Bird Construction (BDT) is down nearly 20% since reporting its Q2, which came with a continued deceleration in revenue driven by a slowdown in the buildings and industrial segment…

… that management expects to rebound somewhat through the remainder of the year, as uncertainty continues to influence decision making. The sell-off has brought BDT back to its ten-year average EBITDA multiple…

… but the company looks a lot better than it has in the past, with a record backlog supporting a long runway for revenue growth…

… that should come at better economics, with EBITDA margins expanding towards management’s 8% 2027 target.