Boyd Group Services (BYD) jumped over 10% Friday after announcing a 10% buyback program, as management looks to take advantage of BYD’s near-peak discount…

… following their $1.3B JHCC acquisition, which has come with some temporary integration challenges. While an NCIB doesn’t usually drive that type of bid, it would be the first time the company has repurchased shares…

… so there’s more of a valuation signal in that versus a program renewal. With leverage approaching management’s 2026 target…

… and EBITDA margins expanding towards their longer term 14% goal, Boyd should have the capacity to make buybacks a part of their capital allocation framework going forward.

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