AECOM

ACM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$68.00	Sqyn	Jrpyjjpb

No Major Surprises in Aecom’s Fiscal First Quarter; Increasing Fair Value Estimate

Krzysztof Smalec

Feb 7, 2023

Aecom posted solid fiscal first-quarter earnings, as its adjusted EBITDA of $224 million increased by 8% from the same period last year. We’ve increased our fair value estimate for Aecom to $82 from $77, driven by our slightly more optimistic revenue growth and operating margin projections as well as time value of money.

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