AASTRA TECHNOLOGIES $15.82 - Toronto symbol AAH

AASTRA TECHNOLOGIES $15.82 (Toronto symbol AAH; TSINetwork Rating: Speculative) (905-760-4200; www.aastra.com; Shares outstanding: 14.1 million; Market cap: $223.1 million; Dividend yield: 5.1%) sells products and systems that let businesses access communication networks, including the Internet.

In the three months ended September 30, 2011, Aastra’s sales fell 2.6%, to $156.6 million from $160.7 million a year earlier. Higher sales in Germany were offset by lower sales in Spain and North America.

The company earned $0.12 a share, up sharply from $0.01 a share, mainly on lower research costs and foreign-exchange losses. Aastra holds cash of $118.5 million, or a high $8.34 a share, and has no long-term debt.

The company needs a sustained European economic recovery to raise its sales and earnings. Still, the stock trades at just 10.5 times the $1.50 a share that Aastra should earn in 2011. The shares yield 5.1%, and the dividend appears safe.

Aastra is a buy for aggressive investors.

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