Keith RichardsBird ConstructionBDT.TOCOMMENTOct 20, 2026

It has done very well and has had such a big move that expectations are high for the next quarter which could have a negative effect on the stock. However we continue to see the infrastructure build-out and increasing margins. The huge tailwinds should continue for years with nuclear power generation as well as power in general along with AI data canters and federal government infrastructure projects.

Engineering, procurement, construction (EPC). Excellent exposure to industrials, oil sands, mining, energy. Data centre buildings. Utilities and civil buildings are its infrastructure focus. Nuclear exposure. Do you want exposure to these areas? Absolutely yes.

Massive increase (80%) in backlog has turbocharged the stock. You want to see consistent revenue growth, but also a backlog of projects to replace that revenue. Backlog has potential for significant EBITDA margin expansion. Recently earned investment-grade rating.

Pretty expensive, don't add here. Wait for at least a 10% pullback before legging in. Great business. Rapid transformation, up 191% YTD.

Fantastic run. He'd be inclined to take some profits, and perhaps move back to the engineering sector (it's had almost a SaaSpocalypse). You could look at a name like WSP or ATRL.

He liked the growing backlog in January at 40% per year and problems with fixed contracts coming off the books. They also indicated a clear path to expand their margins. Business has become better and happening faster with much more room for growth. He is bullish on the Build Canada theme and the urgency to get things done with the recent tariff troubles. Red tape is dropping.

One of the strongest-performing Canadian stocks this year. Recent pullback. Question now is whether a lot of the optimism is already reflected in the price. Record backlog continues, winning large infrastructure projects. Management's executed exceptionally well. About 9% upside potential from here.

Most interesting angle is AI. Bell chose BDT as its preferred construction partner for a multi-year Canadian data centre buildout. Fundamentally, a great business. To enter, wait for a pullback. If you own, take some profits. Don't chase aggressively here.

Margins are thinner in construction companies, so he typically doesn't buy in. With thinner margins, or cost overruns, easy to miss on a quarter. Great spot right now, stock's doing extremely well. Company's bigger than it was. Scrutinize the valuation. In the sector, hard assets seem to be a better bet than software-related services.

Many tailwinds: AI data centre builds, EVs, renewables and nuclear power. Their order backlog is growing. Shares are sharply higher, and so is their PE. Needs to see a pullback and consolidation before moving higher.

(Note the short timeframe.)  Very bullish. Just because it's up 100%, doesn't mean it's time to sell. Exceptional backlog growth, margin expansion. Guidance is actually very conservative. Huge opportunity for data centres. Participating in Ring of Fire, which he's bullish on. More room to run over next several years.

Will likely move higher given LNG terminal expansions, renewable projects and more defence spending. They just scored a deal to build Bell Canada's data centres.

On fire. A bit technically overbought. The $11B backlog is great. Data centre contract with BCE. Multiple's not expensive at 16x 2027 PE for 30% growth. Trades at a higher multiple than WSP and ATRL, as it's riskier. Try to get it cheaper.

Sentiment is the reverse for WSP and ATRL. Fears of AI disruption curtailing growth. Both look meritorious at these levels. He models 17% growth for ATRL at 14x PE. WSP models 17% growth at 12.5x PE. These 2 are more of a Buy, wouldn't sell.

The chart of 2024-5 was rangebound, then broke out. It's overbought now after a break out.

It has a high valuation with free cash flow of $1.30. The construction business is volatile and backlogs can change with a slowdown. They say their margins are going up 80% next year but margins are 67% in the industry in general so he is not betting on outsized margins.

Very bullish, despite stock runup. He wouldn't be trimming or selling aggressively.

Big backlog. Clear path to margin expansion. Directly exposed to Build Canada theme. Multi-year visibility for business to grow organically at fast pace. Strategic acquisitions. Top management.

Federal government and infrastructure are the keys here. Small cap, not a lot of eyeballs on it. He likes to get in early. It can grow on its own merits and organically to become a large-cap stock. 

Over 75% of combined backlog is in a collaborative model. Moved from cyclical contractor to a more diversified infrastructure platform. Recently announced combined backlog of $10B -- multi-year revenue visibility. Should see steadier revenue and profitability growth. Up this year, but long road to go. 

Pays dividend monthly. If FCF grows as he expects, dividend should grow. Yield is 1.87%.