Atkinsrealis Group Inc T.ATRL

Alternate Symbol(s): SNCAF

Industrials Conglomerates

Atkinsrealis Group Inc., formerly SNC-Lavalin Group Inc., is a professional services, and project management company. It delivers end-to-end services across the whole life cycle of an asset including consulting, and advisory and environmental services. Its segments include Engineering Services; Nuclear; O&M; Linxon; LSTK Projects, and Capital. The Engineering Services segment includes consultancy, engineering, design and project management services. The Nuclear segment supports clients across the entire nuclear lifecycle with the full spectrum of services from consultancy, EPCM services, field services, technology services, spare parts, reactor support and decommissioning and waste management. The O&M segment consists of providing operations, maintenance, and asset management solutions. The Linxon segment offers engineering, procurement, management, and construction services. The LSTK Projects is comprised of the remaining LSTK construction contracts of the Company.

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Atkinsrealis Group Inc > Volume très bas

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Comment by Gabrielon Dec 15, 2021 9:33am

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Post# 34232235

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Volume très bas

Agreed Alex. Considering this, an after-tax, net valuation of the 407 and all
other concessions at 1.75 to 2.5B (10-15$ per share) is fair.

So the market is assessing the valuation of Engineering Services (Atkins + Nuclear Candu + Legacy SNC engineering) at 15-20$ per share or 1.75-2.5B which is about half what we paid for Atkins 4.5 years ago.

Positives:

The settlement on Eglinton that is about to be ratified should kick in 30m at a minimum;
The 237m lawsuit against the Feds for Champlain should be settled for at least 70m;
Eglinton is close to finished;
No problems reported on Trillium LSTK;
A settlement was negotiated for COVID costs and tunnel costs with CDPQ.
We are mostly involved in LSTK designs.

Negatives:
While we are mostly involved in the designs, our total involvement is valued at 1.1B as of September 30. I don't see a worse case scenario costing more than what we have seen so far, about 10% of what is billed per Q or 110m, which should be covered with the above.