Intrinsic value of AECOM - ACM

Previous Close

$35.32

  Intrinsic Value

$41.33

stock screener

  Rating & Target

hold

+17%

Previous close

$35.32

 
Intrinsic value

$41.33

 
Up/down potential

+17%

 
Rating

hold

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 2016), $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 5.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -3.22
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  17,411
  18,003
  18,644
  19,334
  20,076
  20,869
  21,715
  22,616
  23,574
  24,590
  25,667
  26,807
  28,013
  29,287
  30,632
  32,052
  33,549
  35,127
  36,790
  38,541
  40,384
  42,325
  44,367
  46,516
  48,776
  51,152
  53,651
  56,278
  59,040
  61,942
  64,992
Variable operating expenses, $m
 
  17,857
  18,472
  19,135
  19,846
  20,607
  21,419
  22,284
  23,203
  24,178
  25,211
  25,723
  26,880
  28,103
  29,393
  30,755
  32,192
  33,706
  35,301
  36,982
  38,751
  40,613
  42,573
  44,634
  46,803
  49,083
  51,481
  54,002
  56,651
  59,436
  62,364
Fixed operating expenses, $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 operating expenses, $m
  17,035
  17,857
  18,472
  19,135
  19,846
  20,607
  21,419
  22,284
  23,203
  24,178
  25,211
  25,723
  26,880
  28,103
  29,393
  30,755
  32,192
  33,706
  35,301
  36,982
  38,751
  40,613
  42,573
  44,634
  46,803
  49,083
  51,481
  54,002
  56,651
  59,436
  62,364
Operating income, $m
  376
  146
  172
  200
  230
  262
  296
  332
  371
  412
  456
  1,084
  1,133
  1,185
  1,239
  1,297
  1,357
  1,421
  1,488
  1,559
  1,634
  1,712
  1,795
  1,882
  1,973
  2,069
  2,170
  2,276
  2,388
  2,506
  2,629
EBITDA, $m
  775
  785
  813
  843
  875
  910
  946
  986
  1,027
  1,072
  1,119
  1,168
  1,221
  1,277
  1,335
  1,397
  1,462
  1,531
  1,604
  1,680
  1,760
  1,845
  1,934
  2,027
  2,126
  2,230
  2,338
  2,453
  2,573
  2,700
  2,833
Interest expense (income), $m
  216
  185
  202
  220
  240
  261
  284
  308
  333
  361
  390
  421
  453
  487
  524
  562
  603
  645
  690
  738
  788
  840
  896
  954
  1,015
  1,080
  1,148
  1,219
  1,294
  1,373
  1,455
Earnings before tax, $m
  126
  -39
  -30
  -20
  -10
  1
  12
  25
  38
  51
  66
  664
  680
  697
  715
  734
  754
  776
  798
  821
  846
  872
  899
  928
  958
  989
  1,023
  1,058
  1,094
  1,133
  1,174
Tax expense, $m
  -37
  0
  0
  0
  0
  0
  3
  7
  10
  14
  18
  179
  184
  188
  193
  198
  204
  209
  215
  222
  228
  235
  243
  250
  259
  267
  276
  286
  295
  306
  317
Net income, $m
  96
  -39
  -30
  -20
  -10
  1
  9
  18
  28
  38
  48
  485
  496
  509
  522
  536
  551
  566
  582
  599
  617
  636
  656
  677
  699
  722
  747
  772
  799
  827
  857

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  736
  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
  13,670
  13,375
  13,851
  14,364
  14,915
  15,504
  16,133
  16,802
  17,514
  18,269
  19,069
  19,916
  20,812
  21,759
  22,758
  23,813
  24,925
  26,097
  27,333
  28,633
  30,003
  31,445
  32,962
  34,558
  36,237
  38,003
  39,860
  41,811
  43,863
  46,019
  48,286
Adjusted assets (=assets-cash), $m
  12,934
  13,375
  13,851
  14,364
  14,915
  15,504
  16,133
  16,802
  17,514
  18,269
  19,069
  19,916
  20,812
  21,759
  22,758
  23,813
  24,925
  26,097
  27,333
  28,633
  30,003
  31,445
  32,962
  34,558
  36,237
  38,003
  39,860
  41,811
  43,863
  46,019
  48,286
Revenue / Adjusted assets
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
  1.346
Average production assets, $m
  919
  954
  988
  1,025
  1,064
  1,106
  1,151
  1,199
  1,249
  1,303
  1,360
  1,421
  1,485
  1,552
  1,624
  1,699
  1,778
  1,862
  1,950
  2,043
  2,140
  2,243
  2,351
  2,465
  2,585
  2,711
  2,843
  2,983
  3,129
  3,283
  3,445
Working capital, $m
  696
  342
  354
  367
  381
  397
  413
  430
  448
  467
  488
  509
  532
  556
  582
  609
  637
  667
  699
  732
  767
  804
  843
  884
  927
  972
  1,019
  1,069
  1,122
  1,177
  1,235
Total debt, $m
  4,068
  4,037
  4,403
  4,797
  5,220
  5,672
  6,155
  6,669
  7,216
  7,796
  8,410
  9,061
  9,749
  10,476
  11,243
  12,053
  12,907
  13,808
  14,756
  15,756
  16,808
  17,915
  19,080
  20,306
  21,595
  22,951
  24,377
  25,876
  27,452
  29,108
  30,848
Total liabilities, $m
  10,303
  10,272
  10,638
  11,032
  11,455
  11,907
  12,390
  12,904
  13,451
  14,031
  14,645
  15,296
  15,984
  16,711
  17,478
  18,288
  19,142
  20,043
  20,991
  21,991
  23,043
  24,150
  25,315
  26,541
  27,830
  29,186
  30,612
  32,111
  33,687
  35,343
  37,083
Total equity, $m
  3,367
  3,103
  3,214
  3,333
  3,460
  3,597
  3,743
  3,898
  4,063
  4,238
  4,424
  4,621
  4,828
  5,048
  5,280
  5,525
  5,783
  6,055
  6,341
  6,643
  6,961
  7,295
  7,647
  8,018
  8,407
  8,817
  9,247
  9,700
  10,176
  10,676
  11,202
Total liabilities and equity, $m
  13,670
  13,375
  13,852
  14,365
  14,915
  15,504
  16,133
  16,802
  17,514
  18,269
  19,069
  19,917
  20,812
  21,759
  22,758
  23,813
  24,925
  26,098
  27,332
  28,634
  30,004
  31,445
  32,962
  34,559
  36,237
  38,003
  39,859
  41,811
  43,863
  46,019
  48,285
Debt-to-equity ratio
  1.208
  1.300
  1.370
  1.440
  1.510
  1.580
  1.640
  1.710
  1.780
  1.840
  1.900
  1.960
  2.020
  2.080
  2.130
  2.180
  2.230
  2.280
  2.330
  2.370
  2.410
  2.460
  2.500
  2.530
  2.570
  2.600
  2.640
  2.670
  2.700
  2.730
  2.750
Adjusted equity ratio
  0.205
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232
  0.232

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  96
  -39
  -30
  -20
  -10
  1
  9
  18
  28
  38
  48
  485
  496
  509
  522
  536
  551
  566
  582
  599
  617
  636
  656
  677
  699
  722
  747
  772
  799
  827
  857
Depreciation, amort., depletion, $m
  399
  639
  641
  643
  645
  648
  651
  653
  656
  660
  663
  84
  88
  92
  96
  101
  105
  110
  115
  121
  127
  133
  139
  146
  153
  160
  168
  176
  185
  194
  204
Funds from operations, $m
  1,038
  600
  611
  623
  635
  648
  660
  671
  684
  697
  711
  569
  584
  601
  618
  637
  656
  676
  698
  720
  744
  769
  795
  823
  852
  883
  915
  949
  984
  1,021
  1,061
Change in working capital, $m
  224
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  26
  27
  28
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  50
  52
  55
  58
Cash from operations, $m
  814
  588
  599
  609
  621
  633
  643
  654
  666
  678
  691
  547
  561
  577
  593
  610
  627
  646
  666
  687
  709
  732
  757
  782
  809
  837
  867
  899
  932
  966
  1,003
Maintenance CAPEX, $m
  0
  -54
  -56
  -58
  -61
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -153
  -160
  -168
  -176
  -185
  -194
New CAPEX, $m
  -191
  -35
  -34
  -37
  -39
  -42
  -45
  -48
  -51
  -54
  -57
  -60
  -64
  -68
  -71
  -75
  -79
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -126
  -132
  -139
  -146
  -154
  -162
Cash from investing activities, $m
  -163
  -89
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
  -134
  -140
  -148
  -156
  -163
  -171
  -180
  -189
  -198
  -208
  -219
  -230
  -241
  -253
  -266
  -279
  -292
  -307
  -322
  -339
  -356
Free cash flow, $m
  651
  499
  508
  514
  521
  528
  533
  538
  544
  550
  556
  406
  413
  421
  430
  438
  448
  457
  468
  479
  490
  503
  516
  529
  543
  559
  574
  591
  609
  627
  647
Issuance/(repayment) of debt, $m
  -494
  335
  366
  394
  423
  452
  483
  514
  546
  580
  615
  651
  688
  727
  768
  810
  854
  900
  949
  999
  1,052
  1,107
  1,165
  1,226
  1,289
  1,356
  1,426
  1,499
  1,576
  1,656
  1,741
Issuance/(repurchase) of shares, $m
  12
  145
  141
  139
  138
  136
  137
  137
  138
  138
  137
  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  
  -638
  480
  507
  533
  561
  588
  620
  651
  684
  718
  752
  651
  688
  727
  768
  810
  854
  900
  949
  999
  1,052
  1,107
  1,165
  1,226
  1,289
  1,356
  1,426
  1,499
  1,576
  1,656
  1,741
Total cash flow (excl. dividends), $m
  8
  979
  1,014
  1,048
  1,082
  1,117
  1,153
  1,190
  1,228
  1,267
  1,308
  1,057
  1,101
  1,148
  1,197
  1,248
  1,302
  1,358
  1,417
  1,478
  1,542
  1,610
  1,681
  1,755
  1,833
  1,915
  2,000
  2,090
  2,184
  2,283
  2,387
Retained Cash Flow (-), $m
  41
  -145
  -141
  -139
  -138
  -137
  -146
  -155
  -165
  -175
  -186
  -197
  -208
  -220
  -232
  -245
  -258
  -272
  -287
  -302
  -318
  -334
  -352
  -370
  -390
  -410
  -431
  -453
  -476
  -500
  -526
Prev. year cash balance distribution, $m
 
  370
  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
 
  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 available for distribution, $m
 
  1,204
  874
  908
  944
  980
  1,007
  1,034
  1,063
  1,092
  1,123
  860
  894
  929
  965
  1,004
  1,044
  1,086
  1,130
  1,176
  1,225
  1,275
  1,329
  1,385
  1,443
  1,505
  1,570
  1,637
  1,708
  1,783
  1,861
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  1,117
  747
  709
  668
  623
  570
  516
  462
  409
  358
  231
  199
  169
  141
  116
  94
  75
  59
  45
  34
  25
  18
  12
  8
  6
  4
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  97.1
  94.5
  92.1
  89.8
  87.7
  85.8
  83.9
  82.1
  80.5
  78.9
  78.9
  78.9
  78.9
  78.9
  78.9
  78.9
  78.9
  78.9
  78.9
  78.9
  78.9
  78.9
  78.9
  78.9
  78.9
  78.9
  78.9
  78.9
  78.9
  78.9

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 56.6
Price to Sales 0.3
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 6.7
Price to Free Cash Flow 8.7
Growth Rates
Sales Growth Rate -3.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 67.5%
Cap. Spend. - 3 Yr. Gr. Rate 29.7%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 109.9%
Total Debt to Equity 120.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital 1.2%
Ret/ On T. Cap. - 3 Yr. Avg. 1.9%
Return On Equity 2.8%
Return On Equity - 3 Yr. Avg. 2.7%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 3.7%
Gross Margin - 3 Yr. Avg. 3.8%
EBITDA Margin 4.3%
EBITDA Margin - 3 Yr. Avg. 4.4%
Operating Margin 2.2%
Oper. Margin - 3 Yr. Avg. 2.4%
Pre-Tax Margin 0.7%
Pre-Tax Margin - 3 Yr. Avg. 1.2%
Net Profit Margin 0.6%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate -29.4%
Eff/ Tax Rate - 3 Yr. Avg. 16.5%
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 $17411 million for the last fiscal year's total revenue generated by AECOM. The default revenue input number comes from 2016 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 3.4% 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 7.8%, 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 99.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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% 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%.

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 5.3%.

Life of production assets of 16.9 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 1.9%. 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 - $3367 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 156.852 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 $5.5 billion.

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COMPANY NEWS

▶ 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]
▶ ETFs with exposure to AECOM : September 18, 2017   [Sep-18-17 05:17PM  Capital Cube]
▶ IIROC Trading Halt - ACM   [Sep-15-17 07:53AM  PR Newswire]
▶ ETFs with exposure to AECOM : September 7, 2017   [Sep-07-17 11:57AM  Capital Cube]
▶ Are There Solutions to the Current US Debt Crisis?   [Aug-25-17 10:37AM  Market Realist]
▶ AECOM Value Analysis (NYSE:ACM) : August 21, 2017   [Aug-21-17 05:40PM  Capital Cube]
▶ Committee zeroes in on apples-to-apples comparisons for KCI terminal   [11:08AM  American City Business Journals]
▶ Fruit references fly in debate about KCI terminal team selection process   [Aug-17-17 09:50AM  American City Business Journals]
▶ Breaking down the KCI plans from Burns & McDonnell, AECOM   [Aug-15-17 10:25AM  American City Business Journals]
▶ Aecom meets 3Q profit forecasts   [Aug-08-17 11:54PM  Associated Press]
▶ IIROC Trade Resumption - ACM   [Jul-31-17 09:23AM  CNW Group]
▶ IIROC Trading Halt - ACM   [Jul-26-17 07:49AM  PR Newswire]
▶ Top 4 Long-Term Infrastructure Stocks for 2017   [Jul-12-17 04:25PM  Investopedia]
▶ AECOM rolls out its KCI modernization team   [Jul-11-17 04:41PM  American City Business Journals]
▶ ETFs with exposure to AECOM : July 7, 2017   [Jul-07-17 02:23PM  Capital Cube]
▶ AECOM announces completion of exchange offer   [Jun-30-17 05:10PM  Business Wire]
▶ ETFs with exposure to AECOM : June 26, 2017   [Jun-26-17 03:14PM  Capital Cube]
▶ ETFs with exposure to AECOM : June 15, 2017   [Jun-15-17 12:54PM  Capital Cube]
▶ AECOM Value Analysis (NYSE:ACM) : June 13, 2017   [Jun-13-17 01:14PM  Capital Cube]
▶ City manager: Bidding won't take KCI terminal project off fast track   [09:50AM  American City Business Journals]
▶ Today's Bell Ringer, May 31, 2017   [09:15AM  CNBC Videos]
▶ We are expecting to hire 3,000 new employees: AECOM CEO   [May-17-17 10:44AM  CNBC Videos]
▶ Infrastructure firm AECOM to relocate its Dallas regional HQ to Galleria Towers   [May-16-17 05:25PM  American City Business Journals]
▶ Aecom tops 2Q profit forecasts   [May-09-17 07:14AM  Associated Press]
▶ AECOM CEO: We are underspending on infrastructure   [May-02-17 01:23PM  Fox Business Videos]
▶ Trumps Role in the Markets Current Guessing Game   [Apr-19-17 07:37AM  Market Realist]
▶ Trump's Infrastructure Promise Pays Off for AECOM   [Mar-10-17 08:20AM  Bloomberg]
▶ Final Trade: PHM, XLE & more   [Mar-09-17 05:58PM  CNBC Videos]
▶ Paramount condo at Miami Worldcenter obtains $285M construction loan   [05:25PM  American City Business Journals]
▶ Aecom: Do the Technicals Match the Infrastructure Story?   [Feb-28-17 02:27PM  TheStreet.com]
▶ Top 4 Long-Term Infrastructure Stocks for 2017   [Feb-16-17 05:46PM  at Investopedia]
▶ Brogan BamBrogan is back with a new hyperloop startup   [Feb-09-17 01:55PM  at bizjournals.com]
Financial statements of ACM
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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