Investment Thesis
Bombardier (OTCQX:BDRBF) (TSX:BBD.B) delivered a poor quarter as the company struggles to turn around its business. Management also lowered its adjusted EBITDA guidance for the year. Looking forward, we do not see any near-term catalysts to materially move its share price higher. A low book-to-bill ratio for its transportation segment means it will be difficult for the company to grow its revenue significantly. While Bombardier delivered a revenue growth of 6% in its business aircraft segment, future growth may be limited due to a poor forecast. The company’s leveraged balance sheet