Bird Construction Inc. (BDT.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-53.5%

CA$32.72

vs CA$70.30 price

Levered DCF

CA$39.46

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.54

Safe zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	33.16×	14.16×	10.66×	8.73×	12.28×	10×	32.5×	-256.72×
P/B	3.66×	3.3×	2.36×	1.6×	2.15×	1.71×	2.38×	1.91×
P/S	0.47×	0.42×	0.27×	0.18×	0.24×	0.24×	0.22×	0.19×
EV / EBITDA	10.51×	8.1×	5.98×	3.72×	4.57×	3.27×	10.01×	14.42×
Gross margin	9.0%	9.7%	8.6%	8.5%	9.3%	9.8%	5.2%	4.2%
Operating margin	2.1%	4.3%	3.6%	2.8%	2.9%	3.7%	1.1%	0.0%
Net margin	1.4%	2.9%	2.6%	2.1%	1.9%	2.4%	0.7%	-0.1%
Current ratio	1.26×	1.27×	1.26×	1.24×	1.21×	1.19×	1.12×	1.15×
Debt / equity	0.76×	0.61×	0.47×	0.54×	0.65×	0.71×	1.23×	0.31×
Interest coverage	3.33×	8.22×	8.44×	7.27×	8.4×	6.75×	2.72×	0.16×
Dividend yield	2.9%	2.1%	3.0%	4.8%	4.0%	4.9%	5.5%	6.4%
Payout ratio	98.1%	30.0%	31.5%	42.0%	48.5%	48.8%	174.8%	-1636.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.0%	23.3%	22.2%	18.3%	17.6%	17.0%	7.4%	-0.7%
Return on invested capital	6.0%	13.6%	14.4%	10.6%	10.7%	10.0%	3.9%	0.1%
Return on assets	2.6%	5.5%	5.0%	4.1%	3.8%	3.4%	1.1%	-0.2%
Free cash flow yield	5.4%	6.8%	8.0%	6.3%	5.0%	33.2%	-16.4%	34.7%
Earnings yield	3.0%	7.0%	9.4%	11.4%	8.2%	10.0%	3.1%	-0.4%
Enterprise value	CA$1.7B	CA$1.5B	CA$736.2M	CA$409.7M	CA$490.8M	CA$301.6M	CA$280.8M	CA$142.7M
Net debt / EBITDA	0.97×	0.45×	-0.21×	-0.24×	-0.3×	-0.66×	-0.83×	-11.84×
Cash conversion cycle (days)	30	36	34	22	15	6	19	-9