RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Comparing Bird to Aecon Black and MacDonald is a good private company with lots of talent and it is likely the MacDonalds would agree to sell against an ownership in the larger entity and possibly two board seats. They have nicely grown the business for over 100 years and it is likely their interests would safely grow in a more robust fashion in a larger, stronger entity while they play a role in its growth.
Our currency (stock price) is however exceptionally weak, and in my opinion, this is a great opporunity to use our cash now to acquire our own stock, at these weak levels, automatically increasing our earnings per share and reducing the amount of shareholders to which we pay dividends.
There are lots of projects in the pipeline about to be tendered and we should also invest in acquiring, preserving amd building talent, build strong digital 3D know-how to optimize our understanding of the bid documents and immediately start our digital contract management including claims management so variation orders are immediately documented with strong evidence and approved ASAP because of their transparency, clarity in accordance with contractual requirements to swiftly inform of our intent to claim.
These are areas where I would invest : 1) NCIB/buyback; 2) Talent and training, 3) Systems for contract management.
In parallel we need to secure a 500M EBITDA per year and reduce its volaptity ahead. With 50m shares post NCIB, we would be safely stirring this ship to 80$ per share (8*500m/50m).