For your consideration: Bird Construction has soared like a tech stock lately, but it’s as old school as they get

For your consideration: Bird Construction has soared like a tech stock lately, but it’s as old school as they getBird is the kind of company that can make seasoned value investors nervous. Its share price has more than doubled since last summer. But it’s no flash in the pan.

In recent decades, however, the big picture got muddier. Bird was an income trust from 2006 to 2011, paying out much of its earnings in distributions to investors. The company did a fair amount of work in Alberta’s oil sands, which were pounded by the 2015-16 petroleum downturn. Bird also participated in several public-private partnerships, which were hot vehicles for contractors in the early 2010s, but Bird transitioned away from using them in complex projects in 2019.

McKibbon’s long background in construction should also soothe investors. He’s been in the business since 1982, first with George Wimpey Canada, then 21 years with rival Aecon Group before he joined Bird in 2017, assuming the top job two years later. Assignments are getting larger, too, but Bird isn’t flashy. It’s not a lead contractor on megaprojects such as Toronto’s Pearson Airport or Ontario’s highway 407. Among the recent initiatives McKibbon is proud of is work on the new LNG Canada and Woodfibre LNG export terminals in British Columbia; 50 schools across Western Canada; and the proposed east harbour transit hub in Toronto.

Source: Education Headlines (educationheadlines.net)

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