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Aecom Raises Full-Year 2021 Guidance After Solid Fiscal Third Quarter; Increasing FVE

Analyst Note

| Krzysztof Smalec, CFA |

We are increasing our fair value estimate for Aecom to $63 from $61 after the firm delivered solid fiscal third-quarter results and raised its guidance for full-year fiscal 2021. The fair value increase reflects Aecom’s strong performance, an improved outlook, and time value of money, partially offset by the implementation of a probability-weighted change in the U.S. statutory tax rate in our model.

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Company Profile

Business Description

AECOM is one of the largest global providers of design, engineering, construction, and management services. The firm serves a broad spectrum of end markets including infrastructure, water, transportation, and energy. Based in Los Angeles, Aecom has a presence in over 150 countries and employs 87,000. The company generated $13.2 billion in sales and $629 million in adjusted operating income in fiscal 2020.

Contact
300 South Grand Avenue, 9th Floor
Los Angeles, CA, 90071
T +1 213 593-8000
Sector Industrials
Industry Engineering & Construction
Most Recent Earnings Jun 30, 2021
Fiscal Year End Sep 30, 2021
Stock Type Distressed
Employees 54,000

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