SNC-Lavalin: Stronger 1Q Reflects Improved Efficiency as Cyclical Demand Upturn Nears; Raising FVE
We expect to raise our CAD 60 fair value estimate for no-moat global E&C SNC-Lavalin by CAD 1-CAD 2 following improved first-quarter results and our updated earnings forecasts. The past few years have been a period of significant growth and internal strengthening for SNC as it made transformative, complementary acquisitions; slashed fixed costs; pruned and reshaped its portfolio; and demonstrated the ability to procure new business amid sluggish overall project demand.SNC appears set for ...
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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