Atkinsrealis Group Inc

ATRL: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 56.00	Vrhwm	Vbtzlcpg

SNC-Lavalin Ends 2022 With Mixed Fourth-Quarter Results; Maintaining Fair Value Estimate

Krzysztof Smalec

Mar 3, 2023

No-moat-rated SNC-Lavalin ended 2022 with a mixed fourth quarter, as SNCL Services performed in line with management's targets, but SNCL Projects posted more losses on lump-sum turnkey, or LSTK, projects. After rolling our model forward one year, we’ve maintained our CAD 35 fair value estimate, as our slightly more muted near-term revenue growth and operating margin expectations were offset by time value of money.

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