MODEL VERDICT
North American Construction Group Ltd. (NOA)
Relative Valuation•Peer multiples, competitive benchmarking & quality-adjusted fair value
North American Construction Group Ltd. is currently trading at a 466.35% discount to its peer-implied fair value.
6 curated peers matched by business model, revenue composition, and market position
| Ticker | Company | Market Cap | P/E | EV/EBITDA |
|---|---|---|---|---|
| ROAD | Construction Partners, Inc. | $6.94B | 66.78x | 21.84x |
| PRIM | Primoris Services Corporation | $5.05B | 18.55x | 11.44x |
| MYRG | MYR Group Inc. | $7.44B | 63.47x | 32.28x |
| STRL | Sterling Infrastructure, Inc. | $24.69B | 85.8x | 50.17x |
| GLDD | Great Lakes Dredge & Dock Corporation | $1.14B | 15.74x | 9.34x |
| WLDN | Willdan Group, Inc. | $1.23B | 23.3x | 19.61x |
4 valuation metrics · peer-median based
| Multiple | Current | Peer Median | vs Peers | Implied Price |
|---|---|---|---|---|
| Forward P/EPrice paid for next year's expected earnings. | 6.2x | 30.25x | Discount -79.51% | $66.34 |
| P/EPrice paid for current earnings. | 16.91x | 43.39x | Discount -61.03% | $50.59 |
| EV/EBITDAEnterprise value versus operating cash earnings proxy. | 4.19x | 20.73x | Discount -79.79% | $200.39 |
| P/FCFPrice paid for free cash flow. | 229.89x | 24.72x | Premium +830.1% | $1.46 |
How the model derives the final fair value from peer baselines and quality metrics
Opportunity: The stock is trading at a 82.34% discount to its quality-adjusted fair value of $76.97. To reach its estimated fair value, the stock would need to appreciate by 466.36% from its current price of $13.59.
Quality metrics trail the peer group, warranting a discount.
Quality adjustments are capped at ±15% (up to ±20% for financial services) to prevent runaway premiums. Based on trailing twelve months and multi-year CAGR data where available.
How current multiples rank vs 8 years of the stock’s own history
| Multiple | Current | Historical Median | Percentile | Status |
|---|---|---|---|---|
| P/E8 years of data | 16.91x | 10.87x | 88th | Above historical norm |
| EV/EBITDA8 years of data | 4.19x | 4.84x | 25th | Below historical norm |
| P/FCF5 years of data | 229.89x | 10.02x | 100th | Above historical norm |
North American Construction Group Ltd. currently trades near the highest valuation levels observed during the last 8 years.
Wall Street target prices — 6 analysts
Model-identified caveats to consider
NOA looks cheap versus peers using curated peers, with relative upside of 466.4%.
Answers to common questions about NOA's relative valuation and our methodology.
North American Construction Group Ltd.'s fair value of $76.97 is the price at which the stock would trade if valued at the same multiples as its 6-company peer group, adjusted for differences in business quality. At $13.59, the stock trades at a +466.37% discount to fair value. This is a reference point, not a price target.
The 6 peers shown were selected based on business model similarity, revenue composition, and market position. Each peer was matched for comparable operations, not just industry label. Only companies with clean, usable financial data are included.
North American Construction Group Ltd. has strengths in 3y revenue growth, and challenges in 3y eps growth, roic, fcf margin, net debt / ebitda, and a quality score that warrants a 7.2% discount relative to its peer group. The Quality Adjustment section breaks down each driver.
No. This page provides an automated quantitative comparison of North American Construction Group Ltd. against its peers. It is not investment advice, a recommendation, or a solicitation. Valuation is only one factor in an investment decision — it does not account for growth catalysts, management quality, regulatory risk, or your personal financial situation.
A 466.37% discount is substantial. Large discounts may signal that the market is overlooking value, but they can also reflect genuine business challenges or structural headwinds. Review the Risk Factors and Historical Context sections to assess whether the gap is justified.
Valuation data is refreshed weekly based on the latest financial filings, market prices, and analyst estimates. North American Construction Group Ltd.'s fair value, peer multiples, and quality scores will shift over time as new earnings are reported and stock prices change.
Disclaimer: This page is for informational purposes only and does not constitute financial advice. Fair value estimates are model outputs under stated assumptions and should not be relied upon as the sole basis for any investment decision.