AECOM

ACM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$95.00	Nvr	Gbqlkyh

Aecom: Targeting Long-Term Operating Margins Comparable With Management Consulting Firms

Krzysztof Smalec

Dec 12, 2023

After Aecom’s 2023 investor day, we’ve raised our fair value estimate to $88 per share from $87, mostly due to our slightly more optimistic midcycle operating margin assumptions. The company reiterated its fiscal 2024 guidance for adjusted earnings per share of $4.35-$4.55 and adjusted EBITDA of $1,065 million-$1,105 million.

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