01:01:07 EDT Wed 15 May 2024
Enter Symbol
or Name
USA
CA



Celestica Inc
Symbol CLS
Shares Issued 119,359,566
Close 2023-11-21 C$ 36.70
Market Cap C$ 4,380,496,072
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Globe columnist sees Celestica as heavenly investment

2023-11-21 07:46 ET - In the News

The Globe and Mail reports in its Tuesday edition that the most intriguing Canadian tech story is that of Celestica, which emerged from nowhere to post the biggest gain on the S&P/TSX Composite Index this year, by far. Guest columnist Gordon Pape writes that the stock is ahead 152 per cent in 2023, and still gaining. Celestica employs 26,000 people. It first saw the light of day in 1996 as a subsidiary of IBM. In 1996, it was sold to Onex. The stock began trading in 1998 and reached an all-time high of $108.80 in November, 2000, then collapsed. By March, 2003, the stock was trading below $17. The stock began 2023 in the $15 range and cracked the $20 level in July. It closed Friday at $38.46, up 62 cents on the day. The turnaround dates back to 2016, when the company embarked on a plan to diversify its portfolio, invest in engineering offerings and improve profitability. Its markets include defence and aerospace, health tech, communications, and industrial and capital equipment. One of the key drivers of the stock is the company's development of artificial intelligence products. Despite the recent price run-up, the stock trades at a reasonable price-earnings ratio of 16.65. Celestica is a buy for long-term growth.

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