Stock price when the opinion was issued
Very strong portfolio of engineering and design and consulting. Plays into infrastructure, energy, and environment. Focus on nuclear will be important, with 15% of revenue coming from there. If Hwy 407 were sold at a good price, would be a catalyst to create value (but he wouldn't buy something just because there might be a deal down the road). Yield is 0.1%.
(Analysts’ price target is $70.31)
Thinks there is another 10% or so and sees it getting into the low $50 area. Winning a lot of contracts. If they sold Highway 407, they would get around $20-$22 in cash. He could see them paying a $5 one-time special dividend if that happened. If you crystallize a full 3rd of the current price, you have a very much below average valuation on the E&C business. They will definitely be a beneficiary of any infrastructure stimulus spending by the federal government.