EXCHANGE INCOME CORP. $31 (Toronto symbol EIF; Shares outstanding: 31.4 million; Market cap: $973.4 million; Dividend yield: 7.1%; www.exchangeincomecorp.ca) operates in aviation and manufacturing.
Aviation (80% of its revenue) serves communities in Manitoba, Ontario, Nunavut and eastern Canada through regional airlines.
Manufacturing (20%) includes WesTower Communications (a maker and installer of wireless communication towers) and Quest Window Stainless Fabrication.
Exchange Income’s sales and profits continue to rise, and it just raised its monthly dividend by 4.3%, to $0.1825 from $0.175. That makes for a high 7.1% yield.
However, the company prefers to expand through acquisitions, which adds considerable risk. Newly purchased companies may come with hidden problems or face unforeseen setbacks. As well, most of Exchange Income’s purchases are private businesses, which makes them difficult to value.
The company’s long-term debt of $790.4 million (on December 31, 2017) is also a very high 81% of its market cap. That adds risk.
Considering these factors, this dividend’s sustainability is uncertain.
We don’t recommend the shares of Exchange Income Corp. Corp…
Privacy Policy and Terms of Use
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