North American Construction Group Ltd.

NYSE:NOA Stock Report

Market Cap: US$557.7m

North American Construction Group Valuation

Is NOA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of NOA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
US$37.62
Fair Value
44.4% undervalued intrinsic discount
8
Number of Analysts

Below Fair Value: NOA ($20.92) is trading below our estimate of fair value ($37.62)

Significantly Below Fair Value: NOA is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NOA?

Key metric: As NOA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NOA. This is calculated by dividing NOA's market cap by their current earnings.
What is NOA's PE Ratio?
PE Ratio14.2x
EarningsCA$56.92m
Market CapCA$802.39m

Price to Earnings Ratio vs Peers

How does NOA's PE Ratio compare to its peers?

The above table shows the PE ratio for NOA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average34.3x
TTI TETRA Technologies
84.8x56.3%US$645.9m
RNGR Ranger Energy Services
26.8xn/aUS$395.7m
NPKI NPK International
19.7x5.4%US$668.6m
PHIG PHI Group
5.9xn/aUS$595.6m
NOA North American Construction Group
14.2x31.1%US$802.4m

Price-To-Earnings vs Peers: NOA is good value based on its Price-To-Earnings Ratio (14.2x) compared to the peer average (34.3x).

Price to Earnings Ratio vs Industry

How does NOA's PE Ratio compare vs other companies in the US Energy Services Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
PKDC Parker Drilling
2.2xn/aUS$278.44m
NCSM NCS Multistage Holdings
1.8x-107.5%US$74.87m
BASX.Q Basic Energy Services
n/an/aUS$24.00
No more companies available in this PE range
NOA 14.2xIndustry Avg. 15.9xNo. of Companies7PE01020304050+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NOA is good value based on its Price-To-Earnings Ratio (14.2x) compared to the US Energy Services industry average (15.9x).

Price to Earnings Ratio vs Fair Ratio

What is NOA's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NOA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.2x
Fair PE Ratio14.9x

Price-To-Earnings vs Fair Ratio: NOA is good value based on its Price-To-Earnings Ratio (14.2x) compared to the estimated Fair Price-To-Earnings Ratio (14.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst NOA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$20.92
US$26.68
+27.5%
11.7%US$31.39US$23.02n/a8
Jan ’26US$21.61
US$26.99
+24.9%
11.7%US$31.75US$23.28n/a8
Dec ’25US$20.28
US$25.67
+26.6%
14.6%US$33.63US$21.46n/a8
Nov ’25US$19.64
US$25.71
+30.9%
14.6%US$33.68US$21.50n/a8
Oct ’25US$18.82
US$26.15
+38.9%
14.2%US$33.90US$21.64n/a8
Sep ’25US$19.74
US$26.15
+32.5%
14.2%US$33.90US$21.64n/a8
Aug ’25US$18.54
US$26.58
+43.4%
15.8%US$33.88US$21.62n/a8
Jul ’25US$19.13
US$29.89
+56.2%
15.2%US$38.02US$24.13n/a8
Jun ’25US$21.25
US$29.89
+40.6%
15.2%US$38.02US$24.13n/a8
May ’25US$21.12
US$30.01
+42.1%
14.5%US$38.06US$24.16n/a8
Apr ’25US$22.53
US$30.64
+36.0%
14.5%US$38.39US$24.36n/a8
Mar ’25US$25.35
US$29.59
+16.7%
13.0%US$35.45US$24.00n/a8
Feb ’25US$22.63
US$29.62
+30.9%
12.4%US$35.71US$24.18n/a8
Jan ’25US$20.85
US$30.03
+44.0%
12.4%US$36.20US$24.51US$21.618
Dec ’24US$20.55
US$29.07
+41.4%
12.2%US$35.38US$23.95US$20.288
Nov ’24US$20.10
US$29.30
+45.8%
11.4%US$35.00US$23.70US$19.648
Oct ’24US$21.72
US$29.91
+37.7%
11.0%US$35.51US$24.04US$18.828
Sep ’24US$24.47
US$29.70
+21.4%
12.1%US$36.27US$24.56US$19.748
Aug ’24US$25.03
US$29.70
+18.7%
12.1%US$36.27US$24.56US$18.548
Jul ’24US$19.13
US$22.62
+18.2%
6.6%US$24.73US$20.23US$19.138
Jun ’24US$18.49
US$22.21
+20.1%
6.6%US$24.27US$19.86US$21.258
May ’24US$19.29
US$22.21
+15.1%
6.6%US$24.27US$19.86US$21.128
Apr ’24US$16.70
US$19.90
+19.1%
9.1%US$23.74US$17.44US$22.538
Mar ’24US$17.00
US$19.90
+17.0%
9.1%US$23.74US$17.44US$25.358
Feb ’24US$15.36
US$17.65
+14.9%
6.7%US$18.78US$15.02US$22.638
Jan ’24US$13.37
US$16.55
+23.8%
8.6%US$18.44US$13.65US$20.858
Analyst Price Target
Consensus Narrative from 8 Analysts
US$26.61
Fair Value
21.4% undervalued intrinsic discount
8
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/22 23:35
End of Day Share Price 2025/01/22 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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 here.

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 .

Analyst Sources

North American Construction Group Ltd. is covered by 18 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Tim MonachelloATB Capital Markets
John GibsonBMO Capital Markets Equity Research
Yuri LynkCanaccord Genuity