Mullen Group (MTL) jumped 12% on Q3 results that delivered record revenue…

… and strong operating margins, driven by tighter requirements for all new work (requires 25% EBITDA margin).

With YTD results suggesting that Mullen will easily clear its 2026 targets…

… a robust balance sheet that enables it to pounce on any opportunistic M&A…

… and solid growth prospects from Canada’s nation-building agenda (Alberta in focus), it’s no surprise to see the multiple sitting two turns above the long-term average.

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