Stock ARE AECON GROUP INC.
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Financials Aecon Group Inc.

Equities

ARE

CA00762V1094

Construction & Engineering

Market Closed - Toronto S.E.
Other stock markets
 03:59:59 2024-04-26 pm EDT 		5-day change 1st Jan Change
17.06 CAD -0.29% Intraday chart for Aecon Group Inc. +0.12% +30.53%
Apr. 26 Aecon Group Maintained at Hold at Stifel GMP Following Q! Results; Price Target Raised to C$18.25 MT
Apr. 26 Aecon Group Price Target Raised to $16 at RBC MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,061 979.6 1,018 555.8 807.6 1,062 - -
Enterprise Value (EV) 1 749 1,049 1,265 1,088 580 1,241 1,204 1,062
P/E ratio 15.6 x 12.7 x 21.6 x 19.4 x 6.22 x 19.4 x 11.5 x -
Yield 3.31% 3.91% 4.15% 8.12% 5.66% 4.46% 4.57% -
Capitalization / Revenue 0.31 x 0.27 x 0.26 x 0.12 x 0.17 x 0.24 x 0.23 x 0.24 x
EV / Revenue 0.22 x 0.29 x 0.32 x 0.23 x 0.12 x 0.28 x 0.26 x 0.24 x
EV / EBITDA 3.27 x 3.97 x 5.3 x 4.96 x 4.04 x 5.16 x 4.07 x 3.49 x
EV / FCF 4.78 x 4.46 x -18.9 x -7.47 x 17.8 x -33.5 x 9.7 x -
FCF Yield 20.9% 22.4% -5.28% -13.4% 5.61% -2.98% 10.3% -
Price to Book 1.24 x 1.13 x 1.36 x 0.61 x 0.76 x 0.97 x 0.93 x -
Nbr of stocks (in thousands) 60,570 59,880 60,321 61,012 61,787 62,266 - -
Reference price 2 17.52 16.36 16.88 9.110 13.07 17.05 17.05 17.05
Announcement Date 3/3/20 2/25/21 3/1/22 2/28/23 3/5/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,460 3,644 3,977 4,696 4,644 4,359 4,653 4,435
EBITDA 1 228.9 264.5 238.9 219.2 143.4 240.4 295.8 304
EBIT 1 114.3 149.9 118.8 97.15 240.9 114.1 191.9 174.4
Operating Margin 3.3% 4.11% 2.99% 2.07% 5.19% 2.62% 4.12% 3.93%
Earnings before Tax (EBT) - 124 - - - - - -
Net income 1 72.85 88.03 49.68 30.38 161.9 64.6 114.9 -
Net margin 2.11% 2.42% 1.25% 0.65% 3.49% 1.48% 2.47% -
EPS 2 1.120 1.290 0.7800 0.4700 2.100 0.8800 1.476 -
Free Cash Flow 1 156.6 235.2 -66.79 -145.6 32.56 -37 124.1 -
FCF margin 4.53% 6.46% -1.68% -3.1% 0.7% -0.85% 2.67% -
FCF Conversion (EBITDA) 68.42% 88.93% - - 22.7% - 41.94% -
FCF Conversion (Net income) 214.98% 267.21% - - 20.11% - 107.99% -
Dividend per Share 2 0.5800 0.6400 0.7000 0.7400 0.7400 0.7600 0.7800 -
Announcement Date 3/3/20 2/25/21 3/1/22 2/28/23 3/5/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 1,089 985.9 1,123 1,321 1,267 1,107 1,167 1,240 1,130 846.6 1,062 1,243 1,163 977.3 1,146
EBITDA 1 61.3 20.6 38.5 92.6 67.5 24.6 16.7 32 70.2 32.9 53.14 85.32 74.32 34.36 73.13
EBIT 1 30.74 -9.635 14.9 68.8 40.69 5.594 55.64 140.1 39.57 -4.181 24.6 50.5 38.2 10.05 54.9
Operating Margin 2.82% -0.98% 1.33% 5.21% 3.21% 0.51% 4.77% 11.3% 3.5% -0.49% 2.32% 4.06% 3.29% 1.03% 4.79%
Earnings before Tax (EBT) - - - - - - - - - - - - - - -
Net income 1 12.07 -17.44 -6.351 34.49 19.69 -9.438 28.21 133.4 9.695 -6.117 12.43 36.19 27.33 0.671 30.3
Net margin 1.11% -1.77% -0.57% 2.61% 1.55% -0.85% 2.42% 10.76% 0.86% -0.72% 1.17% 2.91% 2.35% 0.07% 2.65%
EPS 2 0.1900 -0.2900 -0.1000 0.4500 0.2600 -0.1500 0.3800 1.630 0.1500 -0.1000 0.1480 0.4714 0.4100 -0.0760 0.3340
Dividend per Share 0.1750 0.1850 0.1850 0.1850 0.1850 0.1850 0.1850 - - - - - - - -
Announcement Date 3/1/22 4/27/22 7/28/22 10/26/22 2/28/23 4/25/23 7/26/23 10/25/23 3/5/24 4/24/24 - - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 69.8 247 532 - 179 142 -
Net Cash position 1 312 - - - 228 - - -
Leverage (Debt/EBITDA) - 0.2637 x 1.034 x 2.426 x - 0.7445 x 0.4811 x -
Free Cash Flow 1 157 235 -66.8 -146 32.6 -37 124 -
ROE (net income / shareholders' equity) 8.66% 10.2% 5.56% 3.25% 16% 5% 8.4% 9.3%
ROA (Net income/ Total Assets) - 2.75% 1.51% - - 1.4% 2.8% -
Assets 1 - 3,201 3,287 - - 4,614 4,103 -
Book Value Per Share 2 14.10 14.50 12.40 14.90 17.20 17.50 18.30 -
Cash Flow per Share 2.690 3.210 1.340 1.140 0.3200 - - -
Capex 1 41.8 37.7 35.4 32.7 18.5 25.7 25 -
Capex / Sales 1.21% 1.04% 0.89% 0.7% 0.4% 0.59% 0.54% -
Announcement Date 3/3/20 2/25/21 3/1/22 2/28/23 3/5/24 - - -
1CAD in Million2CAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Aecon Group Inc.

Trading Rating
Investor Rating
ESG Refinitiv
B
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
17.05 CAD
Average target price
19.47 CAD
Spread / Average Target
+14.17%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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