Report
David Silver
EUR 101.80 For Business Accounts Only

SNC-Lavalin Is Set Fair in 2018. Improved 4Q EPS Reflects Efficiency and Accretive M&A. Raising FVE.

We expect to raise our fair value estimate of CAD 60 for no-moat global E&C SNC-Lavalin by CAD 2-CAD 3 following improved fourth-quarter results to reflect our updated forecasts and benefits from U.S. tax reform.
The past few years have seen significant growth and internal restructuring for SNC. It has completed transformative, complementary acquisitions, slashed fixed costs, pruned and reshaped its portfolio, and sharpened its business development strategies.
This sets the stage for stronge...
Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
David Silver

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