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
Research
ADF Group:
Research Note
November 8, 2024
ADF Group:
Research Flash
September 24, 2024
ADF Group:
Research Note
September 12, 2024
ADF Group:
Research Note
August 12, 2024
ADF Group:
Management Interview
July 10, 2024
ADF Group:
Research Note
June 11, 2024
ADF Group:
Research Note
May 28, 2024
ADF Group:
Research Note
April 11, 2024
ADF Group:
Research Flash
April 4, 2024
ADF Group:
Research Note
February 27, 2024
ADF Group:
Management Interview
February 15, 2024
ADF Group:
Research Note
December 11, 2023
ADF Group:
Research Note
December 7, 2023
ADF Group:
Initiation Report
October 16, 2023