Aecom Issues Disappointing Guidance for Fiscal 2019; We Maintain Our FVE
We expect to maintain our $37 fair value estimate for no-moat engineering and construction firm Aecom following solid third-quarter results which included record revenue and backlog figures.The company reported third-quarter adjusted earnings per share of $0.62 as compared with a tax credit-aided $0.78 a year ago. Most reported metrics supported evidence of consistent progress toward key goals. This included 10% organic growth, a record $9.4 billion in wins, and a 15% increase in adjusted EBITD...
AECOM designs, builds, finances and operates infrastructure assets for governments, businesses and organizations. The company provides: planning, consulting, architectural and engineering design services to commercial and government clients in transportation, facilities, environmental, energy, water and government markets; construction services, including building construction and energy, infrastructure and industrial construction; as well as program and facilities management and maintenance, training, logistics, consulting, technical assistance, and systems integration and information technology services, for agencies of the United States government and for other national governments.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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