AECOM
ACM 6.5Price and target zones价格与目标区间
What the company does公司做什么
AECOM is an engineering and construction-management firm. It designs and manages large infrastructure projects: roads, rail, water systems, airports, and government facilities. Governments and private clients hire AECOM to plan, design, and oversee construction of these projects. The firm does not usually build the projects itself — it manages the work and hires subcontractors.AECOM是一家工程与建筑管理公司。公司负责设计和管理大型基础设施项目:道路、铁路、供水系统、机场和政府设施。政府和私人客户委托AECOM规划、设计并监督这些项目的建设。公司通常不亲自建造项目,而是负责管理工作并雇用分包商。
Earns from营收来源 Fees for design, engineering, and program-management services on long-term infrastructure contracts, plus a pass-through of subcontractor costs at low markup.大型基础设施长期合同中的设计、工程和项目管理服务费,外加分包商成本的低加成转嫁。
Read the full description查看完整介绍
AECOM, together with its subsidiaries, provides professional infrastructure consulting services for governments, businesses, and organizations internationally. The company operates in three segments: Americas, International, and AECOM Capital. The company offers advisory, planning, consulting, architectural and engineering design, construction and program management services, and investment and development services to public and private clients in major end markets such as transportation, facilities, water, environmental, and energy. It is also involved in the investment and development of real estate projects. The company was formerly known as AECOM Technology Corporation and changed its name to AECOM in January 2015. AECOM was incorporated in 1980 and is headquartered in Dallas, Texas.
Revenue breakdown营收构成 share of revenue营收占比
The Americas segment is AECOM's core engine. It holds most of the firm's US transportation, water, and environmental contracts, plus growing data-center and defense-facility work. Revenue here is tied to US infrastructure spending, so a slowdown in federal or state funding is the main risk.美洲板块是AECOM的核心引擎,拥有公司大部分美国交通、供水和环境合同,还有不断增长的数据中心和国防设施业务。这里的营收与美国基础设施支出挂钩,因此联邦或州政府拨款放缓是主要风险。
- Transportation design交通设计 — planning and design for highways, transit systems, and airports.公路、交通系统和机场的规划与设计。
- Water and environmental services供水与环境服务 — design work for water utilities and environmental remediation projects.为供水公用事业和环境修复项目提供设计工作。
- Program management项目管理 — AECOM oversees large, multi-year infrastructure programs for transit authorities and government agencies.AECOM为交通管理局和政府机构监管大型、多年期的基础设施项目。
The International segment gives AECOM exposure to non-US infrastructure cycles, such as the UK's AMP8 water-utility investment round and Australia's transport backlog. Middle East hospitality and tourism work is a smaller, more volatile piece tied to regional demand.国际板块让AECOM得以接触非美国的基础设施周期,例如英国的AMP8供水公用事业投资周期和澳大利亚的交通项目积压。中东的酒店和旅游业务规模较小,且与区域需求挂钩,波动性更大。
- UK infrastructure design英国基础设施设计 — design work tied to regulated water-utility investment cycles.与受监管的供水公用事业投资周期相关的设计工作。
- Australia transport and water programs澳大利亚交通和供水项目 — design and program-management work on transit and water projects.交通和供水项目的设计与项目管理工作。
- Middle East facilities work中东设施工程 — design services for hospitality, tourism, and government facilities.为酒店、旅游和政府设施提供设计服务。
Company facts公司资料
- Founded成立时间
- 1980
- Headquarters总部
- Dallas, Texas
- Former name曾用名
- AECOM Technology Corporation
- Employees员工人数
- 51,000
- Industry行业
- Engineering & Construction
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
Would upgrade on
- ANALYZED 8/28 — ACCUMULATE, first file. A bounded $337M charge on a legacy, now-discontinued design-build P3 project drove the confirming final leg of a 49% drawdown — but backlog ($27.8B, +13% YoY), true NSR-basis margins, dividend growth, and real open-market insider buying all stayed bullish throughout. Not statistically cheap (tangible book is negative) but a credible earnings-power mispricing if the second legacy project stays "on track." FV $70-95. Entry $60-72. Trim 18x fwd (FY2027 consensus ~$6.40 basis, not the raw vendor field).
🟢 8/28 分析——增持，首份报告。 一笔有界的 $337M 减记（一个已停办的设计-建造 P3 遗留项目）推动了 49% 回撤的确认性最后一段——但订单储备（$27.8B，同比 +13%）、真实 NSR 口径利润率、股息增长以及真实的公开市场内部人买入，在整个下跌中都保持看多。 按硬资产/股息计并不便宜（有形账面为负），但若第二个遗留项目‘按计划’推进，则是可信的盈利能力错误定价。 公允价值 $70-95，买入区 $60-72，减持 18x fwd（FY2027 一致预期约 $6.40 口径）。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 17%
- Revenue growth营收增长
- -14%
- Dividend yield股息率
- 2.04%
Competitors竞争对手
Why customers stay客户为什么留下
Long-run program-management contracts on transit, water, and defense infrastructure are costly and risky for a client to re-compete mid-stream. Scale, bonding capacity, and security clearances are needed to qualify for the largest infrastructure bids, which keeps out smaller rivals on megaprojects even though smaller design fees are open to competition.交通、供水和国防基础设施领域的长期项目管理合同,客户如果中途重新招标,成本高、风险大。要竞标最大的基础设施项目,需要足够的规模、担保能力和安全许可,这让小型竞争对手难以进入超大型项目,尽管较小的设计费用项目仍对外开放竞争。