Bombardier (OTCQX:BDRAF)(OTCQX:BDRBF)(OTC:BOMBF) continues to be in a fragile state. While the company will be able to deleverage its balance sheet by selling its rail transportation unit to Alstom for $8.4 billion next year and become solely a corporate jet manufacturer, we believe that its future still looks bleak. As the founding family continues to have the majority of the voting power in the company, there’s no guarantee that it will not fail to create value this time, considering that, under its leadership, Bombardier suffered immense losses by developing and later selling at a loss its own civil aviation project to Airbus (OTCPK:EADSF). In addition, by operating in a small and saturated business jet market, it will be hard for Bombardier to drive growth in the following years. For that reason, we continue to believe that there’s no value left in Bombardier stock and the opportunity cost of holding its shares

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