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Atkinsrealis Group Inc T.ATRL

Alternate Symbol(s):  SNCAF

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.


TSX:ATRL - Post by User

Post by Gabrielon Jul 29, 2022 9:49am
224 Views
Post# 34859707

Stock price

Stock price I shared on this board the value of SNC based on the market value of Professional Services and Capital. Excluding capital, professional services is trading at 25% of sales (1.5B vs 6B) whereas Sweco, Tetratech, Stantec, Jacobs, WSP end other engineering services at trading at 1.5 to 3 times sales. 

I also shared on this board the interview with Jeff Bell, CFO, confirming mid June that losses associated to the three remaining LSTK contracts are well below the maximum of 300m announced as worst case scenario in Jan 2022. This is consistent with what was announced in January.

The LSTK projects are delayed due to : 1) supply chain disruptions originating from the East and trickling down the chain, and 2) absenteeism and most importantly 3) longer testing period. The latter was a key finding of the confederation line hearings. These delays do not have a material effect on us since most of the work is done by the train providers and the automated systems.
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