Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. 1 highly experienced director. Independent Director George Williams was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Live News • May 15
Badger Infrastructure Solutions Names New COO and Closes C$300 Million Note Offering Badger Infrastructure Solutions has appointed Logan Mellott as Chief Operating Officer, expanding his responsibilities from senior leadership of operations, strategic initiatives, and fleet management to overseeing day-to-day operations and execution of long-term plans.
The company recently completed a private placement of C$300 million senior unsecured notes due 2031, with a 5.375% annual interest rate, led by CIBC World Markets and TD Securities.
Badger plans to use the note proceeds to repay indebtedness under its credit facilities, including its term facility, in line with its stated focus on maintaining a strong balance sheet while pursuing growth objectives.
Taken together, the new COO appointment and the refinancing move indicate management attention on operational execution and capital structure at the same time as the company reports record revenue and strong organic growth.
You may want to monitor how interest costs on the new notes compare with those on the retired credit facilities and how effectively the new COO translates recent operating momentum into consistent performance over the next few reporting periods. Announcement • May 12
Badger Infrastructure Solutions Ltd. Announces Appointment of Logan Mellott as Chief Operating Officer, Effective May 11, 2026 Badger Infrastructure Solutions Ltd. announced the appointment of Logan Mellott as Chief Operating Officer, effective May 11, 2026. Prior to this appointment, Mr. Mellott served as Senior Vice President, Operations, Strategic Initiatives and Fleet. Mr. Mellott is a revenue-driven executive known for scaling high-performing teams, aligning sales and operations, and delivering measurable results across complex, asset-heavy industries. Since joining Badger in 2021, Mr. Mellott has played a pivotal role in enhancing organizational performance, supporting growth, and fostering a results-driven culture, including recruiting top talent that has meaningfully strengthened the Company's field leadership teams. Market assessments conducted under his leadership have helped lay the foundation for the Company's next phase of strategic growth. Prior to Badger, Mr. Mellott held roles of increasing responsibility at Ritchie Bros. over a 15-year tenure, leading multinational teams in support of the construction, rental, and transportation industries. He contributed to key strategic initiatives, including mergers and acquisitions, international expansion, and the development of customer-facing technology solutions. Announcement • May 08
Badger Infrastructure Solutions Ltd. announced that it expects to receive CAD 300 million in funding Badger Infrastructure Solutions Ltd. announced a private placement offering for gross proceeds of CAD 300,000,000 on May 7, 2026. The company will issue senior unsecured notes due 2031, at a price of CAD 1,000 per CAD 1,000 principal amount of Notes, with an interest rate of 5.375% per annum. The offering is expected to close on or about May 14, 2026, subject to customary closing conditions. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to CA$83.08, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 26x in the Construction industry in Canada. Total returns to shareholders of 214% over the past three years. Declared Dividend • May 06
First quarter dividend of CA$0.20 announced Shareholders will receive a dividend of CA$0.20. Ex-date: 30th June 2026 Payment date: 15th July 2026 Dividend yield will be 0.9%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by both earnings (33% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 54% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • May 04
Price target increased by 8.3% to CA$83.17 Up from CA$76.78, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of CA$80.22. Stock is up 99% over the past year. The company is forecast to post earnings per share of US$2.03 for next year compared to US$1.75 last year. Announcement • May 03
Badger Infrastructure Solutions Ltd Approves A Quarterly Cash Dividend on Common Share for the Second Fiscal Quarter of 2026, Payable on or After July 15, 2026 Badger Infrastructure Solutions Ltd. board of directors has approved a quarterly cash dividend of CAD 0.195 per common share for the second fiscal quarter of 2026, to all shareholders of record at the close of business on June 30, 2026, with payment to be made on or after July 15, 2026. Reported Earnings • May 01
First quarter 2026 earnings released: EPS: US$0.026 (vs US$0.096 in 1Q 2025) First quarter 2026 results: EPS: US$0.026 (down from US$0.096 in 1Q 2025). Revenue: US$203.2m (up 18% from 1Q 2025). Net income: US$862.0k (down 74% from 1Q 2025). Profit margin: 0.4% (down from 1.9% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.8% 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 23% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 04
Badger Infrastructure Solutions Ltd., Annual General Meeting, May 01, 2026 Badger Infrastructure Solutions Ltd., Annual General Meeting, May 01, 2026. Location: lumi experience studio, 1400, 225 - 6th avenue sw, ab t2p 1n2 ., calgary Canada Announcement • Apr 02
Badger Infrastructure Solutions Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Badger Infrastructure Solutions Ltd. announced that they will report Q1, 2026 results After-Market on Apr 30, 2026 Recent Insider Transactions • Mar 20
CEO, President & Director recently bought CA$254k worth of stock On the 13th of March, Robert Blackadar bought around 4k shares on-market at roughly CA$63.48 per share. This transaction amounted to 8.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Robert has been a buyer over the last 12 months, purchasing a net total of CA$386k worth in shares. Recent Insider Transactions • Mar 16
CEO, President & Director recently bought CA$254k worth of stock On the 13th of March, Robert Blackadar bought around 4k shares on-market at roughly CA$63.48 per share. This transaction amounted to 8.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Robert has been a buyer over the last 12 months, purchasing a net total of CA$297k worth in shares. Declared Dividend • Mar 15
Fourth quarter dividend of CA$0.20 announced Shareholders will receive a dividend of CA$0.20. Ex-date: 31st March 2026 Payment date: 15th April 2026 Dividend yield will be 1.2%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 7.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 37% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Mar 13
Consensus EPS estimates fall by 14%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from US$915.6m to US$933.8m. EPS estimate fell from US$2.54 to US$2.19 per share. Net income forecast to grow 26% next year vs 28% growth forecast for Construction industry in Canada. Consensus price target down from CA$82.47 to CA$77.56. Share price fell 12% to CA$62.27 over the past week. Reported Earnings • Mar 06
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$1.75 (up from US$1.39 in FY 2024). Revenue: US$831.7m (up 12% from FY 2024). Net income: US$59.2m (up 24% from FY 2024). Profit margin: 7.1% (up from 6.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 8.8% 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 29% per year whereas the company’s share price has increased by 30% per year. Announcement • Mar 06
Badger Infrastructure Solutions Ltd. Approves Cash Dividend for the First Fiscal Quarter of 2026, Payable on or after April 15, 2026 The board of directors of Badger Infrastructure Solutions Ltd. has approved a 4% increase to the quarterly cash dividend from CAD 0.1875 per common share to CAD 0.195 per common share for the first fiscal quarter of 2026, to all shareholders of record at the close of business on March 31, 2026, with payment to be made on or after April 15, 2026. Announcement • Feb 09
Badger Infrastructure Solutions Ltd. to Report Q4, 2025 Results on Mar 05, 2026 Badger Infrastructure Solutions Ltd. announced that they will report Q4, 2025 results After-Market on Mar 05, 2026 Buy Or Sell Opportunity • Feb 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.4% to CA$69.04. The fair value is estimated to be CA$86.95, however this is not to be taken as a buy 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 36%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 67% in the next 2 years. Upcoming Dividend • Dec 24
Upcoming dividend of CA$0.19 per share Eligible shareholders must have bought the stock before 31 December 2025. Payment date: 15 January 2026. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Canadian dividend payers (5.9%). Higher than average of industry peers (0.6%). Declared Dividend • Nov 09
Third quarter dividend of CA$0.19 announced Shareholders will receive a dividend of CA$0.19. Ex-date: 31st December 2025 Payment date: 15th January 2026 Dividend yield will be 1.0%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (28% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 5.5% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 51% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
Badger Infrastructure Solutions Ltd. Approves Quarterly Cash Dividend for the Fourth Fiscal Quarter of 2025, Payable on or After January 15, 2026 Badger Infrastructure Solutions Ltd. board of directors has approved a quarterly cash dividend of CAD 0.1875 per common share for the fourth fiscal quarter of 2025, to all shareholders of record at the close of business on December 31, 2025, with payment to be made on or after January 15, 2026. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: US$0.86 (vs US$0.68 in 3Q 2024) Third quarter 2025 results: EPS: US$0.86 (up from US$0.68 in 3Q 2024). Revenue: US$237.3m (up 13% from 3Q 2024). Net income: US$29.0m (up 25% from 3Q 2024). Profit margin: 12% (up from 11% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.2% 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 36% per year whereas the company’s share price has increased by 33% per year. Price Target Changed • Oct 29
Price target increased by 8.3% to CA$70.03 Up from CA$64.69, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of CA$72.71. Stock is up 80% over the past year. The company is forecast to post earnings per share of US$2.02 for next year compared to US$1.39 last year. Price Target Changed • Oct 27
Price target increased by 7.3% to CA$68.19 Up from CA$63.56, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of CA$70.74. Stock is up 74% over the past year. The company is forecast to post earnings per share of US$2.00 for next year compared to US$1.39 last year. Announcement • Oct 09
Badger Infrastructure Solutions Ltd. to Report Q3, 2025 Results on Nov 05, 2025 Badger Infrastructure Solutions Ltd. announced that they will report Q3, 2025 results After-Market on Nov 05, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of CA$0.19 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 15 October 2025. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Canadian dividend payers (5.8%). Higher than average of industry peers (0.6%). Price Target Changed • Aug 05
Price target increased by 7.6% to CA$58.81 Up from CA$54.66, the current price target is an average from 8 analysts. New target price is 12% above last closing price of CA$52.61. Stock is up 47% over the past year. The company is forecast to post earnings per share of US$1.92 for next year compared to US$1.39 last year. Declared Dividend • Aug 03
Second quarter dividend of CA$0.19 announced Shareholders will receive a dividend of CA$0.19. Ex-date: 29th September 2025 Payment date: 15th October 2025 Dividend yield will be 1.4%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has increased by an average of 5.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 31
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.55 (up from US$0.34 in 2Q 2024). Revenue: US$208.2m (up 11% from 2Q 2024). Net income: US$18.5m (up 55% from 2Q 2024). Profit margin: 8.9% (up from 6.4% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) also surpassed analyst estimates by 2.0%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Construction industry in Canada. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Jul 31
Badger Infrastructure Solutions Ltd. Approves Cash Dividend for the Third Fiscal Quarter of 2025, Payable on or After October 15, 2025 Badger Infrastructure Solutions Ltd. announced that board of directors has approved a quarterly cash dividend of CAD 0.1875 per common share for the third fiscal quarter of 2025, with payment to be made on or after October 15, 2025, to all shareholders of record on September 30, 2025. Price Target Changed • Jul 17
Price target increased by 10% to CA$54.16 Up from CA$49.22, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of CA$54.52. Stock is up 46% over the past year. The company is forecast to post earnings per share of US$1.91 for next year compared to US$1.39 last year. Announcement • Jul 17
Badger Infrastructure Solutions Ltd. to Report Q2, 2025 Results on Jul 30, 2025 Badger Infrastructure Solutions Ltd. announced that they will report Q2, 2025 results After-Market on Jul 30, 2025 Upcoming Dividend • Jun 23
Upcoming dividend of CA$0.19 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 15 July 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Canadian dividend payers (6.1%). Higher than average of industry peers (0.6%). Declared Dividend • May 02
First quarter dividend of CA$0.19 announced Shareholders will receive a dividend of CA$0.19. Ex-date: 30th June 2025 Payment date: 15th July 2025 Dividend yield will be 1.8%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 4.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 26% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 01
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: US$0.096 (up from US$0.052 in 1Q 2024). Revenue: US$172.6m (up 6.9% from 1Q 2024). Net income: US$3.26m (up 83% from 1Q 2024). Profit margin: 1.9% (up from 1.1% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Construction industry in Canada. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Apr 30
Badger Infrastructure Solutions Ltd. Approves Quarterly Cash Dividend for the Second Fiscal Quarter of 2025, Payable Made on or After July 15, 2025 Badger Infrastructure Solutions Ltd. announced that the board of directors has approved a quarterly cash dividend of CAD 0.1875 per common share for the second fiscal quarter of 2025, with payment to be made on or after July 15, 2025, to all shareholders of record on June 30, 2025. Announcement • Apr 10
Badger Infrastructure Solutions Ltd. to Report Q1, 2025 Results on Apr 29, 2025 Badger Infrastructure Solutions Ltd. announced that they will report Q1, 2025 results After-Market on Apr 29, 2025 Upcoming Dividend • Mar 27
Upcoming dividend of CA$0.19 per share Eligible shareholders must have bought the stock before 31 March 2025. Payment date: 15 April 2025. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Canadian dividend payers (6.3%). Higher than average of industry peers (0.7%). Declared Dividend • Mar 13
Fourth quarter dividend of CA$0.19 announced Shareholders will receive a dividend of CA$0.19. Ex-date: 31st March 2025 Payment date: 15th April 2025 Dividend yield will be 1.9%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 4.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 62% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 10
Badger Infrastructure Solutions Ltd., Annual General Meeting, Apr 30, 2025 Badger Infrastructure Solutions Ltd., Annual General Meeting, Apr 30, 2025. Reported Earnings • Mar 06
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$1.39 (up from US$1.21 in FY 2023). Revenue: US$745.0m (up 8.9% from FY 2023). Net income: US$47.9m (up 15% from FY 2023). Profit margin: 6.4% (up from 6.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 6.9%. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Construction industry in Canada. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Mar 06
Badger Infrastructure Solutions Ltd. Declares Quarterly Cash Dividend for the First Fiscal Quarter of 2025, Payable on or About April 15, 2025 The board of directors of Badger Infrastructure Solutions Ltd. has approved a 4.2% increase to the quarterly cash dividend from CAD 0.18 per common share to CAD 0.1875 per common share effective the first fiscal quarter of 2025, with payment to be made on or about April 15, 2025, to all shareholders of record at the close of business on March 31, 2025. Announcement • Feb 21
Badger Infrastructure Solutions Ltd. to Report Q4, 2024 Results on Mar 05, 2025 Badger Infrastructure Solutions Ltd. announced that they will report Q4, 2024 results After-Market on Mar 05, 2025 Board Change • Feb 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director George Williams was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CA$42.02, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 27x in the Construction industry in Canada. Total returns to shareholders of 56% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$63.88 per share. Declared Dividend • Dec 19
Third quarter dividend of CA$0.18 announced Shareholders will receive a dividend of CA$0.18. Ex-date: 31st December 2024 Payment date: 15th January 2025 Dividend yield will be 2.0%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by both earnings (45% earnings payout ratio) and cash flows (75% cash payout ratio). The dividend has increased by an average of 4.5% 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. Announcement • Dec 19
Badger Infrastructure Solutions Ltd. Announces Appointment of George Williams to Board of Directors, Effective January 1, 2025 Badger Infrastructure Solutions Ltd. announced the appointment of George Williams to the Company’s Board of Directors, effective January 1, 2025. George is the former chair and Chief Executive Officer of PMI Energy Solutions. He has 40+ years in the utility industry and hands-on operations experience from executive and senior leadership roles at El Paso Electric Company, Exelon Corporation, Entergy Corporation, PPL Corporation and Progress Energy. George has a history of nonprofit, private and public company board service. In 2024, George began serving on the Board of Directors for Capital Power Corporation, a TSX-listed, multi-billion-dollar independent power producer, where he is a member of the People, Culture and Governance Committee and the Health, Safety and Environmental Committee. Additionally, in 2023, George returned to the Board of Directors for UL Solutions Inc., a NYSE-listed, multi-billion-dollar international testing, inspection and certification company, where he is a member of the Nominating and Corporate Governance Committee and the Human Capital and Compensation Committee, and formerly served on the Auditing, Public Safety and External Affairs, and Finance committees. George currently serves as the Chairman of the Board of Trustees for the UL Research Institutes, and formerly served as the chair of its Governance and Compensation Committee. George also served on the Board of Directors for the American Association of Blacks in Energy (AABE), including as Chairman, as well as the Illinois Black Chamber of Commerce, Quad County Urban League, Black Creativity Advisory Board for the Chicago Museum of Science & Industry, Middle States Electrical Contractors Association, and Tuskegee Next Board of Directors. George, who resides in Naperville, Illinois, holds a Master of Business Administration from Saint Joseph’s University and a Bachelor of Science in Electrical Engineering from Widener University. Announcement • Dec 13
Badger Infrastructure Solutions Ltd. Announces Fourth Quarter 2024 Cash Dividend, Payable on or About January 15, 2025 Badger Infrastructure Solutions Ltd. announced that the Board of Directors of Badger approved a quarterly cash dividend for the fourth quarter of 2024 of $0.18 per common share, which equates to $0.72 per common share on an annualized basis. Payment will be made on or about January 15, 2025, to shareholders of record on December 31, 2024. Reported Earnings • Nov 01
Third quarter 2024 earnings: Revenues and EPS in line with analyst expectations Third quarter 2024 results: EPS: US$0.68 (up from US$0.68 in 3Q 2023). Revenue: US$209.4m (up 7.1% from 3Q 2023). Net income: US$23.3m (flat on 3Q 2023). Profit margin: 11% (in line with 3Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Construction industry in Canada. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Sep 20
Upcoming dividend of CA$0.18 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 15 October 2024. Payout ratio is a comfortable 43% but the company is paying out more than the cash it is generating. Trailing yield: 1.8%. Lower than top quartile of Canadian dividend payers (5.9%). Higher than average of industry peers (0.7%). Major Estimate Revision • Aug 08
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from US$1.59 to US$1.42 per share. Revenue forecast steady at US$749.2m. Net income forecast to grow 54% next year vs 41% growth forecast for Construction industry in Canada. Consensus price target down from CA$51.16 to CA$49.31. Share price fell 2.4% to CA$37.66 over the past week. Declared Dividend • Aug 05
Second quarter dividend of CA$0.18 announced Shareholders will receive a dividend of CA$0.18. Ex-date: 27th September 2024 Payment date: 15th October 2024 Dividend yield will be 2.0%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but not covered by cash flows (128% cash payout ratio). The dividend has increased by an average of 4.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 39% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 02
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: US$0.34 (up from US$0.32 in 2Q 2023). Revenue: US$186.8m (up 8.7% from 2Q 2023). Net income: US$11.9m (up 8.1% from 2Q 2023). Profit margin: 6.4% (in line with 2Q 2023). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 9.0% 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 92% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jul 09
Badger Infrastructure Solutions Ltd. to Report Q2, 2024 Results on Aug 01, 2024 Badger Infrastructure Solutions Ltd. announced that they will report Q2, 2024 results After-Market on Aug 01, 2024 Upcoming Dividend • Jun 21
Upcoming dividend of CA$0.18 per share Eligible shareholders must have bought the stock before 28 June 2024. Payment date: 15 July 2024. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 1.7%. Lower than top quartile of Canadian dividend payers (6.5%). Higher than average of industry peers (0.8%). Declared Dividend • May 06
First quarter dividend of CA$0.18 announced Shareholders will receive a dividend of CA$0.18. Ex-date: 28th June 2024 Payment date: 15th July 2024 Dividend yield will be 1.6%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but not covered by cash flows (429% cash payout ratio). The dividend has increased by an average of 4.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 38% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 02
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: US$0.052 (down from US$0.08 in 1Q 2023). Revenue: US$161.6m (up 13% from 1Q 2023). Net income: US$1.78m (down 36% from 1Q 2023). Profit margin: 1.1% (down from 1.9% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Construction industry in Canada. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • May 02
Badger Infrastructure Solutions Ltd. Announces Quarterly Cash Dividend for the Second Fiscal Quarter of 2024, Payable on or After July 15, 2024 The Board of Directors of Badger Infrastructure Solutions Ltd. has approved the quarterly cash dividend of CAD 0.18 per common share for the second fiscal quarter of 2024, with payment to be made on or after July 15, 2024, to all shareholders of record on June 30, 2024. Announcement • Apr 03
Badger Infrastructure Solutions Ltd. to Report Q1, 2024 Results on May 01, 2024 Badger Infrastructure Solutions Ltd. announced that they will report Q1, 2024 results After-Market on May 01, 2024 Upcoming Dividend • Mar 20
Upcoming dividend of CA$0.18 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 15 April 2024. Payout ratio is a comfortable 43% and the cash payout ratio is 89%. Trailing yield: 1.5%. Lower than top quartile of Canadian dividend payers (6.4%). Higher than average of industry peers (0.7%). Declared Dividend • Mar 04
Fourth quarter dividend of CA$0.17 announced Shareholders will receive a dividend of CA$0.17. Ex-date: 27th March 2024 Payment date: 15th April 2024 Dividend yield will be 1.6%, 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 (88% cash payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 68% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 01
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$1.21 (up from US$0.53 in FY 2022). Revenue: US$683.8m (up 20% from FY 2022). Net income: US$41.8m (up 128% from FY 2022). Profit margin: 6.1% (up from 3.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 9.7% p.a. on average during the next 2 years, compared to a 1.9% growth forecast for the Construction industry in Canada. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Mar 01
Badger Infrastructure Solutions Ltd. Increases Quarterly Cash Dividend, Payable on or About April 15, 2024 The board of directors of Badger Infrastructure Solutions Ltd. has approved a 4.3% increase to the quarterly cash dividend of CAD 0.1725 per common share to CAD 0.18 per common share effective with the dividend for the first fiscal quarter of 2024, with payment to be made on or about April 15, 2024, to all shareholders of record at the close of business on March 31, 2024. 
