Jacobs Solutions Inc

J: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$167.00	Nlt	Lxhyhhpld

Jacobs Closes Out Its Fiscal 2022 With a Solid Fourth Quarter; Maintaining FVE of $150

Krzysztof Smalec

Nov 22, 2022

There were no major surprises in Jacobs’ fiscal fourth-quarter earnings as the firm’s full-year fiscal 2022 revenue of $14,923 million and adjusted EPS of $6.93 came roughly in line with our estimates ($14,905 million and $6.93, respectively). After rolling our model forward one year, we’ve maintained our $150 fair value estimate for Jacobs, as time value of money offset our slightly more muted near-term projections. We view the name as modestly undervalued, with shares currently trading in 4-star territory.

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