Industrial Growth — Infrastructure
Canada: A country under
construction
A US$41 trillion global infrastructure build-out is underway. Canada needs to spend
$123 billion to address its infrastructure deficit and may require another $115 billion to
meet growth requirements. Canada's low public debt and burgeoning public-private
partnership (P3) practice may make it the most attractive developed country for
investors seeking infrastructure exposure.
Our proprietary survey work points to a positive outlook for Canada’s non-residential
construction companies. Over 85% of respondents to our survey expect business
conditions over the next twelve months to be similar to or better than the preceding
twelve. Excellent growth prospects exist for companies in western Canada's
institutional, industrial and civil sectors and for companies positioned in Ontario's road
building and power sectors.
Aecon, Bird Construction, and Churchill are virtual pure plays on the Canadian
infrastructure space. Other names under coverage that also offer infrastructure
exposure include ADF Group, IBI Income Fund, Polaris Minerals and Stantec.

TABLE OF CONTENTS
Executive Summary................................................................................................................ 3
The Global Opportunity .......................................................................................................... 6
Canada Stands Out .............................................................................................................. 11
Non-residential Forecast...................................................................................................... 13
Industry Outlook Suvey ........................................................................................................ 16
Canadian Construction Industry.......................................................................................... 23
Public Infrastructure............................................................................................................. 28
Industrial Infrastructure....................................................................................................... 42
Sector Valuation ................................................................................................................... 46
Aecon Group Inc. .................................................................................................................. 54
Bird Construction Income Fund........................................................................................... 74
The Churchill Corporation .................................................................................................... 91
ADF Group Inc. ...................................................................................................................110
Polaris Minerals Corporation .............................................................................................117
Stantec Inc..........................................................................................................................121
Appendix I – Public Companies.........................................................................................123
Appendix II – Glossary........................................................................................................126