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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Bombardier, Inc.    BBD.B   CA0977512007

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Bombardier : lands $1.1 billion EgyptAir deal

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11/15/2017 | 04:04am CET

Staff Report

A Bombardier plane on display at the Dubai Airshow. (Photo by Leslie Pableo)

Canadian commercial aircraft manufacturer Bombardier on Tuesday announced a deal for 12 CS300 aircraft with EgyptAir at an estimated cost of $1.1 billion (Dh4 billion).

The deal includes 12 additional aircraft with purchase rights.

Sherif Fathi, Minister of Civil Aviation of Egypt, Safwat Musallam, chairman and CEO of EgyptAir Holding Company, and Fred Cromer, president, Bombardier Commercial Aircraft, announced the deal at the Dubai Airshow.

"We undertook a thorough evaluation of our fleet and realised that the CS300 would fit perfectly into our business plans and growth strategy," said Musallam. "We selected the C Series aircraft because of its range which will allow us to better serve domestic and regional destinations, including neighbouring Arab cities, the Middle East as well as several European destinations. This is in addition to the CS300 aircraft's exceptional economics and outstanding cabin. We look forward to expanding our network with the CS300."

"Bombardier's 20-year market outlook foresees demand for 450 airplanes in the 60- to 150-seat category for the region and this letter of intent confirms the need for right-sized aircraft in the Middle East," said Cromer.

The purchase gives Bombardier another customer for its new jet less than a month after the company agreed to cede control of the C Series to Airbus in exchange for the European planemaker's marketing heft and manufacturing expertise.The aircraft had been plagued by delays and cost overruns, and recently was hit with potentially crushing tariffs in the US after a trade complaint by Boeing.

- [email protected]

- With inputs from agencies

(c) 2017 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 16 297 M
EBIT 2017 539 M
Net income 2017 -440 M
Debt 2017 6 504 M
Yield 2017 0,05%
P/E ratio 2017 -
P/E ratio 2018 39,06
EV / Sales 2017 0,73x
EV / Sales 2018 0,65x
Capitalization 5 458 M
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 2,64 $
Spread / Average Target 8,7%
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Managers
NameTitle
Alain M. Bellemare President, Chief Executive Officer & Director
Pierre Beaudoin Executive Chairman
John Di Bert Chief Financial Officer & Senior Vice President
François Caza Chief Engineer & VP-Product Development-Aerospace
Ernest Jeffrey Hutchinson Chief Information Officer
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