EXCHANGE INCOME CORP. $40 (Toronto symbol EIF; Shares outstanding: 35.5 million; Market cap: $1.4 billion; Dividend yield: 5.7%; www.exchangeincomecorp.ca) operates in aviation and manufacturing.
Aviation (61% of its revenue) serves communities in Manitoba, Ontario, Nunavut and eastern Canada through regional airlines. As well, through Regional One, the company supplies regional airline operators around the world with various after-market aircraft, engines, and component parts.
Manufacturing (39%) includes WesTower Communications (a maker and installer of communication towers) and Quest Window Stainless Fabrication.
Exchange Income pays a monthly dividend of $0.19 a share. The annual rate of $2.28 yields a high 5.7%.
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 $1.13 billion (on March 31, 2021) is also a very high 81% of its market cap. That adds risk.
Considering these factors,…
Privacy Policy and Terms of Use
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