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2021-08-01
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Infrastructure Spending Is on Its Way. Here’s a Cheap Way to Play It<blockquote>基础设施支出正在进行中。这里有一个便宜的玩法</blockquote>
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Here’s a Cheap Way to Play It<blockquote>基础设施支出正在进行中。这里有一个便宜的玩法</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1186334150","media":"Barron's","summary":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investme","content":"<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为 1 万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会对以下企业起到推动作用：<a href=\"https://laohu8.com/S/VMC\">火神材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（MLM），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（TEX），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁</a>（URI），租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">地图集</a>技术顾问（ATCX）提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供阿特拉斯审查。这些最终成为需要年检的成品项目，支付多年的红利。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而，阿特拉斯股价却停滞不前。该股最近的价格为 9 美元，其交易价格仅为企业价值的八倍，即 2022 年息税折旧摊销前利润 (Ebitda)。对于相关检测业务的公司来说，这个倍数是一个很大的折扣，例如 Montrose Environmental Group (MEG) 和 Tetra Tech (TTEK)，它们的交易价格是 EV/2022 年 Ebitda 的 22 倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>“专注于小盘股的公司首席投资官兼投资组合经理凯文-西尔弗曼（Kevin Silverman）表示：”目前，估值折扣的部分原因是债务，但我认为像阿特拉斯这样的公司的债务是合适的。<a href=\"https://laohu8.com/S/STL\">英镑</a>合伙人<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors 拥有价值超过 200 万美元的 Atlas 股票，约占其管理资产的 2%。“如果你有稳定的利润率，并能将其用于增长，那么债务就能帮助股东。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas 拥有巨大的增长机会。除了基础设施法案的增加之外，Atlas 还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于 2020 年初通过与一家特殊目的收购公司 (SPAC) 合并上市。这笔交易给该公司带来了复杂的资本结构，包括多种股票类别、未发行的认股权证和其他复杂情况。这种复杂性可能让一些投资者望而却步，Atlas 相对较高的债务负担也是如此，2021 年 Ebitda 的债务是净债务的 5.5 倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas 已经降低了这种复杂性--赎回其优先股、买断认股权证和增加股票的公开交易流通量--并专注于将其净债务降至 Ebitda 的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas 预计今年销售额将增长 13%，达到 5.3 亿美元，Ebitda 将增长 21%，达到 7600 万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和自来水公司、机场、学校、医院等。其全国影响力和领先规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>房管局、斯坦福大学、沃尔玛 (WMT) 和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas 在过去四个报告季度的调整后 Ebitda 盈利 6400 万美元，而净亏损 1800 万美元。截至第一季度末，该公司积压了 6.89 亿美元的订单，占过去 12 个月 4.82 亿美元收入的 140% 以上。“Atlas 首席执行官乔-博耶（Joe Boyer）说：”我从事这个行业已经 30 年了，这是迄今为止我所见过的最高的一次。<i>巴伦</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约 70% 的收入来自现有建筑、管道、道路和桥梁的建设。这些工作是非自由裁量的： 正如我们有时悲惨地了解到的那样，无论经济或大流行病形势如何，基础设施都需要定期检查并符合规范。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>据 Boyer 称，Atlas 其余 30% 的销售额与新建筑有关，新建筑在大流行病期间有所下降，但已接近 Covid-19 之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>近年来，美国城市和州将服务外包的长期趋势、更严格的环境标准以及基础设施的老化一直是 Atlas 有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自 2016 年私募股权公司 Bernhard Capital Partners 收购 Atlas 以来，这一趋势约占 Atlas 年销售额 20% 复合增长率的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“博耶说：”我们的想法是在我们不占据主导地位的地区或服务中找到一家公司，将其引入我们的平台，并在我们的网络中进行交叉销售。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas 收购目标的最佳利润约为 500 万至 2000 万美元的 Ebitda，该公司通常以现金和股票的组合支付 Ebitda 的四到六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家小型且相对年轻的上市公司，Atlas 从华尔街获得的报道很少，但报道该公司的三位分析师都看好该公司。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压的订单也在不断增长，”他说。<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感到满意”。</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她给予 Atlas 买入评级，目标价为 14.50 美元，是她对 2022 年 Ebitda 预估的 11 倍，这还不包括潜在的基础设施账单带来的任何上涨空间。Sterling's Silverman 采用 15 倍的 Ebitda 倍数，预计三年后，随着债务偿还的继续和盈利的上升，股价将达到 43 美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>Atlas 的资产负债表仍然是一个固定的上限，但该公司拥有良好的基础。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Infrastructure Spending Is on Its Way. 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Here’s a Cheap Way to Play It<blockquote>基础设施支出正在进行中。这里有一个便宜的玩法</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-07-31 14:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p>U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.</p><p><blockquote>美国立法者似乎即将通过一项期待已久的大规模基础设施投资法案，总额约为 1 万亿美元。</blockquote></p><p> The legislation should be a boost to businesses like<a href=\"https://laohu8.com/S/VMC\">Vulcan Materials</a>(ticker: VMC) and<a href=\"https://laohu8.com/S/MLM\">Martin Marietta Materials</a>(MLM), which make concrete and asphalt;<a href=\"https://laohu8.com/S/CAT\">Caterpillar</a>(CAT) and<a href=\"https://laohu8.com/S/TEX\">Terex</a>(TEX), which make construction equipment; and<a href=\"https://laohu8.com/S/URI\">United Rentals</a>(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.</p><p><blockquote>这项立法应该会对以下企业起到推动作用：<a href=\"https://laohu8.com/S/VMC\">火神材料</a>（股票代码：VMC）和<a href=\"https://laohu8.com/S/MLM\">马丁·玛丽埃塔材料</a>（MLM），生产混凝土和沥青；<a href=\"https://laohu8.com/S/CAT\">毛虫</a>（猫）和<a href=\"https://laohu8.com/S/TEX\">特雷克斯</a>（TEX），制造建筑设备；和<a href=\"https://laohu8.com/S/URI\">联合租赁</a>（URI），租赁机器。由于基础设施支出的前景，他们的大多数股票已经上涨。</blockquote></p><p> But <a href=\"https://laohu8.com/S/AONE.U\">one</a> infrastructure play has been overlooked:<a href=\"https://laohu8.com/S/AFH\">Atlas</a> Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.</p><p><blockquote>但<a href=\"https://laohu8.com/S/AONE.U\">一</a>基础设施的发挥被忽视了：<a href=\"https://laohu8.com/S/AFH\">地图集</a>技术顾问（ATCX）提供工程和设计服务、建筑物和公共工程的检查和认证以及其他与建筑相关的服务。更多的建设意味着更多的计划和设计供阿特拉斯审查。这些最终成为需要年检的成品项目，支付多年的红利。</blockquote></p><p> And yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.</p><p><blockquote>然而，阿特拉斯股价却停滞不前。该股最近的价格为 9 美元，其交易价格仅为企业价值的八倍，即 2022 年息税折旧摊销前利润 (Ebitda)。对于相关检测业务的公司来说，这个倍数是一个很大的折扣，例如 Montrose Environmental Group (MEG) 和 Tetra Tech (TTEK)，它们的交易价格是 EV/2022 年 Ebitda 的 22 倍以上。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/19ad62f427fb70a25aa96068bc5d1756\" tg-width=\"442\" tg-height=\"364\" referrerpolicy=\"no-referrer\">“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused <a href=\"https://laohu8.com/S/STL\">Sterling</a> Partners <a href=\"https://laohu8.com/S/EQR\">Equity</a> Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”</p><p><blockquote>“专注于小盘股的公司首席投资官兼投资组合经理凯文-西尔弗曼（Kevin Silverman）表示：”目前，估值折扣的部分原因是债务，但我认为像阿特拉斯这样的公司的债务是合适的。<a href=\"https://laohu8.com/S/STL\">英镑</a>合伙人<a href=\"https://laohu8.com/S/EQR\">公平</a>Advisors 拥有价值超过 200 万美元的 Atlas 股票，约占其管理资产的 2%。“如果你有稳定的利润率，并能将其用于增长，那么债务就能帮助股东。”</blockquote></p><p> And Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.</p><p><blockquote>Atlas 拥有巨大的增长机会。除了基础设施法案的增加之外，Atlas 还有一项长期战略，即整合分散的美国检验服务市场，同时降低其债务水平。两者都应该增加其对投资者的吸引力，并为其赢得更高的估值倍数。</blockquote></p><p> The Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.</p><p><blockquote>这家总部位于德克萨斯州奥斯汀的公司于 2020 年初通过与一家特殊目的收购公司 (SPAC) 合并上市。这笔交易给该公司带来了复杂的资本结构，包括多种股票类别、未发行的认股权证和其他复杂情况。这种复杂性可能让一些投资者望而却步，Atlas 相对较高的债务负担也是如此，2021 年 Ebitda 的债务是净债务的 5.5 倍。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/99bb73a7c212bfed6d0890b8b14fbc15\" tg-width=\"607\" tg-height=\"396\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Atlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.</p><p><blockquote>Atlas 已经降低了这种复杂性--赎回其优先股、买断认股权证和增加股票的公开交易流通量--并专注于将其净债务降至 Ebitda 的三倍以下。</blockquote></p><p> Atlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.</p><p><blockquote>Atlas 预计今年销售额将增长 13%，达到 5.3 亿美元，Ebitda 将增长 21%，达到 7600 万美元。</blockquote></p><p> Its customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal <a href=\"https://laohu8.com/S/SCI\">Service</a>, the Environmental Protection Agency, the <a href=\"https://laohu8.com/S/NWY\">New York</a> <a href=\"https://laohu8.com/S/CHCO\">City</a> Housing Authority, Stanford University,Walmart(WMT), and<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(AAPL).</p><p><blockquote>其客户包括州交通部门、私人建筑业主、电力和自来水公司、机场、学校、医院等。其全国影响力和领先规模有助于赢得和留住大型项目和大客户，包括美国邮政<a href=\"https://laohu8.com/S/SCI\">服务</a>环境保护局<a href=\"https://laohu8.com/S/NWY\">纽约</a><a href=\"https://laohu8.com/S/CHCO\">城市</a>房管局、斯坦福大学、沃尔玛 (WMT) 和<a href=\"https://laohu8.com/S/AAPL\">苹果</a>（苹果）。</blockquote></p><p> Atlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tells<i>Barron’s</i>.</p><p><blockquote>Atlas 在过去四个报告季度的调整后 Ebitda 盈利 6400 万美元，而净亏损 1800 万美元。截至第一季度末，该公司积压了 6.89 亿美元的订单，占过去 12 个月 4.82 亿美元收入的 140% 以上。“Atlas 首席执行官乔-博耶（Joe Boyer）说：”我从事这个行业已经 30 年了，这是迄今为止我所见过的最高的一次。<i>巴伦</i>.</blockquote></p><p> About 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.</p><p><blockquote>该公司约 70% 的收入来自现有建筑、管道、道路和桥梁的建设。这些工作是非自由裁量的： 正如我们有时悲惨地了解到的那样，无论经济或大流行病形势如何，基础设施都需要定期检查并符合规范。</blockquote></p><p> The remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.</p><p><blockquote>据 Boyer 称，Atlas 其余 30% 的销售额与新建筑有关，新建筑在大流行病期间有所下降，但已接近 Covid-19 之前的水平。</blockquote></p><p></p><p> A long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.</p><p><blockquote>近年来，美国城市和州将服务外包的长期趋势、更严格的环境标准以及基础设施的老化一直是 Atlas 有机增长的驱动力。</blockquote></p><p> That trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.</p><p><blockquote>自 2016 年私募股权公司 Bernhard Capital Partners 收购 Atlas 以来，这一趋势约占 Atlas 年销售额 20% 复合增长率的一半。另一条增长途径是阿特拉斯的收购战略。</blockquote></p><p> “The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.</p><p><blockquote>“博耶说：”我们的想法是在我们不占据主导地位的地区或服务中找到一家公司，将其引入我们的平台，并在我们的网络中进行交叉销售。</blockquote></p><p> Atlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.</p><p><blockquote>Atlas 收购目标的最佳利润约为 500 万至 2000 万美元的 Ebitda，该公司通常以现金和股票的组合支付 Ebitda 的四到六倍。这使得每笔交易都会立即增加收益。</blockquote></p><p> As a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says <a href=\"https://laohu8.com/S/SF\">Stifel</a> analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”</p><p><blockquote>作为一家小型且相对年轻的上市公司，Atlas 从华尔街获得的报道很少，但报道该公司的三位分析师都看好该公司。“我们认为该公司所处的终端市场强劲或正在复苏；他们一直在赢得大合同，而且积压的订单也在不断增长，”他说。<a href=\"https://laohu8.com/S/SF\">斯蒂费尔</a>分析师诺埃尔·迪尔茨。“因此，我们对基本收入前景感到满意”。</blockquote></p><p> She rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.</p><p><blockquote>她给予 Atlas 买入评级，目标价为 14.50 美元，是她对 2022 年 Ebitda 预估的 11 倍，这还不包括潜在的基础设施账单带来的任何上涨空间。Sterling's Silverman 采用 15 倍的 Ebitda 倍数，预计三年后，随着债务偿还的继续和盈利的上升，股价将达到 43 美元。</blockquote></p><p> Atlas’ balance sheet remains a fixer-upper, but the company has the right foundation.</p><p><blockquote>Atlas 的资产负债表仍然是一个固定的上限，但该公司拥有良好的基础。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/infrastructure-buy-atlas-technical-consultants-stock-51627684191?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1186334150","content_text":"U.S. lawmakers appear to be on the cusp of passing a massive and long-awaitedinfrastructure-investment bill, totaling some $1 trillion.\nThe legislation should be a boost to businesses likeVulcan Materials(ticker: VMC) andMartin Marietta Materials(MLM), which make concrete and asphalt;Caterpillar(CAT) andTerex(TEX), which make construction equipment; andUnited Rentals(URI), which rents the machinery. Most of their stocks have already jumped on theprospect of infrastructure spending.\nBut one infrastructure play has been overlooked:Atlas Technical Consultants(ATCX) provides engineering and design services, inspection and certification of buildings and public works, and other construction-related services. More construction means more plans and designs for Atlas to review. These eventually become finished projects that need annual inspections, paying dividends for years.\nAnd yet Atlas shares have stalled. At a recent $9, the stock trades for just eight times enterprise value to estimated 2022 earnings before interest, taxes, depreciation, and amortization, or Ebitda. That multiple is a significant discount to companies in related inspection businesses, such asMontrose Environmental Group(MEG) andTetra Tech(TTEK), which trade for more than 22 times EV/2022 Ebitda.\n“Right now, part of the valuation discount is due to the debt, but I would say there are companies like Atlas where the debt is appropriate,” says Kevin Silverman, chief investment officer and portfolio manager at small-cap–focused Sterling Partners Equity Advisors, which owns more than $2 million worth of Atlas stock, accounting for about 2% of its assets under management. “The debt helps equity holders if you have steady profit margins and can use it for growth.”\nAnd Atlas has substantial opportunities for growth. Beyond the infrastructure-bill boost, Atlas has a long-term strategy of consolidating the fragmented U.S. inspection-services market while reducing its debt levels. Both should increase its appeal to investors and earn it a higher valuation multiple.\nThe Austin, Texas–headquartered company went public inearly 2020via a merger with a special-purpose acquisition company, or SPAC. The deal saddled the company with a convoluted capital structure, including multiple share classes, outstanding warrants, and other complications. That complexity has probably kept some investors away, as has Atlas’ relatively high debt load, which comes to 5.5 times net debt to 2021 Ebitda.\n\nAtlas has reduced that complexity—redeeming its preferred equity, buying out warrants, and increasing the stock’s publicly traded float—and is focused on bringing its net debt below three times Ebitda.\nAtlas is forecast to grow sales 13% this year, to $530 million, with Ebitda up 21%, to $76 million.\nIts customers include state departments of transportation, private building owners, electric and water utilities, airports, schools, hospitals, and more. Its national presence and leading scale helps win and retain marquee projects and big clients, including the U.S. Postal Service, the Environmental Protection Agency, the New York City Housing Authority, Stanford University,Walmart(WMT), andApple(AAPL).\nAtlas earned $64 million in adjusted Ebitda over the past four reported quarters, while it had a net loss of $18 million. As of the end of the first quarter, the company had a backlog of $689 million, or more than 140% of its last 12 months’ revenue of $482 million. “I’ve been in this business for 30 years, and it’s by far the highest I’ve seen,” Atlas CEO Joe Boyer tellsBarron’s.\nAbout 70% of the company’s revenue comes from work on existing buildings, pipes, roads, and bridges. Those jobs are nondiscretionary: As we’ve tragically learned at times, infrastructure needs to be inspected and brought up to code at regular intervals, no matter what the economic or pandemic situation is.\nThe remaining 30% of Atlas’ sales are tied to new construction, which dipped during the pandemic but is nearly back to pre-Covid-19 levels, according to Boyer.\nA long-term trend toward outsourcing services by cities and states, stricter environmental standards, and aging infrastructure in the U.S. have been drivers of Atlas’ organic growth in recent years.\nThat trend has been responsible for about half of Atlas’ 20% compound annual growth in sales since 2016, when it was owned by private-equity firm Bernhard Capital Partners. The other avenue for growth has been Atlas’ acquisition strategy.\n“The idea is to find a company in a geography or a service that we don’t dominate in, bring it onto our platform, and cross-sell across our network,” Boyer says.\nAtlas’ sweet spot for acquisition targets is about $5 million to $20 million in Ebitda, The company typically pays four to six times Ebitda in a mix of cash and stock. That makes each deal immediately accretive to earnings.\nAs a small and relatively young public company, Atlas gets minimal coverage from Wall Street, but the three analysts who cover the firm are bullish. “We think the company is in end markets that are strong or recovering; they’ve been winning large contracts, and its backlog has been growing,” says Stifel analyst Noelle Dilts. “So, we feel good about the fundamental revenue outlook.”\nShe rates Atlas a Buy, with a $14.50 price target, or 11 times her estimate of 2022 Ebitda, which doesn’t include any upside from a potential infrastructure bill. Using a 15 times Ebitda multiple, Sterling’s Silverman sees shares going to $43 three years from now, as debt paydown continues and earnings rise.\nAtlas’ balance sheet remains a fixer-upper, but the company has the right foundation.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":769,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/802851925"}
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