Hello Patrick: I was browsing through Magellan Aerospace and noticed that it is profitable and has a debt-to-equity ratio of 1.00-to-1.00. On this info it seems this stock is seriously underpriced. What gives?
Magellan Aerospace, $1.30, symbol MAL on Toronto (Shares outstanding: 18.2 million; Market cap: $23.7 million), makes and sells aerospace components and related services.
The company supplies structural components for major commercial aircraft, such as the Boeing B737 and B787, and the Airbus A320, A340 and A380. It also has a number of military contracts to supply parts and services for fighter aircraft, including the F/A-18E, F-16, F-22 and the F-35.
In the three months ended June 30, 2009, Magellan’s revenue rose 3.0%, to $177.3 million from $172.1 million a year earlier. Earnings jumped to $5.3 million, or $0.12 a share, from $783,000, or $0.02 a share. However, the latest quarter’s earnings included $3.5 million in pre-tax foreign-exchange gains.
Magellan’s total debt, including bank debt and convertible debentures, is $286.7 million. That’s a very high 103.7% of shareholders’ equity. It’s also a very high 12.1 times Magellan’s $23.7-million market cap.
Magellan has long-term promise, but the company faces a weak industry outlook in…
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