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Exchange Income Corp. 2020 Earnings, Price Target Update

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Exchange Income Corp. (EIF) operates two segments: Aerospace & Aviation and Manufacturing each contributing 70% and 30% of earnings respectively. The Aerospace & Aviation segment provides airline services to communities in Manitoba, Ontario, Nunavut and eastern Canada and provides aircraft and engine aftermarket parts to regional airline operators around the world. In addition, aerospace business through Provincial and Regional One; designs, modifies, maintains and operates custom sensor equipped aircraft. Moncton Flight College provides pilot training services. The Manufacturing segment consists of niche specialty manufacturers in markets throughout Canada and the United States for on window and building construction systems and custom metal fabrication. Total assets as of Dec-31-2020 were $2.3B, compared to $1.75B as at Dec-31-2017. Asset growth is mainly from acquisitions and to a lesser extent from capital projects. The Aerospace & Aviation segment has historically had the strongest revenues in the second and third quarters, relatively modest in the fourth quarter and the lowest in the first quarter as communities serviced by certain of the airlines are less isolated with the use of winter roads for transportation during the winter. With the diversity of the Manufacturing segment, the seasonality of the segment is relatively flat throughout the fiscal period.

Business Segments

Aerospace & Aviation – includes a variety of operations within the aerospace and aviation industries. It includes providing scheduled airline, charter service, and emergency medical services to communities located in Manitoba, Ontario, and Nunavut. These services are provided by: Calm Air, Perimeter, Bearskin (as a division of Perimeter), Keewatin, Custom Helicopters, the equity investment in Wasaya, and other aviation supporting businesses (the Legacy Airlines). Regional One is focused on supplying regional airline operators around the world with various after-market aircraft, engines, and component parts. Provincial (comprised of PAL Airlines, the equity investment in Air Borealis, PAL Aerospace, and Moncton Flight College) provides scheduled airline, charter service, and emergency medical services in Newfoundland and Labrador, Quebec, New Brunswick, and Nova Scotia and through its aerospace business Provincial designs, modifies, maintains and operates custom sensor- equipped aircraft. Provincial provides maritime surveillance and support operations in Canada, the Caribbean, and the Middle East. Through Moncton Flight College, Provincial offers a full range of pilot flight training services, from private pilot licensing to commercial pilot programs.

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