DOREL INDUSTRIES $37.83 (Toronto symbol DII.B; TSINetwork Rating: Extra Risk) (514-731-0000; www.dorel.com; Shares outstanding: 31.5 million; Market cap: $1.2 billion; Dividend yield: 3.2%) 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; and recreational products, mostly bicycles.
In the three months ended September 30, 2012, Dorel’s sales rose 6.5%, to $613.3 million from $575.8 million a year earlier (all figures except share price and market cap in U.S. dollars). Excluding one-time items, earnings per share jumped 37.0%, to $0.63 from $0.46.
The company’s juvenile products division reported steadily rising sales of infant and children’s merchandise in North America and Europe, as well as strong gains in Chile. Sales of Schwinn and Mongoose bicycles also rose.
The juvenile products division continues to grow internationally. So far this year, it has expanded into Poland, Chile, Peru, Panama and Colombia.
Premium bicycles, which the company sells through its Cannondale and GT brands, are another big growth area. Dorel has launched a major marketing effort, especially in Europe. For example, its Cannondale Pro Cycling Team will compete in the Tour de France and other prestigious European cycling races. Sponsoring the team should boost Dorel’s bicycle sales, especially in Europe, where bike racing is widely followed and star riders are celebrities.
Dorel has risen over 59% for us in the last year, but it still trades at a low 11.7 times forecast 2012 earnings of $3.22 a share. The stock trades at just 9.6 times the company’s 2013 estimate of $3.96 a share.
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