Badger Infrastructure Solutions Ltd (BDGI) Fair Value & Analysis
Industrials · CA · Market cap C$3.2B
Fair value as of: Jul 19, 2026
From 24 valuation models · updated 23 days ago
Fair value updated Jul 19, 2026, revised from C$30.44 to C$29.36 (−3.5%) since Jul 14, 2026. Share price −2.9% over the past month.
A solid business, but screening 67% overvalued on our models.
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 Jul 19, 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$89.17 price screens above the C$29.36 fair value. Dashed = 300-day average. As of Jul 19, 2026.
Analysis
Badger Infrastructure Solutions Ltd (BDGI) currently trades at C$89.17, while our model-based Fair Value estimate is C$29.36, implying the stock looks roughly 67.1% overvalued today. The Quality Score stands at 55/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Badger Infrastructure Solutions Ltd 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 Jul 19, 2026
Our scenario range runs from C$12.49 (bear case) to C$46.13 (bull case); at C$89.17, 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 2% below its 52-week high and 103% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at -67%, BDGI screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.
All 24 models by family
Widest divergence: Growth Earnings (C$35.49) versus Asset-Based (C$5.88). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 54 · Market factors (momentum, volatility) 74
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.
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
Badger Infrastructure Solutions Ltd reported revenue of C$846M in FY2025 versus C$450M in FY2021, a compound +17.1%/yr. Reported net income was C$60.3M in FY2025.
of which total revenue +11.1 pp · buybacks/dilution +1.0 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
BDGI screens 67% overvalued. Compare with Larsen & Toubro Limited →
Peer Group
Engineering & Construction · 838 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
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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Larsen & Toubro Limited LT | ₹3,815 | ₹1,994 | -48% |
| Samsung C&T Corporation 028260 | 346,000 KRW | 268,779 KRW | -22% |
| Hyundai Engineering & Construction Co 000720 | 99,000 KRW | 63,993 KRW | -35% |
| United Integrated Services Co 2404 | 1,250 TWD | 925.62 TWD | -26% |
| Samsung E&A Co 028050 | 42,550 KRW | 44,840 KRW | +5% |
| Rail Vikas Nigam Limited RVNL | ₹232.67 | ₹61.46 | -74% |
| Daewoo Engineering & Construction Co 047040 | 16,240 KRW | 6,507 KRW | -60% |
| NBCC (India) Limited NBCC | ₹96.32 | ₹48.22 | -50% |
| Cemindia Projects Limited CEMPRO | ₹1,330 | ₹730.69 | -45% |
| KEPCO Engineering & Construction Company 052690 | 92,700 KRW | 20,172 KRW | -78% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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