ADF Group (DRX.TO): The Backbone of America's Biggest Builds

In this Business Breakdown, David Barbato and co-host Sébastien Charland, President of Agave Capital, sit down with ADF Group’s (DRX.TO) CFO Jean-François Boursier. The company was originally profiled by "Flipper" on February 16, 2021, at $1.72 CAD per share, representing a gain of 735% since then.
This discussion took place live on June 18th, 2026, on the MicroCapClub Community. Join MicroCapClub and unlock the ability to listen and participate live in these discussions - https://microcapclub.com/#join
Jean-François Boursier is the CFO of ADF Group, a Quebec-based fabricator of complex steel structures with plants in Terrebonne, Great Falls, Montana, and the Lac-Saint-Jean region. After nearly 16 years at ADF, he's set to retire at the end of 2026, and this Business Breakdown covers where the company stands heading into that transition.
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Chapters
00:00 Introduction to ADF Group and Leadership
03:31 Overview of ADF Group's History and Operations
14:01 Financial Highlights and Market Positioning
22:33 Future Growth and Strategic Acquisitions
28:32 Q&A Session: Backlog and Tariff Impacts
40:40 Understanding the Family Buyback Dynamics
51:39 Leadership Transition and Future Outlook
57:17 Market Demand and Strategic Positioning
01:07:57 Consolidation Opportunities in the Industry
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