Another Challenging Quarter for SNC-Lavalin; Lowering Our Fair Value Estimate Slightly
We lower our fair value estimate for SNC-Lavalin to CAD 35 from CAD 36 after the no-moat engineering and construction firm reported a CAD 0.10 IFRS loss per diluted share. The change in valuation is driven by less optimistic revenue growth and operating margin projections in our model.The first quarter of 2019 was challenging across the board. The resources segment posted a negative $61.4 million segment EBIT, caused by cost overruns as well as the diplomatic spat between Canada and Saudi Arab...
SNC-Lavalin Group is an engineering and construction group, and is engaged in the ownership of infrastructure and in the provision of operations and maintenance services. Co.'s segments are: mining and metallurgy, which provide tailored solutions for projects in the aluminum, gold, copper product sectors, among others; oil and gas, which includes projects for oil and gas and resources companies; power, which includes projects and services in hydro, and nuclear and thermal power generation, among others; infrastructure, which include infrastructure & construction, and operations and maintenance; capital, which invest in equity or subordinated debt into projects for public services.
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