
TSE:TFII
Not growing organically right now but had much better than expected 2nd quarter margins on better-than-expected restructuring. Thinks this can drive earnings for the next couple of quarters maybe. Trading at a fair valuation. Whether you Buy depends on your view of whether they can continue to grow by acquisition. Have done a great job buying and synergistically wrapping them in. Try to buy at $16.85.
Went from having about 40% of the revenues coming from specialty services, packaging and couriering to being over 60%. They are higher margin businesses and deserve a higher multiple but that multiple has not come through yet. Good execution by management over the last few quarters. Increased margins and paying down debt. $19-$20 in 12 months easily. 3% dividend.
Has had a very difficult year as all of the logistics (trucking) companies have had. This one had a 58% increase in growth last year. Lots of money to cover the 2.93% dividend. Will probably do some share buybacks as well as some acquisitions along the way. You might also want to look at their convertible debenture.