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Morningstar’s Analysis

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Aecom Posts Solid Fiscal Q2 Results and Raises Full-Year Adjusted EPS Guidance Range; Increasing FVE

Analyst Note

| Krzysztof Smalec, CFA |

We are raising our fair value estimate for Aecom to $61 from $57 after the company reported solid fiscal second-quarter results and raised its adjusted EPS guidance range for full-year fiscal 2021. Aecom’s sales of $1,569 million and adjusted EPS of $0.67 both beat FactSet consensus estimates ($1,536 million and $0.63, respectively). The fair value increase reflects our more optimistic revenue growth assumptions as well as time value of money.

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Company Profile

Business Description

Aecom is one of the largest global providers of design, engineering, construction, and management services. The firm serves a broad spectrum of end markets including infrastructure, water, transportation, and energy. Based in Los Angeles, Aecom has a presence in over 150 countries and employs 87,000. The company generated $13.2 billion in sales and $629 million in adjusted operating income in fiscal 2020.

Contact
300 South Grand Avenue, 9th Floor
Los Angeles, CA, 90071
T +1 213 593-8000
Sector Industrials
Industry Engineering & Construction
Most Recent Earnings Mar 31, 2021
Fiscal Year End Sep 30, 2021
Stock Type Distressed
Employees 54,000

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