Brendan Caldwell Jacobs Solutions J-N TOP PICK Oct 02, 2023

They help design the advanced facilities that produce the popular weight-loss drugs, which will need to scale up to meet the huge demand for these drugs. J's life sciences unit is growing at double digits.

He bought an initial position but is not going to a full position yet. The recent earnings report was not that good. It is a provider of construction and maintenance services, engineering design, etc. There are great tailwinds with the updating of infrastructure, space exploration, supply chain investments, etc. Its focus on water and transportation is good for infrastructure spending. Good to buy for the long term.
Buy 16  Hold 3  Sell 0

He's been adding to this. The 1-year chart has been upward, though a little choppy, now at highs. Has strong upside in intelligence analytics, energy transition and space exploration. Are focused in water solutions and transportation infrastructure, so they will benefit massively from the US infrastructure bill.

He recently sold it because they are reorganizing, splitting off their critical missions division, but he's worried about the tax treatment for Canadians--will CRA make it tax exempt? Maybe sell it to avoid a tax headache.

They're transition from making the projects to consulting on engineering. This will see higher margins. He still likes it, because infrastructure building won't stop in the U.S.

Engineering construction. Very strong foothold in the US transportation market. The multiple's moved up a lot since September, so he doesn't see much upside in the next year. Instead, he'd look at ATRL.