LINAMAR CORP. $21 (Toronto symbol LNR; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 69.8 million; Market cap: $1.5 billion; SI Rating: Speculative) makes precision-machined components, assemblies and systems for the North American and European car and light to heavy truck markets. It focuses on the highly engineered systems of vehicles such as engines, transmissions, brakes, steering and suspensions.
Linamar also owns Skyjack, which makes selfpropelled, scissor-type elevating work platforms. Strong demand for industrial equipment like this (about 25% of total sales) has helped Linamar offset slower sales of its auto parts.
In the three months ended September 30, 2007, sales rose 10.1%, to $581.6 million from $528.1 million a year earlier. Earnings per share from ongoing operations rose 76.2%, to $0.37 from $0.21. The stock trades at 14.6 times its likely 2007 profit of $1.44 a share. The $0.24 dividend yields 1.1%.
Linamar is now focusing on the expansion of its overseas operations. It has agreed to buy auto parts plants in Mexico and the UK from Visteon Corp. Ford Motor Co. is the plants’ main customer. Linamar did not disclose how much it paid. But Visteon and Ford are losing money, so Linamar probably got a bargain.
Linamar is a buy.
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