Analyst Note
| Krzysztof Smalec |No-moat-rated SNC-Lavalin ended 2022 with a mixed fourth quarter, as SNCL Services performed in line with management's targets, but SNCL Projects posted more losses on lump-sum turnkey, or LSTK, projects. After rolling our model forward one year, we’ve maintained our CAD 35 fair value estimate, as our slightly more muted near-term revenue growth and operating margin expectations were offset by time value of money.