RE:RE:RE:RE:RE:RE:Perdez pas votre temps avec SNCThe problem is that retail investors are not aware of the deep ongoing and most of all SUCCESSFUL tansformation.
1. The Engineering Services is growing year over year, even in 2020, despite the pandemic. Nuclear is growing double digits and its value is 15$ per share on a stand alone basis. Add about 21$ per share at cost that SNC paid for Atkins in 2017. This division is the gem.
2. The Capital division did in Q2 2020 half the EBITDA of Q2 2019, despite the sale of 60% of the ownership in the 407. Means a growth in EBITDA of 20%. My opinion is arguably that this division should be sold to buy back shares. Consolidation does not work anymore. We dropped construction for a reason. We need to drop the integration trip. Atkins is a winner and a trademark we need to build on. Point. SNC should hire a decent advisory firm. I understand Stephanie Vaillancourt wanting to keep this, but the reality is it FAILED despite the agreement with the Carlyle Group, when Brookfield Infrastructure went to the moon and hit the stars.
3, The Resources LSTK projects, honestly with much less losses than we figured and are mostly complete and The Infra LSTK are mostly on time except for COVID and slightly because of the tunnel in TMR for which CDPQ Infra paid an extra 280m
4. SNC has indicated when they cut the dividend in Q1 2019 that the dividend cut was Temporary. The Buyback program and dividend will be reinstated for obvious reasons.