We Assign a No-Moat Rating to Global Professional Service and Project Management Firm SNC-Lavalin
We modestly reduce our fair value estimate for SNC-Lavalin to CAD 36 from CAD 37 after the no-moat engineering and construction firm released disappointing fourth-quarter results. The fourth quarter was challenging for SNC-Lavalin, and management issued two warnings within the last two months that adjusted 2018 EPS would fall well below consensus estimates and the management guidance range of CAD 3.60-3.85 provided in November 2018. As our previous model already reflected lowered expectations, 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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