Willdan: Burton's $103 Million Revenue Number Is The Wrong One

Willdan grew second-quarter net revenue 23.5%, including 18% organic growth, while adjusted EBITDA rose 50.6%. Burton's unusual mix of $103 million in contract revenue, $15 million in net revenue and $7 million in EBITDA is the key to understanding the acquisition. I rate WLDN a Buy. My $105 target offers roughly 27% upside, with the first full quarter of Burton providing the next test.