Bird Construction (BDT) ran 11% on a massive Q2, with revenue cracking $1B for the first time (up 23%) - supporting management’s full-year growth guide of >20%…

… which is underpinned by a combined backlog of $12B, where new orders continue to outpace revenue thanks to broad-based end market demand and recent M&A.

With >80% of the order book made up of more profitable collaborative work, the company’s margin trajectory remains up and to the right…

… which should flow through to forward estimates, driving nearly six turns of multiple expansion over the past year.

About Bullpen: Bullpen Finance Inc. publishes content on Canadian markets and provides paid research coverage of select Canadian issuers. Bullpen is paid in cash by covered issuers, does not accept stock or options, does not hold positions in covered securities, and does not conduct investment banking business. Bullpen and LodeRock Advisors Inc. are affiliated; LodeRock provides investor relations services to issuers, some of whom are covered by Bullpen Research. When a post discusses a covered issuer, a specific disclosure appears at the top of the post. This post is published for general information purposes. It is not personalized investment advice and is not tailored to any individual reader’s circumstances. Bullpen is not a registered investment adviser or dealer. For full disclosures, including analyst certification, jurisdictional statements, and conflict of interest policies, please see our Legal & Disclosures section on our website.

You might be interested in…