AECOM

ACM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$37.00	Gcpr	Dhmfvldw

We Expect Aecom to Capitalize on Growing Infrastructure Spending

Krzysztof Smalec

Nov 14, 2023

Business Strategy and Outlook

In recent years, Aecom has transformed its portfolio and focused on growing its professional services business. The firm exited several business lines including fixed-price combined cycle gas power plant construction, at-risk oil and gas construction, and international at-risk construction projects. Furthermore, in January 2020, Aecom completed the sale of its management services business. We view Aecom’s transformation favorably, as we believe that the strategic shift has resulted in a less volatile and more profitable portfolio.

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