WAJAX CORP. $49 (Toronto symbol WJX; TSINetwork Rating: Extra Risk) (905-212-3300; www.wajax.ca; Shares outstanding:16.6 million; Market cap: $813.4 million; Dividend yield: 6.6%) sells and services heavy equipment, including cranes and forklifts. It also sells related parts (such as bearings, motors, hoses and fittings) and power systems (including diesel engines and transmissions).
Wajax operates through 117 dealerships across Canada. Its customers are in the natural resource, construction, manufacturing, industrial processing and transportation industries.
In the three months ended December 31, 2011, Wajax’s revenue rose 19.2%, to $377.2 million from $316.4 million a year earlier. Demand remained strong across all of the company’s markets.
Earnings rose 4.9%, to $16.6 million, or $1.00 a share, from $15.8 million, or $0.95 a share. Earnings rose at a slower pace than revenue because the company had to start paying income tax in the latest quarter (a total of $5.9 million). It did not pay taxes a year earlier, when it was still an income trust. Cash flow per share jumped 43.3%, to $1.72 from $1.20.
The stock trades at just 11.9 times this year’s forecast earnings of $4.12 a share.
The company raised its monthly dividend by 35% with the March 2012 payment, to $0.27 a share from $0.20. The stock now yields a high 6.6%.
Wajax’s prospects are closely tied to Canada’s economic growth. But the country’s short- and long-term outlook remains positive.
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