ADF started business as a blacksmith shop in Quebec in 1956. Called “Au Dragon Forge” (hence ADF), it was founded by Giacomo “Jacques” Paschini, a native of the Friuli region in Italy. From those humble beginnings, ADF now supports office towers and high-rises, commercial and recreational buildings, airports, industrial facilities, and transportation infrastructure. ADF operates plants in Terrebonne, Quebec, Great Falls, Montana, and, since September 2025, Métabetchouan, Quebec, via the Groupe LAR acquisition.
Last February, we introduced ADF Group to IWB readers. At the time of our recommendation, the shares were trading at $10.53. They closed on Friday at $16.48.
Driving the share price growth has been solid quarterly growth, but we expect the real margin improvements to hit 6-9-months from now as the company starts to truly benefit from the investment in its newly acquired structural steel fabrication plant in Métabetchouan-Lac-à-la-Croix.