Jacobs Engineering Portfolio Transformation Should Lead to More Stable Returns; Raising FVE
After taking a fresh look at Jacobs Engineering, we raise our fair value estimate to $84 per share from $75 as we expect the firm’s recent portfolio transformation, including the acquisition of CH2M in 2017 and the sale of Jacobs’ energy, chemicals, and resources (ECR) business to WorleyParsons in 2019, to lead to higher margins and lower volatility. Our change in valuation is primarily due to a projected operating margin expansion from roughly 4.5% in 2018 to 8% by 2021, as well as a lower weig...Jacobs Engineering Group provides services including consulting, technical, scientific and project delivery for the government and private sector. The company's lines of business are: Critical Mission Solutions, which provides cybersecurity, data analytics, software application development, enterprise and mission information technology, systems integration and other technical consulting solutions to government agencies as well as aerospace, automotive and telecom customers; and People and Places Solutions, which provides end-to-end solutions for its clients' projects, whether connected mobility, water, smart cities, manufacturing or the environment.
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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