M&A Update | Engineering & Construction H2-2017
Select comparable public company analysis
Enterprise LTM LTM LTM Gross Profit EBITDA
Enterprise Value / LTM
Total Debt
($ in millions)
Company Name
Ticker
Value Revenue Gross Profit EBITDA Margin Margin Revenue EBITDA EBITDA
Diversified Engineering & Construction Companies
AECOM
9,116 $
18,756 $
$
650 713 653
$
772 250 724
3%
4%
0.5x
11.8x 10.7x
5.1x 3.4x 2.2x 2.7x 3.9x 5.3x 4.8x 2.2x 2.3x 3.5x 3.4x
NYSE:ACM
ARCADIS NV
2,689 6,988
4,020 19,483 27,529 10,222 4,424 6,893 2,742 5,422
18% 6% 0.7x 3% 4% 0.4x 28% 5% 0.4x 18% 6% 0.7x 4% 2% 0.6x 18% 8% 1.4x 54% 11% 1.3x 18% 8% 1.1x 18% 6% 0.8x 18% 6% 0.7x 5% 1% 0.3x 5% 2% 0.3x 10% 5% 0.8x 8% 3% 0.4x 9% 2% 0.3x 9% 5% 0.4x 8% 3% 0.4x 9% 3% 0.4x 21% 13% 1.4x 15% 6% 0.6x 23% 17% 1.1x 11% 9% 1.0x 38% 1% 1.0x 30% 12% 1.0x 18% 2% 0.6x 14% 10% 0.8x 7% 2% 0.4x 16% 13% 0.7x 10% 5% 0.5x 29% 20% 0.9x 9% 3% 0.5x 12% 7% 0.6x 13% 7% 0.7x 8% 4% 0.5x 18% 11% 1.4x 16% 7% 0.8x 14% 7% 0.7x 11% 5% 0.6x 22% 9% 2% (1%) 0.8x 0.4x 1% (4%) 0.2x
ENXTAM:ARCAD
Fluor Corporation
9.6x 9.3x
NYSE:FLR
Hochtief AG (Turner Construction) Jacobs Engineering Group Inc.
12,181 7,473 2,770 9,756 3,681 5,723
7,765 1,845 1,261 1,478 1,002 1,727 1,002 173
1,303
DB:HOT
662
11.3x
NYSE:JEC NYSE:KBR TSX:SNC TSX:STN TSX:WSP
KBR, Inc.
97
NM
SNC-Lavalin Group Inc.
552 292 412 563 552
17.7x 12.6x 13.9x 12.1x 11.6x
Stantec Inc.
WSP Global Inc.
Diversified Engineering & Construction Adjusted Mean 1 Diversified Engineering & Construction Median
6,708 $ 6,988 $
11,055 $
$ $
$ $
$
6,893
Construction Services & Contractors
1,338 $
$
2,370 10,055 1,176 2,855 19,835
$
259 498
$
121
11.1x
5.3x
Aecon Group Inc. Balfour Beatty plc
TSX:ARE LSE:BBY TSX:BDT NYSE:GVA OM:SKA B TSX:SOX NYSE:TPC
3,281
82 20
NM
NM
Bird Construction Inc.
322
59
16.0x 16.8x 16.0x 11.7x 13.3x 13.8x 8.3x
3.0x 1.7x 2.6x 4.3x 3.8x 3.5x 3.4x
Granite Construction Incorporated
2,330 8,848
296
139 554 233 166 121 18
Skanska AB
1,605
Stuart Olson Inc.
206
759
68
1,929
4,811 5,980 2,855
442 461 296
Tutor Perini Corporation
Construction Services & Contractors Adjusted Mean 1 Construction Services & Contractors Median
2,608 $ 1,929 $
$ $
$ $
$ $
Specialty Firms
Aegion Corporation
1,105 $
$
1,343 9,148 3,024 7,624
$
292 166 633
$
123
9.0x
2.9x
NasdaqGS:AEGN
Chicago Bridge & Iron Company N.V.
3,520 4,172 4,742
(114)
NM
NM
NYSE:CBI NYSE:DY NYSE:EME AMEX:GV
Dycom Industries Inc. EMCOR Group Inc.
390 447
10.7x 10.6x
2.0x 0.9x 1.3x 6.2x
1,108
Goldfield Corp.
129 749 420 299 389
116 724 414 289 602
26 81
20 68 35 14 2
6.5x
Great Lakes Dredge & Dock Corporation
11.0x
NasdaqGS:GLDD
Hill International, Inc.
155
NM
NM
NYSE:HIL TSX:IBG
IBI Group Inc.
86
8.5x
2.9x
Layne Christensen Company
110 874 473 138 76
NM
NM
NasdaqGS:LAYN
MasTec, Inc.
5,294
6,346 1,096 2,908 1,374
607
8.7x
2.1x 2.8x 1.4x 1.1x 2.3x 5.2x 1.4x 1.1x 2.6x 2.0x 2.4x 2.0x 2.9x 2.6x NM
NYSE:MTZ
Matrix Service Company McDermott International Inc.
472
18
NM
NasdaqGS:MTRX
2,024
378
5.4x 9.0x 4.6x
NYSE:MDR
MYR Group, Inc.
670 215 298
75 47 15
NasdaqGS:MYRG
North American Energy Partners Inc.
234 561
67 51
NYSE:NOA NYSE:ORN
Orion Marine Group, Inc
19.5x
Primoris Services Corporation
1,496 6,744
2,403 9,091
279
176 677
8.5x
NasdaqGS:PRIM
Quanta Services, Inc.
1,227
10.0x 13.7x 12.5x
NYSE:PWR
Sterling Construction Co. Inc.
467
872
73
34
NasdaqGS:STRL NasdaqGS:TTEK
Tetra Tech, Inc. Willbros Group Inc.
2,850
2,089
366
229
159
797
12
(32)
NM
NYSE:WG
Specialty Firms Adjusted Mean 1 Specialty Firms Median
1,811 $
$ $ $ $
2,553 1,220 5,345 2,742
$ $
315 146 696 296
$
160
9.9x 9.0x
$
709
$
58
3,190 $ 2,024 $
$ $
$ $
262 139
15% 6% 13% 5%
0.7x 0.6x
11.2x 10.7x
Total E&C Industry Adjusted Mean 1
Total E&C Industry Median
Source: Capital IQ (December 31, 2017) 1 Adjusted mean removes any outliers that skew the data
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