DOREL INDUSTRIES $27.77 (Toronto symbol DII.B; TSINetwork Rating: Extra Risk) (514-731-0000; www.dorel.com; Shares outstanding: 31.9 million; Market cap: $885.9 million; Dividend yield: 2.2%) makes a wide range of products, including ready-to-assemble home and office furniture; juvenile products, such as car seats, strollers, high chairs, toddler beds and cribs; recreational products, including bicycles; and home furnishings. It has 5,000 employees and plants in 22 countries.
In the three months ended March 31, 2012, Dorel’s sales rose 2.2%, to $621.1 million from $607.8 million a year earlier (all figures except share price in U.S. dollars).
Revenue at the company’s recreation/leisure division rose 10.2% on higher sales to U.S., European and Japanese retailers. That offset weaker revenue at the other divisions. Earnings per share fell 4.2%, to $0.91 from $0.95 a year earlier. That was largely due to lower profits in the competitive home furnishing segment.
Dorel holds cash of $32.4 million, or $0.99 a share. Its long-term debt of $316.3 million is a reasonable 35.7% of its $885.9-million market cap.
The company is now looking to international markets for growth. In January, it completed its purchase of a 70% stake in Silfa, which operates 40 Baby Infanti stores in Chile and 12 in Peru. It also bought Poltrade, a Polish firm that distributes and sells juvenile products. The company has the largest share of the Polish child car seat market.
Dorel’s shares trade at a low 7.9 times the $3.50 a share that the company should earn in 2012.
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