Aecon Group Future Growth

Future criteria checks 4/6

Aecon Group is forecast to grow earnings and revenue by 146.3% and 7.6% per annum respectively. EPS is expected to grow by 133.8% per annum. Return on equity is forecast to be 9.4% in 3 years.

Key information

146.3%

Earnings growth rate

133.8%

EPS growth rate

Construction earnings growth	23.9%
Revenue growth rate	7.6%
Future return on equity	9.4%
Analyst coverage	Good
Last updated	25 Apr 2025

Recent future growth updates

CA$26.36: That's What Analysts Think Aecon Group Inc. (TSE:ARE) Is Worth After Its Latest Results

Mar 08

Recent updates

Backlog And New Projects Will Unlock US Market Opportunities

Apr 23 The strong backlog and strategic focus on high-margin sectors position Aecon for potential revenue growth and improved margins as key projects transition to execution.

CA$26.36: That's What Analysts Think Aecon Group Inc. (TSE:ARE) Is Worth After Its Latest Results

Mar 08

Cautious Investors Not Rewarding Aecon Group Inc.'s (TSE:ARE) Performance Completely

Mar 06

Does Aecon Group (TSE:ARE) Have A Healthy Balance Sheet?

Jan 24

Aecon Group (TSE:ARE) Has Announced A Dividend Of CA$0.19

Dec 15

Aecon Group Inc.'s (TSE:ARE) Shares Leap 30% Yet They're Still Not Telling The Full Story

Nov 15

Earnings and Revenue Growth Forecasts

TSX:ARE - Analysts future estimates and past financials data (CAD Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2027	5,558	N/A	N/A	N/A	1
12/31/2026	5,140	130	128	N/A	11
12/31/2025	4,898	34	-197	N/A	11
3/31/2025	4,458	-91	N/A	N/A	N/A
12/31/2024	4,243	-60	-46	8	N/A
9/30/2024	4,106	-64	96	147	N/A
6/30/2024	4,070	13	157	199	N/A
3/31/2024	4,383	165	1	31	N/A
12/31/2023	4,644	162	27	51	N/A
9/30/2023	4,780	172	-122	-88	N/A
6/30/2023	4,861	73	-253	-210	N/A
3/31/2023	4,818	38	-122	-80	N/A
12/31/2022	4,696	30	-155	-114	N/A
9/30/2022	4,518	23	-113	-77	N/A
6/30/2022	4,361	27	-120	-94	N/A
3/31/2022	4,209	51	-174	-143	N/A
12/31/2021	3,977	50	-73	-31	N/A
9/30/2021	3,966	70	18	109	N/A
6/30/2021	3,842	105	155	262	N/A
3/31/2021	3,650	81	124	242	N/A
12/31/2020	3,644	88	134	273	N/A
9/30/2020	3,484	76	206	333	N/A
6/30/2020	3,470	45	31	186	N/A
3/31/2020	3,558	71	-5	187	N/A
12/31/2019	3,460	73	-9	196	N/A
9/30/2019	3,492	81	-326	-77	N/A
6/30/2019	3,486	80	-155	106	N/A
3/31/2019	3,373	68	147	385	N/A
12/31/2018	3,266	59	N/A	369	N/A
9/30/2018	3,003	52	N/A	545	N/A
6/30/2018	2,743	35	N/A	421	N/A
3/31/2018	2,674	27	N/A	90	N/A
12/31/2017	2,806	28	N/A	197	N/A
9/30/2017	2,966	36	N/A	113	N/A
6/30/2017	3,044	39	N/A	132	N/A
3/31/2017	3,197	45	N/A	174	N/A
12/31/2016	3,213	47	N/A	27	N/A
9/30/2016	3,242	65	N/A	65	N/A
6/30/2016	3,279	64	N/A	26	N/A
3/31/2016	3,107	69	N/A	95	N/A
12/31/2015	2,918	69	N/A	58	N/A
9/30/2015	2,766	50	N/A	43	N/A
6/30/2015	2,731	64	N/A	85	N/A
3/31/2015	2,654	39	N/A	40	N/A
12/31/2014	2,614	30	N/A	75	N/A
9/30/2014	2,798	30	N/A	104	N/A
6/30/2014	2,855	25	N/A	76	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ARE is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (2.4%).

Earnings vs Market: ARE is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: ARE is expected to become profitable in the next 3 years.

Revenue vs Market: ARE's revenue (7.6% per year) is forecast to grow faster than the Canadian market (4.7% per year).

High Growth Revenue: ARE's revenue (7.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: ARE's Return on Equity is forecast to be low in 3 years time (9.4%).

Discover growth companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/04/25 21:30
End of Day Share Price	2025/04/25 00:00
Earnings	2025/03/31
Annual Earnings	2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Aecon Group Inc. is covered by 22 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Christopher Murray	ATB Capital Markets
Gareth Tingling	Beacon Securities Limited
null null	BMO Capital Markets Equity Research

Aecon Group Future Growth

Future criteria checks 4/6

Key information

Recent future growth updates

Price target decreased by 18% to CA$21.55

CA$26.36: That's What Analysts Think Aecon Group Inc. (TSE:ARE) Is Worth After Its Latest Results

Price target increased by 7.8% to CA$24.59

Price target increased by 7.3% to CA$22.82

Consensus EPS estimates upgraded to CA$0.86 loss, revenue downgraded

Consensus EPS estimates fall by 95%

Recent updates

Price target decreased by 18% to CA$21.55

First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind

Backlog And New Projects Will Unlock US Market Opportunities

Aecon Group Inc., Annual General Meeting, Jun 03, 2025

Aecon Group Inc. to Report Q1, 2025 Results on Apr 23, 2025

Corporate Independent Director recently bought CA$105k worth of stock

Fourth quarter dividend of CA$0.19 announced

Corporate Independent Director recently bought CA$105k worth of stock

CA$26.36: That's What Analysts Think Aecon Group Inc. (TSE:ARE) Is Worth After Its Latest Results

New major risk - Dividend sustainability

Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind

Aecon Group Inc. Approves A Quarterly Dividend, Payable on April 2, 2025

Cautious Investors Not Rewarding Aecon Group Inc.'s (TSE:ARE) Performance Completely

Does Aecon Group (TSE:ARE) Have A Healthy Balance Sheet?

Aecon Group Inc. to Report Q4, 2024 Results on Mar 05, 2025

Aecon Group Inc. (TSX:ARE) completed the acquisition of United Engineers & Constructors, Inc. (“United”) from CriticalPoint Partners, LLC.

Aecon Group (TSE:ARE) Has Announced A Dividend Of CA$0.19

Third quarter dividend of CA$0.19 announced

Executive Vice President of Utilities recently sold CA$568k worth of stock

Aecon Group Inc.'s (TSE:ARE) Shares Leap 30% Yet They're Still Not Telling The Full Story

Third quarter 2024 earnings: EPS and revenues exceed analyst expectations

Price target increased by 7.8% to CA$24.59

Aecon Group Inc. (TSX:ARE) agreed to acquire United Engineers & Constructors, Inc. (“United”) from CriticalPoint Partners, LLC for $33 million

Price target increased by 7.3% to CA$22.82

Upcoming dividend of CA$0.19 per share

Executive VP & CFO recently bought CA$120k worth of stock

Executive VP & CFO recently bought CA$120k worth of stock

Executive VP & CFO recently bought CA$155k worth of stock

Consensus EPS estimates upgraded to CA$0.86 loss, revenue downgraded

New minor risk - Profit margin trend

Second quarter 2024 earnings: EPS and revenues miss analyst expectations

Aecon Group Inc. Approves Quarterly Dividend, Payable on October 2, 2024

Consensus EPS estimates fall by 95%

Consensus EPS estimates have been downgraded.

Investor sentiment deteriorates as stock falls 15%

Upcoming dividend of CA$0.19 per share

Aecon Group Inc. to Report Q2, 2024 Results on Jul 24, 2024

Aecon Group's (TSE:ARE) Dividend Will Be CA$0.19

First quarter dividend of CA$0.19 announced

Aecon Group Inc. Announces Board Changes

This Is Why Aecon Group Inc.'s (TSE:ARE) CEO Compensation Looks Appropriate

Now 20% overvalued after recent price rise

Consensus EPS estimates increase by 25%, revenue downgraded

Price target increased by 7.0% to CA$19.31

First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind

Now 20% overvalued after recent price rise

Now 20% overvalued after recent price rise

Corporate Independent Director recently bought CA$114k worth of stock

Aecon Group Inc. to Report Q1, 2024 Results on Apr 24, 2024

Upcoming dividend of CA$0.19 per share

Concerns Surrounding Aecon Group's (TSE:ARE) Performance

Consensus EPS estimates fall by 11%

Aecon Group Inc. Appoints Jerome Julier as Chief Financial Officer, Effective April 8, 2024

New minor risk - Earnings quality

Fourth quarter dividend increased to CA$0.19

Aecon Group Inc., Annual General Meeting, Jun 04, 2024

Full year 2023 earnings: EPS and revenues miss analyst expectations

Aecon Group Inc., Annual General Meeting, Jun 04, 2024

Price target increased by 7.2% to CA$14.02

Aecon Group Inc. to Report Q4, 2023 Results on Mar 05, 2024

Insider recently sold CA$121k worth of stock

Aecon Group Inc. Announces Departure of Its Chief Financial Officer, David Smales Effective January 26, 2024

Aecon Group Inc. Announces Upcoming Departure of David Smales, Executive Vice President Effective January 26, 2024

Aecon Group Inc. Announces Quarterly Dividend, Payable on January 3, 2024

Non-Executive Chairman recently bought CA$98k worth of stock

Consensus EPS estimates increase by 115%, revenue downgraded

New major risk - Revenue and earnings growth

Now 27% undervalued after recent price drop

Connor, Clark & Lunn Infrastructure Ltd. completed the acquisition of 49.9% stake in Bermuda Airport from Aecon Group Inc. (TSX:ARE) for $120 million.