DOREL INDUSTRIES $29.34 (Toronto symbol DII.B; TSINetwork Rating: Extra Risk) (514-731-0000; www.dorel.com; Shares outstanding: 32.6 million; Market cap: $956.5 million; Dividend yield: 2.0%) 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 December 31, 2011, Dorel’s sales rose 4.1%, to $561.6 million from $539.5 million a year earlier (all figures except share price in U.S. dollars).
Revenue at the company’s home furnishings division rose 22.8% on higher sales to U.S. retailers. That offset weaker revenue at the other divisions. Earnings per share rose 7.6%, to $0.85 from $0.79 a year earlier.
In January 2012, Dorel bought Poltrade, a Polish company that distributes and sells juvenile products, for an undisclosed sum. Founded in 1991, Poltrade is growing quickly, and has annual sales of about 7.5 million euros ($7.1 million Canadian) this year. The company has the largest share of the Polish child car seat market.
This purchase fits nicely with Dorel’s plan to focus on international expansion. The company will use Poltrade to sell its products throughout central Europe.
Dorel holds cash of $29.8 million, or $0.93 a share. Its long-term debt of $298.1 million is a reasonable 31.2% of its $956.5-million market cap.
The shares trade at a low 8.4 times the $3.50 a share that the company should earn in 2012.
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