Less is More for KBR: Government Services Growth Headlines Clean, Strong Results; Raise FVE
We plan to raise our fair value estimate to roughly $18 per share from $15 for no-moat Engineering & Construction service provider KBR following another strong, clean quarter. Quarterly results reflect CEO Stuart Bradie’s priorities to reshape the firm's project portfolio to emphasize differentiated Government Services, catalyzed by the Wyle and Honeywell acquisitions in 2016. Bradie is derisking the project portfolio via reduced exposure to fixed-price engineering procurement construction w...KBR provides services and technologies across the asset and program life-cycle within the government services and hydrocarbons industries. The company has three segments: Government Solutions, which provides life-cycle support solutions to defense, space, aviation and other programs and missions for military and other government agencies; Technology Solutions, which combines technologies, equipment and catalyst supply, digital solutions and associated knowledge-based services into a global business for refining, petrochemicals, inorganic and specialty chemicals; and Energy Solutions, which provides life-cycle support solutions across the upstream, midstream and downstream hydrocarbons markets.
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