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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Aecon Group Inc    ARE   CA00762V1094

AECON GROUP INC (ARE)
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Aecon awarded contract for the F.G. Gardiner Expressway Rehabilitation Project: Section 1 in Toronto

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07/12/2018 | 11:31pm CEST

TORONTO, July 12, 2018 /CNW/ - Aecon Group Inc. (TSX: ARE) announced today that it has been awarded a $248 million contract by the City of Toronto for the F.G. Gardiner Expressway Rehabilitation Project: Section 1. The project is a segment of the City of Toronto's overall F.G. Gardiner Strategic Rehabilitation Plan, which will see the rehabilitation of the entire expressway.

The scope of work for this project includes full superstructure replacement of the F.G. Gardiner Expressway between Cherry Street and Jarvis Street (approximately 1.1 km in length), rehabilitation of three ramps, as well as installation of new street lighting and a Road Emergency Services Communication Unit (RESCU) system.

The project will commence in the third quarter of 2018 and construction is expected to be completed by the end of 2020.

"This project is a strong fit for Aecon's industry leading capabilities in road and heavy civil construction," said John M. Beck, President and Chief Executive Officer, Aecon Group Inc. "The F.G. Gardiner Expressway is a critical roadway that moves over 200,000 people daily and we're proud to lead this important component of the Strategic Rehabilitation Plan."

"Aecon's Infrastructure segment has achieved notable major project wins in recent months which have increased backlog to record levels and this award further demonstrates our ability to secure critical infrastructure work across Canada," said Mark Rivett, Executive Vice President, Aecon Infrastructure.

About Aecon

Aecon Group Inc. (TSX: ARE) is a Canadian leader and partner-of-choice in construction and infrastructure development.  Aecon provides integrated turnkey services to private and public-sector clients in the Infrastructure and Industrial sectors, and provides project management, financing and development services through its Concessions segment. For more information, please visit aecon.com and follow us on Twitter, LinkedIn, and Instagram at @AeconGroup.

Statement on Forward-Looking Information

The information in this press release includes certain forward-looking statements. These forward-looking statements are based on currently available competitive, financial and economic data and operating plans but are subject to risks and uncertainties.  Forward-looking statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, ongoing objectives, strategies and outlook for Aecon.  Forward-looking statements, may in some cases be identified by words such as "will," "plans," "believes," "expects," "anticipates," "estimates," "projects," "intends," "should" or the negative of these terms, or similar expressions. In addition to events beyond Aecon's control, there are factors which could cause actual or future results, performance or achievements to differ materially from those expressed or inferred herein including, but not limited to: the timing of projects, unanticipated costs and expenses, general market and industry conditions and operational and reputational risks, including Large Project Risk and Contractual Factors.  Readers are referred to the specific risk factors relating to and affecting Aecon's business and operations as filed by Aecon pursuant to applicable securities laws.  Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aecon undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

SOURCE Aecon Group Inc.

© Canada Newswire, source Canada Newswire English

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Financials (CAD)
Sales 2018 2 943 M
EBIT 2018 93,4 M
Net income 2018 56,5 M
Finance 2018 85,0 M
Yield 2018 3,25%
P/E ratio 2018 19,36
P/E ratio 2019 14,82
EV / Sales 2018 0,29x
EV / Sales 2019 0,26x
Capitalization 947 M
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Number of Analysts 8
Average target price 19,9  CAD
Spread / Average Target 26%
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Managers
NameTitle
Jean Louis Servranckx President & Chief Executive Officer
John M. Beck Executive Chairman
David Smales Chief Financial Officer & Executive Vice President
Brian Vincent Tobin Lead Director
Anthony P. Franceschini Independent Director
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