Blue Bird: $202 Million Deal Is Cheaper Than You Think

Blue Bird acquired the remaining 50% of Micro Bird for $201.8M, implying 10.7x FY2026 forecast EBITDA, which is below the 12.3x sector median. The FY2026 EBITDA guidance raise of 8.9% is largely inorganic, while the organic raise is only 2.2%. Management has beaten guidance for 14 consecutive quarters, supporting credibility of midterm EBITDA targets.