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By David Berman

We could probably start a series of blog posts comparing today’s stock market selloff to the worst days of 2008 and 2009. Tuesday’s instalment: Bombardier Inc. (BDRBF.PK) then and now.

Cameron Doerksen, an analyst at National Bank Financial, pointed out that the stock – down 50 per cent since the end of June – is now trading at just 9-times trough-level earnings and the aerospace division is trading at just 2.6-times forecasted earnings before interest, taxes, depreciation and amortization. Thing is, he doesn’t see things getting that bad.

“The recent trading in the stock is very reminiscent of the 2008-09 time frame, which leads us to conclude that the market expects similar end market conditions to occur,” he said in a note.

“Unlike in 2008 however, Bombardier is not seeing significant business jet order cancellations while deliveries of its highest-margin Global series of jets is actually on the rise. In addition, the C Series program is on firmer ground while Transportation is more profitable and has a larger backlog than in 2008-09.”

He’s sticking to his guns, maintaining an “outperform” recommendation and price target of $6.50.

Disclosure: None

Source: Comparisons To 2008: Bombardier Edition