BIRDF - Bird Construction: Cautious Buy After High-Flying Returns
2024-07-18 10:38:25 ET
Summary
- Bird Construction Inc.'s share price has increased 191% in the last 12 months.
- The company reported strong 2023 full-year results, with revenue, EBITDA, and net income all showing growth.
- Higher growth markets and strategic acquisitions have contributed to the company's valuation increase, positioning it well for future growth.
- The market is currently pricing in c. 20% annual growth, leaving upside of c.3.6% form current prices.
- Management is doing all the right things and continues to deliver. As such I rate the stock a cautious “Buy”.
Time for another look at Bird Construction Inc. ( BDT:CA ) after the c. 76% increase since my initial ‘Buy’ rating back in January of this year.
Seeking Alpha
To recap my previous article , Bird Construction Inc. (BDT) is one of the leading contractors in Canada. In 2023’s annual report, they took a different view on how to report their revenue, instead of reporting by customer segments of ‘Institutional’, ‘Industrial’ and ‘Commercial’, they now report revenue split by the ‘Industrial’, ‘Buildings’ and ‘Infrastructure’ markets. The 2023 split was as follows:
Bird Construction 2023 Annual Report