CFRA Pt 2QUANTITATIVE STOCK REPORT | April 28, 2024 | TSX : ARE Aecon Group Inc.
Recommendation [as of April 26, 2024]: BUY Risk Evaluation: MODERATE Price: 17.05 (Apr 26, 2024 close)
Trading Currency: CAD Country: Canada
Key Profitability Ratios 2019 2020 2021 2022 2023 LTM % Operating Margin 2.6 1.4 1.7 1.5 -0.0 0.0 Peer Average 5.4 5.2 5.0 4.6 4.4 4.5 % Net Margin 2.1 2.4 1.2 0.6 3.5 3.8 Peer Average 5.9 1.6 3.1 2.0 -2.1 -2.2 % Return on Capital 3.7 2.1 2.5 2.5 -0.0 0.1 Peer Average 5.5 5.3 5.4 5.1 5.2 5.2 % Cash Flow to Sales 5.7 7.5 -0.8 -2.4 1.1 NA Peer Average 1.5 8.4 6.2 -4.3 4.3 NA Key Valuation Ratios 2019 2020 2021 2022 2023 Current Fwrd P/E - High 18.0 14.1 28.6 38.6 6.7 18.8 Fwrd P/E - Low 11.0 8.4 17.1 20.1 4.0 11.8 Peer Average 12.0 18.2 35.1 33.8 47.8 45.8 Avg EV/EBITDA 3.4 10.6 7.7 7.3 9.1 5.5 Peer Average 36.6 54.1 76.1 62.9 54.4 49.5 Avg Price to Sales NM NM NM NM NM NM Peer Average 0.9 0.5 0.9 0.4 0.2 0.4 Avg Price to Book 0.9 0.7 1.1 0.6 0.5 0.6 Peer Average 1.2 1.2 1.5 1.3 1.4 7.2 EPS Per Share and Revenues [Millions CAD, except per share] Fiscal year ends Dec 31 EPS Quarterly - Actual & Estimated Q2'23 Q3'23 Q4'23 Q1'24 Q2'24E %Yr.-Yr. Chg. 480 262.2 -42.3 33.3 -60.3 % Surprise -2.9 281 -44.7 47.1 - No. of Analysts 8 9 8 9 10 EPS Annual - Actual & Estimated 2021 2022 2023 2024E 2025E %Yr.-Yr. Chg. -37.3 -42.2 347.8 -56.1 49.9 No. of Analysts 13 13 8 11 11 Revenues Quarterly - Actual & Estimated Q2'23 Q3'23 Q4'23 Q1'24 Q2'24E %Yr.-Yr. Chg. 3.9 -6.1 -10.8 -23.5 -9 No. of Analysts 8 9 9 9 7 Revenues Annual - Actual & Estimated 2021 2022 2023 2024E 2025E %Yr.-Yr. Chg. 9.2 18.1 -1.1 -6.1 6.7 No. of Analysts 13 12 12 12 13 Source: S&P Global Market Intelligence Note: EPS & Revenues in graphs above may represent analyst-adjusted actuals and estimates and therefore may not match numbers in the financial data presentation below. Income Statement, Cash Flow and Balance Sheet Data (Millions CAD, except per share) Fiscal Year Ending: Dec. 31 . 2016 2017 2018 2019 2020 2021 2022 2023 Revenue 3,213 2,806 3,266 3,460 3,644 3,977 4,696 4,644 Operating Income 76.9 38.0 74.8 90.0 52.6 66.9 69.8 -0.4 Net Income 46.8 28.2 59.0 72.9 88.0 49.7 30.4 161.9 Operating Cash Flow 27 197 369 196 273 -31 -114 51 Capital Expenditures 33.1 37.3 47.4 41.8 37.7 35.4 32.7 18.5 Earnings Per Share 0.78 0.48 0.95 1.12 1.29 0.81 0.47 2.10 Dividends Per Share 0.46 0.50 0.50 0.58 0.64 0.70 0.74 0.74 Dividend Payout Ratio 59% 104% 53% 52% 49% 86% 157% 35% Free Cash Flow Per Share -0.18 0.47 2.08 -0.13 1.76 -0.99 -2.40 0.33 Cash and Short Term Investments 232 305 631 682 658 533 377 646 Long Term Debt 251 370 544 530 528 579 378 181 Total Debt 310 675 646 736 728 780 909 418 Common Equity 754 756 825 858 874 914 954 1,064