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1. Company Snapshot

1.a. Company Description

Bird Construction Inc.operates as a general contractor in Canada.The company primarily focuses on projects in the industrial, commercial, and institutional sectors of the general contracting industry.


It constructs industrial buildings, including manufacturing, processing, distribution, and warehouse facilities; undertakes structural, mechanical, piping, electrical, and instrumentation works that include off-site metal and modular fabrication; and provides insulation, metal siding and cladding, ductwork, asbestos abatement, and high voltage testing and commissioning services, as well as constructs power lines.The company also engages in the civil construction operations, such as site preparation and earthworks, underground piping, foundations, and other concrete services, as well as mine support and hydroelectric construction service; and civil infrastructure operations comprising road, bridge, rail, and underground utilities installation.In addition, it constructs and renovates hospitals, post-secondary education facilities, K-12 schools, recreation facilities, prisons, courthouses, government buildings, and long term care and senior housing facilities; and constructs and renovates office buildings, shopping malls, big box stores, hotels, and mixed-use high-rise and mid-rise residential projects, and well as offers electrical and related system services, which include electrical and mechanical infrastructure design and installation, data communications, security, and lifecycle services.


It serves clients in the oil and gas, liquefied natural gas, mining, renewables, water and wastewater, nuclear, infrastructure, and residential sectors.Bird Construction Inc.was founded in 1920 and is based in Mississauga, Canada.

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1.b. Last Insights on BDT

Bird Construction Inc.'s recent performance was driven by the acquisition of Fraser River Pile & Dredge for $82 million, expanding its marine infrastructure capabilities. The company's consistent monthly dividend payout of CAD 0.07 per share reinforced investor confidence. Additionally, Bird Construction's Q3 2025 earnings report showed a record $10 billion combined backlog and pending backlog, indicating sustained demand in its key sectors. The company's strategic acquisitions and proven track record in delivering complex projects have contributed to its growth.

1.c. Company Highlights

2. Bird Construction's Q3 Results: Strong Backlog and Revenue Growth

Bird Construction reported a revenue of $951.4 million for the third quarter, representing a 5.8% increase from the previous year, with over 60% of the growth being organic. The gross profit percentage was 10.7%, and the adjusted EBITDA margin was 7%. The company's earnings per share (EPS) came in at $0.57, with net income of $31.7 million. Notably, the actual EPS was $0.64, beating analyst estimates of $0.53. The company's cash flow and balance sheet remain strong, with $113.9 million of cash and cash equivalents and an additional $281.7 million available under the company's syndicated credit facility.

Publication Date: Nov -16

📋 Highlights
  • TSX Ranking Improvement: Ranked 17th in 2025, up from 7th in 2024, reflecting strategic execution and capital discipline.
  • Revenue & Organic Growth: Q3 revenue hit $951M (+5.8% YoY), with 60% growth driven by mining and infrastructure projects.
  • Backlog Strength: Record $10B backlog (2026-2027 visibility), diversified with high-margin opportunities and collaborative delivery models.
  • FRPD Acquisition Impact: Expanded marine construction capabilities while maintaining $113.9M cash reserves and $281.7M credit facility flexibility.
  • Margin Profile: Gross profit margin at 10.7% (down YoY) and adjusted EBITDA margin of 7%, with 2027 margin targets intact despite project delays.

Backlog and Growth Prospects

The company's record combined backlog of over $10 billion provides solid visibility into 2026 and 2027 revenue and margins. The backlog remains diversified, risk-balanced, and heavily weighted towards collaborative delivery models, providing a clear path to growth and margin accretion. According to Terrance McKibbon, "Our healthy balance sheet and consistent cash generation provide flexibility to manage near-term uncertainty while investing in future growth."

Margin Improvement and Industry Trends

Regarding margin improvement, Wayne Gingrich noted that leverage on the company's cost structure and the embedded margin in the backlog will help drive margin expansion. The company's industrial business is expected to increase, which has a high-margin profile. Additionally, the buildings business has improved its margin profile by being disciplined in project selection.

Valuation and Outlook

With a P/E Ratio of 14.41 and an EV/EBITDA of 8.54, the market seems to have priced in a reasonable growth trajectory for Bird Construction. Analysts estimate next year's revenue growth at 13.7%. The company's strong backlog, diversified business, and disciplined capital allocation position it well for future growth, with a target of achieving 8% adjusted EBITDA by 2027. The ROE of 23.09% and ROIC of 11.7% indicate a strong return on equity and invested capital, respectively.

3. NewsRoom

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CIBC Says Ontario and First Nation Agreement For an All-Weather Road Will Speed Access to the Ring of Fire

Dec -02

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Bird Construction (TSE:BDT) Will Pay A Dividend Of CA$0.07

Nov -22

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Will Margin Pressures Force a Shift in Bird Construction’s (TSX:BDT) Growth Playbook?

Nov -16

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Does Bird Construction’s Recent Contract Wins Signal Opportunity After a 14.7% Share Price Pullback?

Nov -15

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Bird Construction (TSX:BDT): Is the Stock Undervalued After Q3 Results Reveal Rising Sales but Lower Profit?

Nov -15

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Bird Construction Price Target Cut to $36 at Stifel Canada

Nov -14

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Bird Construction Maintained at Buy at Stifel Canada Following Q3 Results.; Price Target Cut to C$36.00

Nov -14

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Bird Construction Inc (BIRDF) Q3 2025 Earnings Call Highlights: Strong Backlog and Strategic ...

Nov -13

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (0.88%)

6. Segments

Stipulated Sum, Unit Price and Standard Specification Design-build

Expected Growth: 0.8%

Bird Construction Inc.'s growth drivers for Stipulated Sum, Unit Price, and Standard Specification Design-build contracts include a strong backlog of projects, increasing demand for infrastructure development, and strategic partnerships. The 0.8 growth rate is driven by effective cost management, efficient project execution, and a focus on high-margin projects, enabling the company to capitalize on market opportunities and deliver sustainable growth.

Construction Management, Cost Plus and Integrated Project Delivery

Expected Growth: 0.9%

Bird Construction Inc.'s 0.9 growth is driven by its Construction Management approach, which ensures efficient project execution. Cost Plus model allows for flexible pricing, while Integrated Project Delivery fosters collaboration and risk sharing. Strong relationships with clients, strategic partnerships, and a skilled workforce also contribute to the company's growth.

Alternative Finance Projects and Complex Design-build

Expected Growth: 1.1%

Bird Construction Inc.'s Alternative Finance Projects and Complex Design-build segments exhibit 1.1 growth driven by increasing demand for sustainable infrastructure, government incentives for public-private partnerships, and the company's expertise in managing complex projects. Additionally, the company's ability to provide innovative financing solutions and its strong relationships with government agencies and private clients contribute to its growth momentum.

Public Private Partnerships

Expected Growth: 1.2%

Bird Construction Inc.'s 1.2% growth in Public Private Partnerships is driven by increasing government investments in infrastructure, rising demand for sustainable and energy-efficient projects, and the company's strategic expansion into new markets and services, such as renewable energy and social infrastructure.

7. Detailed Products

Industrial Construction

Bird Construction Inc. provides industrial construction services for clients in the oil and gas, mining, and manufacturing industries.

Commercial Construction

Bird Construction Inc. offers commercial construction services for office buildings, retail spaces, and hospitality projects.

Institutional Construction

Bird Construction Inc. provides institutional construction services for schools, hospitals, and government buildings.

Civil Construction

Bird Construction Inc. offers civil construction services for roads, bridges, and water treatment plants.

Renewable Energy Construction

Bird Construction Inc. provides construction services for renewable energy projects such as wind farms and solar panels.

Disaster Response and Recovery

Bird Construction Inc. offers disaster response and recovery services to help clients recover from natural disasters.

Maintenance and Operations

Bird Construction Inc. provides maintenance and operations services for clients in various industries.

8. Bird Construction Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Bird Construction Inc. is medium due to the availability of alternative construction materials and services.

Bargaining Power Of Customers

The bargaining power of customers for Bird Construction Inc. is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Bird Construction Inc. is medium due to the company's dependence on a few key suppliers for raw materials.

Threat Of New Entrants

The threat of new entrants for Bird Construction Inc. is high due to the relatively low barriers to entry in the construction industry.

Intensity Of Rivalry

The intensity of rivalry for Bird Construction Inc. is high due to the highly competitive nature of the construction industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 22.32%
Debt Cost 10.05%
Equity Weight 77.68%
Equity Cost 10.05%
WACC 10.05%
Leverage 28.73%

11. Quality Control: Bird Construction Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

27.2$

Current Price

27.2$

Potential

-0.00%

Expected Cash-Flows