AECOM

ACM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$56.00	Pytl	Zwnfsbpy

Aecom Earnings: We Expect Record Backlog to Drive Continued Growth in Second Half of Fiscal 2024

Krzysztof Smalec

May 7, 2024

Aecom reported solid fiscal second-quarter results, as its adjusted EPS improved by 13% from the prior-year period. While nothing in the no-moat firm's earnings release materially alters our long-term outlook, we've bumped up our fair value estimate to $90 from $89 due to time value of money. We view the name as fairly valued at current levels.

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