SNC-Lavalin Takes a Beating After Management Warns That 2018 Results Will Fall Short of Expectations
SNC-Lavalin’s stock plunged by more than 25% on Jan. 28 after management announced that full-year 2018 results will come in well below expectations. Based on disappointing 2018 guidance and management’s more cautious tone for 2019, we cut our fair value estimate for this no-moat engineering and construction firm to CAD 40 from CAD 51.CEO Neil Bruce announced that the company uncovered a problem with a project in the mining and metallurgy segment and expects its underperformance to have a mater...
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.
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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