We Reduce our FVE for SNC-Lavalin due to Possible Fallout from Legal Ruling
After no-moat engineering and construction company SNC-Lavalin announced that Canadian prosecutors declined to negotiate a remediation agreement for certain legal charges, we are lowering our fair value estimate to CAD 51 from CAD 61. The company is facing bribery and corruption charges that were laid in 2015 against former employees related to projects in Libya. If found guilty, SNC could face a fine and be disbarred from bidding on Canadian government contracts for a period of 10 years.As we ...
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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