SNC-Lavalin's 1Q Reflects Efficiency Gains, Progress on M&A Financing; Maintaining FVE
We are maintaining our fair value estimate of CAD 57 for no-moat engineering and construction provider SNC-Lavalin after first-quarter results and as management reaffirmed its 2017 EPS guidance. 2016 was a year of significant efficiency gains for SNC as it reduced fixed costs and pruned its portfolio. This sets the stage for inorganic growth in 2017, as the company prepares to complete the acquisition of WS Atkins announced April 5. We consider the target a good fit, though our initial take is t...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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