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)
The former SNC Lavalin which had a checkered history. He likes professional services companies, because there will always be a demand for them. The problem is that occasionally a CEO will take a fixed-price contract that could make a nice margin or lose 5-years' profits. ATRL has been through that. He likes where ATRL is heading. The market isn't afraid of its near-30x PE. Strong growth with 9% margins, which lag its peers like Stantec, but there's little margin of safety here.