속보 • Jun 06
Bird Construction Issues $250 Million Notes and Expands Credit Facility to Fund Growth Bird Construction priced a $250m Canadian dollar senior notes private placement at 4.397%, with the notes due June 1, 2031.
The company plans to use the net proceeds to repay its non-revolving term loan facility and may also repay amounts drawn on revolving credit facilities or fund future acquisitions.
Bird amended its credit agreement, increasing its revolving credit facility from $400m to $500m and extending the facility’s maturity.
The refinancing and larger revolving credit facility give Bird more room to manage debt, support working capital and pursue project and acquisition opportunities across infrastructure, industrial development and digital infrastructure.
Readers should still watch how interest costs, covenant terms and any acquisition activity affect earnings quality and balance sheet strength over time. Declared Dividend • May 21
Dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 29th May 2026 Payment date: 19th June 2026 Dividend yield will be 1.5%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio). However, it is well covered by cash flows (36% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 4.6% to bring the payout ratio under control. EPS is expected to grow by 239% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$58.68, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 21x in the Construction industry in Canada. Total returns to shareholders of 633% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$45.31 per share. Buy Or Sell Opportunity • May 18
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 90% to CA$58.35. The fair value is estimated to be CA$45.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 6.8%. Revenue is forecast to grow by 37% in 2 years. Earnings are forecast to grow by 333% in the next 2 years. Reported Earnings • May 14
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: CA$0.21 (up from CA$0.17 in 1Q 2025). Revenue: CA$783.4m (up 9.2% from 1Q 2025). Net income: CA$11.4m (up 22% from 1Q 2025). Profit margin: 1.5% (up from 1.3% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 63%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Construction industry in Canada. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 81% per year, which means it is tracking significantly ahead of earnings growth. 공시 • May 14
Bird Construction Inc. Declares Dividends for June 2026 and July 2026 Bird Construction Inc. Board has declared eligible dividends of CAD 0.07 per common share for each of June 2026 and July 2026. Price Target Changed • Apr 27
Price target increased by 11% to CA$51.55 Up from CA$46.30, the current price target is an average from 8 analysts. New target price is 7.0% above last closing price of CA$48.16. Stock is up 129% over the past year. The company is forecast to post earnings per share of CA$2.41 for next year compared to CA$0.86 last year. Declared Dividend • Apr 21
Dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 30th April 2026 Payment date: 20th May 2026 Dividend yield will be 1.8%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio). However, it is covered by cash flows (65% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 9.0% to bring the payout ratio under control. EPS is expected to grow by 154% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Price Target Changed • Apr 17
Price target increased by 9.7% to CA$47.93 Up from CA$43.68, the current price target is an average from 8 analysts. New target price is 8.9% above last closing price of CA$44.00. Stock is up 111% over the past year. The company is forecast to post earnings per share of CA$2.41 for next year compared to CA$0.86 last year. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$48.12, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 22x in the Construction industry in Canada. Total returns to shareholders of 495% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$51.46 per share. 공시 • Apr 08
Bird Construction Inc. to Report Q1, 2026 Results on May 13, 2026 Bird Construction Inc. announced that they will report Q1, 2026 results After-Market on May 13, 2026 Declared Dividend • Mar 22
Dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 31st March 2026 Payment date: 20th April 2026 Dividend yield will be 2.4%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio). However, it is covered by cash flows (65% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 9.0% to bring the payout ratio under control. EPS is expected to grow by 150% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Recent Insider Transactions • Mar 15
CFO & Treasurer recently bought CA$334k worth of stock On the 13th of March, Wayne Gingrich bought around 10k shares on-market at roughly CA$33.42 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Wayne has been a buyer over the last 12 months, purchasing a net total of CA$588k worth in shares. Reported Earnings • Mar 12
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: CA$0.86 (down from CA$1.84 in FY 2024). Revenue: CA$3.40b (flat on FY 2024). Net income: CA$47.4m (down 53% from FY 2024). Profit margin: 1.4% (down from 2.9% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 46%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Construction industry in Canada. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Mar 12
Price target increased by 9.7% to CA$37.43 Up from CA$34.13, the current price target is an average from 8 analysts. New target price is 14% above last closing price of CA$32.84. Stock is up 61% over the past year. The company is forecast to post earnings per share of CA$2.40 for next year compared to CA$0.86 last year. 공시 • Feb 25
Bird Construction Inc., Annual General Meeting, May 13, 2026 Bird Construction Inc., Annual General Meeting, May 13, 2026. Upcoming Dividend • Feb 22
Upcoming dividend of CA$0.07 per share Eligible shareholders must have bought the stock before 27 February 2026. Payment date: 20 March 2026. Payout ratio is a comfortable 48% but the company is paying out more than the cash it is generating. Trailing yield: 2.6%. Lower than top quartile of Canadian dividend payers (5.5%). Higher than average of industry peers (0.6%). Declared Dividend • Feb 22
Dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 27th February 2026 Payment date: 20th March 2026 Dividend yield will be 2.6%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (48% earnings payout ratio) but not covered by cash flows (181% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 84% over the next 2 years, which should provide support to the dividend and adequate earnings cover. 공시 • Feb 06
Bird Construction Inc. to Report Q4, 2025 Results on Mar 11, 2026 Bird Construction Inc. announced that they will report Q4, 2025 results After-Market on Mar 11, 2026 Declared Dividend • Jan 21
Dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 30th January 2026 Payment date: 20th February 2026 Dividend yield will be 2.8%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (48% earnings payout ratio) but not covered by cash flows (181% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 84% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Declared Dividend • Dec 21
Dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 31st December 2025 Payment date: 20th January 2026 Dividend yield will be 2.9%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (48% earnings payout ratio) but not covered by cash flows (181% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 84% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Nov 21
Upcoming dividend of CA$0.07 per share Eligible shareholders must have bought the stock before 28 November 2025. Payment date: 19 December 2025. Payout ratio is a comfortable 48% but the company is paying out more than the cash it is generating. Trailing yield: 3.4%. Lower than top quartile of Canadian dividend payers (6.1%). Higher than average of industry peers (0.7%). Recent Insider Transactions • Nov 20
CFO & Treasurer recently bought CA$253k worth of stock On the 17th of November, Wayne Gingrich bought around 10k shares on-market at roughly CA$25.34 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Wayne's only on-market trade for the last 12 months. Reported Earnings • Nov 14
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: CA$0.57 (down from CA$0.66 in 3Q 2024). Revenue: CA$951.4m (up 5.8% from 3Q 2024). Net income: CA$31.7m (down 12% from 3Q 2024). Profit margin: 3.3% (down from 4.0% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.9%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Construction industry in Canada. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Oct 21
Dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 31st October 2025 Payment date: 20th November 2025 Dividend yield will be 2.8%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by both earnings (42% earnings payout ratio) and cash flows (85% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 137% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 공시 • Oct 15
Bird Construction Inc. (TSX:BDT) completed the acquisition of Fraser River Pile & Dredge (GP) Inc. Bird Construction Inc. (TSX:BDT) entered into a definitive share purchase agreement to acquire Fraser River Pile & Dredge (GP) Inc. for CAD 82.3 million on September 3, 2025. The purchase price is subject to customary adjustments and will be funded through a new term debt facility and will be acquired on a cash-free, debt-free basis. Following the completion, the transaction is expected to be accretive to Bird’s Adjusted Earnings Per Share by approximately 7% on a full-year basis compared to 2025 consensus estimates.
The transaction is subject to approval under the Competition Act (Canada) and satisfaction of other customary closing conditions and is expected to be completed early in the fourth quarter of 2025.
Osler, Hoskin & Harcourt LLP acted as legal advisor and Raymond James Ltd. acted as financial advisor for Bird Construction Inc.
Bird Construction Inc. (TSX:BDT) completed the acquisition of Fraser River Pile & Dredge (GP) Inc. on October 14, 2025. 공시 • Oct 10
Bird Construction Inc. to Report Q3, 2025 Results on Nov 12, 2025 Bird Construction Inc. announced that they will report Q3, 2025 results After-Market on Nov 12, 2025 Declared Dividend • Sep 21
Dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 29th September 2025 Payment date: 20th October 2025 Dividend yield will be 2.9%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by both earnings (42% earnings payout ratio) and cash flows (85% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 142% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$26.24, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 19x in the Construction industry in Canada. Total returns to shareholders of 341% over the past three years. 공시 • Sep 04
Bird Construction Inc. (TSX:BDT) entered into a definitive share purchase agreement to acquire Fraser River Pile & Dredge (GP) Inc. for CAD 82.3 million. Bird Construction Inc. (TSX:BDT) entered into a definitive share purchase agreement to acquire Fraser River Pile & Dredge (GP) Inc. for CAD 82.3 million on September 3, 2025. The purchase price is subject to customary adjustments and will be funded through a new term debt facility and will be acquired on a cash-free, debt-free basis. Following the completion, the transaction is expected to be accretive to Bird’s Adjusted Earnings Per Share by approximately 7% on a full-year basis compared to 2025 consensus estimates.
The transaction is subject to approval under the Competition Act (Canada) and satisfaction of other customary closing conditions and is expected to be completed early in the fourth quarter of 2025.
Osler, Hoskin & Harcourt LLP acted as legal advisor and Raymond James Ltd. acted as financial advisor for Bird Construction Inc. Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to CA$23.31, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 18x in the Construction industry in Canada. Total returns to shareholders of 274% over the past three years. Reported Earnings • Aug 14
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: CA$0.37 (down from CA$0.40 in 2Q 2024). Revenue: CA$850.8m (down 2.6% from 2Q 2024). Net income: CA$20.3m (down 5.3% from 2Q 2024). Profit margin: 2.4% (in line with 2Q 2024). Revenue missed analyst estimates by 9.1%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Construction industry in Canada. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 20
Dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 31st July 2025 Payment date: 20th August 2025 Dividend yield will be 2.6%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by both earnings (37% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 103% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 공시 • Jul 04
Bird Construction Inc. to Report Q2, 2025 Results on Aug 13, 2025 Bird Construction Inc. announced that they will report Q2, 2025 results After-Market on Aug 13, 2025 Declared Dividend • Jun 22
Dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 30th June 2025 Payment date: 18th July 2025 Dividend yield will be 2.7%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by both earnings (37% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 104% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Declared Dividend • May 23
Dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 30th May 2025 Payment date: 20th June 2025 Dividend yield will be 2.8%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by both earnings (37% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 104% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: CA$0.17 (down from CA$0.18 in 1Q 2024). Revenue: CA$717.6m (up 4.3% from 1Q 2024). Net income: CA$9.39m (down 6.0% from 1Q 2024). Profit margin: 1.3% (down from 1.5% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) exceeded analyst estimates by 15%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Construction industry in Canada. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$24.25, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 26x in the Construction industry in Canada. Total returns to shareholders of 235% over the past three years. Declared Dividend • Apr 19
Dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 30th April 2025 Payment date: 20th May 2025 Dividend yield will be 3.4%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by both earnings (32% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 92% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 공시 • Apr 18
Bird Construction Inc. to Report Q1, 2025 Results on May 14, 2025 Bird Construction Inc. announced that they will report Q1, 2025 results After-Market on May 14, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CA$18.38, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 19x in the Construction industry in Canada. Total returns to shareholders of 131% over the past three years. Declared Dividend • Mar 21
Dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 31st March 2025 Payment date: 17th April 2025 Dividend yield will be 3.1%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by both earnings (32% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 91% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Mar 19
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from CA$2.74 to CA$2.45 per share. Revenue forecast steady at CA$3.91b. Net income forecast to grow 36% next year vs 45% growth forecast for Construction industry in Canada. Consensus price target down from CA$35.13 to CA$33.38. Share price rose 3.7% to CA$22.02 over the past week. Reported Earnings • Mar 13
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: CA$1.84 (up from CA$1.33 in FY 2023). Revenue: CA$3.40b (up 21% from FY 2023). Net income: CA$100.1m (up 40% from FY 2023). Profit margin: 2.9% (up from 2.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.3%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Construction industry in Canada. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 31% per year. 공시 • Mar 13
Bird Construction Inc. Declares Dividend for March 2025 and April 2025 The Board of Bird Construction Inc. has declared eligible dividends of $0.07 per common share for each of March 2025 and April 2025. 공시 • Feb 27
Bird Construction Inc., Annual General Meeting, May 14, 2025 Bird Construction Inc., Annual General Meeting, May 14, 2025. Declared Dividend • Feb 21
Dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 28th February 2025 Payment date: 20th March 2025 Dividend yield will be 3.0%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but not adequately covered by cash flows (93% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 76% over the next 2 years, which should provide support to the dividend and adequate earnings cover. 공시 • Feb 05
Bird Construction Inc. to Report Q4, 2024 Results on Mar 12, 2025 Bird Construction Inc. announced that they will report Q4, 2024 results After-Market on Mar 12, 2025 Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$26.13, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 28x in the Construction industry in Canada. Total returns to shareholders of 211% over the past three years. Declared Dividend • Jan 21
Dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 31st January 2025 Payment date: 20th February 2025 Dividend yield will be 2.7%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but not adequately covered by cash flows (93% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 77% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Declared Dividend • Dec 22
Dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 31st December 2024 Payment date: 20th January 2025 Dividend yield will be 2.2%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but not adequately covered by cash flows (93% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 104% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 공시 • Nov 27
Bird Construction Inc. Appoints Evelyn Angelle to its Board of Directors Bird Construction Inc. announced the appointment of Evelyn Angelle to its Board of Directors, effective immediately. Ms. Angelle will fill a vacancy on the Board, bringing the total number of directors to 10. Ms. Angelle, a private investor, philanthropist and director, joins the Board with a distinguished background in public company finance and public accounting, having held senior leadership positions at Halliburton Company after a 15-year career in the audit practice of Ernst & Young LLP. A certified public accountant in Texas and certified management accountant, Ms. Angelle’s expertise will be instrumental as Bird continues to pursue its strategic growth initiatives. Ms. Angelle will immediately join the Board’s Audit Committee and Health, Safety and Environment Committee. Mr. Richard Bird will continue to serve as Audit Committee Chair in an interim capacity. Ms. Angelle is an independent corporate director. She currently serves as a director of Forum Energy Technologies Inc., where she chairs the Audit Committee and is a member of the Nominating, Governance and Sustainability Committee. Ms. Angelle also serves as a member of the Board of Directors, and as a member of the Audit Committee, of STEP Energy Services Ltd. Ms. Angelle serves on the Board of Managers of Amp Americas II Holdings LLC, where she chairs the Audit Committee. Through her career, Ms. Angelle served in numerous executive roles, including as Executive Vice President and Chief Financial Officer of BJ Services Company LLC, and Senior Vice President, Supply Chain, for Halliburton. Prior to that, she served as Senior Vice President and Chief Accounting Officer, and Vice President of Investor Relations, both with Halliburton. Before joining Halliburton, Ms. Angelle worked for 15 years in the audit practice of Ernst & Young LLP. She is a graduate of St. Mary’s College (Notre Dame), where she holds a degree in Accounting. Additionally, she holds a certificate in Cyber Security Oversight from Carnegie Mellon University. Beyond her corporate roles, Ms. Angelle is actively engaged in charitable organizations, serving on the Board of Directors and executive committees of Junior Achievement of Southeast Texas and Junior Achievement USA. Ms. Angelle is a member of the National Association of Corporate Directors, where she was awarded the distinguished Board Leadership Fellow designation. Declared Dividend • Nov 21
Dividend of CA$0.07 announced Shareholders will receive a dividend of CA$0.07. Ex-date: 29th November 2024 Payment date: 20th December 2024 Dividend yield will be 1.8%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but not adequately covered by cash flows (93% cash payout ratio). The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 104% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 06
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: CA$0.66 (up from CA$0.54 in 3Q 2023). Revenue: CA$898.9m (up 15% from 3Q 2023). Net income: CA$36.2m (up 26% from 3Q 2023). Profit margin: 4.0% (up from 3.7% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.5%. Earnings per share (EPS) also missed analyst estimates by 3.9%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Construction industry in Canada. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Oct 20
Dividend of CA$0.047 announced Shareholders will receive a dividend of CA$0.047. Ex-date: 31st October 2024 Payment date: 20th November 2024 Dividend yield will be 1.7%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.0% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 104% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Oct 10
Price target increased by 18% to CA$34.13 Up from CA$29.00, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of CA$32.55. Stock is up 209% over the past year. The company is forecast to post earnings per share of CA$1.93 for next year compared to CA$1.33 last year. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to CA$29.86, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 26x in the Construction industry in Canada. Total returns to shareholders of 240% over the past three years. 
