SNC-Lavalin 2Q Results Reflect Efficiency Improvements; Maintaining Our FVE
We expect to maintain our CAD 61 fair value estimate for no-moat engineering and construction company SNC-Lavalin after the company reported solid second-quarter results. These results are a continuation of laudable growth and restructuring of the company's focus over the past several years. During this period, SNC has successfully reduced fixed costs, pruned its portfolio, and pursued value-accretive acquisitions. We think these transformative changes will be followed by stronger growth, especi...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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