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JEC - Jacobs Engineering: The Road To $105 And Beyond
Jacobs Engineering Group
Recent corporate action, such as the deal to sell its energy, chemicals and resources (ECR) unit to WorleyParsons, supports the case for the ongoing transformation at Jacobs Engineering (JEC). With the unlocked capital post-ECR sale, JEC is well-positioned to initiate repurchases, while driving cost synergies in an effort to hit the $7-8 EPS number by FY21. I think the number is achievable and if JEC gets there, an earnings multiple in line with historical numbers would bring the stock up to ~$105, with the prospect for further upside if the market assigns a