Recent Insider Transactions • Jun 15
Independent Chairman of the Board recently bought €58k worth of stock On the 12th of June, Martin Ferron bought around 5k shares on-market at roughly €11.62 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €128k. Martin has been a buyer over the last 12 months, purchasing a net total of €528k worth in shares. Recent Insider Transactions • Jun 04
Independent Chairman of the Board recently bought €59k worth of stock On the 3rd of June, Martin Ferron bought around 5k shares on-market at roughly €11.72 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €128k. Martin has been a buyer over the last 12 months, purchasing a net total of €311k worth in shares. Board Change • May 20
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. 2 experienced directors. 4 highly experienced directors. CEO, President & Director Barry Palmer was the last director to join the board, commencing their role in 2026. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 28
North American Construction Group Ltd. to Report Q1, 2026 Results on May 13, 2026 North American Construction Group Ltd. announced that they will report Q1, 2026 results After-Market on May 13, 2026 Announcement • Apr 08
North American Construction Group Ltd. (TSX:NOA) completed the acquisition of Iron Mine Contracting Pty Ltd for approximately CAD 120 million. North American Construction Group Ltd. (TSX:NOA) entered into a definitive share purchase agreement to acquire Iron Mine Contracting Pty Ltd for approximately CAD 120 million on December 18, 2025. The acquisition is expected to be significantly accretive, increasing NACG’s incremental earnings per share by approximately 20% in 2026. The Transaction will be fully funded by senior-secured bank financing (65% of the purchase price) and vendor-provided debt financing (35% of the purchase price). The estimated upfront payment of approximately CAD 40 million will be funded by North American Construction Group Ltd’s existing revolving credit facility. In addition, NACG plans to assume secured equipment financing of CAD 35 million. The remaining CAD 40 million of the consideration will be addressed through structured earn-out and deferred payment mechanisms payable to the vendors over the next four years.
The Transaction is subject to satisfaction of certain regulatory and other customary closing conditions and is expected to close in the first quarter of 2026.
National Bank of Canada Financial Markets acted as financial advisor for North American Construction Group Ltd. Fasken Martineau DuMoulin LLP acted as legal advisor for North American Construction Group Ltd. MinterEllison acted as legal advisor for North American Construction Group Ltd.
North American Construction Group Ltd. (TSX:NOA) completed the acquisition of Iron Mine Contracting Pty Ltd for on April 7, 2026. Announcement • Feb 19
North American Construction Group Ltd. to Report Q4, 2025 Results on Mar 11, 2026 North American Construction Group Ltd. announced that they will report Q4, 2025 results at 4:00 PM, US Eastern Standard Time on Mar 11, 2026 Announcement • Feb 17
North American Construction Group Ltd., Annual General Meeting, May 20, 2026 North American Construction Group Ltd., Annual General Meeting, May 20, 2026. Announcement • Dec 20
North American Construction Group Ltd. (TSX:NOA) entered into a definitive share purchase agreement to acquire Iron Mine Contracting Pty Ltd for approximately CAD 120 million. North American Construction Group Ltd. (TSX:NOA) entered into a definitive share purchase agreement to acquire Iron Mine Contracting Pty Ltd for approximately CAD 120 million on December 18, 2025. The acquisition is expected to be significantly accretive, increasing NACG’s incremental earnings per share by approximately 20% in 2026. The Transaction will be fully funded by senior-secured bank financing (65% of the purchase price) and vendor-provided debt financing (35% of the purchase price). The estimated upfront payment of approximately CAD 40 million will be funded by North American Construction Group Ltd’s existing revolving credit facility. In addition, NACG plans to assume secured equipment financing of CAD 35 million. The remaining CAD 40 million of the consideration will be addressed through structured earn-out and deferred payment mechanisms payable to the vendors over the next four years.
The Transaction is subject to satisfaction of certain regulatory and other customary closing conditions and is expected to close in the first quarter of 2026.
National Bank of Canada Financial Markets acted as financial advisor for North American Construction Group Ltd. Fasken Martineau DuMoulin LLP acted as legal advisor for North American Construction Group Ltd. MinterEllison acted as legal advisor for North American Construction Group Ltd. Announcement • Oct 17
North American Construction Group Ltd. to Report Q3, 2025 Results on Nov 12, 2025 North American Construction Group Ltd. announced that they will report Q3, 2025 results After-Market on Nov 12, 2025 Announcement • Jul 18
North American Construction Group Ltd. to Report Q2, 2025 Results on Aug 13, 2025 North American Construction Group Ltd. announced that they will report Q2, 2025 results After-Market on Aug 13, 2025 Announcement • Apr 21
North American Construction Group Ltd. to Report Q1, 2025 Results on May 14, 2025 North American Construction Group Ltd. announced that they will report Q1, 2025 results at 4:00 PM, US Eastern Standard Time on May 14, 2025 Announcement • Mar 10
North American Construction Group Ltd., Annual General Meeting, May 14, 2025 North American Construction Group Ltd., Annual General Meeting, May 14, 2025. Announcement • Feb 26
North American Construction Group Ltd. Announces Regular Quarterly Dividend, Payable on April 9, 2025 On February 24, 2025, the North American Construction Group Ltd. Board of Directors declared a regular quarterly dividend of twelve Canadian cents ($0.12) per common share, payable to common shareholders of record at the close of business on March 13, 2025. The Dividend will be paid on April 9, 2025, and is an eligible dividend for Canadian income tax purposes. Announcement • Feb 05
North American Construction Group Ltd. to Report Q4, 2024 Results on Mar 05, 2025 North American Construction Group Ltd. announced that they will report Q4, 2024 results After-Market on Mar 05, 2025 New Risk • Jan 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (173% net debt to equity). Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.8% net profit margin). Significant insider selling over the past 3 months (€644k sold). New Risk • Jan 05
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: €408k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Minor Risks High level of debt (173% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.8% net profit margin). Significant insider selling over the past 3 months (€408k sold). Board Change • Dec 30
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. 4 experienced directors. 3 highly experienced directors. Independent Director Vanessa Guthrie was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Dec 05
North American Construction Group Ltd. Provides Earnings Guidance of for the Fourth Quarter 2024 and Full Year 2025 North American Construction Group Ltd. provided earnings guidance of for the fourth quarter 2024 and full year 2025, for the quarter the company expects combined revenue of $350 million to $375 million.
for the year, the company expects combined revenue of $1.4 billion to $1.6 billion. Recent Insider Transactions • Nov 14
Chairman of the Board recently bought €114k worth of stock On the 12th of November, Martin Ferron bought around 6k shares on-market at roughly €18.97 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Martin has been a buyer over the last 12 months, purchasing a net total of €81k worth in shares. Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €18.10, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Energy Services industry in Europe. Total returns to shareholders of 36% over the past three years. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: CA$0.52 (vs CA$0.43 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.52 (up from CA$0.43 in 3Q 2023). Revenue: CA$286.9m (up 47% from 3Q 2023). Net income: CA$13.9m (up 22% from 3Q 2023). Profit margin: 4.8% (down from 5.8% in 3Q 2023). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Oct 31
North American Construction Group Ltd. Declares Quarterly Dividend, Payable on January 3, 2025 On October 29, 2024, North American Construction Group Ltd.'s Board of Directors declared a regular quarterly dividend of CAD 0.12 per common share, payable to common shareholders of record at the close of business on November 27, 2024. The Dividend will be paid on January 3, 2025, and is an eligible dividend for Canadian income tax purposes. Announcement • Oct 22
North American Construction Group Ltd. to Report Q3, 2024 Results on Oct 30, 2024 North American Construction Group Ltd. announced that they will report Q3, 2024 results After-Market on Oct 30, 2024 Upcoming Dividend • Aug 23
Upcoming dividend of CA$0.10 per share Eligible shareholders must have bought the stock before 30 August 2024. Payment date: 04 October 2024. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (4.1%). Recent Insider Transactions • Aug 15
Chairman of the Board recently bought €302k worth of stock On the 9th of August, Martin Ferron bought around 19k shares on-market at roughly €15.89 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Martin has been a net seller over the last 12 months, reducing personal holdings by €800k. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: CA$0.52 (vs CA$0.46 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.52 (up from CA$0.46 in 2Q 2023). Revenue: CA$276.3m (up 43% from 2Q 2023). Net income: CA$14.0m (up 14% from 2Q 2023). Profit margin: 5.1% (down from 6.3% in 2Q 2023). Revenue is forecast to grow 10.0% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year and the company’s share price has also increased by 15% per year. Announcement • Jul 19
North American Construction Group Ltd. to Report Q2, 2024 Results on Jul 31, 2024 North American Construction Group Ltd. announced that they will report Q2, 2024 results After-Market on Jul 31, 2024 Recent Insider Transactions • Jun 25
Chairman of the Board recently bought €217k worth of stock On the 24th of June, Martin Ferron bought around 12k shares on-market at roughly €18.06 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Martin has been a net seller over the last 12 months, reducing personal holdings by €1.5m. Upcoming Dividend • May 24
Upcoming dividend of CA$0.10 per share Eligible shareholders must have bought the stock before 31 May 2024. Payment date: 05 July 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (3.7%). Recent Insider Transactions • May 17
Chairman of the Board recently bought €94k worth of stock On the 16th of May, Martin Ferron bought around 5k shares on-market at roughly €18.70 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Martin has been a net seller over the last 12 months, reducing personal holdings by €1.9m. New Risk • May 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Profit margins are more than 30% lower than last year (5.2% net profit margin). Shareholders have been diluted in the past year (5.4% increase in shares outstanding). Significant insider selling over the past 3 months (€511k sold). Reported Earnings • May 02
First quarter 2024 earnings released: EPS: CA$0.43 (vs CA$0.83 in 1Q 2023) First quarter 2024 results: EPS: CA$0.43 (down from CA$0.83 in 1Q 2023). Revenue: CA$297.0m (up 22% from 1Q 2023). Net income: CA$11.4m (down 48% from 1Q 2023). Profit margin: 3.8% (down from 9.0% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 1.7% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 21% per year. Announcement • Apr 21
North American Construction Group Ltd. to Report Q1, 2024 Results on May 01, 2024 North American Construction Group Ltd. announced that they will report Q1, 2024 results After-Market on May 01, 2024 Recent Insider Transactions • Apr 10
Chairman of the Board recently sold €424k worth of stock On the 2nd of April, Martin Ferron sold around 20k shares on-market at roughly €21.22 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Martin has been a net seller over the last 12 months, reducing personal holdings by €2.4m. Recent Insider Transactions • Mar 27
Chairman of the Board recently sold €86k worth of stock On the 19th of March, Martin Ferron sold around 4k shares on-market at roughly €21.62 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Martin has been a net seller over the last 12 months, reducing personal holdings by €2.0m. Announcement • Mar 14
North American Construction Group Ltd. Provides Earnings Guidance for the Year 2024 North American Construction Group Ltd. provided earnings guidance for the year 2024. For the period, the company expects combined revenue to be in the range of $1.5 billion - $1.7 billion. Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: CA$2.38 (vs CA$2.46 in FY 2022) Full year 2023 results: EPS: CA$2.38 (down from CA$2.46 in FY 2022). Revenue: CA$957.2m (up 24% from FY 2022). Net income: CA$63.1m (down 6.3% from FY 2022). Profit margin: 6.6% (down from 8.8% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 1.9% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 09
North American Construction Group Ltd., Annual General Meeting, May 15, 2024 North American Construction Group Ltd., Annual General Meeting, May 15, 2024. Announcement • Mar 02
North American Construction Group Ltd. Appoints Vanessa Guthrie AO to Its Board of Directors North American Construction Group Ltd. announced the appointment of Dr. Vanessa Guthrie AO to its Board of Directors, effective March 1, 2024. Dr. Guthrie has broad strategic experience in the natural resources sector in Australia, spanning more than 30 years. She hasheld a diverse array of senior leadership positions across operations, indigenous affairs, corporate development, andsustainability. These include being the Managing Director of Toro Energy Limited, an Australia Stock Exchange ("ASX") listedcompany involved in uranium mining, Vice President of Sustainable Development for Woodside Energy Group Ltd. and a minemanager for Alcoa Corporation. Dr. Guthrie also has extensive past and current experience serving on the boards of several prominent ASX-listed companies,including Santos Ltd, Orica Ltd. and Lynas Rare Earths Ltd. She is a former chair of Minerals Council of Australia and acurrent board member of Infrastructure Australia. Her contribution to the mining and resources industry was recognized in2017, via the award of an Honorary Doctor of Science degree from Curtin University, where she is now Chancellor Elect, for hercontribution to sustainability, innovation, and policy leadership in the resources industry. In 2021 she was also made an Officerof the Order of Australia for distinguished service to the minerals and resources sector, and as a role model for women inbusiness. Dr. Guthrie has a PhD in Geology, as well as qualifications in law, environment, and business management. Upcoming Dividend • Feb 29
Upcoming dividend of CA$0.10 per share Eligible shareholders must have bought the stock before 07 March 2024. Payment date: 05 April 2024. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (3.7%). Declared Dividend • Feb 26
Third quarter dividend of CA$0.10 announced Shareholders will receive a dividend of CA$0.10. Ex-date: 7th March 2024 Payment date: 5th April 2024 Dividend yield will be 1.4%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 17% 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 73% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 22
North American Construction Group Ltd. Declares Regular Quarterly Dividend, Payable on April 5, 2024 On February 20, 2024, the North American Construction Group Ltd. announced that the board of directors declared a regular quarterly dividend of CAD 0.10 per common share, payable to common shareholders of record at the close of business on March 8, 2024. The Dividend will be paid on April 5, 2024, and is an eligible dividend for Canadian income tax purposes. Announcement • Feb 15
North American Construction Group Ltd. to Report Q4, 2023 Results on Mar 13, 2024 North American Construction Group Ltd. announced that they will report Q4, 2023 results After-Market on Mar 13, 2024 Upcoming Dividend • Nov 24
Upcoming dividend of CA$0.10 per share at 1.5% yield Eligible shareholders must have bought the stock before 29 November 2023. Payment date: 05 January 2024. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (4.2%). Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: CA$0.43 (vs CA$0.75 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.43 (down from CA$0.75 in 3Q 2022). Revenue: CA$194.7m (up 1.8% from 3Q 2022). Net income: CA$11.4m (down 44% from 3Q 2022). Profit margin: 5.8% (down from 11% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 02
North American Construction Group Ltd. Declares Regular Quarterly Dividend, Payable on January 5, 2024 On October 31, 2023, North American Construction Group Ltd. Board of Directors declared a regular quarterly dividend of CAD 0.10 per common share, payable to common shareholders of record at the close of business on November 30, 2023. The Dividend will be paid on January 5, 2024, and is an eligible dividend for Canadian income tax purposes. Announcement • Oct 20
North American Construction Group Ltd. to Report Q3, 2023 Results on Nov 01, 2023 North American Construction Group Ltd. announced that they will report Q3, 2023 results After-Market on Nov 01, 2023 Recent Insider Transactions • Sep 03
Chairman of the Board recently sold €340k worth of stock On the 25th of August, Martin Ferron sold around 15k shares on-market at roughly €22.68 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €458k. Martin has been a net seller over the last 12 months, reducing personal holdings by €2.6m. Upcoming Dividend • Aug 23
Upcoming dividend of CA$0.10 per share at 1.2% yield Eligible shareholders must have bought the stock before 30 August 2023. Payment date: 06 October 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (4.0%). Recent Insider Transactions • Aug 11
Chairman of the Board recently sold €458k worth of stock On the 2nd of August, Martin Ferron sold around 20k shares on-market at roughly €22.92 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Martin has been a net seller over the last 12 months, reducing personal holdings by €2.3m. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to €22.60, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Energy Services industry in Europe. Total returns to shareholders of 297% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €39.33 per share. New Risk • Jul 28
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risk Significant insider selling over the past 3 months (€801k sold). Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: CA$0.46 (vs CA$0.27 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.46 (up from CA$0.27 in 2Q 2022). Revenue: CA$193.6m (up 15% from 2Q 2022). Net income: CA$12.3m (up 63% from 2Q 2022). Profit margin: 6.3% (up from 4.5% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risks High level of debt (107% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.3% average weekly change). Significant insider selling over the past 3 months (€801k sold). Announcement • Jul 14
North American Construction Group Ltd. to Report Q2, 2023 Results on Jul 26, 2023 North American Construction Group Ltd. announced that they will report Q2, 2023 results After-Market on Jul 26, 2023 New Risk • Jun 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.9% per year for the foreseeable future. Minor Risks High level of debt (107% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.4% average weekly change). Significant insider selling over the past 3 months (€801k sold). Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €18.00, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 10x in the Energy Services industry in Europe. Total returns to shareholders of 248% over the past three years. New Risk • Jun 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (107% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.4% average weekly change). Significant insider selling over the past 3 months (€801k sold). Upcoming Dividend • May 18
Upcoming dividend of CA$0.10 per share at 1.5% yield Eligible shareholders must have bought the stock before 25 May 2023. Payment date: 07 July 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (4.5%). Recent Insider Transactions • May 03
Independent Lead Director recently sold €361k worth of stock On the 1st of May, Bryan Pinney sold around 20k shares on-market at roughly €17.62 per share. This transaction amounted to 51% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €776k. Insiders have been net sellers, collectively disposing of €1.5m more than they bought in the last 12 months. Reported Earnings • Apr 28
First quarter 2023 earnings released: EPS: CA$0.83 (vs CA$0.48 in 1Q 2022) First quarter 2023 results: EPS: CA$0.83 (up from CA$0.48 in 1Q 2022). Revenue: CA$242.6m (up 37% from 1Q 2022). Net income: CA$21.8m (up 61% from 1Q 2022). Profit margin: 9.0% (up from 7.7% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Mar 09
Chairman of the Board recently sold €640k worth of stock On the 2nd of March, Martin Ferron sold around 40k shares on-market at roughly €16.00 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth €776k. Martin has been a net seller over the last 12 months, reducing personal holdings by €922k. Recent Insider Transactions • Mar 01
Chairman of the Board recently sold €776k worth of stock On the 21st of February, Martin Ferron sold around 50k shares on-market at roughly €15.51 per share. This transaction amounted to 2.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Martin has been a net seller over the last 12 months, reducing personal holdings by €282k. Upcoming Dividend • Feb 23
Upcoming dividend of CA$0.10 per share at 1.8% yield Eligible shareholders must have bought the stock before 02 March 2023. Payment date: 07 April 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (3.6%). Reported Earnings • Feb 17
Full year 2022 earnings released Full year 2022 results: Revenue: CA$769.5m (up 18% from FY 2021). Net income: CA$67.4m (up 31% from FY 2021). Profit margin: 8.8% (up from 7.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Energy Services industry in Europe. Announcement • Feb 02
North American Construction Group Ltd. to Report Q4, 2022 Results on Feb 15, 2023 North American Construction Group Ltd. announced that they will report Q4, 2022 results at 4:00 PM, US Eastern Standard Time on Feb 15, 2023 Recent Insider Transactions • Dec 02
Chairman of the Board recently sold €129k worth of stock On the 30th of November, Martin Ferron sold around 10k shares on-market at roughly €12.91 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite the recent sale, Martin has been a net buyer over the last 12 months, purchasing a net total of €687k worth of shares. Upcoming Dividend • Nov 22
Upcoming dividend of CA$0.08 per share Eligible shareholders must have bought the stock before 29 November 2022. Payment date: 06 January 2023. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (3.8%). Board Change • Nov 16
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. 5 experienced directors. 1 highly experienced director. President, CEO & Director Joe Lambert was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: CA$0.75 (vs CA$0.49 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.75 (up from CA$0.49 in 3Q 2021). Revenue: CA$191.4m (up 15% from 3Q 2021). Net income: CA$20.2m (up 45% from 3Q 2021). Profit margin: 11% (up from 8.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Energy Services industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 1% per year. Recent Insider Transactions • Oct 01
Chairman of the Board recently bought €123k worth of stock On the 23rd of September, Martin Ferron bought around 12k shares on-market at roughly €10.25 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth €226k. Martin has been a buyer over the last 12 months, purchasing a net total of €631k worth in shares. Board Change • Sep 02
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. 5 experienced directors. 1 highly experienced director. President, CEO & Director Joe Lambert was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 23
Upcoming dividend of CA$0.08 per share Eligible shareholders must have bought the stock before 30 August 2022. Payment date: 07 October 2022. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of German dividend payers (4.6%). Lower than average of industry peers (4.2%). Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: CA$0.27 (vs CA$0.098 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.27 (up from CA$0.098 in 2Q 2021). Revenue: CA$168.0m (up 21% from 2Q 2021). Net income: CA$7.51m (up 174% from 2Q 2021). Profit margin: 4.5% (up from 2.0% in 2Q 2021). Over the next year, revenue is forecast to grow 14%, compared to a 20% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Jul 28
North American Construction Group Ltd. Declares Quarterly Dividend, Payable on October 7, 2022 On July 26th, 2022, the NACG Board of Directors declared a regular quarterly dividend (the “Dividend”) of eight Canadian cents ($0.08) per common share, payable to common shareholders of record at the close of business on August 31, 2022. The Dividend will be paid on October 7, 2022 and is an eligible dividend for Canadian income tax purposes. Announcement • Jul 19
North American Construction Group Ltd. to Report Q2, 2022 Results on Jul 27, 2022 North American Construction Group Ltd. announced that they will report Q2, 2022 results on Jul 27, 2022 Recent Insider Transactions • Jul 08
Chairman of the Board recently bought €226k worth of stock On the 6th of July, Martin Ferron bought around 22k shares on-market at roughly €10.27 per share. This was the largest purchase by an insider in the last 3 months. Martin has been a buyer over the last 12 months, purchasing a net total of €459k worth in shares. Recent Insider Transactions • Jun 29
Chairman of the Board recently bought €51k worth of stock On the 23rd of June, Martin Ferron bought around 5k shares on-market at roughly €10.26 per share. In the last 3 months, they made an even bigger purchase worth €174k. Martin has been a buyer over the last 12 months, purchasing a net total of €233k worth in shares. 
