STOCKCHASE

Hap (Robert) Sneddon FCSI

The ‘A’ has 10 votes, the ‘B’ has one. Many fewer ‘A’ shares than ‘B’. ‘B’ is much more liquid. ‘C’ series is quite critical to their business.

2010-07-22

Comment

4.780

Don Lato

“A” shares versus “B” shares? B shares have one vote per share while the A shares have 10 votes per share. Since both prices are so close to each other, if you buy gold for the A shares because of the extra votes you get.

2010-07-21

DON'T BUY

4.650

Barry Schwarrtz

Doesn’t like stock. Profit margins are too thin and they will get crowed out. Hold bonds and preferred.

2010-07-20

Comment

4.430

Michael Decter

Have a delivery date for their C series airplanes and he expects a lot of sales for them over the next 10 years. Trains are doing well but he'd like to see them both hitting on all burners.

2010-07-19

DON'T BUY

4.430

Mark Carpani

High Yield Bond so there is a little more risk attached to them. BB rated indicating the cash flows are volatile and uncertain. The bad news today certainly didn't help them. Expect the aerospace sector is going to be very challenging over the next couple of years. Rail side would be little more bullish. Not too big to fail.

2010-07-19

HOLD

4.990

Don Vialoux

Seasonality usually starts around March and continues through until mid-July when the Paris and Farnborough air shows are on. Recently stock has not been acting very well but starting to see indications of support. You may want to get out prior to the actual shows themselves.

2010-07-02

WAIT

4.830

Peter Brieger

Likes it, but until we see the C-7 there will be a cloud overhanging them. The rail contracts are a very low margin business. It’s on his watch list.

2010-06-15

SELL

4.750

Pretty good trend line and then it broke it. You could see $4.30. You may have to live with some volatility. There may be some better places for that infrastructure play.

2010-06-04

BUY

5.030

Jim Huang

3 parts. Regional jets, which competes with Embraer of Brazil. Includes the new C series jet and expect they will end up with a big contract. Business jets took a hit but the cycle will probably be turning in his very profitable. Trains are doing very well. A lot of earning power may take a while.

2010-05-21

DON'T BUY

4.870

Ross Healy

Despite all the good news the company keeps issuing, the fair market value and earnings forecasts keep slipping. Trading at a very critical juncture of $5-$5.50 and if it goes through there, there could be another 25% on the downside.

2010-05-20

BUY

5.520

Douglas Kee

He owns the preferreds. The rail side is doing quite well, margins are rising. Aircraft side is waiting for the economy to turn around.

2010-04-20

TOP PICK

5.500

Pulled back after the aerospace business disappointed making it an opportunity. Transportation side still delivers very good margin improvement. Extremely good backlog. Could get as high as $6.50.

2010-04-12

DON'T BUY

5.960

Jim Houston

Glory days of 1990s are gone and not coming back. Rail revenues are low margins and difficult to raise because it is usually state run railway companies they deal with. This represents 50% of overall revenues. Airline side is cyclical. C series is a positive development and they have orders for 90 of them but not enough to justify long-term growth.

2010-03-25

DON'T BUY

5.790

Barry Schwarrtz

Trains and planes business has been better recently. They keep announcing some really good contracts. Very thin margins on train contracts. Preferred shares are attractive and he owns some of their debt.

2010-03-24

BUY

5.830

Andrew McCreath

Solid company that has had an incredible turnaround in the last 10 years. Best way to play the secular theme of passenger train business.

2010-03-22

HOLD

5.870

Have been making some pretty spectacular deals over the last couple of months. Not a bad longer-term buy. If it got near $7-$8 he would start edging out of the stock.

2010-03-19

BUY

5.690

Colin Stewart

Over long term there will be upside. He owned last year so he took profits. It’s grown its earnings but the stock has not done as well, so now might be the perfect time to buy it.

2010-03-05

BUY

5.690

Christine Poole

Good news with the C series and the train contract. Contracts don’t come in until a couple of years out. They need orders for the plane. A lot of cash flow is going to be put into the development. Everything is moving in the right direction. You need a longer term view.

2010-02-26

STRONG BUY

5.690

Owns a lot of the preferred shares, not so much of the common. A difficult company to analyze, but is a very solid business. Just landed a large contract in France.

2010-02-26

VAGUE

5.870

David Baskin

Terrific business in trains. If Canadian dollar goes to par, contracts become marginally profitable. A big order came in from the airline industry.

2010-02-25

BUY on WEAKNESS

5.440

Ara Nalbandian

Transportation side continues to exceed expectations. Looking for a pull back to buy a position. Fundamentals are moving in the right direction. Low $5 range. It’s just a little ahead of itself.

2010-02-16

HOLD

5.430

Lyle Stein

In Client accounts and he keeps looking at it for the funds. It’s a great place to be for the investment. Rail business is slow but steady margins. Huge backlog. The wild card is the aerospace business, but it will come back. Once they announce the ‘C’ series the stock should move. Longer term it is something to look at.

2010-02-12

TOP PICK

5.450

Andrew McCreath

Believes there is a secular theme towards railways and he wants to own the companies that are making the trains.

2010-02-05

BUY

5.290

Stan Wong

Industrial space can do well if we continue on the path of an economic recovery and he likes the space. Charts look very strong floating along the 50-day moving average. Prefers Boeing (BA-N).

2010-02-04

BUY on WEAKNESS

5.140

Colin Stewart

2 primary divisions, transportation and aerospace. Aerospace has been challenged but the transport side has been very stable and a significant cash flow generator. Have been winning new contracts. The Obama administration announcement of an $8 billion plan to build a new high-speed rail line could have a positive impact. Reasonable multiple at 12X earnings. He would like it at $4.50.

2010-01-28

Comment

5.100

Takeover target? Dual class shares so doesn't see a takeover. Has recently been looking at this. Owns the preferreds. If he saw the airline side starting to perk up, he would be more interested.

2010-01-21

HOLD

5.180

Douglas Kee

Revenues are growing in the transportation side because of infrastructure spending the margins are thin. Having trouble on the aerospace side. Getting cancellations on regional jets and business jets will probably suffer for a couple of years.

2010-01-08

HOLD

4.800

Laura Wallace

Looking at this closely. Good infrastructure play. Chinese and French orders point to this company’s advantages. A little expensive at the moment but a longer-term basis it is well positioned to benefit from capital spending coming out of the developing world. Poor demand on the aerospace side offsets this. If you own at a lower price, consider taking some profits.

2009-12-31

DON'T BUY

4.760

Steven Conville

(Market Call Minute.) Any time he has ever bought this one he has lost money. Not a fan of airlines.

2009-12-18

BUY on WEAKNESS

4.770

(Market Call Minute.) If it got down to the low $4's he would consider it. Aerospace business is going through a little bit of challenge but the transportation business is driving the earnings growth.

2009-12-16

DON'T BUY

4.510

Nick Majendie

In flatish mode over the next year to 18 months. Order book is pretty good and increasing on the transportation end but is more for 2-3 years down the road. Aerospace offsets this.

2009-12-09

DON'T BUY

4.730

Alexander Lane, B Comm, C

Transportation side is okay but the aerospace side is dicier and he doesn't own it because of that. Too unpredictable.

2009-12-07

DON'T BUY

4.480

John Zechner

Worries that until the C series comes out in 2013 it could have a pretty flat earnings profile. Margins have flattened out.

2009-11-30

HOLD

4.600

Laura Wallace

Has a great train division infrastructure and hoping for a French contract worth $12 billion.

2009-11-26

HOLD

4.960

Brooke Thackray

Tends to do well at this time of the year along with industrials. Has broken through the resistance point of $4.53. Chart shows an upward channel. Hold for now and lighten up in the springtime.

2009-11-23

DON'T BUY

4.590

Michael Decter

Doing great on the train side including a huge order from China but margins are not great. The plane side is troubled now because of the downturn and longer-term they will be challenged because of Chinese manufacturing of planes.

2009-11-11

BUY

4.350

Craig MacAdam

(Market Call Minute.) Business jet market is improving. Commercial aerospace market is eventually going to get better. Transportation is going gangbusters.

2009-11-02

BUY

4.470

Mike S. Newton, CIM FCSI

Regional jet business picked up a bit.

2009-10-27

BUY

4.850

Jeff Parent

News on this is very positive. Had a really big rally in September with higher highs and higher lows. Expect it will rally up to $6 and hold. If it drops down to $4.20 exit your position.

2009-10-07

WATCH

4.880

Peter Brieger

Big contract with China for trains is marvellous. Great plus for Canada in general and Bombardier in particular. As an investor, he would like to see more details about the contract as to how profitable it will be and over what time period. If you are looking out 5, 10, 15 years the need for energy-efficient mass transport will be one of the many demands. Having a foot in the door they are in a great position going forward.

2009-10-01

BUY

4.670

(Market Call Minute.) Given industrial economic recovery, particularly on transportation and the airline side, it is probably a Buy.

2009-09-21

WATCH

4.790

Stan Wong

Trading at 11X forward earnings. In the industrial space and when we are coming out of a recession, industrials are good place to be. Technically it is getting close to its resistant level.

2009-09-17

BUY on WEAKNESS

4.830

A good pick on the long-term recovery of the aerospace business and you also have the steady-Eddie of the transportation business on the back of it. Since they reported their earnings are couple of weeks ago the stock has been on an absolute tear. We preferred in the low $4 range.

2009-09-16

SELL

4.900

Alexander Lane, B Comm, C

(Market Call Minute) Long lead-time, doesn’t like jet side. Tough business.

2009-09-15

HOLD

4.640

Shauna Sexsmith

Had a pretty good quarter considering the environment we are in. Margins on the transportation side have been steadily improving. Balance sheet is in pretty good shape and have enough liquidity to manage this economic downturn. Economic environment has to improve for order numbers to pick up.

2009-09-08

PAST TOP PICK

4.060

Bill Carrigan

(A Top Pick July 3/08. Down 42.74%.) Had a stoploss of $6.30 so he was only down 12.6%. No one wants to pay up on aerospace so when the air clears this should move. Buy.

2009-08-28

BUY on WEAKNESS

4.140

Ara Nalbandian

Regional jet market is very weak. Transportation area is doing relatively well. There are some potential positive catalysts coming out and he is getting more interested in this and it is on his watch list. He would like it at $3.50.

2009-08-19

DON'T BUY

4.330

Ross Healy

(Market Call Minute.) Just recently met his upside target of $4.50. Now facing quite a bit of overhead resistance.

2009-08-13

BUY on WEAKNESS

4.200

Benj Gallander

(Market Call Minute.) Good contrarian play but would like to see it at a cheaper price.

2009-08-07

DON'T BUY

3.500

Michael Sprung

(Market Call Minute.) There's going to be a lot of pressure on the business jet market as well as weakness in the regional jet area.

2009-07-28

DON'T BUY

3.620

Greg A. Taylor, CFA, BBA

Fairly valued right now. Needs to keep replacing contracts to fill its backlog. Airline business has really been hit and they are exposed to regional and corporate jets. Rail area has done well but is the lower margin part.

2009-07-22

DON'T BUY

3.630

Christine Poole

Trains are growing in demand because of urbanization but margins are not that high. Regional/business jets demand will stay weak for a while.

2009-07-21

WEAK BUY

3.490

Rick Stuchberry

This is quite a long-term play. The problem with them is that they get a great plane order and the rails slide and vice a versa. Will probably trade with the market. With the infrastructure build out this is probably okay to have a look at.

2009-07-10

HOLD

3.380

Ara Nalbandian

Looks like it is getting pretty cheap here at 5X EBITDA but there are 2 distinct businesses in this company. Transportation business is doing quite well building subway systems and trains. Regional and business jet side is not doing well at all. Inventories continue to build. He is in a “wait and see” mode but is starting to look pretty attractive. Would like to see the next couple of quarters to see how the jet side does.

2009-07-03

PAST TOP PICK

3.350

Bill Carrigan

(A Top Pick July 2/08. Down 53% but because of his stop loss at $6.30 it is only down 12.62%.) Stock does not price in the aerospace side so you are practically getting that for nothing.

2009-07-02

HOLD

3.490

(Market Call Minute.) Great company. You have to absolutely believe in economic recovery as well as the aerospace sector, which is probably premature.

2009-06-29

SELL

3.420

(Market Call Minute.) Not the right company in this environment. Recent disappointments. Tough environment for jet orders.

2009-06-15

HOLD

3.430

Mike S. Newton, CIM FCSI

Very strong balance sheet. Mass transit is doing just fine.

2009-06-11

DON'T BUY

3.290

Norman Levine

Part of its business makes transportation equipment and the other part makes commercial and executive aircraft. Aircraft side is not doing very well. Because of infrastructure, transportation side is doing better. It's not enough to get him interested.

2009-06-08

DON'T BUY

3.500

Gavin Graham

(Market Call Minute.) Company is split between transportation and business jets. Wouldn't be interested in the airline business at this time.

2009-06-04

WATCH

3.870

Don Vialoux

(Market Call Minute.) Seasonality is very positive until the Paris air show, which is coming very shortly. After it's over is usually a good time to take profits.

2009-06-02

DON'T BUY

3.770

Laura Wallace

Rails side is quite strong but plane side is not. Has corrected substantially from its highs. Would wait until there is confidence about the timing of the economic recovery for the aircraft side to start kicking in on earnings. This will take some time. Corporations are not going to spend on aircraft until they have rebuilt balance sheets and cash flows.

2009-05-26

PAST TOP PICK

3.770

(A Top Pick May 22/08. Down 45.85%.) Was stopped out.

2009-05-15

DON'T BUY

4.160

David Driscoll

Orders are down on the aerospace side but up on the rail car side. Price to cash flow looks attractive but debt to equity is about 180%. They'll have to muddle through with low margins until aircraft orders pick up again.

2009-05-08

HOLD

4.040

Jim Huang

Consists of 2 big parts, planes and trains. Jet side is not doing well right now because of economic downturn and political climate on business jets. Trains are doing very well. 2 sides are balancing each other out.

2009-05-07

PAST TOP PICK

3.520

Robert McWhirter

(Top Pick Apr 8/08 Down 44%) lots of opportunity on the rail side but there is a stigma on the corporate jet side. Earnings estimates have been shaved in the last 90 Days. You’d be happy in 3 years.

2009-04-29

BUY

3.580

Gavin Graham

Steady business. Getting orders from Toronto. Half of earnings from rail side. Will benefit from government spending.

2009-04-27

BUY

3.480

Charles Lannon

(Market Call Minute) Speculative Buy. Well run company.

2009-04-23

DON'T BUY

3.640

Andrew Guy, CFA

Aerospace business will remain grounded for some time. Lot of value to trains, etc. Doesn’t see a turn-around in Aerospace business any time soon. ‘C’ series is starting to get orders. Don’t have to wait until 2013 when they deliver first ‘C’ series for stock to take off. Travel business is not strong. Risk is losing backlog.

2009-04-17

TOP PICK

3.480

Marc-Andre Robitaille

Has reinstated its dividend and is very good. Delivering better than expected results for 10 quarters.

2009-04-15

SELL

3.670

(Market Call Minute.) Better infrastructure plays available.

2009-04-13

Comment

3.040

Ben Stadelmann

(Market Call Minute.) Could be a Buy. Hasn’t bought it himself yet but is looking at it carefully. Just a question of when.

2009-04-01

DON'T BUY

2.960

Doesn't think there is an industrial in Canada that looks good right now. This one is a bit of a laggard and aerospace stock is challenged. Would prefer CAE (CAE-T) instead.

2009-03-30

WEAK BUY

3.000

Jim Huang

Consists of 2 important parts, aerospace and transportation (mainly trains). Transportation has been doing well and will be benefiting from the global stimulus packages. Commercial planes and business jets have not been doing very well. Reasonable balance sheet but with large pension deficits.

2009-03-27

BUY

2.940

John Zechner

(Market Call Minute.) No one is rushing out to buy corporate jets right now but the valuation is just too attractive right now.

2009-03-16

WAIT

2.790

Benj Gallander

Has been on his watch list for years. Have done a tremendous turnaround. Have just done a deal with their C planes. Wouldn't jump in to buy it right now. Thinks there will be a lot of orders that will be pushed back.

2009-03-12

PAST TOP PICK

2.710

Robert McWhirter

(A Top Pick April 8/08. Down 53.7%.) Sold in Feb/09 and down 44%. Biggest challenges they face are credit restrictions and low sales on business jets.

2009-03-11

DON'T BUY

2.340

Has a particular black cloud hanging over them that may or may not affect them. Transportation side is great. If the airside turned around, it would be a growth company. Would like to see a turn in the economic side first.

2009-03-09

BUY

2.440

Gerald Allaye-Chan

Likes the situation. Their Q400 Turboprop is selling very well. There are concerns about their business jet division but they have a very strong mass transit business. Cheap.

2009-03-06

DON'T BUY

2.960

Norman Levine

Their transportation division is an excellent place to be but does not like their aviation side with the business jets and commercial small jets.

2009-02-27

DON'T BUY

2.630

Not his favourite. Has gotten down to about 5X EBITDA and is starting to look interesting. There was a bit of a run up on the infrastructure side presuming more trains would be needed but that could take years after any announcement. Thinks there is too much government entanglement in the way they get contracts.

2009-02-23

Comment

3.720

Peter Gibson

Likes the company and even liked the stock when it was around $7. There is a lot of market apprehension about infrastructure, business jets in particular. Very high level of ROE and very strong profit growth. Valuation looks good. It won't go anywhere until corporate spreads narrow in and some of the risk aversion goes away.

2009-02-04

BUY

3.460

Michael Sprung

(Market Call Minute.) Getting to a level where it could be looked at as a Buy. Big in mass transit.

2009-02-02

DON'T BUY

3.800

David Driscoll

Infrastructure for trains is great but you have to drill down to the margins, which are very slim for trains. This is mostly a North American story as far as trains are concerned. Regarding planes, anyone that is buying can always back away.

2009-01-30

PAST TOP PICK

4.500

(A Top Pick Oct 25/07. Down 14.8%.) Still thinks there is great value. Overhang on this company is their aerospace business. People forget there is a transportation side, which is the anchor for the business.

2009-01-23

TOP PICK

4.750

Robert Floyd

Aerospace and mass transit. Margins have been improving dramatically. Have decent cash to support their working capital. Strong backlog. Good infrastructure play.

2009-01-15

DON'T BUY

4.760

Andrew Guy, CFA

Trains and infrastructure products are doing very well and will benefit from governments' infrastructure stimuli. Aerospace side has been hurt by the economy, which is what the market has been focusing on. Wait for a better outlook on the economy.

2009-01-06

BUY

4.820

David Baskin

Train division is going gangbusters. In the last couple of quarters margins on trains has gotten better. When the US does its big infrastructure project, there will be an incentive to do intercity trains. Big backlog on trains with a smaller one on planes. Growth for regional air transport in Asia looks good.

2009-01-05

HOLD

4.450

Michael Smedley

Thinks this company is safe. Massive contracts all the time. Just has to have cash flows to cover its positions.

2008-12-31

STRONG BUY

4.150

Peter Gibson

One of his favourites. Off sharply because of concerns on aerospace but he looks on it as an infrastructure stock long-term. ROE level’s extremely high. Rate of profit growth is fantastic. Good fundamentals.

2008-12-09

WAIT

3.780

David Baskin

The trains are doing the best and are the part that is the least profitable. The high margin business jets are doing the worst because of cutbacks by corporations. They have a pretty good backlog on the planes. Feels the stock is a bargain right now. It still might have some tax loss selling, so wait until January. (He owns some preferreds and bonds.)

2008-12-02

PAST TOP PICK

4.120

(A Top Pick Oct 25/07. Down 23%.) Continue to deliver earnings growth and value continues to be significantly higher than current price. Have cash and free cash flow. Aerospace business is weak but transportation business still has a very strong backlog.

2008-11-27

BUY

4.060

Don Vialoux

Seeing early signs of the stock finally starting to bottom. Seasonality, this is the time of the year you want to start buying this. Tends to go higher right through until the big air shows in the spring. Looks like MACD has turned positive.

2008-11-24

BUY

4.710

Brooke Thackray

Seasonally, industrial stocks tend to follow the over all broad market, from the end of October through to May. Has been hit hard. Companies haven't slowed sales, but are starting to cut back in preparation of an economic slowdown. On the other hand, he can see large amounts of infrastructure spending taking place, which will include transportation. Thinks it is a good choice at this time and hold it through until May.

2008-11-10

BUY

4.730

Robert Floyd

(Market Call Minute.) Likes the company and thinks they have done a lot to fix it up. Good cash position. Great order backlog. Margins have been increasing. Still has the economic uncertainty but this is a great price point.

2008-10-30

Comment

4.390

Lyle Stein

This has always been a stock that he has liked. Likes that it is in manufacturing and in Canada. With the weaker Cdn$ it has a competitive advantage. The tough decision its ultimate aerospace customers and what are they going to do during this downturn. Doesn't own it yet.

2008-10-29

SELL

4.250

Wonderful business but there is economic sensitivity with Business Jets.

2008-10-15

WAIT

5.200

Bill MacLachlan

This is a good entry point. Even if you discount regional jet orders, turbo props, business jets and you assume flat line growth in rail, there is still good value in the stock. We are going to see a slowdown in the demand for short haul aircraft. Good over the longer haul, but it’s not going to run away on you.

2008-10-03

VAGUE

5.780

Gordon Higgins, CA, MBA

Has great stability on rail side, but instability on ‘C Series’ side. You are betting on a plane that is still under development.

2008-09-30

Comment

5.720