Bird Construction (BDT) added another 4% Friday, extending its post-Q4 run to 10% - as the market prices in future growth…

… supported by its record $5B backlog, with an additional $4.5B pending and $1.5B of recurring revenue. Underpinning that backlog are tailwinds in nuclear, infrastructure, and recent acquisitions…

… which should drive margin expansion, with management remaining confident in its 8% adj. EBITDA margin target for 2027.

The market’s starting to believe it, with valuation premiums in construction (BDT, ARE) now ahead of engineering firms (ATRL, STN, WSP)…

… after we highlighted the disconnect last year.

You might be interested in…

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.