Intrinsic value of AECOM - ACM

Previous Close

$39.28

  Intrinsic Value

$296.09

stock screener

  Rating & Target

str. buy

+654%

Previous close

$39.28

 
Intrinsic value

$296.09

 
Up/down potential

+654%

 
Rating

str. buy

*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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  4.55
  12.30
  11.57
  10.91
  10.32
  9.79
  9.31
  8.88
  8.49
  8.14
  7.83
  7.55
  7.29
  7.06
  6.86
  6.67
  6.50
  6.35
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  18,203
  20,442
  22,807
  25,296
  27,907
  30,639
  33,492
  36,466
  39,562
  42,783
  46,133
  49,613
  53,231
  56,990
  60,897
  64,958
  69,183
  73,578
  78,152
  82,916
  87,880
  93,054
  98,449
  104,080
  109,957
  116,095
  122,508
  129,212
  136,221
  143,552
  151,223
Variable operating expenses, $m
 
  13,214
  14,673
  16,209
  17,820
  19,506
  21,266
  23,101
  25,012
  27,000
  29,067
  30,615
  32,847
  35,167
  37,578
  40,084
  42,691
  45,403
  48,226
  51,166
  54,228
  57,421
  60,751
  64,225
  67,852
  71,640
  75,597
  79,733
  84,059
  88,583
  93,316
Fixed operating expenses, $m
 
  6,002
  6,152
  6,306
  6,464
  6,626
  6,791
  6,961
  7,135
  7,313
  7,496
  7,684
  7,876
  8,073
  8,274
  8,481
  8,693
  8,911
  9,133
  9,362
  9,596
  9,836
  10,082
  10,334
  10,592
  10,857
  11,128
  11,406
  11,691
  11,984
  12,283
Total operating expenses, $m
  17,550
  19,216
  20,825
  22,515
  24,284
  26,132
  28,057
  30,062
  32,147
  34,313
  36,563
  38,299
  40,723
  43,240
  45,852
  48,565
  51,384
  54,314
  57,359
  60,528
  63,824
  67,257
  70,833
  74,559
  78,444
  82,497
  86,725
  91,139
  95,750
  100,567
  105,599
Operating income, $m
  654
  1,226
  1,982
  2,781
  3,623
  4,508
  5,434
  6,403
  7,415
  8,470
  9,570
  11,315
  12,508
  13,750
  15,044
  16,393
  17,798
  19,264
  20,793
  22,389
  24,055
  25,797
  27,617
  29,521
  31,513
  33,599
  35,783
  38,072
  40,471
  42,986
  45,624
EBITDA, $m
  933
  1,873
  2,635
  3,440
  4,288
  5,179
  6,112
  7,088
  8,107
  9,170
  10,277
  11,431
  12,633
  13,884
  15,187
  16,546
  17,961
  19,437
  20,977
  22,584
  24,262
  26,015
  27,848
  29,766
  31,772
  33,872
  36,071
  38,376
  40,791
  43,323
  45,979
Interest expense (income), $m
  226
  211
  283
  359
  439
  523
  610
  702
  797
  897
  1,000
  1,108
  1,220
  1,336
  1,457
  1,582
  1,712
  1,848
  1,989
  2,136
  2,289
  2,449
  2,615
  2,788
  2,969
  3,158
  3,355
  3,561
  3,776
  4,001
  4,237
Earnings before tax, $m
  429
  1,015
  1,699
  2,422
  3,184
  3,985
  4,824
  5,701
  6,618
  7,573
  8,569
  10,207
  11,288
  12,414
  13,588
  14,811
  16,086
  17,416
  18,804
  20,253
  21,766
  23,348
  25,002
  26,733
  28,544
  30,441
  32,428
  34,511
  36,695
  38,985
  41,387
Tax expense, $m
  8
  274
  459
  654
  860
  1,076
  1,302
  1,539
  1,787
  2,045
  2,314
  2,756
  3,048
  3,352
  3,669
  3,999
  4,343
  4,702
  5,077
  5,468
  5,877
  6,304
  6,751
  7,218
  7,707
  8,219
  8,756
  9,318
  9,908
  10,526
  11,174
Net income, $m
  339
  741
  1,240
  1,768
  2,325
  2,909
  3,522
  4,162
  4,831
  5,528
  6,256
  7,451
  8,240
  9,062
  9,919
  10,812
  11,743
  12,714
  13,727
  14,784
  15,889
  17,044
  18,252
  19,515
  20,837
  22,222
  23,673
  25,193
  26,787
  28,459
  30,213

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  814
  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
  14,397
  15,255
  17,020
  18,878
  20,826
  22,865
  24,994
  27,213
  29,524
  31,928
  34,427
  37,025
  39,724
  42,530
  45,445
  48,476
  51,629
  54,909
  58,323
  61,878
  65,582
  69,443
  73,470
  77,671
  82,057
  86,638
  91,424
  96,427
  101,657
  107,128
  112,853
Adjusted assets (=assets-cash), $m
  13,583
  15,255
  17,020
  18,878
  20,826
  22,865
  24,994
  27,213
  29,524
  31,928
  34,427
  37,025
  39,724
  42,530
  45,445
  48,476
  51,629
  54,909
  58,323
  61,878
  65,582
  69,443
  73,470
  77,671
  82,057
  86,638
  91,424
  96,427
  101,657
  107,128
  112,853
Revenue / Adjusted assets
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
  1.340
Average production assets, $m
  1,081
  1,206
  1,346
  1,492
  1,647
  1,808
  1,976
  2,151
  2,334
  2,524
  2,722
  2,927
  3,141
  3,362
  3,593
  3,833
  4,082
  4,341
  4,611
  4,892
  5,185
  5,490
  5,809
  6,141
  6,487
  6,850
  7,228
  7,623
  8,037
  8,470
  8,922
Working capital, $m
  1,104
  491
  547
  607
  670
  735
  804
  875
  949
  1,027
  1,107
  1,191
  1,278
  1,368
  1,462
  1,559
  1,660
  1,766
  1,876
  1,990
  2,109
  2,233
  2,363
  2,498
  2,639
  2,786
  2,940
  3,101
  3,269
  3,445
  3,629
Total debt, $m
  3,844
  4,961
  6,293
  7,696
  9,167
  10,706
  12,313
  13,989
  15,734
  17,549
  19,436
  21,397
  23,435
  25,553
  27,754
  30,043
  32,423
  34,899
  37,477
  40,161
  42,957
  45,872
  48,913
  52,085
  55,396
  58,855
  62,468
  66,245
  70,194
  74,325
  78,647
Total liabilities, $m
  10,401
  11,518
  12,850
  14,253
  15,724
  17,263
  18,870
  20,546
  22,291
  24,106
  25,993
  27,954
  29,992
  32,110
  34,311
  36,600
  38,980
  41,456
  44,034
  46,718
  49,514
  52,429
  55,470
  58,642
  61,953
  65,412
  69,025
  72,802
  76,751
  80,882
  85,204
Total equity, $m
  3,996
  3,738
  4,170
  4,625
  5,102
  5,602
  6,123
  6,667
  7,233
  7,822
  8,435
  9,071
  9,732
  10,420
  11,134
  11,877
  12,649
  13,453
  14,289
  15,160
  16,068
  17,014
  18,000
  19,029
  20,104
  21,226
  22,399
  23,625
  24,906
  26,246
  27,649
Total liabilities and equity, $m
  14,397
  15,256
  17,020
  18,878
  20,826
  22,865
  24,993
  27,213
  29,524
  31,928
  34,428
  37,025
  39,724
  42,530
  45,445
  48,477
  51,629
  54,909
  58,323
  61,878
  65,582
  69,443
  73,470
  77,671
  82,057
  86,638
  91,424
  96,427
  101,657
  107,128
  112,853
Debt-to-equity ratio
  0.962
  1.330
  1.510
  1.660
  1.800
  1.910
  2.010
  2.100
  2.180
  2.240
  2.300
  2.360
  2.410
  2.450
  2.490
  2.530
  2.560
  2.590
  2.620
  2.650
  2.670
  2.700
  2.720
  2.740
  2.760
  2.770
  2.790
  2.800
  2.820
  2.830
  2.840
Adjusted equity ratio
  0.234
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  339
  741
  1,240
  1,768
  2,325
  2,909
  3,522
  4,162
  4,831
  5,528
  6,256
  7,451
  8,240
  9,062
  9,919
  10,812
  11,743
  12,714
  13,727
  14,784
  15,889
  17,044
  18,252
  19,515
  20,837
  22,222
  23,673
  25,193
  26,787
  28,459
  30,213
Depreciation, amort., depletion, $m
  279
  647
  653
  659
  665
  671
  678
  685
  692
  700
  708
  117
  125
  134
  143
  153
  163
  173
  184
  195
  207
  219
  231
  245
  258
  273
  288
  304
  320
  337
  355
Funds from operations, $m
  674
  1,388
  1,893
  2,427
  2,989
  3,580
  4,200
  4,847
  5,523
  6,228
  6,963
  7,568
  8,365
  9,196
  10,062
  10,965
  11,905
  12,887
  13,910
  14,979
  16,096
  17,263
  18,483
  19,760
  21,096
  22,495
  23,961
  25,497
  27,107
  28,796
  30,568
Change in working capital, $m
  -23
  54
  57
  60
  63
  66
  68
  71
  74
  77
  80
  84
  87
  90
  94
  97
  101
  105
  110
  114
  119
  124
  130
  135
  141
  147
  154
  161
  168
  176
  184
Cash from operations, $m
  697
  1,335
  1,836
  2,367
  2,927
  3,515
  4,131
  4,776
  5,449
  6,151
  6,883
  7,484
  8,279
  9,106
  9,968
  10,867
  11,804
  12,781
  13,801
  14,865
  15,977
  17,139
  18,354
  19,625
  20,955
  22,348
  23,807
  25,336
  26,939
  28,620
  30,384
Maintenance CAPEX, $m
  0
  -43
  -48
  -54
  -59
  -66
  -72
  -79
  -86
  -93
  -101
  -108
  -117
  -125
  -134
  -143
  -153
  -163
  -173
  -184
  -195
  -207
  -219
  -231
  -245
  -258
  -273
  -288
  -304
  -320
  -337
New CAPEX, $m
  -86
  -126
  -140
  -147
  -154
  -161
  -168
  -175
  -183
  -190
  -198
  -205
  -213
  -222
  -231
  -240
  -249
  -259
  -270
  -281
  -293
  -305
  -318
  -332
  -347
  -362
  -378
  -395
  -414
  -433
  -453
Cash from investing activities, $m
  -203
  -169
  -188
  -201
  -213
  -227
  -240
  -254
  -269
  -283
  -299
  -313
  -330
  -347
  -365
  -383
  -402
  -422
  -443
  -465
  -488
  -512
  -537
  -563
  -592
  -620
  -651
  -683
  -718
  -753
  -790
Free cash flow, $m
  494
  1,166
  1,649
  2,167
  2,713
  3,288
  3,891
  4,521
  5,180
  5,868
  6,585
  7,170
  7,948
  8,759
  9,604
  10,484
  11,402
  12,359
  13,358
  14,400
  15,489
  16,627
  17,817
  19,061
  20,363
  21,727
  23,156
  24,652
  26,222
  27,867
  29,594
Issuance/(repayment) of debt, $m
  -298
  1,259
  1,333
  1,402
  1,471
  1,539
  1,607
  1,676
  1,745
  1,815
  1,887
  1,961
  2,038
  2,118
  2,201
  2,289
  2,380
  2,476
  2,578
  2,684
  2,797
  2,915
  3,040
  3,172
  3,312
  3,458
  3,613
  3,777
  3,949
  4,131
  4,322
Issuance/(repurchase) of shares, $m
  10
  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  
  -386
  1,259
  1,333
  1,402
  1,471
  1,539
  1,607
  1,676
  1,745
  1,815
  1,887
  1,961
  2,038
  2,118
  2,201
  2,289
  2,380
  2,476
  2,578
  2,684
  2,797
  2,915
  3,040
  3,172
  3,312
  3,458
  3,613
  3,777
  3,949
  4,131
  4,322
Total cash flow (excl. dividends), $m
  110
  2,425
  2,981
  3,569
  4,184
  4,827
  5,498
  6,197
  6,925
  7,683
  8,472
  9,131
  9,987
  10,877
  11,805
  12,773
  13,782
  14,835
  15,935
  17,084
  18,286
  19,542
  20,857
  22,233
  23,675
  25,185
  26,769
  28,429
  30,171
  31,998
  33,916
Retained Cash Flow (-), $m
  -629
  -414
  -432
  -455
  -477
  -500
  -522
  -544
  -566
  -589
  -612
  -636
  -661
  -687
  -714
  -743
  -772
  -804
  -836
  -871
  -907
  -946
  -987
  -1,029
  -1,075
  -1,122
  -1,173
  -1,226
  -1,282
  -1,340
  -1,403
Prev. year cash balance distribution, $m
 
  672
  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
 
  2,683
  2,549
  3,114
  3,707
  4,328
  4,976
  5,653
  6,359
  7,094
  7,860
  8,495
  9,325
  10,190
  11,091
  12,030
  13,010
  14,032
  15,099
  16,213
  17,378
  18,596
  19,870
  21,204
  22,600
  24,063
  25,596
  27,204
  28,889
  30,658
  32,513
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  2,512
  2,220
  2,507
  2,738
  2,910
  3,020
  3,070
  3,061
  2,997
  2,883
  2,675
  2,490
  2,279
  2,048
  1,809
  1,568
  1,334
  1,113
  910
  729
  571
  437
  327
  238
  169
  117
  79
  51
  32
  20
Current shareholders' claim on cash, %
  100
  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 18.3
Price to Sales 0.3
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow 10.1
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 12.3% 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 6.8%, 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 65%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $5856 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 5.7% 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 5.9%.

Life of production assets of 25.1 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 2.4%. 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 158.546 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 $6.2 billion.

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COMPANY NEWS

▶ Top 4 Long-Term Infrastructure Stocks as of December 2017   [Dec-28-17 06:00AM  Investopedia]
▶ 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]
▶ 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]
▶ 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]
Financial statements of ACM
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