Bombardier: CSeries delay - FT.com It's a bird! It's Superman! But what you're definitely not seeing in the sky is the new CSeries jet from Bombardier. On Wednesday the Canadian jet maker spooked the market by again delaying the first flight of what it hopes will be a revolutionary aircraft to be delivered in 2014. Still, jet life-cycles are long, usually decades, so waiting a few more weeks should not have investors reaching for their airsickness bags just yet. The CSeries is a rare fresh design jet (manufacturers often rejig existing designs into "new" models) that aims to capitalise on favourable demand trends, particularly in the single-aisle segment. These aircraft seat about 100 passengers. With air travel expected to boom over the next 20 years, driven by emerging markets and discount airlines, nearly three-quarters of planes delivered will be single-aisle jets. With oil prices sustained at $100/barrel, these latest designs in all sizes are predicated on lower costs. The CSeries boasts that it will be 15 per cent cheaper to operate than aircraft it will replace. The CSeries delays are especially frustrating as Bombardier's operating performance has suffered from the heavy investment in the new jets. Last year's revenue of $8.6bn in its aerospace division was 14 per cent lower than in 2008 and free cash flow has consistently been negative since then. But the CSeries is projected to capture half the potential market and be worth $5bn to $8bn in annual revenue. During this uncertainty for Bombardier its arch-rival, Embraer, has been locking in orders for its E2 jet, a refreshed model that launches in 2018. The Brazilian's shares are up nearly 40 per cent since 2012 and its median price-to-earnings multiple of 11 times over that period is a fifth higher than Bombardier's. That gap creates an entry point. And investors worried about buying Bombardier should look to Boeing. Various woes for its Dreamliner have not damped demand for the groundbreaking wide-bodied aircraft. Nor for Boeing's shares, which are up 34 per cent for the year.