Jacobs Solutions Inc

J: XNYS (USA)

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Jacobs: Poised to Deliver Profitable Growth Thanks to Margin Expansion and Secular Drivers

Krzysztof Smalec

Feb 19, 2025

We’ve increased our fair value estimate for Jacobs to $140 per share from $124 after the company unveiled its new long-term strategy, aiming to grow adjusted EBITDA from $1.1 billion in fiscal 2024 to around $1.9 billion in fiscal 2029. Our fair value increase is primarily driven by our more optimistic midcycle margin assumptions, as we came away from the presentation with a greater appreciation for management’s margin expansion strategy.

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How we make money

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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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

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Jacobs Solutions Inc

Jacobs: Poised to Deliver Profitable Growth Thanks to Margin Expansion and Secular Drivers

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