# NFI Group (NFI) previously New Flyer



## PMREdmonton (Apr 6, 2009)

I was wondering if any of you guys follow this stock. I have taken a small position in this one recently after selling some stocks which I felt were worth taking profits on. This is a company that makes heavy duty transit buses and also has business divisions that focus on after market parts and repairs/maintenance. They are just coming off a couple of small acquisitions that should be quite accretive with their existing operations. They currently have a market cap of about $513M, PE 9.9, Div yield 5.6%. They are a dominant player in CNG buses and now have a better total package to offer municipalities after their acquisitions. They have just announced a few big deals and have a big backlog (about $2.7B at their last update a couple of months ago or about 5 times their current market cap with 2/3rds of that firm and 1/3rd options). 

In terms of recent major business deals a dominant Brazilian bus company Marcopolo SA has bought a 19.9% interest in the company for $116M that will be invested in NFI's production capabilities. This deal should open up the Brazilian market for them and their CNG buses. They also recently made an acquisition of Daimler's North American bus aftermarket parts division that rounds out their portfolio of services and decrease the cyclicality of their business.

They are presently the leader in CNG buses (powertrain from Cummins). With municipalities trying to produce cleaner air choices and decrease operating expenses that can give them an advantage. They do offer other powertrains including diesel, LNG, electric and diesel-electric hybrids but CNG appears to be their strength. Many municipalities are stuck with ageing, fuel inefficient and heavily polluting fleets that lack modern features such as security cameras and wheelchair accessibility while trying to deal with increased ridership. This should give them a long runway of steady demand for several years.

On the negative side of the ledger it seems as though much of their orders come from municipalities who may be struggling under debt burden. If the federal and state governments now come under further stress from sequestration that could affect future orders and even some of their current backlog. The other thing about them is their earnings tend to be a bit lumpy from quarter to quarter so that could lead to a fair bit of volatility. 

Anyhow, this company looks like they are strong right now and are in a very favorable industry for the next decade or so. They are very shareholder friendly with what looks like a sustainable dividend. Their appears to be quite a bit of room for growth with their big backlog. Management also seems to understand how to deploy capital with their decision to leave manufacturing of less profitable bus lines to competitors and their focus on higher end CNG alternatives.

Any thoughts on this one are appreciated.


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## doctrine (Sep 30, 2011)

I've taken a look at this company a couple times, but never came to a buying decision. Anytime I dug into the financials, it seemed like their profits were low and dividends were high. Although the P/E is being reported at 9-10, in their Q3 report they had net earnings of $8M over the previous 3 quarters (and a loss in Q3 itself), which works out to a much much higher P/E than 10 - more like 50. Not enough consistent profitability for me. And the stock is up quite a bit despite a cut in the dividend by 32% in July after they redeemed a pile of debentures, presumably to limit the total value of dividends spread over more shares. They may have growth that renders the negatives moot points but it's not for me.


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## PMREdmonton (Apr 6, 2009)

Thanks for the reply doctrine. This is a very small position for me right now and I had mostly looked into it as it was a Fabrice Taylor recommendation. They do have a long history of being a dividend payer (about 7.5 years) and had recently converted from a trust to a corporation so that may account for the cut in the distributions.

This was one where there is some income and some growth and a small enough capitalization and a ramp for growth.

I had liked the move deeper into servicing and repairs. I also liked the move into higher profit buses. I also liked the deal with the Brazilian company that should open up international markets. Some of those factors should increase profits overall while also decreasing cyclicality.


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## jargey3000 (Jan 25, 2011)

anybody else hold any NFI?


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## Moneytoo (Mar 26, 2014)

Hold it, love it, often praise it (our best performer by far!) The only problem with it - hard to add more as it doesn't seem to budge even when everything else falls... sigh


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## yyz (Aug 11, 2013)

It's a double for me,wish I had bought more


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## jargey3000 (Jan 25, 2011)

is now a good time to get in? (too late?)


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## Moneytoo (Mar 26, 2014)

I wouldn't buy it here, waiting for a pullback myself (last year the price dipped in October and December - it can't keep flying high, needs to come down at least once in a while... )


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## Xoron (Jun 22, 2010)

Own it. My only fear, is that the Div P/O ratio is north of 100%. Makes me nervous that a cut could come if there isn't continued growth.

I hope they don't announce any div increase until they can get that p/o down a bit.


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## Moneytoo (Mar 26, 2014)

Hm it's the second time someone quotes PO much higher than on Globe Investor (20.64% for NFI) Xoron, from where do you get the numbers? Wonder if I should trust GI...


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## Xoron (Jun 22, 2010)

Bloomberg Terminal. (I can't seem to find it on Bloomberg.com)

And Yahoo Finance has it listed at 50%. So all over the place, not sure who to believe.


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## Twixer (Nov 25, 2015)

Moneytoo said:


> I wouldn't buy it here, waiting for a pullback myself (last year the price dipped in October and December - it can't keep flying high, needs to come down at least once in a while... )


It is almost 30% up since your post


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## Moneytoo (Mar 26, 2014)

Twixer said:


> It is almost 30% up since your post


Well I gave up waiting and did buy 150 shares on Oct 28th for $18.81 (right before the earnings report and a big acquisition jump... ) But with new higher share prices we again don't have enough shares for a DRIP lol


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## Twixer (Nov 25, 2015)

Moneytoo said:


> Well I gave up waiting and did buy 150 shares on Oct 28th for $18.81 (right before the earnings report and a big acquisition jump... ) But with new higher share prices we again don't have enough shares for a DRIP lol


I trimmed some because NFI became too big part of my portfolio.

They are doing very well. Their customers save a lot of money thanks to cheaper fuel and now can afford to buy expensive models with higher margins. 

MCI looks like very promising acquisition both from synergies and growth prospective. 

Significant dividend hike is signaling management is very optimists.


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## Moneytoo (Mar 26, 2014)

Twixer said:


> Significant dividend hike is signaling management is very optimists.


You mean the one in May or there'll be another one? (Didn't find any fresh news...)

It's our one and only two-bagger so far, and not the largest position (unfortunately... )


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## Twixer (Nov 25, 2015)

Moneytoo said:


> You mean the one in May or there'll be another one? (Didn't find any fresh news...)
> 
> It's our one and only two-bagger so far, and not the largest position (unfortunately... )


http://finance.yahoo.com/news/flyer-announces-acquisition-mci-north-132100124.html


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## Moneytoo (Mar 26, 2014)

Twixer said:


> http://finance.yahoo.com/news/flyer-announces-acquisition-mci-north-132100124.html


"New Flyer announces 12.9% increase in dividend from C$0.62 to C$0.70 per share annually with implementation intended to follow completion of the Transaction" - nice! Thank you, I completely missed it


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## jargey3000 (Jan 25, 2011)

It's had a very nice run-up. I wonder - does it still have legs? or wheels? 

(Update March 24: apparently yes.... $33.50 right now (+$1.56 , 4.88%) )


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## tim5371 (Apr 5, 2016)

Big jump up today, almost 6%. Can't find any news on why? 
I just picked up this stock last week after reviewing the numbers and it looked good, quite pleased so far. Can anyone explain todays movement? Big order?


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## JWC (Nov 6, 2014)

Too late to get on on this? Seems like a good bet with its dividends.


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## doctrine (Sep 30, 2011)

Crazy expensive. High probability, in my opinion, of being able to get in at a lower price. It's gone parabolic (we've seen this before, yes?). One bad piece of news and you know what could happen...


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## hollyhunter (Mar 10, 2016)

Technical looks good. A break of 35.41 could move it up to 41.36.


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## jargey3000 (Jan 25, 2011)

jargey3000 said:


> It's had a very nice run-up. I wonder - does it still have legs? or wheels?
> 
> (Update March 24: apparently yes.... $33.50 right now (+$1.56 , 4.88%) )


Man! I shoulda caught that bus a few stops ago!!!
(update today May 13: $39.50 new 52-wk high?)
edit: make that $40.43 at the close!!


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## Moneytoo (Mar 26, 2014)

And 35.7% dividend increase to $0.95 /share - so glad we bought more and didn't trim the position..  but of course also wish that we had even more - instead of most other losers lol


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## jargey3000 (Jan 25, 2011)

waddaya think moneytoo - still time to jump onboard this thing???


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## Moneytoo (Mar 26, 2014)

Don't ask me - I'm always wrong about this one (thinking again of selling some over $40, but luckily my husband never wants to sell.. lol)


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## hollyhunter (Mar 10, 2016)

Still lots of room to go. New target: 47.91


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## Westerncanada (Nov 11, 2013)

jargey3000 said:


> anybody else hold any NFI?


I dont own NFI but recently been buying BUS.V who competes in the same market. They announced last week a 112 Bus deal.with Vancouver and today announced Grande Prairie and Lethbridge have both placed. Orders. 

I know NFI is definitely the dominant player in this category and the dividend is amazing! 

Cheers


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## Cold_one (Mar 23, 2011)

Westerncanada said:


> I know NFI is definitely the dominant player in this category and the dividend is amazing!
> 
> Cheers


At $41.49 and $.95 div a yield of 2.29% - I don't know if that dividend is all that great. 

I have an opportunity (or not). In June of 2012 I bought NFI bonds @ $100US/bond yielding 6.25%. They now trade on OTC at $330US. So it has been good to me. I have the option on or before June 30, 2017 to convert my bonds to shares of NFI. Works out to be about the same gain. 

The question is should I convert them and if so, when? Take the cap gain and re-invest or keep NFI for its 2.29% div?


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## yyz (Aug 11, 2013)

The conversion price is $10 /share right? I guess it depends on how you feel about NFI. It has had a great run the question is can that continue or is it due to pull back?Me, I sold out of it I thought it was getting ahead of itself. But the dividend increases have been good and they are selling lot of units.


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## jargey3000 (Jan 25, 2011)

so... bit of a drop today - closed at $41.00(-1.53). Just a bit of profit-taking or whatever, do you think, after recent run-up? And a chance to get in? Or is there something else at play??


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## yyz (Aug 11, 2013)

Do you think the share price can continue running up like it has?That should answer your question of whether or not to get in.


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## Cold_one (Mar 23, 2011)

yyz said:


> The conversion price is $10 /share right? I guess it depends on how you feel about NFI. It has had a great run the question is can that continue or is it due to pull back?Me, I sold out of it I thought it was getting ahead of itself. But the dividend increases have been good and they are selling lot of units.


I don't think it is a $10 conversion price - maybe I'm misunderstanding the conversion option - I've been informed by my broker that each bond gives me 10 shares. 

I look at NFI and am not ready to jump out yet as I think it may go higher. At some point I may want to convert or sell the bonds to capture the cap gain.


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## yyz (Aug 11, 2013)

Yes the conversion price is $10 that's why the debentures which started at $100 will convert to 10 shares. $100 = 10 shares =$10 per share conversion price.

That's why they are trading at $308.23 now since the shares are so far above the conversion price.


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## Cold_one (Mar 23, 2011)

yyz said:


> Yes the conversion price is $10 that's why the debentures which started at $100 will convert to 10 shares. $100 = 10 shares =$10 per share conversion price.
> 
> That's why they are trading at $308.23 now since the shares are so far above the conversion price.


Thanks for this explanation. I guess I wasn't looking at it correctly - not the first time.


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## Brainer (Oct 8, 2015)

*FYI: NFI Industries (NFI)*

Hi all:

Just an FYI for anyone who owns or is considering NFI Industries (NFI) previously New Flyer Industries. 

The stock was doing well, and then dove somewhat on concerns and rumous about Trump auto tariffs and metals tariffs. I spoke with Investor Relations and after a while got this info from them:



Dear Investor:

In our Q2 results release we did comment on the NAFTA, U.S. steel and aluminum tariffs, Canadian surtaxes and commodity prices. Here’s the language from the release. You can find all of this on pages 9 and 10 of our Q2 MD&A.

Commodity Price Increases, Tariffs and Surtaxes

The Company uses aluminum, carbon steel and stainless steel in the manufacture of bus and coach frames. However, these raw materials, before processing, comprise less than 3% of total material costs. Management currently anticipates an immaterial impact for the remainder of 2018 from current market increases in aluminum and steel pricing as major components are purchased under fixed price or contract specific quotations. Management expects that any future component cost increases should be substantially recoverable through new contract pricing or through the producer price index (PPI) mechanisms in multiyear contracts.

On June 1, 2018 the U.S. federal government imposed tariffs on Canadian steel and aluminum imported into the U.S. In response the Government of Canada imposed certain surtaxes on U.S. steel and aluminum imported into Canada after July 1, 2018. The majority of the aluminum and steel used at the Company's manufacturing facilities is from U.S. sources, largely in support of the Buy America requirements of U.S. public customers. Canadian surtaxes paid on the importation of U.S. aluminum and steel used in manufacturing products at the Company's Canadian plants that are then re-exported to the U.S. are eligible for full recovery under the current Canadian federal Duty Relief and Duty Drawback Programs.

North American Free Trade Agreement

The Company's manufacturing facilities operate in an integrated manner with parts and components shipping in both directions over the Canadian/U.S. border. The Company's supply chain has been established to ensure compliance with the more stringent U.S. federal Buy America requirements for rolling stock funded by FTA grants. In the case of both New Flyer and MCI public customers, a certain quantity of transit bus and motor coach shells are manufactured in Canada and shipped for final assembly in the United States. In the case of private sector sales, all MCI motor coaches are manufactured in Canada. All ARBOC low-floor cutaway and medium-duty transit buses, used by both public and private customers, are manufactured in the U.S. Under the current NAFTA agreement, all shells and finished buses and coaches move across the border free of any duties. Nearly all the purchased components sourced within the NAFTA region meet the current 62.5% regional content requirement and therefore also move across the border free of any duties. The Company today pays immaterial tariffs for non-NAFTA supply. Any amendments that would impose duties on parts, shells and finished buses and coaches could have a significant financial impact given materials comprise approximately 69% of manufacturing costs and complete buses and coaches are imported to each country on a regular basis. Management continues to closely monitor NAFTA negotiations and is developing contingency plans to mitigate the impact on the Company should changes occur to the current agreement.

End of copied text

With respect to the post-quarter trading, from what I’ve been hearing some of the drop was as a result of two of the largest auto parts manufacturers, Magna and Linamar, also reporting when we did and they had some comments to the effect of they were uncertain what the total potential financial impact NAFTA and tariffs/surtaxes could have on their business. We got tied up with some of that negative noise from the looks of things.

Hope that helps,

Investor Relations

=============================================================================


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## kcowan (Jul 1, 2010)

The debenture converted at $54.24, subsequently peaked at $60+ and then began the long decline.
My suspicion is that it will regain its momentum when the NAFTA posturing is over.


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## Pluto (Sep 12, 2013)

^
I have that suspicion as well.


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## londoncalling (Sep 17, 2011)

I thought I would give this thread a bump after the recent announcement of a dividend hike. https://finance.yahoo.com/news/nfi-group-announces-2018-fourth-233000505.html I have watched this stock intermittently for quite some time. I haven't given it a thorough look since summer of 2018. It fell off my radar after the decision to purchase Intertape Polymer. Any members holding, selling, adding or considering that would care to once again weigh in? I will be taking a look at the last few financials as well. I have accumulated a fair bit of cash and have other orders in place but I may put in an order for NFI at some point as well.


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## AltaRed (Jun 8, 2009)

I am an owner in the low $30 range. It's taken a hit in the last few days having likely 'disappointed' with most recent results. Both earnings and cash are off a bit. Part of it is likely a hit due to steel and aluminum tariffs but that might dissipate soon given recent rumblings that there is some move in the WH to resolve this sticking point with Mexico and Canada. NAFTA2 isn't going to get ratified without those tariffs being lifted. Beyond that, I don't know having not dug into the details. Like the dividend increase though AND that payout remains below 50% (taking their word for it).

Added: Maybe the issue is a potential looming recession and lower bus orders....


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## Killer Z (Oct 25, 2013)

I have never owned NFI, however I have been taking a strong look at it lately. Fundamentally, it looks attractive:

Trailing P/E = 10.12
Forward P/E (2019-12) = 10.88
Dividend Yield = 4.88%
Dividend Payout Ratio = 35.44%
5 Year Net Dividend Growth = 19.91%
Return on Equity = 25.32%

Very possible that it is oversold.


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## londoncalling (Sep 17, 2011)

I looked over the financials last night and think that you are correct it is oversold and impacted by tariffs which will be removed if they want to pass NAFTA 2.0. I liked the business but thought it was way overvalued. I believe the dividend is safe and the payout ratio is in a good range. I have picked a price and placed an order to initiate a position.


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## londoncalling (Sep 17, 2011)

The order was filled today @ 30.01 establishing a 1/2 position. I changed my bid from 29.80 and could have got it as low as 29.55 this morning. That being said, I also could have got it back in January around $28.50. Although entry price does matter (more so in the short term) should I be right in my selection and hold this long term it won't have a huge impact.


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## Pluto (Sep 12, 2013)

Reportedly NFI bought the UK bus maker that makes the double decker busses. Interesting. NFI could be on the comeback trail after the drubbing it took recently. Clearly, they are ambitious. I' dumped it a year or so ago as it didn't look too promising. Now I'm getting interested again.


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## Brainer (Oct 8, 2015)

Well, it seems that from the last few days, you're not the only one that feels that way. NFI stock hit 39.20 today, and then finally closed at 38.90. So it looks like there's finally a possibility of a decent comeback. I can stop crying in my milk now. 




Pluto said:


> Reportedly NFI bought the UK bus maker that makes the double decker busses. Interesting. NFI could be on the comeback trail after the drubbing it took recently. Clearly, they are ambitious. I' dumped it a year or so ago as it didn't look too promising. Now I'm getting interested again.


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## humble_pie (Jun 7, 2009)

Pluto said:


> Now I'm getting interested again.



gosh have you or london ever ridden on a new flyer bus during rush hour

worst public transit in the world. Buses have no springs so they rock heavily, pitch, shudder, shake & slam every time the driver as much as much as rounds a corner or touches his brakes.

rush hour passengers standing packed together get thrown in every direction. Not kidding. Have heard of standing-room-only passengers literally being jolted & thrown to the floor of the bus, especially when they are frail or weighted down w parcels & grocery bags.

maybe the springs are defective but in my town the buses are famous for injuring passengers. It's said the only reason new flyer buses were purchased is that they had a staircase-lowering mechanism for wheelchairs. Maybe there's a kind of yellow humour in that, ie first they'll injure you, then they'll transport you in your wheelchair ... :biggrin:

it's weird how canada sometimes produces goofus sub-standard manufacturers like this one


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## AltaRed (Jun 8, 2009)

You seem to have negative experiences with New Flyer buses. Old models? Or a specific product line? There is no bad rap that I have found on the net about NFI products. Their product line (not counting the new British purchase) is:


> NFI Group and its subsidiaries comprise the largest bus and motor coach manufacturer and parts distributor in North America, with 32 fabrication, manufacturing, distribution, and service centers located across Canada and the United States and employing nearly 6,000 team members.
> 
> NFI Group provides a comprehensive suite of mass transportation solutions under several brands: New Flyer® (heavy-duty transit buses), ARBOC® (low-floor cutaway and medium-duty buses), MCI® (motor coaches), and NFI Parts™ (bus and coach parts, support, and service). NFI Group's vehicles incorporate the widest range of drive systems available ranging from clean diesel, natural gas, diesel-electric hybrid, trolley-electric, battery-electric, and fuel cell-electric.
> 
> ...


Disclosure: I hold NFI shares myself


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## kcowan (Jul 1, 2010)

It seems as if the transit systems that buy ARBOCs need an extensive driver training and monitoring program. Instead of just monitoring how well they stay on schedule!


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## Eclectic12 (Oct 20, 2010)

AltaRed said:


> humble_pie said:
> 
> 
> > gosh have you or london ever ridden on a new flyer bus during rush hour
> ...


I generally try to avoid rush hour but have noticed no issues with the New Flyer buses versus any other maker.

Maybe a maintenance/road/driver issue?


I don't own any shares.


Cheers


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## humble_pie (Jun 7, 2009)

kcowan said:


> It seems as if the transit systems that buy ARBOCs need an extensive driver training and monitoring program. Instead of just monitoring how well they stay on schedule!



the problem has nothing to do with driver training

problem is caused by the lack of proper suspension in the low mount over-the-wheels new flyer bus models. Evidently the company admits to this defect in bus design.

i do not know if company has been able to cure the problem in later models, but certainly older low-mount models have suspension problems & certainly they rock, shake, jerk, lurch and lean during ordinary turning and braking, to an extent that can harm rush-hour passengers who have to stand, packed together, with no support. In some cases abrupt rocking & lurching have caused frail standing passengers to fall down. Have, in fact, hurled them onto bus floors.

montreal is in process of replacing an aging fleet of low mount no-suspension new flyer buses. They were purchased before the suspension defect became known. They are not being replaced.

no other bus model ever driven in montreal has displayed suspension defects on the new flyer scale. The montreal drivers are well-trained & capable. The problem is the no-suspension low mount design in older new flyer models. Soon, as those buses get replaced, their dangerous rocking, jerking & leaning will be history.


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## AltaRed (Jun 8, 2009)

Not sure what the takeaway is here? A recommendation to not invest in NFI stock because of what appears to be a design issue with an aging model?


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## Pluto (Sep 12, 2013)

Huh. Interesting. Are you sure they are New Flyer busses? 
These articles cite a different company. 

https://www.cbc.ca/news/canada/montreal/novabus-technical-problem-1.5067252

https://montrealgazette.com/news/lo...s-off-the-road-in-response-to-nova-bus-recall


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## humble_pie (Jun 7, 2009)

Pluto said:


> Huh. Interesting. Are you sure they are New Flyer busses?
> These articles cite a different company.
> 
> https://www.cbc.ca/news/canada/montreal/novabus-technical-problem-1.5067252
> ...




hey Pluto i do believe the no-suspension low mount buses are new flyers. They are an older fleet that is presently being replaced. They stood out in this city because so unpleasant to ride in. Even seated passengers would rock & sway, but they were the lucky ones. Standing in crowded rush hour buses that have no suspension required one to be a gymnast of olympic proportions 

the nova vehicles in your article appear to have different issues


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## kcowan (Jul 1, 2010)

Montreal must be a glutten for punishment. Here is another article:
30 slow-charging buses from NFI


> Montreal has contracted to buy 30 slow-charging buses, built by Canada’s New Flyer Industries, at a cost of $1.2 million each, and hope to put some into service by the end of 2019. Since they won’t be able to complete a full route before requiring a recharge, it makes sense to have a mix of quick-charging and slow-charging buses, Chamberland said. The considerable challenge of incorporating sufficient charging stations and the installing the large electric substations that will have to be connected to bus garages to handle the increase in voltage is another reason to act slowly and with prudence, Chamberland said.
> 
> Toronto recently placed orders for 30 slow-charging electric buses from three suppliers — China’s BYD; Proterra of the U.S. and Winnipeg’s New Flyer — the first of which are supposed to arrive in December.


My earlier comments about driver training were based on my experience in Vancouver riding on trolley buses. Electric buses have high torque and heavy-footed drivers can send passengers flying. They are all low-rise.

Because of the need to maintain schedules, they equip them with lots of handles and straps to grab for dear life. As a relatively strong large man, I usually hold onto two supports. I walk to the exit door while the bus is stopped for the previous stop. Both the transit company and the rider has to adapt.


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## SixesAndSevens (Dec 4, 2009)

i don't know anything about the stock, but the NFI buses are poor quality...
just ask anyone in Winnipeg...all the newer wpg transit are NFI.
they often break down in the middle of a trip, leaving the passengers stranded.

drivers complain of other problems with operation.
the interior seating design is awkward.

no one wants to ride them...


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## newfoundlander61 (Feb 6, 2011)

I don't own the stock but our city of 125,000 here in Kingston is buying a couple of buses from them. A drop in the bucket but who knows how many other citys are looking to do this.

https://www.thewhig.com/news/local-news/city-staff-recommend-2-7m-investment-in-electric-buses


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## AltaRed (Jun 8, 2009)

I've seen no press or articles about quality or performance issues albeit there might be information in trade publications. Anecdotal information mostly, and even if so, every manufacturer of everything has some trouble spots here and there. Not something I'd fret about with this company. 

The bigger issue may be a slowdown in regional purchases, especially it appears in the private coach industry, e.g. Greyhound pulling back type of thing. And it may be affecting all manufacturers?


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## londoncalling (Sep 17, 2011)

Winnipeg-based New Flyer announces order of 40 additional hybrid-electric buses (msn.com) 

I am still a shareholder and hoping this will move SP upward.


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## MrMatt (Dec 21, 2011)

londoncalling said:


> Winnipeg-based New Flyer announces order of 40 additional hybrid-electric buses (msn.com)
> 
> I am still a shareholder and hoping this will move SP upward.


hahha, spoken like a Ford shareholder.
I think NFI will sit unloved for a very long time.


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## londoncalling (Sep 17, 2011)

MrMatt said:


> hahha, spoken like a Ford shareholder.
> I think NFI will sit unloved for a very long time.


Hope is not the best strategy.


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## AltaRed (Jun 8, 2009)

It is EPS growth that raises share prices, sustainable ones anyway.


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