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1. Company Snapshot

1.a. Company Description

North American Construction Group Ltd.provides equipment maintenance, and mining and heavy construction services in Canada, the United States, and Australia.The company's Heavy Construction & Mining division offers constructability reviews, budgetary cost estimates, design-build construction, project management, contract mining, pre-stripping/pit pioneering, overburden removal and stockpile, muskeg removal and stockpile, site preparation, air strip construction, site dewatering/perimeter ditching, tailings and process pipelines, haulage and access road construction, tailings dam construction and densification, mechanically stabilized earth walls, dyke construction, and reclamation services.


Its Equipment Maintenance Services division provides fuel and lube servicing, portable steaming, equipment inspections, parts and component supply, major overhauls and equipment refurbishment, onsite haul truck brake testing, onsite maintenance support, under carriage rebuild, machining, hose manufacturing, and technical support services, as well as welding, fabrication/repairs, weld certification, and inspection services.As of December 31, 2021, the company operated a heavy equipment fleet of 632 units.It serves resource development and industrial construction sectors.


The company was formerly known as North American Energy Partners Inc.and changed its name to North American Construction Group Ltd.in April 2018.


North American Construction Group Ltd.was founded in 1953 and is headquartered in Acheson, Canada.

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1.b. Last Insights on NOA

North American Construction Group Ltd.'s recent performance was negatively impacted by margin pressures and operational hurdles, despite a 12% revenue increase in Q2 2025. The company's Q2 earnings and revenue missed estimates, with a -98.31% earnings surprise and -2.71% revenue surprise. Additionally, the company's high debt levels are notable, with a recent $125 million senior unsecured notes offering. These factors may weigh on the company's short-term prospects. (Source: Globe Newswire, August 13, 2025)

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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North American Construction Group Ltd. (TSE:NOA) is largely controlled by institutional shareholders who own 71% of the company

Dec -04

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North American Construction Group Ltd. Announces Normal Course Issuer Bid and Automatic Share Purchase Plan

Nov -18

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Exploring 3 Promising Undervalued Small Caps In Global With Insider Action

Nov -14

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North American Construction Group Ltd (NOA) Q3 2025 Earnings Call Highlights: Strong ...

Nov -13

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North American Construction (NOA) Lags Q3 Earnings and Revenue Estimates

Nov -12

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North American Construction Group's Third-quarter Profit Falls, Revenue Rises

Nov -12

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North American Construction: Q3 Earnings Snapshot

Nov -12

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North American Construction Group Ltd. Announces Results for the Third Quarter Ended September 30, 2025

Nov -12

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Heavy Equipment - Canada

Expected Growth: 4.5%

Growing demand for heavy equipment in Canada, driven by increasing infrastructure projects, mining activities, and oil sands development, will fuel the market growth.

Heavy Equipment - Australia

Expected Growth: 4.5%

Growing demand for heavy equipment rental services in Australia, driven by increasing mining and construction activities, infrastructure development, and government investments in infrastructure projects.

Other

Expected Growth: 4.5%

The 'Other' segment's growth is driven by increasing corporate costs, eliminations, and miscellaneous items, fueled by North American Construction Group Ltd.'s expanding operations and investments in the region.

7. Detailed Products

Heavy Construction and Mining

North American Construction Group Ltd. provides heavy construction and mining services, including site preparation, excavation, and material handling.

Pipeline Construction

The company offers pipeline construction services, including pipeline installation, maintenance, and repair.

Industrial Construction

North American Construction Group Ltd. provides industrial construction services, including plant construction, maintenance, and repair.

Civil Construction

The company offers civil construction services, including road construction, bridge building, and infrastructure development.

Maintenance and Repair

North American Construction Group Ltd. provides maintenance and repair services for heavy equipment, vehicles, and facilities.

Project Management

The company offers project management services, including project planning, scheduling, and execution.

8. North American Construction Group Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for North American Construction Group Ltd. is medium due to the availability of alternative construction services and products.

Bargaining Power Of Customers

The bargaining power of customers for North American Construction Group Ltd. is low due to the company's strong reputation and limited alternatives.

Bargaining Power Of Suppliers

The bargaining power of suppliers for North American Construction Group Ltd. is medium due to the availability of multiple suppliers and the company's moderate bargaining power.

Threat Of New Entrants

The threat of new entrants for North American Construction Group Ltd. is high due to the relatively low barriers to entry and the attractiveness of the construction industry.

Intensity Of Rivalry

The intensity of rivalry for North American Construction Group Ltd. is high due to the presence of several established competitors and the high stakes in 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 66.07%
Debt Cost 8.06%
Equity Weight 33.93%
Equity Cost 12.14%
WACC 9.45%
Leverage 194.69%

11. Quality Control: North American Construction Group Ltd. passed 3 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

19.5$

Current Price

19.5$

Potential

-0.00%

Expected Cash-Flows