Re-Upgrading to Outperform; Data Center Opportunity Changes the Game

Research evidence excerpt

Re-Upgrading to Outperform; Data Center Opportunity Changes the Game

May 14, 2026 | 19:36 ET~

Bird Construction

BDT-TSX Rating ↑ Price: May-14 Target ↑ Total Rtn Industrials

Outperform $51.09 $60.00 19%

John Gibson, CFA Analyst

johng.gibson@bmo.com (403) 515-1527

Owen Clark, CFA Associate

Re-Upgrading to Outperform; Data Center owen.clark@bmo.com (368) 338-6483

Legal Entity: BMO Nesbitt Burns Inc.Opportunity Changes the Game

2YR Price Volume Chart

Bottom Line: 60

One day after downgrading BDT to Market Perform on the back of its strong run 50

and multiple lift, we are re-upgrading the shares to Outperform. While we were 40

incorporating a level of data center wins, the long-term partnership with Bell 2

30 1.5

(announced pre-market) provides an extra layer of growth moving forward. Our 1

updated numbers continue to incorporate mid-teens revenue growth in 2026, followed 0.5

by a ~25% increase in 2027 (now at the guidance midpoint from the low end prior). Our 10 Nov May Nov May 0

$60 target price ($55 prior) continues to reflect 9.5x 2027E EV/EBITDA. LHS: Price (C$) / RHS: Volume (mm) Source: FactSet

Company Data in C$

Key Points Dividend $0.84 Shares O/S (mm) 55.4

Yield 1.6% Market Cap (mm) $2,829

• Initial Bell Project Win Adds Margin Support. In March, BCE announced plans

for a 300 MW data centre in Sherwood, Saskatchewan with roughly $1.3 billion AD Vol. (mm) 0.72 Net Debt (mm) $226

of net capital investment (click here). Although the magnitude of BDT’s award BMO Estimates in C$

was not disclosed, we believe the project should generate positive incremental (FY-Dec.) 2025A 2026E 2027E

margins, reinforcing the base portfolio’s trajectory toward the company’s 2027 EPS (Adjusted) $1.98 $2.47 $3.64↑

revenue ($4.6-5.1B) and EBITDA margin (8%) targets.

Adj.