BDGI.TO (BDGI) Fair Value & Analysis
Industrials · CA · Market cap C$3.2B (≈ $2.3B) · ISIN CA0565331026
What is BDGI.TO really worth?
A solid business, but trading 182% above our fair value of C$29.36.
Strengths
Risks
For context
Fair value as of: Aug 13, 2026
From 24 valuation models · updated 22 days ago
Share price −12.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (C$46.13). The favourable scenario is already priced in.
- The model range is unusually wide (C$12.49 to C$46.13). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range C$22.91 – C$98.37 · fair‑value band C$12.49 – C$46.13 · the C$82.92 price screens above the C$29.36 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
BDGI.TO (BDGI) currently trades at C$82.92, while our model-based Fair Value estimate is C$29.36, implying the stock looks roughly 182.4% overvalued today. The Quality Score stands at 55/100 (solid quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of C$35.49 per share, and 0 of the 24 models we run sit above the C$82.92 price. Bear case: the Asset-Based group reads lowest at C$5.88, and 24 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, BDGI.TO generated revenue of C$862M at a net margin of 6.6%. Revenue grew 17.7% year over year. It earns a return on equity of 20.9%. Net debt stands at C$253M. Fundamentals as of Aug 13, 2026
Our scenario range runs from C$12.49 (bear case) to C$46.13 (bull case); at C$82.92, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 9% below its 52-week high and 89% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at −65%, BDGI screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly C$1.21 per share, which is 4.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: Growth Earnings (C$35.49) versus Asset-Based (C$5.88). Highest evidence: FCF DCF (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 66
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Badger Infrastructure Solutions Ltd. provides non-destructive excavating and related services to utilities, industrial, construction, transportation, and other industries in Canada and the United States. It offers Badger Hydrovac for use in safe excavations around critical infrastructure and in congested underground conditions.
Full company description
Badger Infrastructure Solutions Ltd. provides non-destructive excavating and related services to utilities, industrial, construction, transportation, and other industries in Canada and the United States. It offers Badger Hydrovac for use in safe excavations around critical infrastructure and in congested underground conditions. The company also provides hydrovac services, such as anode installations, daylighting, debris removal, pipelines, potholing, power distribution, service pits, shoring installations, tank cleanouts, trenching, and utility pole holes; and electromagnetic locating, GPS data collection, infrastructure mapping, depth of cover surveys, 4-way sweeps and passive scans, daylight reports, CAD drawings and GIS exports, and watch and protect inspections services. In addition, it offers sewer services, including air testing, CCTV inspections, flushing and cleaning, laser profiling, mainline to lateral inspections, Mandrel testing, reaming and concrete removal, sewer and main line locating, and smoke testing; and disaster response services related to large scale natural disasters comprising hurricanes, floods, and large-scale fires. The company was formerly known as Badger Daylighting Ltd. and changed its name to Badger Infrastructure Solutions Ltd. in May 2021. Badger Infrastructure Solutions Ltd. was founded in 1992 and is headquartered in Calgary, Canada.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
BDGI.TO reported revenue of $846M in FY2025 versus $450M in FY2021, a compound +17.1%/yr. Reported net income was $60.3M in FY2025.
of which total revenue +11.1 % · buybacks/dilution +0.9 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
BDGI screens 182% overvalued. Compare with Quanta Services, Inc →
Peer Group
Engineering & Construction · 816 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Engineering & Construction median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Quanta Services, Inc PWR | $620.06 | $143.92 | −77% |
| Vinci SA DG | €114.35 | €185.62 | +62% |
| Comfort Systems USA, Inc FIX | $1,615 | $519.97 | −68% |
| Larsen & Toubro Limited LT | ₹4,072 | ₹2,196 | −46% |
| Ferrovial N.V FER | €57.28 | €19.17 | −67% |
| HOCHTIEF Aktiengesellschaft HOT | €426.40 | €203.87 | −52% |
| Samsung C&T Corporation 028260 | 373,000 KRW | 261,411 KRW | −30% |
| EMCOR Group EME | $775.04 | $549.47 | −29% |
| MasTec, Inc MTZ | $241.00 | $100.00 | −59% |
| Bouygues SA EN | €46.65 | €65.67 | +41% |
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