Research Overview

INDEX:
S&P 500
Sector:
Industrials
Position:
Short
Date:
Aug 16, 2016

After conducting a forensic financial and accounting review, Spruce Point believes AECOM (NYSE: ACM), a global engineering and construction firm, is experiencing rising interest costs following the questionable acquisition of URS Corp as well as numerous headwinds with regards to earnings quality and free cash flow. Based on our investigation, we estimate 33% to 45% downside risk, or $19.00 - $23.00 per share.

The report highlights several key concerns with the company, including:

  • Evidence of material accounting issues
  • We find rampant governance issues
  • We believe that the Company is fully valued with a terrible risk/reward
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