EXCHANGE INCOME CORP. $53 (Toronto symbol EIF; Shares outstanding: 42.5 million; Market cap: $2.3 billion; Dividend yield: 4.8%; www.exchangeincomecorp.ca) operates in aviation and manufacturing.
Aviation (65% of its revenue) serves communities in Manitoba, Ontario, Nunavut and eastern Canada through regional airlines. As well, through Regional One, it supplies regional airline operators around the world with various after-market aircraft, engines, and component parts.
Manufacturing (35%) includes WesTower Communications (a maker and installer of communication towers) and Quest Window Stainless Fabrication.
Exchange Income pays its investors a monthly $0.21 dividend. That makes for an attractive 4.8% yield.
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 $1.61 billion (on December 31, 2022) was a very high 70% of its market cap. That adds a lot of risk.
Considering these factors, this dividend’s sustainability is…
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