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SNC-Lavalin Group Inc
Symbol SNC
Shares Issued 175,554,252
Close 2021-02-10 C$ 25.61
Recent Sedar Documents

Globe says it's hoped SNC "legacy risk" now in rearview

2021-02-11 08:30 ET - In the News

The Globe and Mail reports in its Thursday, Feb. 11, edition that Scotia Capital analyst Mark Neville says SNC-Lavalin Group's surprise sale of its oil and gas unit and decision to take on more financial charges on contracts is "a potential watershed moment for the company." The Globe's David Leeder writes in the Eye On Equities column that Mr. Neville continues to rate SNC "outperform." Mr. Neville elevated his share target to $42 from $38. Analysts on average target the shares at $32.85. Mr. Neville says in a note: "First, the sale of the O&G business removes the risks associated with completing the remaining work and ongoing restructuring, and removes any future liability associated with the legacy projects. Secondly, the incremental provisions and reduction in commercial claims receivables were taken to effectively 'ringfence' the risks associated with completing the remaining LSTK backlog as well as future potential litigation matters -- with a cash amount that, in our opinion, is not overly material and can easily be absorbed. ... With legacy risks now (hopefully) in the rear-view, we believe the market can now turn its focus to the potential upside, which we believe to be significant."

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