ADF Group Inc. (DRX:TSX)

  • ADF is entering a multi-year growth phase due to major tailwinds in infrastructure spending and non-residential construction.

  • ADF spent the last two years adding a robotic fabrication line to its Terrebonne, Quebec facility, which has significantly expanded margins.

  • The Company has largely improved its balance sheet over the last year.

  • ADF currently trades at 3x FY25E EBITDA compared to steel fabricators at 9x and Canadian industrials at 14x.

Investment Summary

ADF Group is a North American leader in the design, engineering, fabrication, and installation of complex steel structures, heavy steel built-ups, as well as in architectural metals for the non-residential infrastructure sector. ADF is one of the few players capable of handling highly technically complex mega projects on fast-track schedules in the commercial, industrial and public sectors. The Company operates two fabrication plants and two paint shops (in Canada and the U.S.).

Company Description

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November 8, 2024

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September 24, 2024

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September 12, 2024

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August 12, 2024

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April 11, 2024

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February 27, 2024

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December 11, 2023

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December 7, 2023