Thanks
BOS has been a horrible performer, after its big Covid-related run. It was unable to replace very large expiring contracts and is now losing money. It is expected to show a profit in 2024. But debt has surged, going from $74M pre-covid to $128M now. Debt is more than 5X cash flow. It missed estimates last quarter and is likely to see some tax loss selling (down 46% for the year). It is still paying its (10%) dividend but this money we think should go to debt repayment to reduce risk. We do not find it attractive right now and far too risky. Insiders still own more than 20%, however. But we think CP, in addition to be much safer overall, looks much better.