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Bullboard - Stock Discussion Forum
Aecon Group Inc
T.ARE
Alternate Symbol(s):
AEGXF
Industrials
Conglomerates
Aecon Group Inc. is a Canada-based construction and infrastructure development company. The Company delivers integrated solutions to private and public sector clients throughout Canada and other countries. It operates through two segments within the infrastructure development industry: Construction and Concessions. Its Construction segment includes all aspects of the construction of both public...
and private infrastructure, primarily in Canada, and internationally and focuses primarily on the civil infrastructure, urban transportation solutions, nuclear power infrastructure, utility infrastructure and industrial infrastructure. Its Concessions segment include the development, financing, build and operation of construction projects primarily by way of public-private partnership contract structures, as well as integrating the services of all project participants. The Company’s projects include Annacis Water Supply Tunnel, Bell Canada Gigabit Fiber Service, Finch West LRT, and others.
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(65)
•••
Meesha1
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Comment by
Meesha1
on Oct 25, 2023 3:46pm
RE:RE:RE:Meesha - It is a sale of the utilities br. for the US market
I know. Please re-read my Oct 13 post. I still beleive everything I wrote. Its a $20+ stock. The Oaktree transaction is so one-sided that I'm betting that have negative news coming withn earnings.
...more
(52)
•••
Alexcanada
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Comment by
Alexcanada
on Oct 25, 2023 12:40pm
RE:RE:RE:Meesha - It is a sale of the utilities br. for the US market
and we are pocketing 7% dividend along the way (which was never reduced in the last decade)... For me, this means that I will continue to add to my holding on any signs of fear, market turmoil,
...more
(216)
•••
Gabriel
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Comment by
Gabriel
on Oct 25, 2023 10:28am
RE:RE:Meesha - It is a sale of the utilities br. for the US market
Aka Fairfax, Aecon is selling fo 150m: 27.5% of a subsidiary with a TTM revenue and EBITDA of 931m and 80.3m, corresponding to an EBITDA of 0.275*80.3m = 22m. Close to 7X TTM EBITDA. The market is
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(216)
•••
Gabriel
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Comment by
Gabriel
on Oct 25, 2023 10:06am
RE:RE:Aecon valuation
The multiples are on this link: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/vebitda.html The Excel sheet with detailed ratios of all firms assessed is provided on a link top left
...more
(216)
•••
Gabriel
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Comment by
Gabriel
on Oct 25, 2023 10:05am
RE:Aecon valuation
The average EV/EBITDA of 43 Eng'g and Construction Firms is 13.17 per Professor Damodoran (NYU Stern) per the link below and all the data of all corporations analyzed. That of Aecon has hovered
...more
(84)
•••
itsalie
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Comment by
itsalie
on Oct 25, 2023 9:53am
RE:RE:RE:RE:RE:Some thoughts on today's transaction
Take out is fine, but if BAM suddenly owns 30-40% of outstanding shares its not great imho. Volume dries up, managment doesn't care about stock price.
(65)
•••
Meesha1
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Comment by
Meesha1
on Oct 24, 2023 10:26pm
RE:Meesha - It is a sale of the utilities br. for the US market
Again, I think the stock is cheap. Its just that this transaction reeks of desperation. The conversion price is 9.0x - 9.3x based on a trailing 12 month EBITDA. As years pass and EBITDA grows, the
...more
(145)
•••
JayBanks
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Comment by
JayBanks
on Oct 24, 2023 9:51pm
RE:RE:RE:RE:Some thoughts on today's transaction
How is a BAM takeover bad? We may get bought out for a premium, maybe they give us BAM shares which isn't the worst thing in the world or just cold hard cash. If they take us out we get
...more
(216)
•••
Gabriel
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Comment by
Gabriel
on Oct 24, 2023 9:29pm
RE:Meesha - It is a sale of the utilities br. for the US market
Really... He concludes that the market is now valuing the construction business with a 4.8B TTM revenue *(vs 931m TTM for utilities) including 6B in backlog
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(216)
•••
Gabriel
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Post by
Gabriel
on Oct 24, 2023 9:16pm
Meesha - It is a sale of the utilities br. for the US market
I am not a CPA or CFA but in the infrastructure engineering and economics business. Could it be that I and other analysts have it wrong? The understanding is that it is ultimately a sale at the
...more
(216)
•••
Gabriel
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Comment by
Gabriel
on Oct 24, 2023 8:31pm
RE:RE:Other Analyst Comments
1,8B not 1.6B.
(216)
•••
Gabriel
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Comment by
Gabriel
on Oct 24, 2023 8:29pm
RE:Other Analyst Comments
The LSTK tree is hiding a forest. 1. The 4 LSTKs represent less than 10% of the backlog; 2. The Aecon claims are legitimate and "substantial" amounts are negotiated for 2 of them; 3. The
...more
(65)
•••
Meesha1
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Post by
Meesha1
on Oct 24, 2023 4:47pm
Other Analyst Comments
TD was positive on the transaction but kept their target price of $11.50 unchaged. Stifel’s Ian Gillies trimmed his target to $12 from $13 with a “hold” rating. “The company intends to use its
...more
(84)
•••
itsalie
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Comment by
itsalie
on Oct 24, 2023 4:10pm
RE:RE:RE:Some thoughts on today's transaction
If Bam becomes a majority shareholder it's bad news for shareholders.
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