Intrinsic value of AECOM - ACM

Previous Close

$32.91

  Intrinsic Value

$105.28

stock screener

  Rating & Target

str. buy

+220%

Previous close

$32.91

 
Intrinsic value

$105.28

 
Up/down potential

+220%

 
Rating

str. buy

We calculate the intrinsic value of ACM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.85
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
Revenue, $m
  19,040
  19,924
  20,855
  21,837
  22,872
  23,962
  25,109
  26,316
  27,587
  28,923
  30,329
  31,807
  33,362
  34,996
  36,714
  38,519
  40,417
  42,410
  44,506
  46,707
  49,019
  51,449
  54,001
  56,682
  59,498
  62,456
  65,562
  68,825
  72,252
  75,851
Variable operating expenses, $m
  14,270
  14,902
  15,569
  16,272
  17,012
  17,792
  18,614
  19,478
  20,387
  21,344
  21,709
  22,768
  23,880
  25,050
  26,280
  27,572
  28,930
  30,357
  31,857
  33,433
  35,088
  36,827
  38,654
  40,573
  42,588
  44,706
  46,929
  49,265
  51,718
  54,294
Fixed operating expenses, $m
  4,199
  4,292
  4,386
  4,483
  4,581
  4,682
  4,785
  4,890
  4,998
  5,108
  5,220
  5,335
  5,453
  5,572
  5,695
  5,820
  5,948
  6,079
  6,213
  6,350
  6,489
  6,632
  6,778
  6,927
  7,080
  7,235
  7,395
  7,557
  7,723
  7,893
Total operating expenses, $m
  18,469
  19,194
  19,955
  20,755
  21,593
  22,474
  23,399
  24,368
  25,385
  26,452
  26,929
  28,103
  29,333
  30,622
  31,975
  33,392
  34,878
  36,436
  38,070
  39,783
  41,577
  43,459
  45,432
  47,500
  49,668
  51,941
  54,324
  56,822
  59,441
  62,187
Operating income, $m
  571
  730
  900
  1,083
  1,278
  1,487
  1,710
  1,948
  2,201
  2,471
  3,399
  3,705
  4,029
  4,373
  4,739
  5,127
  5,538
  5,974
  6,436
  6,924
  7,442
  7,990
  8,569
  9,182
  9,830
  10,515
  11,239
  12,003
  12,811
  13,664
EBITDA, $m
  1,943
  2,136
  2,342
  2,562
  2,797
  3,048
  3,315
  3,599
  3,902
  4,223
  4,564
  4,926
  5,310
  5,717
  6,149
  6,606
  7,090
  7,602
  8,145
  8,718
  9,324
  9,965
  10,643
  11,359
  12,115
  12,913
  13,756
  14,646
  15,585
  16,576
Interest expense (income), $m
  226
  223
  251
  280
  311
  343
  377
  414
  452
  492
  534
  578
  624
  673
  725
  779
  836
  896
  959
  1,025
  1,094
  1,167
  1,244
  1,324
  1,409
  1,498
  1,591
  1,689
  1,792
  1,900
  2,013
Earnings before tax, $m
  348
  479
  620
  772
  935
  1,110
  1,297
  1,496
  1,710
  1,938
  2,821
  3,080
  3,356
  3,648
  3,960
  4,291
  4,642
  5,015
  5,411
  5,830
  6,275
  6,746
  7,245
  7,773
  8,332
  8,924
  9,550
  10,211
  10,911
  11,650
Tax expense, $m
  94
  129
  168
  208
  252
  300
  350
  404
  462
  523
  762
  832
  906
  985
  1,069
  1,159
  1,253
  1,354
  1,461
  1,574
  1,694
  1,821
  1,956
  2,099
  2,250
  2,409
  2,578
  2,757
  2,946
  3,146
Net income, $m
  254
  350
  453
  564
  683
  810
  946
  1,092
  1,248
  1,415
  2,060
  2,248
  2,450
  2,663
  2,891
  3,132
  3,389
  3,661
  3,950
  4,256
  4,581
  4,925
  5,289
  5,674
  6,083
  6,514
  6,971
  7,454
  7,965
  8,505

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  15,064
  15,763
  16,500
  17,276
  18,095
  18,957
  19,864
  20,820
  21,825
  22,882
  23,994
  25,164
  26,394
  27,687
  29,046
  30,474
  31,975
  33,553
  35,210
  36,952
  38,781
  40,703
  42,722
  44,843
  47,071
  49,411
  51,869
  54,450
  57,162
  60,009
Adjusted assets (=assets-cash), $m
  15,064
  15,763
  16,500
  17,276
  18,095
  18,957
  19,864
  20,820
  21,825
  22,882
  23,994
  25,164
  26,394
  27,687
  29,046
  30,474
  31,975
  33,553
  35,210
  36,952
  38,781
  40,703
  42,722
  44,843
  47,071
  49,411
  51,869
  54,450
  57,162
  60,009
Revenue / Adjusted assets
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
  1.264
Average production assets, $m
  7,311
  7,651
  8,008
  8,386
  8,783
  9,201
  9,642
  10,105
  10,593
  11,106
  11,646
  12,214
  12,811
  13,438
  14,098
  14,791
  15,520
  16,286
  17,090
  17,935
  18,823
  19,756
  20,736
  21,766
  22,847
  23,983
  25,176
  26,429
  27,745
  29,127
Working capital, $m
  -2,361
  -2,471
  -2,586
  -2,708
  -2,836
  -2,971
  -3,113
  -3,263
  -3,421
  -3,586
  -3,761
  -3,944
  -4,137
  -4,339
  -4,553
  -4,776
  -5,012
  -5,259
  -5,519
  -5,792
  -6,078
  -6,380
  -6,696
  -7,029
  -7,378
  -7,745
  -8,130
  -8,534
  -8,959
  -9,406
Total debt, $m
  4,319
  4,824
  5,356
  5,917
  6,508
  7,130
  7,785
  8,475
  9,201
  9,964
  10,767
  11,612
  12,499
  13,433
  14,414
  15,445
  16,529
  17,668
  18,865
  20,122
  21,443
  22,831
  24,289
  25,820
  27,429
  29,118
  30,893
  32,756
  34,714
  36,770
Total liabilities, $m
  10,876
  11,381
  11,913
  12,474
  13,065
  13,687
  14,342
  15,032
  15,758
  16,521
  17,324
  18,168
  19,056
  19,990
  20,971
  22,002
  23,086
  24,225
  25,422
  26,679
  28,000
  29,388
  30,846
  32,377
  33,985
  35,675
  37,449
  39,313
  41,271
  43,326
Total equity, $m
  4,188
  4,382
  4,587
  4,803
  5,030
  5,270
  5,522
  5,788
  6,067
  6,361
  6,670
  6,996
  7,337
  7,697
  8,075
  8,472
  8,889
  9,328
  9,788
  10,273
  10,781
  11,315
  11,877
  12,466
  13,086
  13,736
  14,420
  15,137
  15,891
  16,682
Total liabilities and equity, $m
  15,064
  15,763
  16,500
  17,277
  18,095
  18,957
  19,864
  20,820
  21,825
  22,882
  23,994
  25,164
  26,393
  27,687
  29,046
  30,474
  31,975
  33,553
  35,210
  36,952
  38,781
  40,703
  42,723
  44,843
  47,071
  49,411
  51,869
  54,450
  57,162
  60,008
Debt-to-equity ratio
  1.030
  1.100
  1.170
  1.230
  1.290
  1.350
  1.410
  1.460
  1.520
  1.570
  1.610
  1.660
  1.700
  1.750
  1.790
  1.820
  1.860
  1.890
  1.930
  1.960
  1.990
  2.020
  2.050
  2.070
  2.100
  2.120
  2.140
  2.160
  2.180
  2.200
Adjusted equity ratio
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278
  0.278

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  254
  350
  453
  564
  683
  810
  946
  1,092
  1,248
  1,415
  2,060
  2,248
  2,450
  2,663
  2,891
  3,132
  3,389
  3,661
  3,950
  4,256
  4,581
  4,925
  5,289
  5,674
  6,083
  6,514
  6,971
  7,454
  7,965
  8,505
Depreciation, amort., depletion, $m
  1,372
  1,406
  1,442
  1,479
  1,519
  1,561
  1,605
  1,651
  1,700
  1,751
  1,165
  1,221
  1,281
  1,344
  1,410
  1,479
  1,552
  1,629
  1,709
  1,794
  1,882
  1,976
  2,074
  2,177
  2,285
  2,398
  2,518
  2,643
  2,774
  2,913
Funds from operations, $m
  1,626
  1,756
  1,895
  2,043
  2,202
  2,371
  2,551
  2,744
  2,948
  3,166
  3,224
  3,470
  3,731
  4,007
  4,301
  4,611
  4,941
  5,290
  5,659
  6,050
  6,463
  6,900
  7,362
  7,851
  8,367
  8,913
  9,489
  10,097
  10,739
  11,417
Change in working capital, $m
  -104
  -110
  -116
  -122
  -128
  -135
  -142
  -150
  -158
  -166
  -174
  -183
  -193
  -203
  -213
  -224
  -235
  -247
  -260
  -273
  -287
  -301
  -316
  -332
  -349
  -367
  -385
  -405
  -425
  -446
Cash from operations, $m
  1,730
  1,865
  2,010
  2,165
  2,330
  2,506
  2,694
  2,893
  3,106
  3,332
  3,399
  3,653
  3,923
  4,210
  4,514
  4,835
  5,176
  5,537
  5,919
  6,323
  6,750
  7,202
  7,679
  8,183
  8,717
  9,280
  9,874
  10,502
  11,164
  11,864
Maintenance CAPEX, $m
  -699
  -731
  -765
  -801
  -839
  -878
  -920
  -964
  -1,011
  -1,059
  -1,111
  -1,165
  -1,221
  -1,281
  -1,344
  -1,410
  -1,479
  -1,552
  -1,629
  -1,709
  -1,794
  -1,882
  -1,976
  -2,074
  -2,177
  -2,285
  -2,398
  -2,518
  -2,643
  -2,774
New CAPEX, $m
  -323
  -339
  -358
  -377
  -397
  -418
  -441
  -464
  -488
  -513
  -540
  -568
  -597
  -628
  -660
  -693
  -729
  -766
  -805
  -845
  -888
  -933
  -980
  -1,029
  -1,081
  -1,136
  -1,193
  -1,253
  -1,316
  -1,382
Cash from investing activities, $m
  -1,022
  -1,070
  -1,123
  -1,178
  -1,236
  -1,296
  -1,361
  -1,428
  -1,499
  -1,572
  -1,651
  -1,733
  -1,818
  -1,909
  -2,004
  -2,103
  -2,208
  -2,318
  -2,434
  -2,554
  -2,682
  -2,815
  -2,956
  -3,103
  -3,258
  -3,421
  -3,591
  -3,771
  -3,959
  -4,156
Free cash flow, $m
  708
  795
  887
  987
  1,094
  1,209
  1,333
  1,466
  1,607
  1,759
  1,748
  1,921
  2,105
  2,301
  2,510
  2,732
  2,968
  3,219
  3,486
  3,768
  4,068
  4,386
  4,723
  5,080
  5,459
  5,859
  6,283
  6,731
  7,206
  7,707
Issuance/(repayment) of debt, $m
  475
  505
  532
  561
  591
  622
  655
  690
  726
  763
  803
  844
  888
  933
  981
  1,031
  1,084
  1,139
  1,197
  1,257
  1,321
  1,388
  1,458
  1,531
  1,609
  1,690
  1,775
  1,864
  1,957
  2,056
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  475
  505
  532
  561
  591
  622
  655
  690
  726
  763
  803
  844
  888
  933
  981
  1,031
  1,084
  1,139
  1,197
  1,257
  1,321
  1,388
  1,458
  1,531
  1,609
  1,690
  1,775
  1,864
  1,957
  2,056
Total cash flow (excl. dividends), $m
  1,183
  1,300
  1,419
  1,548
  1,685
  1,832
  1,988
  2,155
  2,333
  2,523
  2,551
  2,765
  2,993
  3,235
  3,491
  3,764
  4,052
  4,358
  4,682
  5,026
  5,389
  5,774
  6,181
  6,612
  7,067
  7,549
  8,057
  8,595
  9,163
  9,763
Retained Cash Flow (-), $m
  -192
  -194
  -205
  -216
  -228
  -240
  -252
  -266
  -279
  -294
  -309
  -325
  -342
  -359
  -378
  -397
  -417
  -439
  -461
  -484
  -509
  -534
  -561
  -590
  -619
  -651
  -683
  -718
  -754
  -792
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  91
  95
  100
  104
  109
  114
  120
  126
  132
  138
  145
  152
  159
  167
  175
  184
  193
  202
  212
  223
  234
  245
  257
  270
  283
  297
  312
  328
  344
  361
Cash available for distribution, $m
  992
  1,105
  1,214
  1,332
  1,457
  1,592
  1,736
  1,890
  2,054
  2,229
  2,242
  2,440
  2,651
  2,875
  3,114
  3,366
  3,635
  3,920
  4,222
  4,542
  4,881
  5,240
  5,620
  6,022
  6,448
  6,898
  7,374
  7,877
  8,409
  8,971
Discount rate, %
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
  936
  980
  1,005
  1,022
  1,031
  1,030
  1,019
  998
  968
  928
  817
  770
  716
  657
  594
  529
  464
  400
  339
  282
  230
  184
  144
  111
  83
  61
  43
  30
  20
  13
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

AECOM is engaged in designing, building, financing and operating infrastructure assets for governments, businesses and organizations. The Company's segments include design and consulting services (DCS), construction services (CS) and management services (MS). Its DCS segment is engaged in planning, consulting, architectural and engineering design services to commercial and government clients in major end markets, such as transportation, facilities, environmental, energy, water and government. Its CS segment is engaged in construction services, including building construction and energy, infrastructure and industrial construction, primarily in the Americas. Its MS segment is engaged in programming and facilitating management and maintenance, training, logistics, consulting, technical assistance, and systems integration and information technology services, primarily for agencies of the United States government and other national governments.

FINANCIAL RATIOS  of  AECOM (ACM)

Valuation Ratios
P/E Ratio 15.3
Price to Sales 0.3
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 7.4
Price to Free Cash Flow 8.5
Growth Rates
Sales Growth Rate 4.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -55%
Cap. Spend. - 3 Yr. Gr. Rate 6.4%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 92.6%
Total Debt to Equity 96.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 4%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 1%
Return On Equity 9.2%
Return On Equity - 3 Yr. Avg. 2.2%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 3.8%
Gross Margin - 3 Yr. Avg. 3.5%
EBITDA Margin 5.1%
EBITDA Margin - 3 Yr. Avg. 4.3%
Operating Margin 3.6%
Oper. Margin - 3 Yr. Avg. 2.2%
Pre-Tax Margin 2.4%
Pre-Tax Margin - 3 Yr. Avg. 0.7%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 0.5%
Effective Tax Rate 1.9%
Eff/ Tax Rate - 3 Yr. Avg. 8.5%
Payout Ratio 0%

ACM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ACM stock intrinsic value calculation we used $18203 million for the last fiscal year's total revenue generated by AECOM. The default revenue input number comes from 2017 income statement of AECOM. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ACM stock valuation model: a) initial revenue growth rate of 4.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.9%, whose default value for ACM is calculated based on our internal credit rating of AECOM, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of AECOM.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ACM stock the variable cost ratio is equal to 75.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4109 million in the base year in the intrinsic value calculation for ACM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.8% for AECOM.

Corporate tax rate of 27% is the nominal tax rate for AECOM. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ACM stock is equal to 0.5%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ACM are equal to 38.4%.

Life of production assets of 10 years is the average useful life of capital assets used in AECOM operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ACM is equal to -12.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3996 million for AECOM - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 156 million for AECOM is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of AECOM at the current share price and the inputted number of shares is $5.1 billion.

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COMPANY NEWS

▶ AECOM to Host Earnings Call   [Aug-07-18 10:00AM  ACCESSWIRE]
▶ Aecom: Fiscal 3Q Earnings Snapshot   [07:27AM  Associated Press]
▶ Top 4 Long-Term Infrastructure Stocks for 2018   [Jul-31-18 06:29PM  Investopedia]
▶ AECOM (NYSE:ACM): Should The Recent Earnings Drop Worry You?   [Jun-22-18 11:26AM  Simply Wall St.]
▶ Aecom wins $3.1 billion Air Force contract   [May-23-18 04:12PM  American City Business Journals]
▶ 3 Infrastructure Plays for the Trump Economy   [11:47AM  InvestorPlace]
▶ Aecom: Fiscal 2Q Earnings Snapshot   [May-08-18 07:19AM  Associated Press]
▶ Mass Equities and AECOM partner on major Denver development   [Mar-22-18 06:55AM  Business Wire]
▶ AECOM's URS Purchase Brings a Billion-Dollar Drone Bonus   [Mar-16-18 06:36AM  Motley Fool]
▶ Compromise coal ash bill would extend closure moratorium   [Feb-07-18 09:08PM  Associated Press]
▶ Will AECOMs (NYSE:ACM) Earnings Grow Over The Next Few Years?   [Feb-06-18 01:49PM  Simply Wall St.]
▶ AECOM to Host Earnings Call   [09:15AM  ACCESSWIRE]
▶ Aecom beats Street 1Q forecasts   [07:47AM  Associated Press]
▶ AECOM, Burns & McDonnell announce partnership on KCI   [Dec-18-17 03:50PM  American City Business Journals]
▶ ETFs with exposure to AECOM : December 4, 2017   [Dec-04-17 10:49AM  Capital Cube]
▶ 9 Stocks That May Outperform In 2018   [Nov-30-17 01:05PM  Investopedia]
▶ ETFs with exposure to AECOM : November 21, 2017   [Nov-21-17 11:13AM  Capital Cube]
▶ AECOM to host 2018 Investor Day on Dec. 12   [06:55AM  Business Wire]
▶ Aecom tops Street 4Q forecasts   [Nov-13-17 07:18AM  Associated Press]
▶ ETFs with exposure to AECOM : November 10, 2017   [Nov-10-17 11:43AM  Capital Cube]
▶ What Are America's Fastest-Growing Industries?   [Nov-08-17 06:34AM  Motley Fool]
▶ Aecom Technology Earns RS Rating Upgrade   [Nov-07-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to AECOM : October 30, 2017   [Oct-30-17 11:20AM  Capital Cube]
▶ AECOM announces executive leadership appointments   [Oct-09-17 06:55AM  Business Wire]
▶ ETFs with exposure to AECOM : October 4, 2017   [Oct-04-17 10:28AM  Capital Cube]
▶ UPDATE: KC Council picks Edgemoor team for KCI terminal job   [Sep-21-17 05:28PM  American City Business Journals]
▶ Advisers' initial ranking put Edgemoor's KCI presentation No. 3   [Sep-20-17 01:30PM  American City Business Journals]
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