$BDT.TO

CIBC Comments on Ontario's Defence Industrial Strategy Framework

Ontario released its Defence Industrial Strategy framework last week, formalizing defense as a priority area of industrial policy, with a 10-year focus on scaling domestic capacity, technology development and supply chains, notes CIBC Capital Markets.The framework remains high-level, with no specific projects or procurement timelines disclosed as yet.For analyst Krista Friesen, the strategy is another supportive data point for Canadian companies that have exposure to defense spending, including the E&C companies within CIBC's coverage.The framework is structured around four pillars. The first pillar, strengthening the domestic industrial base, aims to expand manufacturing capacity and support production across aerospace, energy and related industrial sectors."This points to increased activity tied to facility construction, plant upgrades and industrial site development. For the E&Cs, this represents potential exposure to the build-out of manufacturing and processing facilities tied to defence supply chains, as well as broader infrastructure required to support production," Freisen writes.The second pillar advances emerging and dual-use technologies, including advanced manufacturing, aerospace systems and related R&D infrastructure.The third pillar aims to boost defense exports, while the fourth pillar is focused on integrating supply chains, linking upstream inputs such as critical minerals with downstream manufacturing, assembly and delivery. "This has cross-sector implications, as defence programs increasingly require coordinated multi-tier supply networks. For covered names, this expands the potential scope across project lifecycles, from front-end engineering to construction and commissioning, and ongoing equipment and operational support," the analyst noted.A fourth pillar includes "integrating supply chains, linking upstream inputs such as critical minerals with downstream manufacturing, assembly and delivery".The framework is being introduced alongside higher defense spending commitments, including $81.8 billion of incremental federal investment over five years. Ontario has also outlined potential economic impacts of up to 43,000 jobs and approximately $6.0 billion of incremental GDP by 2035.Price: $82.08, Change: $-0.64, Percent Change: -0.77%

Bird Construction Announces Pricing of Canadian Private Placement of $250 Million Aggregate Principal Amount of Senior Notes

Bird Construction (BDT.TO) has priced a Canadian private placement of 4.397% Canadian dollar denominated senior notes due June 1, 2031 in an aggregate principal amount of $250 million, said the company after markets closed on Wednesday.The company expects to use the net proceeds from the offering to repay all of its outstanding debt under its non-revolving term loan facility, approximately $204 million, and to apply the balance for general corporate purposes, which may include repayment of amounts drawn under revolving credit facilities or funding future acquisitions, it said.The offering is expected to close on June 1, 2026.

Bird Construction Launching Notes Offering to Repay Term Loan

Bird Construction (BDT.TO) is launching a senior notes offering to repay the entirety of its near $204 million debt under a non-revolving term loan facility, the company said on Wednesday.Bird will apply any balance for general corporate purposes, which may include repayment of amounts drawn under revolving credit facilities or funding future acquisitions, a statement added.The Notes will be unsubordinated obligations of Bird.The company will also amend its credit agreement to increase the size of the revolving credit facility from $400 million to $500 million, and extend the maturity date from September 3, 2028 to September 3, 2029. The amendment will also remove the requirement that Bird and the subsidiary guarantors provide security for their respective obligations under the credit agreement for so long as Bird maintains an investment grade rating.Bird Construction shares closed up $1.39, to $60.19 on Tuesday on the Toronto Stock Exchange, leaving it shy of 52 week highs.

CIBC Confirms Outperformer Rating on Bird Construction and Raises Target to $65.00

CIBC Capital Markets maintained its outperformer rating on the shares of Bird Construction (BDT.TO) and raised its price target to C$65.00 from $61.00 after the bank hosted the company for a dinner with its Chief Financial Officer Wayne Gingrich.The bank's key takeaway is that the company's long-term growth outlook continues to improve, supported by increasing visibility on the data-center opportunity, particularly through its strategic partnership with Bell, as well as multiple levers to drive margin expansion above its 8% 2027 target."When combined with the company's self-perform capabilities, growing defense/Arctic opportunity set, and continued M&A optionality, we remain constructive on the name," said analyst Krista Friesen.Price: $59.53, Change: $+0.73, Percent Change: +1.24%

Bird Construction Gets Inaugural Investment Grade Credit Rating

Bird Construction (BDT.TO) announced Thursday that Morningstar DBRS has assigned the company an investment-grade Issuer Rating of BBB (low) with a Stable trend."In assigning the rating, Morningstar DBRS highlighted Bird's solid Canadian market position and diversified sector expertise across Industrial, Buildings, and Infrastructure, supported by high self-perform capabilities, disciplined project selection and risk management, and conservative financial policies. Morningstar DBRS also noted Bird's strong financial risk profile," a statement noted.This inaugural investment-grade credit rating represents an important milestone for Bird and "reflects the strength of our diversified operating model, disciplined financial management, and unwavering focus on risk management", said Teri McKibbon, President and CEO.Bird added it expects an investment-grade rating will enhance access to domestic and international capital markets and support competitive and flexible financing options, while reinforcing the company's commitment to maintaining a conservative balance sheet.Shares in Bird fell $1.08 or 1.8% at $57.60 yesterday.

Bird Construction Receives Inaugural Investment Grade Credit Rating

CIBC Boosts Bird Construction's Price Target to C$61.00 from C$52.00

CIBC Capital Markets maintained its outperformer rating om the shares of Bird Construction (BDT.TO) while raising its price target to C$61.00 from C$52.00 while maintaining its outperformer rating after the company last week released first-quarter results and won a key data-center contractThe higher price target reflects an increase in CIBC's multiple to 9.0x from 8.5x as well as an increase in its estimates to the midpoint of its 2027 guidance range.Bird has been selected as lead construction partner for Bell's 300-megawatt AI data center in Sherwood, Saskatchewan, which is expected to go online in phases starting in the first half of 2027.Bird will also act as Bell's preferred construction partner for a broader and multi-year data center buildout in Canada linked to Bell's "fabric strategy"."From a capabilities standpoint, this award aligns with BDT's strategy of expanding its self-platform offering across mission-critical infrastructure," CIBC said."Management continues to highlight its integrated electrical, mechanical, civil and systems capabilities as a differentiator, particularly on large-scale data center builds where execution certainty and schedule are key considerations," CIBC added.Price: $58.66, Change: $+0.31, Percent Change: +0.53%

Bird Construction Price Target Raised to $72 at TD

TD Securities raised its price target on Bird Construction Inc. (BDT.TO) to $72 from $63 on Tuesday.Analyst Michael Tupholme maintained a Buy rating on shares of the Canadian construction company."While BDT's share price has performer exceptionally well YTD (+100%), we continue to see upside supported by both multiple re-rating and a highly attractive EBITDA growth algorithm," Tupholme said in a note to client."BDT continues to trade at one of the lowest valuations among NA construction peers," the analyst said."Continued award wins in the near-to-med term should improve visibility on BDT's growth across key end markets and support re-rating."(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

Stifel Canada Raises Bird Construction Price Target to $64.00 on New Opportunities

Stifel Canada hiked its price target on the shares of Bird Construction (BDT.TO) by $9.00 to $64.00 and maintained its buy rating.Analyst Ian Gillies says Bird's 2027 is shaping up to be better than expected given the recent data center announcement with BCE (BCE.TO) and further developments for the Ring of Fire in northern Ontario.Gillies is now forecasting 20% organic growth in 2027E. Gillies also believes the company may exceed its2027E EBITDA margin target of 8.0%.The results of these changes is 2027 EBITDA estimate of 9.7% and EPS estimate rising to 20.4%.Price: $58.09, Change: $+7.00, Percent Change: +13.70%

Bird Construction Re-Upgraded to Outperform, Price Target Raised $5, on BCE's Data Centre Opportunity

BMO has re-upgraded Bird Construction (BDT.TO) to outperform, after downgrading the company to market perform earlier this week "on the back of its strong run and multiple lift".The catalyst for the upgrade this time was the May 14 announcement that BCE (BCE.TO) had picked Bird as construction partner for Bell AI Fabric's Sherwood location, analyst John Gibson writes, lifting his price target for Bird shares to $60.00.The BCE announcement "provides an extra layer of growth moving forward" for Bird, he adds."Our updated numbers continue to incorporate mid-teens revenue growth in 2026, followed by a near 25% increase in 2027 (now at the guidance midpoint from the low end prior)."(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $55.97, Change: $+4.88, Percent Change: +9.55%

Bird Construction Downgraded to Market Perform, Price Target Raised to $55.00 at BMO

BMO has downgraded Bird Construction (BDT.TO) to market perform from the previous outperform. The price target on Bird's shares have been raised by $3.00, to $55.00.Analyst John Gibson notes that while Bird reported in-line first-quarter results, with EBITDA margin guidance remaining intact (8% in 2027 vs. 6.5% in 2025), the stock has been "on a tear" to start the year (+75% YTD). Valuation is also moving closer to U.S peers."Given the strong outlook for backlog and margin growth, we continue to view the story in a favorable light, although upside could be moderated given recent gains," he writes.Price: $51.99, Change: $+2.14, Percent Change: +4.29%

Bell Names Construction Partners for 300 MW Saskatchewan AI Fabric Facility; Announces Long-Term Partnership With Bird Construction

Bell Canada (BCE.TO) announced Thursday the next set of development and construction partners for Bell AI Fabric's 300 MW data centre in the Rural Municipality of Sherwood, Saskatchewan, and formalized a long-term partnership with Bird Construction (BDT.TO) to support a multi-year, Canada-wide AI data centre buildout."The Sherwood facility, first announced in March, is a cornerstone of Bell AI Fabric's strategy to deliver sovereign, made-in-Canada AI infrastructure across the country," said the company.Bird Construction has been selected as the lead construction partner for the Sherwood facility, with Alton Tangedal Architect Ltd. as Architect of Record and partners of George Gordon Developments for site services, it added."Canada's AI economy needs world-class digital infrastructure, and we need partners with the scale, discipline and Canadian footprint to build it on time," said Dan Rink, President, Bell AI Infrastructure and Strategy. "The team announced today gives us that foundation in Saskatchewan. With Bird as our preferred construction partner, we are well-positioned to continue to build out critical AI infrastructure for Canada in the years to come."As part of the strategic partnership, Bird will issue Bell warrants to acquire up to around 2.6 million common shares of Bird, with 750,000 warrants vesting on the delivery of the Sherwood facility and the remainder vesting in connection with the delivery of potential future AI data centre projects, as and when delivered by Bird pursuant to the strategic partnership, over a period of five years.The issuance of the warrants is subject to TSX Approval, said the company and added that the warrants will have a term of seven years and an exercise price of $52.00, "equal to the 5-day volume weighted average price of Bird's common shares preceding this announcement," added the company.

Earnings Flash (BDT.TO) Bird Construction Reports Q1 9% Revenue Growth and Record Backlog

Earnings Flash (BDT.TO) Bird Construction Posts Q1 Adjusted EPS C$0.25 per Share, vs. $0.23 a Year Earlier

Bird Construction Price Target Raised to $48 at ATB

ATB Cormark Capital Markets raised its price target on Bird Construction Inc. (BDT.TO) to $48 from $38 on Monday.Analyst Chris Murray maintained an Outperform rating on shares of the Canadian provider of construction services following a recent corporate update with Bird's management, including CEO Teri McKibbon and CFO Wayne Gingrich."Discussion centred around demand conditions across the company's three segments, the margin outlook, capital allocation, and opportunities surrounding AI," Murray said in a note to clients."Management was increasingly bullish on its project pipeline, which continues to benefit from strong, balanced demand across primary end markets, combined with an industry-wide shift toward lower-risk, progressive model contracts," the analyst said."While construction names have rerated in H1/26, a strengthening opportunity set and margin outlook keep us positive on BDT."

Stifel Canada "More Confident" in Bird Construction's Positive Outlook After Investor Meetings

Stifel Canada's Ian Gillies came away from Bird Construction (BDT.TO) investor meetings, "feeling more confident in our positive outlook."Gillies, who is maintaining a buy rating and $55.00 price target on the stock, said Bird's demand outlook "sounds great with a lot of active procurement ongoing (unsurprising)," which would lead to better risk balancing in contract structures, and improve the quality of cash flow.There is still potential valuation upside for Bird as the company's 2027E P/E of 13.4x lags significantly behind the construction peer group of 18.6x and its close Canadian peer Aecon (ARE.TO) at 21.7x. The construction sector is also trading at a 46% higher P/E multiple than its 10Y average of 12.7x while Bird Construction is trading at a 24% higher P/E multiple than its historical average of 10.8x, Gillies adds.Price: $46.32, Change: $+0.56, Percent Change: +1.22%