This is our first report on a engineering and technical services behemoth, Jacobs Engineering Group. The company had a great quarter, with gross sales increasing by 12% while net revenue grew by 8%. The People & Places Solutions line of business demonstrated strong performance. They also gained market share in the critical global infrastructure and advanced facility sectors. With CMS, Jacobs continues to generate a solid recurring revenue base with an expanding new business pipeline. Moving forward, they expect CMS to experience strong tailwinds and backlog expansion. Lower than anticipated utilization was experienced by PA Consulting, although the top line and backlog growth are still increasing by double digits. In the PA sales pipeline, they are observing a solid demand together with promising potential. Besides that, they continue to observe sustained capital investment in advanced facilities in semiconductor manufacturing, biotechnology capacity expansions, and the ecosystem for electric vehicles, driven by changes in global supply chains, technological advancements, and decarbonization initiatives. We initiate coverage on the stock of Jacobs Engineering Group with a ‘Buy’ rating.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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