Aecon Group Inc (ARE.TO)

Another EPC, more in construction. Revenue growth of 25%, EBITDA doubled over last year. Margins expanding, book to bill continues to grow. Nuclear, data centres, power, transportation. Buy here, look for 15-25% total return. Expects analysts to roll price targets into high $60s. Yield is 1.41%.

Still holds; might trim to de-risk a bit, or buy on dips for new clients. Still likes it. Touches almost every nuclear project in Canada, involved with a lot of utilities. Some construction, which is more cyclical. Record backlog. Safe dividend, didn't cut even during pandemic craziness.

A way to invest in Canada's infrastructure buildout. Large projects that people use every day. Revenue grew 18% last quarter, backlog reached record $10.9B. Construction's still a tough business with thin margins right now.

Be cautious in the short term. Hold, and see if it's heading up or down.

She prefers higher margins and more predictable earnings.

All engineering firms are down over 20%. They are perceived to be pressured by AI taking over their business. But ARE has exposure to nuclear power. You can play nuclear through ARE.

Loves it. Has moved up a lot. Is overbought and could pull back. After a cup-and-handle formation in 2024-5, it's now overbought.

Reported last night, fantastic numbers. Doubled backlog to over $10B. Successfully brought down number of riskier fixed-price contracts. Variable-price contracts has led to more sustainable cashflow, earnings, and revenue. 

Multiple's really come up, but its predictable cashflow warrants it. He's adding. Yield is 1.61%.

Engineering companies are performing really well. Benefiting from infrastructure investments, and soon from resource producers. Near-shoring is a positive.

He's cautious on markets right now. Definitely have this on your farm team. One of the best performers on the TSX right now, better than 86% of companies on the S&P over last year. RSI improving. Earnings estimates going higher.

Outlook is better. Cost overruns have pummeled them. New management has focused on contract pricing.

The chart broke out. It broke out twice in 2025. Is now making higher highs and higher lows. A pullback is possible, but won't sell it. Likes it still.

It was undervalued before and overvalued now. Likely to return to the low $30s. Legacy projects during the pandemic (input and labour costs) weighed on them and they took losses, but this is now over. Their growth projects are public, where demand keeps rising, and in nuclear. Plus, they have no deals in the US. They never cut their dividend. Happy to own this.

He suffered through this one too, finally seeing things come to fruition. He doesn't often recommend a stock that's breaking out, but this has so much going for it. Great nuclear franchise, targeted M&A in the States to expand in power and transmission, civil work needs to be done, fibre to the home, data centre buildout. 

Happy to hold at these levels, but perhaps add only a 1/2 position at these levels. Purchasing under $30 would be better.

Not as aggressively valued as engineering/construction, which came off a few weeks ago due to AI fears. Still upside here, as that trade rebalances. Yield is 2.44%.

Pulling back after a parabolic move. Took out the old high, and may be on the verge of finding support. Thinks it will hold, based on fundamentals. Likes the themes of power, engineering, infrastructure. Yield is 2.70%.

Doing better now with fee-for-service contracts, rather than legacy fixed-price ones. Takes volatility out of the earnings. Infrastructure spending is increasing dramatically in Canada and, particularly, in Ontario.