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1、ABGlobalResearch5April2019Engineering&ConstructionTheFutureofE&C:UnderstandingtheinvestmentimplicationsoftheneworderWeseethreedistinctmodelsemergingfromaperiodofidentityreevaluationConsolidationandpoorexecutionalongwithboldstrategicdecisionshavedramaticallyalteredtheEn
2、gineering&Constructionsectoroverthelast5-10years.Thetrendshavehadmajorconsequencesforthecompanies,theircustomers,employeesandinvestors.Wethinkthisisapivotalperiodascompaniesinthelegacysectorareimplementingavarietyofstrategiestocreateadifferentfuture.Asaresultofthesechan
3、ges,weseethreedistinctmodelsemerging,andwethinkinvestorsneedtounderstandtheimplicationsoftheneworder.Thethreemodelsare:professional(technical)services,EngineeringProcurementandConstruction(EPC),andspecialtysolutionsandcontracting.Atthecurrenttime,wethinkthereisarational
4、eforhavingsomeexposuretoeachofthesethreecohorts.CharacteristicsandwhatmattersforeachofthemodelsTheEPCsectorexecutesmorelargeandoftenfixedpriceprojects,andoftenintheenergyandprocessindustrysectors.Thekeystosuccessarebookingsandbacklog,ahealthybalancesheet,biddisciplinean
5、dgoodexecution.Forinvestors,timingofcapexcyclesisthekeyfactor.Thedefiningcharacteristicsoftheprofessional(technical)servicescategoryarethesustainablerevenuemodel,themanageablelevelofoperationalriskandalargepublicsectorcustomerbase.Keystosuccessaregrowthviaincreasingshar
6、eofcustomerwallet,enhancingservices,talentretention,andcashgeneration.Forinvestors,longcyclestructuralthemesandcashgeneration/useareimportant.Forspecialtysolutionsandcontractors,theexposuretogrowthmarketsandtheabilitytoattractandretainworkersiskey.Forinvestors,themesand
7、countercyclicalcashperformancematters.OurpickswithineachmodelWithintheprofessionalservicesbucketwecontinuetolikeJEC,butseemoreupsidepresentlyatACM.WithinthespecialtycontractorswefavorPWR;weseeelectrificatoinandelectrictransmissionre-emergingasatheme.IntheEPCbucketwepref
8、erFLR,asweseeanLNGandminingcapexcycleunfoldingandpotentialforbacklogandcashflowgrow.HeavyMachineryAmericasEqu
