RE:RE:third quarter earnings conference call & webcast on Oct.29th
Aggressive roadmap:
1. SNC is an engineering firm not a fund nor a utility.
2. As an automatic corollary of the above, the 407 stake should be sold to : (a) get an investment grade rating (step 1), (b) implement a shares buyback for 1B to reduce shares floated closer to 150m shares (step 2), (c) reduce debt by 250m, then consolidate the remaining (step 3), and (d) buy engineering firm/s for 750m to bring EBIT of engineering services closer to 1B/year (step 4).
3. An EBIT of 1B warrants a valuation of 20.5B based on design and construction peers: (EV = 20.5B-1B debt) / Shares = 160M shares) or 120$/share.
Source: https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/vebitda.html
Safe roadmap predicted by FNB financial before the call:
Read very carefully. It's all in there.
https://www.dropbox.com/s/yh1lbapwrnyx7ec/NBF_COMPANY_REPORT_09-15-2021.pdf?dl=0