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.

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