We Assign a No-Moat Rating to Global Professional Service and Project Management Firm, SNC-Lavalin
We are maintaining our CAD 51 fair value estimate for no-moat engineering and construction firm SNC-Lavalin after the company announced third-quarter results that were roughly in line with our expectations. Management’s guidance EPS range of CAD 2.60-2.85 for the full-year 2018 is also consistent with our prior projections.Third-quarter revenue was approximately 2.6% down from the same period last year, largely due to a roughly 22% decrease in oil & gas sales. The thermal power segment was ...
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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