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Gold/Mining/Energy : Dorel Industries (DII.B , M or T) good earnings report
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To: Hassan Lakhani who wrote (60)3/8/1999 12:18:00 PM
From: Jay Arkay  Read Replies (1) of 96
 
Wow! Superb results in fourth quarter. See:
fin-info.com
Full year results are also very good, considering the $14.5 million pre-tax charge in Q3 for the Ameriwood acquisition and closing of Leadra Design. EPS (fully diluted) for 1997: $1.00, EPS for 1998: 97 cents; add back the charge to get "normalized" 1998 EPS of $1.34. Moreover, Q4 EPS of 42 cents works out to an annualized rate of nearly $1.70. I would forecast full-year 1999 EPS in the $1.85 to $2.00 range, considering the further economies to be realized from Ameriwood, related rationalizations, and the greatly improved performance of the home furnishings division. This company is a classic growth company, superbly managed, with a large manager stake in it, in a ho-hum conventional industry. Meets many of the criteria that Peter Lynch sets for identifying ten-baggers. It has already exceeded that since my original investment, with two share splits. I believe that Dorel deserves an above-average market multiple, but even at the TSE's 25, the share price should be headed toward $50 by the end of this year. It's only a matter of more Canadian institutional investors catching on. This is a stock which, in Lynch jargon, you should buy to hold "forever" (or at least until something turns dramatically against them). Jay
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