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NFI Group Inc. Q3-2019 Earnings, Price Target Update

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NFI Group Inc. (NFI), prior to the acquisition of Alexander Dennis, was North America's largest bus and motor coach manufacturer and parts distributor. The Alexander Dennis acquisition in May-2019 for $US428M increased total assets to $2.9B. The acquisition provides an international platform for expansion of all NFI models including the double decker transit bus segment. The acquisition is expected to increase annual revenues by 30%. Transport bus platforms include heavy-duty transit buses, low-floor cutaway and medium-duty buses), inter-city motor coaches, parts support, and fibre-reinforced plastic and composites and now double decker busses. Prior to the Alexander Dennis acquisition transit bus sales comprised 65% of revenues, inter-city motor coaches – 20%, cut-a-away style busses -5%, parts and service 10%. Prior to the Alexander Dennis acquisition, approximately 85% of revenues are in USD and the balance in Canadian. Following the acquisition US dollar revenues has decreased to about 50%, after inclusion of UK, Euro and Asian currencies. They offer the widest range of drive systems available including: clean diesel, natural gas, diesel-electric hybrid, and zero-emission electric (trolley, battery, and fuel cell) on proven bus platforms. In total including Alexander Dennis they support over 100,000 buses and coaches currently in service in North America, UK, Europe and Asia.

Alexander Dennis Acquisition

New Flyer acquired Alexander Dennis for £320M(US$428M) on a cash-free, debt-free basis. For 2018 ADL revenues were £631M (US$843M), from delivering 2,533 buses for manufacturing revenue of £559M (US$747M) and £71M (US$95M) in aftermarket parts and service revenue. For 2018, approximately 49% of ADL's revenues were from the UK, 27% from Asia Pacific markets, 12% from North America with the remaining 12% coming from aftermarket and developing markets. For 2018 ADL generated AFFO of £18M (US$24M). From 2010 to 2018, ADL achieved a compound annual revenue growth rate of 10.5%.

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