Jacobs Solutions Inc

J: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$455.00	Kdms	Ncvbgsr

Jacobs Earnings: Solid Revenue Growth and Margin Improvement in People and Places Solutions

Krzysztof Smalec

May 7, 2024

Jacobs’ fiscal second-quarter adjusted EPS of $1.91 beat the FactSet consensus estimate by $0.06, but revenue of $4,269 million fell 1.3% short of expectations. While nothing in the earnings release materially changes our long-term outlook for Jacobs, we’ve modestly raised our fair value estimate to $159 from $157, mostly due to time value of money.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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