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NFI Group Inc. Q3 2021 Earnings, Price Target Update

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NFI Group Inc. (NFI), operates from 50 facilities across ten countries. NFI is a leading independent global bus manufacturer providing a comprehensive suite of mass transportation solutions under brands: New Flyer (heavy-duty transit buses), Alexander Dennis Limited (single and double-deck buses), Plaxton (motor coaches), MCI (motor coaches), ARBOC (low-floor cutaway and medium-duty buses), and NFI Parts. NFI vehicles incorporate the widest range of drive systems available including: clean diesel, natural gas, diesel-electric hybrid, and zero-emission electric (trolley, battery, and fuel cell). In total, NFI now supports over 100,000 buses and coaches currently in service around the world.

Prior to the acquisition of Alexander Dennis (ADL), NFI 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 provided an international platform for expansion of all NFI models including the double decker transit bus segment. The acquisition increased revenues by approximately 30%.

Alexander Dennis Limited and BYD UK effective Jan-2021 will partner on the design and assembly of chassis for the BYD ADL electric single and double deck buses for the British market. BYD is a global leader in batteries, energy management and electric mobility. Electric bus chassis assembly will take place in ADL's facilities with on-the-ground support from the BYD team, and is planned to commence in 2H-2021.

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