-sales ratio: 1.0; SI Rating: Average) stands to gain from both developments.
CAE makes flight simulators and operates pilot-training facilities. Lower fuel prices leave its airline customers with more cash to spend on new simulators and training. Falling oil prices cut consumer costs, leaving more funds for travel.
In addition, CAE gets 90% of its revenue from customers outside of Canada. A low Canadian dollar increases the value of these sales.
The company may only sell 20 simulators this year, down from 34 last year. But its commercial pilot training has held up well. Meanwhile, CAE should continue to gain from its growing military-related business, which grew 47% last year and now supplies around half of its revenue and earnings. This cuts its reliance on the cyclical airline industry.
The company spends 5.5% of its revenue on research, and it is diversifying its operations by applying its simulator expertise to other fields, such as health care and mining.
CAE is a buy.
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