Hi Pat: Today I just signed up for your Inner Circle service for the first time and am looking forward to reading your material. I have recently been looking into purchasing Algoma Central Corp. What do you think of this stock?
Algoma Central, $14.12, symbol ALC on Toronto (Shares outstanding: 38.9 million; Market cap: $549.3 million; www.algonet.com), owns and operates Canada’s largest domestic fleet of vessels operating on the Great Lakes/St. Lawrence Seaway. Algoma Central has 29 bulk carriers and seven liquid petroleum tankers. Seven of its bulk carriers operate internationally.
In the three months ended September 30, 2012, Algoma’s revenue fell 5.9%, to $173.4 million from $184.2 million a year earlier. Earnings per share declined 14.6%, to $0.77 from $0.90 (adjusted for the company’s 10-for-1 share split, which took effect in December 2012).
The Jackman family owns over half of Algoma Central’s shares, mostly through the family’s holding in E-L Financial. The chance of a buyout adds some appeal. But meanwhile, even though the company is upgrading its fleet, its thinly traded shares have limited growth prospects and a low 1.7% dividend yield.
We don’t recommend Algoma Central Corp. Corp…
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