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

3

Made with FlippingBook flipbook maker