North American Construction Group Ltd
TSX:NOA

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North American Construction Group Ltd
TSX:NOA
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Price: 18.5 CAD -0.7% Market Closed
Market Cap: CA$537.8m

EV/EBITDA

3.6
Current
18%
Cheaper
vs 3-y average of 4.3

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
3.6
=
Enterprise Value
CA$1.2B
/
EBITDA
CA$327.2m

Enterprise Value to EBITDA (EV/EBITDA) ratio compares a company`s total enterprise value to its earnings before interest, taxes, depreciation, and amortization. It shows how much investors are paying for each dollar of the company`s earnings, including both equity and debt.

EV/EBITDA
3.6
=
Enterprise Value
CA$1.2B
/
EBITDA
CA$327.2m

Valuation Scenarios

North American Construction Group Ltd is trading below its 3-year average

If EV/EBITDA returns to its 3-Year Average (4.3), the stock would be worth CA$22.48 (22% upside from current price).

Statistics
Positive Scenarios
4/4
Maximum Downside
No Downside Scenarios
Maximum Upside
+185%
Average Upside
71%
Scenario EV/EBITDA Value Implied Price Upside/Downside
Current Multiple 3.6 CA$18.5
0%
3-Year Average 4.3 CA$22.48
+22%
5-Year Average 4.8 CA$24.78
+34%
Industry Average 5.1 CA$26.5
+43%
Country Average 10.2 CA$52.79
+185%

Forward EV/EBITDA
Today’s price vs future ebitda

Today's Enterprise Value EBITDA Forward EV/EBITDA
CA$1.2B
/
Jan 2026
CA$327.2m
=
3.6
Current
CA$1.2B
/
Dec 2026
CA$392.3m
=
3
Forward
CA$1.2B
/
Dec 2027
CA$425.3m
=
2.8
Forward
CA$1.2B
/
Dec 2028
CA$436.9m
=
2.7
Forward

Forward EV/EBITDA shows whether today’s EV/EBITDA still looks high or low once future ebitda are taken into account.

Peer Comparison

All Multiples
EV/EBITDA
P/E
All Countries
Close
Market Cap EV/EBITDA P/E
CA
North American Construction Group Ltd
TSX:NOA
517.1m CAD 3.6 15.3
US
Schlumberger NV
NYSE:SLB
81.3B USD 10.5 24.1
US
Baker Hughes Co
NASDAQ:BKR
61.7B USD 13 23.9
US
Halliburton Co
NYSE:HAL
32.7B USD 8.9 25.5
LU
Tenaris SA
MIL:TEN
26.1B EUR 9.7 16
UK
TechnipFMC PLC
NYSE:FTI
28.9B USD 15.3 30.1
CN
Yantai Jereh Oilfield Services Group Co Ltd
SZSE:002353
119.9B CNY 34.5 44.6
UK
Subsea 7 SA
OSE:SUBC
86.6B NOK 6.5 23.6
IT
Saipem SpA
MIL:SPM
7.6B EUR 4.5 26.4
FR
Technip Energies NV
PAR:TE
7.1B EUR 8.8 19.5
CN
Sinopec Oilfield Service Corp
SSE:600871
51.4B CNY 39.4 76.8

Market Distribution

Lower than 90% of companies in Canada
Percentile
10th
Based on 2 002 companies
10th percentile
3.6
Low
0 — 7
Typical Range
7 — 14.5
High
14.5 —
Distribution Statistics
Canada
Min 0
30th Percentile 7
Median 10.2
70th Percentile 14.5
Max 13 731.1

North American Construction Group Ltd
Glance View

Market Cap
537.8m CAD
Industry
N/A

North American Construction Group Ltd. engages in providing mining and heavy construction services. The company is headquartered in Acheson, Alberta and currently employs 197 full-time employees. The company went IPO on 2006-11-22. The firm's operating divisions include Heavy Construction and Mining and Equipment Maintenance Services. The Heavy Construction and Mining division is engaged in hard rock and oil sands mining, overburden removal, mine site development, and mine reclamation. This division also provides constructability design reviews, budgetary cost estimates, and a range of planning and scheduling services. The Equipment Maintenance Services division offers maintenance procedures on-site, as well as in its multiple shop facilities. The company provides various services, including constructability reviews, budgetary cost estimates, design-build construction, portable steaming, equipment inspections and onsite haul truck brake testing, among others.

NOA Intrinsic Value
44.51 CAD
Undervaluation 58%
Intrinsic Value
Price CA$18.5
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