BMTC GROUP $13.70 (Toronto symbol GBT.A; TSINetwork Rating: Extra Risk) (514-648-5757; No website; Shares outstanding: 47.5 million; Market cap: $650.8 million; Dividend yield: 1.8%) is one of Quebec’s largest retailers of furniture, electronics and household appliances. It sells these products through its two affiliates: Brault & Martineau Inc. and Ameublements Tanguay.
In July 2012, BMTC opened a new store in Levis to replace the old one. The company is also building a warehouse-style outlet in Saint-Hubert that will offer lower-priced products and operate under BMTC’s new EconoMax banner.
In the three months ended September 30, 2012, the company’s sales fell slightly, to $195.6 million from $196.7 million a year earlier. Earnings per share rose 2.6%, to $0.39 from $0.38.
In the first three quarters of this year, BMTC bought back 1.6% of its shares. The company plans to continue these repurchases. Share buybacks reduce the number of shares outstanding, which means that pershare earnings rise because net income is divided by fewer shares. That helps boost share prices.
Even so, the company’s near-term outlook is uncertain, and the shares trade at 15.1 times BMTC’s latest 12 months of earnings. That’s high for a retailer with limited near-term growth prospects.
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