Morningstar | Aecom Issues Disappointing Guidance for Fiscal 2019; We Maintain Our FVE
Aecom has grown into one of the largest global providers of engineering and construction and management services, with a primary focus on infrastructure work and project services for government clientele. It operates a fully integrated service model with in-house capabilities to design, build, finance, and operate a broad range of projects including skyscrapers, major sports and entertainment venues, high-speed rail, and the operation and management of defense systems and equipment. Aecom conducts its operations in three segments. Design and consulting services (41% of fiscal 2018 revenue) provides planning, consulting, architectural and engineering design services to commercial and government clients worldwide in major end markets such as transportation, facilities, environmental, energy, water, and government. Construction services (41% of revenue) provides construction services, including building construction and energy, infrastructure, and industrial construction, primarily in the Americas. Management services (18% of revenue) provides program and facilities management and maintenance, training, logistics, consulting, technical assistance, systems integration, and information technology services primarily for agencies of the U.S. government and other national governments.Mergers and acquisitions have fueled much of the company's historical growth, with activity accelerating since 2010. Major acquisitions include the transformative purchase of URS (which added engineering, government services, and oil and gas expertise) for $6 billion including debt assumption, Tishman Construction (construction management for large, complex projects), McNeil Technologies (intelligence and IT work for defense and security agencies), and Hunt Construction (sports stadium and event venues).While M&A has broadened and strengthened the company, improved profitability and stronger returns on capital will track CEO Michael Burke's progress in integrating acquired assets and strengthening key customer relationships as well as the timing and strength of an expected rebound in economic activity and infrastructure spending.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.
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