Atkinsrealis Group Inc

ATRL: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 16.00	Pkzl	Zybfkpdhl

SNC-Lavalin Earnings: We’re Encouraged by Progress in Reducing Lump-Sum Turnkey Project Backlog

Krzysztof Smalec

May 10, 2023

We’ve raised our fair value estimate for no-moat-rated SNC-Lavalin to CAD 37 from CAD 35 after the engineering and construction firm reported solid first-quarter results. SNCL Services is on track to reach management’s full-year targets, while SNCL Projects avoided major losses while making meaningful progress in reducing the remaining lump-sum turnkey, or LSTK, project backlog. We are encouraged by solid results in SNCL Services and believe that the firm’s risk profile will improve as it continues to work off the remaining LSTK project backlog.

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