Jacobs Solutions Inc

J: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$831.00	Kpv	Sdsllrp

Jacobs Maintains Full-Year Fiscal 2023 Outlook After Solid First Quarter; Raising FVE

Krzysztof Smalec

Feb 7, 2023

Jacobs posted solid fiscal first-quarter results, with adjusted EPS from continuing operations of $1.67 up 7% and adjusted EBITDA of $339 million up 9% from the same period last year. We've increased our fair value estimate to $152 from $150, which reflects our slightly more optimistic revenue growth and operating margins projections as well as time value of money. We see the name as modestly undervalued, with the stock currently trading in 4-star territory.

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How we make money

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

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