Jacobs Solutions Inc

J: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$794.00	Rplfj	Vmbmfkcmh

Jacobs Earnings: Growing Backlog Gives Us Confidence the Firm Can Maintain Solid Momentum

Krzysztof Smalec

Feb 6, 2024

Jacobs posted solid fiscal first-quarter results, featuring a 28% year-over-year increase in adjusted EPS, from $1.57 to $2.02. While nothing in the earnings release materially alters our long-term thesis, we’ve raised our fair value estimate to $157 from $154, mostly due to time value of money. We see the name as modestly undervalued at current levels, with shares trading at a roughly 11% discount to our updated fair value estimate.

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