RE:RE:RE:RE:Next one is Aecon Below 20$ for SNC and 11$ for Aecon.
I started Aecon lately, not in December because it was highly indebted. They have since sold about half their stake in the Bermuda airport concession for 170m net and their road business for 235m or 155m net totalling inflows of 325m net in H1 and their debt now is reduced to about 270m. Plus they have 50.1% of the airport concession. And they are in about every nuclear and rail project in Canada at increasing margins with even less players. In my opinion, Caisse directly or through Pomerleau will tale at least a position in Aecon to leverage its benefits from the high Speed train contract linking Quebec to Toronto. As you know caisse is rhe largest shareholder of Alstom, SNC and second largest of Keolis in France with the SNCF. Plus Aecon is positioning itself in the nuclear projects business in the US. The valuation is compelling.