Pitch Keyword: TIC, NDT, rope access, NV5 merger, synergies, deleveraging, asset integrity, O&G exposure, FCF, re-rating

Acuren Corp (TIC)

Pitch Summary: #2 in North American NDT/rope-access inspection with ~50% O&G exposure; market discounts thin public history and higher leverage post–NV5 deal. Trades ~9–10x EV/EBITDA vs TIC peers at ~12x+. Mid-teens incremental margins, strong FCF, credible path to >17% EBITDA margin; rerate/delever could drive ~$17 in 12–18 months. BSD Analysis: Compelling value in a must-have […]