Atkinsrealis Group Inc T.ATRL

Good results

[Gabriel]

https://www.snclavalin.com/en/media/press-releases/2022/03-03-2022

Engineering Services great as usual (10% revenue growth). EBIT 2022 of 600m means 12B value or 68$ per share based on peers. Add over 2B for Capital.

 

235m LSTK losses mostly due to COVID on LSTK so pending claims.

• A significant majority of the unfavorable cost reforecasts recorded in Q4 2021 represent management’s best estimates of future expected costs necessary to fully complete the remaining LSTK projects.
•  

Even though 235m is the best estimate to fully COMPLETE ALL LSTKs, Max 300m more if any.

Very Interesting. 

[Alexcanada]

And they confirm once again that : "We continue to progress the wind down of our last LSTK contracts, significantly decreasing the backlog in 2021, and expect that they will be mostly concluded by the end of the first quarter of 2023." So another year of possible sideway action and then we'll move on    

[Gabriel]

You think the market is that stupid?

[FutureRealty]

Enfin des provisions pour les LSTK, ceci rendra le futur plus previsible... De plus, les reclamations (covid et autres) ajouteront aux revenus... Le poids financier des LSTK est petit comparativement a la valeur de capital... Bonne chance pour aujourd'hui

[Gabriel]

Tu as raison. Les 235m seront reclames et les 300m sont hypothetiques pour le pire scenario d'une poursuite des restrictions COVID. Ils sont reclamables. Les maitres doubrages sont obliges de compenser dans ces contrats. Clause standard.

[Alexcanada]

 It's been in the last couple of months (with SNC) don't you agree ?

[Ronbromleygross]

Good results imo and paints a much clearer picture on the balance of the risks if any on the lstk contracts which I wanted.  Much less risk than the market thinks.   The stock price should fly as we get closer and closer to first qtr 2023 when they are mostly finished with.  I'm happy Ron

[Gabriel]

EBIT 2021 of engineering services was 660m, and projected over 700m in 2022, valuing this division at 21.65 X or 15B (85$ per share). The multiple is based on peers per link.   This is the gem.   Capital covers the debt and the projected losses that are clearly claimable.   https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/vebitda.html

[finalstep]

attendu un profit de ,35 par action et nous offre perte de ,09 par action. C bien ce que je vois et le march verra?

[finalstep]

thanks Eddy, Maybe Time to Buy today... Market need ,35$ and not a loss.... Les analystes vont aimernbeaucoupsbde lignes mais la bourse verra une seule

[finalstep]

la bourse est moin stupide que nous le croyons..... Illusion de peur pour semer la peur et prendre les billes a des prix ridicules.... De l impatient au patient, les long gagneront, les speculateurs verront le jeu et se faufileront avec le risque de perdre le bateau a l horizon....

[Gabriel]

EBIT Eng'g services was 660.4M.   cash flow, cash and debt all nice.   Net cash generated from operating activities of $115.4 million in Q4 2021 and $134.2 million for the year ended December 31, 2021, which was better than the Company’s 2021 outlook of broadly break-even. Net cash generated from operating activities in SNCL Engineering Services of $192 million in Q4