Comparing Bird to AeconConclusion 1: EBITDA margins are increasing substantially for Aecon but also for Bird. This means there is less competition as their backlogs are very large. In my opinion, there will be a gradual valuation to EBITDA multiple adjustment in the next few quarters.
Conclusion 2: Bird is undervalued yet Bird valuation is higher than Aecon's while EBITDA of Bird is expected below 200m for 2024 to compare to Aecon's 375m in the last 12 months and123m EBITDA excluding LSTKs last Q.