Fluor Corp

FLR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$65.00	Jkt	Yvz

Fluor Earnings: Raising Fair Value Estimate on Higher Outlook and Improved Execution

Krzysztof Smalec

Aug 4, 2023

We’ve increased our fair value estimate for Fluor to $36 from $33 after the engineering and construction firm posted strong second-quarter results and raised its guidance for full-year 2023. Management now anticipates revenue growth of 10%-15% (up from 10%), adjusted EBITDA of $500 million-$600 million (up from $450 million-$600 million), and adjusted EPS of $2.00-$2.30 (up from $1.50-$1.90). The fair value adjustment reflects the improved near-term revenue growth outlook and our slightly more optimistic midcycle margin assumption.

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