Home Uncategorized Bird Construction has won 90 million new contracts

Bird Construction has won 90 million new contracts


Video source: YouTube, Bird Construction

Bird Building ( BIRDF; Toronto: BDT) announced on Tuesday that four new industrial contracts worth about C $ 90 million ($ 71.5 million) had been signed.

The construction company from Mississauga, Ontario, has won two five-year contracts for industrial maintenance (MSA) and two contracts for the turnover of industrial facilities.

Contracts are concluded with existing customers and cover the oil and gas and petrochemical sectors.

“I am very pleased that the value our team brings to the market is still recognized and rewarded,” said Terry McKibbon, President and CEO of Bird.

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“As a result of the distinctive advantages provided by our comprehensive services, together with our strong consistent performance and geographical diversification, we continue to have a good position for a reliable channel of opportunity in Western Canada as well as in the energy industry nationally.”

Image source: Bird Construction

Investment dissertation

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Bird Construction has been operating for over 100 years and has been a public company for over 70 years.

Since closing on November 8, 2021 at C $ 10.45 (excluding dividends), Bird shares have fallen 14%, despite reports of highs for the fourth quarter and full year last month.

The current market capitalization is only C $ 482 million, which seems to have been unfairly reduced for several reasons.

  • Record profit for the 4th quarter of 2021 of C $ 598 million.
  • Annual revenue growth of 47.6%.
  • Diversified, growing periodic revenue streams
  • A record lag at the end of 2021 of C $ 3 billion.
  • Cost savings and synergies realized as a result of the last two acquisitions.
  • Improving margins.

[Note: Article was edited on April 7, 2022 to add stock chart.]


Source: Stock news

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