AtkinsRealis Earnings: Full-Year Outlook Raised Thanks to Strong Growth in Services

We are increasing our fair value estimate for AtkinsRealis (formerly SNC-Lavalin) to CAD 43.50 from CAD 40 after the Canadian engineering and construction firm posted solid third-quarter results and raised its full-year outlook. The company has maintained strong momentum in the services business line and continued to make progress toward completing its remaining lump-sum turnkey, or LSTK, project backlog. The fair value adjustment is due to our more optimistic revenue growth projections and time value of money.