Aecon Group Inc T.ARE

Alternate Symbol(s): AEGXF

Industrials Engineering & Construction

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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Aecon Group Inc > Raymond James

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Comment by Gabrielon Dec 28, 2023 6:53pm

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Post# 35803327

RE:RE:RE:RE:RE:Raymond James

Good post, thank you for posting. What's not to like:

1. Cash above 400m equating to 6.5$ per share.
2. Concessions valued at 285m or 4,5$ per share based on recent sale of stake in the Bermuda airport concession and the rest ar book value.
3. Nuclear with 700m revenue and approx 100m EBITDA which should be valued at 700m or 11.5$ per share.
4. EBITDA last Q3 of about 123.1m excluding LSTKs or 371.2 TTM which puts the value based on 6x at 36$ per share ? We traded at an average of 5.7x last 10 years but we're more cost-effective today.
5. An EBITDA margin up from 5-6% to 9.7% in Q2 and 11.6% in Q3. Their business model is a Dell.

Gabriel

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They started in video game investing, now they serve high net worth traders