{ "run": { "id": "cmnr14b1z04j7p658htzd88i4", "region": "US", "assetId": "cmnr14b1g04j0p658esyn2nma", "ticker": "J", "snapshotId": "cmnr14b1o04j3p658y7gxl7ce", "promptTemplateId": "cmnqt07si0005lm3jzpxuu1ux", "createdAt": "2026-04-09T05:21:11.157Z", "promptTemplate": { "id": "cmnqt07si0005lm3jzpxuu1ux", "name": "Oficial 08.apr.2026", "version": 1 }, "snapshot": { "id": "cmnr14b1o04j3p658y7gxl7ce", "assetId": "cmnr14b1g04j0p658esyn2nma", "asOf": "2026-04-08T20:04:24.000Z", "snapshot": { "asOf": "2026-04-08T20:04:24.000Z", "quote": { "asOf": "2026-04-08T20:04:24.000Z", "open": null, "price": 131.14, "dayLow": 130.53, "volume": 384336, "dayHigh": 132.24, "currency": "USD", "prevClose": 127.19, "week52Low": 107.317, "week52High": 168.44 }, "fundamentals": { "pe": 61.8661087866109, "beta": 0.879343291393352, "epsTTM": 2.39, "fcfTTM": 608403000, "growth": { "epsYoy": -0.6236220472440944, "revenueYoy": -0.7262393677425436 }, "sector": "Heavy Construction Other Than Bldg Const - Contractors", "margins": { "net": 0.03811032219843979, "gross": 0.2323670527962843, "operating": 0.07061681040882938 }, "website": "http://jacobs.com", "industry": "Engineering", "pegRatio": -0.992044926249947, "ebitdaTTM": 517183000, "forwardPe": 20.943342776204, "marketCap": 14400000000, "totalCash": 1235448000, "totalDebt": 2236456000, "debtEquity": 0.614274802262246, "quickRatio": 1.260710931603728, "revenueTTM": 3293281000, "companyName": "JACOBS SOLUTIONS INC.", "priceToBook": 1.61690000616682, "currentRatio": 1.300940135766551, "dividendYield": 0.00656878074062105, "returnOnAssets": 0.01115375335424418, "returnOnEquity": 0.0794702932619059, "analystOpinions": null, "businessSummary": "Jacobs Solutions Inc. is an American international technical professional services firm based in Dallas. The company provides engineering, technical, professional, and construction services as well as scientific and specialty consulting for a broad range of clients globally, including companies, organizations, and government agencies. Jacobs has consistently ranked No. 1 on both Engineering News-Record (ENR)'s 2018, 2019, 2020, 2021, 2022, and 2023 Top 500 Design Firms and Trenchless Technology’s 2018, 2019, 2020, and 2021 Top 50 Trenchless Engineering Firms. Its worldwide annual revenue were over $12 billion in the 2025 fiscal year, and earnings dropped to $289 million.: F-4", "enterpriseValue": 18961266480, "analystTargetLow": null, "analystTargetHigh": null, "analystTargetMean": null, "fullTimeEmployees": 43000, "sharesOutstanding": 117446713, "enterpriseToEbitda": 36.66258651193098, "analystTargetMedian": null, "enterpriseToRevenue": 5.757561070555473, "operatingCashflowTTM": 380760000, "analystRecommendationKey": null } }, "createdAt": "2026-04-09T05:21:11.148Z" }, "results": [ { "id": "cmnr14b2304jbp6580gfhtz5y", "runId": "cmnr14b1z04j7p658htzd88i4", "modelId": "anthropic", "status": "SUCCESS", "rawOutput": "{\"model\":\"AI Equity Research Model v1.0\",\"as_of\":\"2026-04-08T20:04:24.000Z\",\"ticker\":\"J\",\"currency\":\"USD\",\"current_price\":131.14,\"target_price_6m\":138,\"target_price_12m\":145,\"recommendation\":\"BUY\",\"confidence\":0.58,\"thesis_bullets\":[\"Post-Amentum separation creates a focused infrastructure and water consulting pure-play\",\"Forward PE ~21x implies significant EPS recovery from depressed TTM base\",\"Global infrastructure spending tailwinds from IIJA and CHIPS Act support growth\",\"FCF yield ~4.2% provides capital allocation flexibility for buybacks and dividends\",\"Margin expansion opportunity as simplified portfolio enables operational efficiency\"],\"key_drivers\":[{\"driver\":\"Infrastructure spending from IIJA/CHIPS/IRA legislation\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Post-separation margin expansion in remaining portfolio\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"PA Consulting high-margin advisory business contribution\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Share repurchase program supporting EPS growth\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Water and environmental regulatory tailwinds\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Potential government spending austerity or DOGE-type cuts\",\"impact\":\"HIGH\",\"direction\":\"NEG\"},{\"driver\":\"Elevated debt load post-separation ($2.2B)\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Macro slowdown reducing private-sector engineering demand\",\"impact\":\"MED\",\"direction\":\"NEG\"}],\"risks\":[\"Federal government spending cuts reduce public infrastructure project pipeline\",\"Post-separation execution risk with stranded costs or margin dilution\",\"Competition for engineering talent drives wage inflation above pricing power\",\"Debt-to-equity at 0.61 limits balance sheet flexibility in downturn\",\"Macroeconomic recession delays capital project starts across end-markets\",\"Key contract rebids lost to competitors compressing backlog\"],\"assumptions\":{\"revenue_cagr_3y\":0.06,\"ebit_margin_target\":0.125,\"wacc\":0.095,\"terminal_multiple\":22},\"scenarios\":{\"bear\":{\"target_price\":110,\"prob\":0.2,\"notes\":\"Government spending cuts and macro downturn compress multiples and slow backlog conversion.\"},\"base\":{\"target_price\":145,\"prob\":0.55,\"notes\":\"Steady organic growth at mid-single digits with margin expansion toward 12-13% EBIT.\"},\"bull\":{\"target_price\":170,\"prob\":0.25,\"notes\":\"Accelerated infrastructure deployment, strong margin expansion, and accretive capital allocation.\"}},\"method_notes\":\"Valuation anchored on normalized forward EPS (~$6.30-6.50) x 22-23x PE multiple, cross-checked with EV/EBITDA comps for engineering/consulting peers (typically 15-20x normalized). TTM metrics distorted by Amentum CMS/C&I separation completed late 2024, causing -73% revenue and -62% EPS YoY declines on reported basis. Forward PE of ~21x per snapshot suggests market pricing recovery. Base 12M target of $145 implies ~10.6% upside, supporting BUY. Confidence moderate due to post-separation uncertainty. Not investment advice.\"}", "parsedJson": { "as_of": "2026-04-08T20:04:24.000Z", "model": "AI Equity Research Model v1.0", "risks": [ "Federal government spending cuts reduce public infrastructure project pipeline", "Post-separation execution risk with stranded costs or margin dilution", "Competition for engineering talent drives wage inflation above pricing power", "Debt-to-equity at 0.61 limits balance sheet flexibility in downturn", "Macroeconomic recession delays capital project starts across end-markets", "Key contract rebids lost to competitors compressing backlog" ], "ticker": "J", "currency": "USD", "scenarios": { "base": { "prob": 0.55, "notes": "Steady organic growth at mid-single digits with margin expansion toward 12-13% EBIT.", "target_price": 145 }, "bear": { "prob": 0.2, "notes": "Government spending cuts and macro downturn compress multiples and slow backlog conversion.", "target_price": 110 }, "bull": { "prob": 0.25, "notes": "Accelerated infrastructure deployment, strong margin expansion, and accretive capital allocation.", "target_price": 170 } }, "confidence": 0.58, "assumptions": { "wacc": 0.095, "revenue_cagr_3y": 0.06, "terminal_multiple": 22, "ebit_margin_target": 0.125 }, "key_drivers": [ { "driver": "Infrastructure spending from IIJA/CHIPS/IRA legislation", "impact": "HIGH", "direction": "POS" }, { "driver": "Post-separation margin expansion in remaining portfolio", "impact": "HIGH", "direction": "POS" }, { "driver": "PA Consulting high-margin advisory business contribution", "impact": "MED", "direction": "POS" }, { "driver": "Share repurchase program supporting EPS growth", "impact": "MED", "direction": "POS" }, { "driver": "Water and environmental regulatory tailwinds", "impact": "MED", "direction": "POS" }, { "driver": "Potential government spending austerity or DOGE-type cuts", "impact": "HIGH", "direction": "NEG" }, { "driver": "Elevated debt load post-separation ($2.2B)", "impact": "MED", "direction": "NEG" }, { "driver": "Macro slowdown reducing private-sector engineering demand", "impact": "MED", "direction": "NEG" } ], "method_notes": "Valuation anchored on normalized forward EPS (~$6.30-6.50) x 22-23x PE multiple, cross-checked with EV/EBITDA comps for engineering/consulting peers (typically 15-20x normalized). TTM metrics distorted by Amentum CMS/C&I separation completed late 2024, causing -73% revenue and -62% EPS YoY declines on reported basis. Forward PE of ~21x per snapshot suggests market pricing recovery. Base 12M target of $145 implies ~10.6% upside, supporting BUY. Confidence moderate due to post-separation uncertainty. Not investment advice.", "current_price": 131.14, "recommendation": "BUY", "thesis_bullets": [ "Post-Amentum separation creates a focused infrastructure and water consulting pure-play", "Forward PE ~21x implies significant EPS recovery from depressed TTM base", "Global infrastructure spending tailwinds from IIJA and CHIPS Act support growth", "FCF yield ~4.2% provides capital allocation flexibility for buybacks and dividends", "Margin expansion opportunity as simplified portfolio enables operational efficiency" ], "target_price_6m": 138, "target_price_12m": 145 }, "errorsJson": { "attempts": [], "providerMeta": { "provider": "anthropic", "webSearch": { "enabled": false, "maxToolCalls": 2, "disabledReason": null }, "pauseTurns": 0, "stopReason": "end_turn" }, "sanityIssues": [] }, "latencyMs": 41414, "createdAt": "2026-04-09T05:21:11.157Z", "usage": { "inputTokens": 3695, "outputTokens": 1779, "costUsd": 0.06295 } }, { "id": "cmnr14b2304jep658i45gkyik", "runId": "cmnr14b1z04j7p658htzd88i4", "modelId": "deepseek.reasoner", "status": "SUCCESS", "rawOutput": "{\n \"model\": \"AI Equity Analyst\",\n \"as_of\": \"2026-04-08T20:04:24.000Z\",\n \"ticker\": \"J\",\n \"currency\": \"USD\",\n \"current_price\": 131.14,\n \"target_price_6m\": 130.0,\n \"target_price_12m\": 128.0,\n \"recommendation\": \"HOLD\",\n \"confidence\": 0.6,\n \"thesis_bullets\": [\n \"Recent negative EPS and revenue growth trends.\",\n \"Forward P/E suggests market expects improvement.\",\n \"Strong industry position with consistent rankings.\",\n \"Manageable debt and solid liquidity ratios.\",\n \"Economic sensitivity balances growth opportunities.\"\n ],\n \"key_drivers\": [\n { \"driver\": \"Revenue Growth Recovery\", \"impact\": \"HIGH\", \"direction\": \"POS\" },\n { \"driver\": \"Operating Margin Improvement\", \"impact\": \"MED\", \"direction\": \"POS\" },\n { \"driver\": \"Economic Cycle Sensitivity\", \"impact\": \"HIGH\", \"direction\": \"NEG\" },\n { \"driver\": \"Government Contract Awards\", \"impact\": \"MED\", \"direction\": \"POS\" },\n { \"driver\": \"Competitive Pressures\", \"impact\": \"MED\", \"direction\": \"NEG\" },\n { \"driver\": \"Cost Control Initiatives\", \"impact\": \"LOW\", \"direction\": \"POS\" },\n { \"driver\": \"Interest Rate Environment\", \"impact\": \"MED\", \"direction\": \"NEG\" }\n ],\n \"risks\": [\n \"Continued decline in construction spending.\",\n \"Execution risks in large projects.\",\n \"Regulatory changes affecting infrastructure.\",\n \"Currency exchange rate fluctuations.\",\n \"High dependency on key clients.\"\n ],\n \"assumptions\": {\n \"revenue_cagr_3y\": 0.03,\n \"ebit_margin_target\": 0.08,\n \"wacc\": 0.08,\n \"terminal_multiple\": 12.0\n },\n \"scenarios\": {\n \"bear\": { \"target_price\": 115.0, \"prob\": 0.2, \"notes\": \"Prolonged downturn in construction sector.\" },\n \"base\": { \"target_price\": 128.0, \"prob\": 0.6, \"notes\": \"Modest recovery with stable margins.\" },\n \"bull\": { \"target_price\": 140.0, \"prob\": 0.2, \"notes\": \"Strong contract wins and margin expansion.\" }\n },\n \"method_notes\": \"Valuation based on forward earnings and DCF. HOLD due to mixed growth signals and fair valuation. Not investment advice.\"\n}", "parsedJson": { "as_of": "2026-04-08T20:04:24.000Z", "model": "AI Equity Analyst", "risks": [ "Continued decline in construction spending.", "Execution risks in large projects.", "Regulatory changes affecting infrastructure.", "Currency exchange rate fluctuations.", "High dependency on key clients." ], "ticker": "J", "currency": "USD", "scenarios": { "base": { "prob": 0.6, "notes": "Modest recovery with stable margins.", "target_price": 128 }, "bear": { "prob": 0.2, "notes": "Prolonged downturn in construction sector.", "target_price": 115 }, "bull": { "prob": 0.2, "notes": "Strong contract wins and margin expansion.", "target_price": 140 } }, "confidence": 0.6, "assumptions": { "wacc": 0.08, "revenue_cagr_3y": 0.03, "terminal_multiple": 12, "ebit_margin_target": 0.08 }, "key_drivers": [ { "driver": "Revenue Growth Recovery", "impact": "HIGH", "direction": "POS" }, { "driver": "Operating Margin Improvement", "impact": "MED", "direction": "POS" }, { "driver": "Economic Cycle Sensitivity", "impact": "HIGH", "direction": "NEG" }, { "driver": "Government Contract Awards", "impact": "MED", "direction": "POS" }, { "driver": "Competitive Pressures", "impact": "MED", "direction": "NEG" }, { "driver": "Cost Control Initiatives", "impact": "LOW", "direction": "POS" }, { "driver": "Interest Rate Environment", "impact": "MED", "direction": "NEG" } ], "method_notes": "Valuation based on forward earnings and DCF. HOLD due to mixed growth signals and fair valuation. Not investment advice.", "current_price": 131.14, "recommendation": "HOLD", "thesis_bullets": [ "Recent negative EPS and revenue growth trends.", "Forward P/E suggests market expects improvement.", "Strong industry position with consistent rankings.", "Manageable debt and solid liquidity ratios.", "Economic sensitivity balances growth opportunities." ], "target_price_6m": 130, "target_price_12m": 128 }, "errorsJson": { "attempts": [], "providerMeta": { "endpoint": "https://api.deepseek.com/v1/chat/completions", "provider": "deepseek", "webSearch": { "enabled": false, "supported": false }, "responseFormat": "json_object" }, "sanityIssues": [] }, "latencyMs": 356, "createdAt": "2026-04-09T05:21:11.157Z", "usage": { "inputTokens": 2203, "outputTokens": 3374, "costUsd": 0.002034 } }, { "id": "cmnr14b2304jcp658rgb5gt39", "runId": "cmnr14b1z04j7p658htzd88i4", "modelId": "gemini.3-pro", "status": "SUCCESS", "rawOutput": "{\"model\":\"Equity Research AI\",\"as_of\":\"2026-04-08T20:04:24.000Z\",\"ticker\":\"J\",\"currency\":\"USD\",\"current_price\":131.14,\"target_price_6m\":142.0,\"target_price_12m\":155.0,\"recommendation\":\"BUY\",\"confidence\":0.7,\"thesis_bullets\":[\"Strategic pivot to high-margin consulting and engineering services post-Amentum spin-off.\",\"Strong exposure to secular growth in water, energy, and advanced facilities.\",\"Multi-year backlog provides significant revenue visibility and stability.\",\"Anticipated margin expansion from portfolio simplification and reduced overhead.\",\"Attractive valuation compared to engineering peers given improved business mix.\"],\"key_drivers\":[{\"driver\":\"Federal infrastructure spending (IIJA)\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Global energy transition demand\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Semiconductor manufacturing reshoring\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Post-spin operational efficiency\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Public sector budget constraints\",\"impact\":\"MED\",\"direction\":\"NEG\"}],\"risks\":[\"Macroeconomic slowdown impacting private sector investment.\",\"Execution risks related to the Amentum separation.\",\"Intense competition for skilled technical labor.\"],\"assumptions\":{\"revenue_cagr_3y\":0.065,\"ebit_margin_target\":0.095,\"wacc\":0.088,\"terminal_multiple\":14.0},\"scenarios\":{\"bear\":{\"target_price\":115.0,\"prob\":0.2,\"notes\":\"Slower backlog conversion and margin compression.\"},\"base\":{\"target_price\":155.0,\"prob\":0.55,\"notes\":\"Steady execution of high-margin growth strategy.\"},\"bull\":{\"target_price\":175.0,\"prob\":0.25,\"notes\":\"Accelerated infrastructure spend and significant margin beat.\"}},\"method_notes\":\"Valuation uses a 21.5x forward P/E multiple on normalized FY27 earnings. The BUY rating reflects an 18% upside driven by the strategic shift to higher-margin consulting and infrastructure tailwinds post-spin. Not investment advice.\"}", "parsedJson": { "as_of": "2026-04-08T20:04:24.000Z", "model": "Equity Research AI", "risks": [ "Macroeconomic slowdown impacting private sector investment.", "Execution risks related to the Amentum separation.", "Intense competition for skilled technical labor." ], "ticker": "J", "currency": "USD", "scenarios": { "base": { "prob": 0.55, "notes": "Steady execution of high-margin growth strategy.", "target_price": 155 }, "bear": { "prob": 0.2, "notes": "Slower backlog conversion and margin compression.", "target_price": 115 }, "bull": { "prob": 0.25, "notes": "Accelerated infrastructure spend and significant margin beat.", "target_price": 175 } }, "confidence": 0.7, "assumptions": { "wacc": 0.088, "revenue_cagr_3y": 0.065, "terminal_multiple": 14, "ebit_margin_target": 0.095 }, "key_drivers": [ { "driver": "Federal infrastructure spending (IIJA)", "impact": "HIGH", "direction": "POS" }, { "driver": "Global energy transition demand", "impact": "HIGH", "direction": "POS" }, { "driver": "Semiconductor manufacturing reshoring", "impact": "MED", "direction": "POS" }, { "driver": "Post-spin operational efficiency", "impact": "MED", "direction": "POS" }, { "driver": "Public sector budget constraints", "impact": "MED", "direction": "NEG" } ], "method_notes": "Valuation uses a 21.5x forward P/E multiple on normalized FY27 earnings. The BUY rating reflects an 18% upside driven by the strategic shift to higher-margin consulting and infrastructure tailwinds post-spin. Not investment advice.", "current_price": 131.14, "recommendation": "BUY", "thesis_bullets": [ "Strategic pivot to high-margin consulting and engineering services post-Amentum spin-off.", "Strong exposure to secular growth in water, energy, and advanced facilities.", "Multi-year backlog provides significant revenue visibility and stability.", "Anticipated margin expansion from portfolio simplification and reduced overhead.", "Attractive valuation compared to engineering peers given improved business mix." ], "target_price_6m": 142, "target_price_12m": 155 }, "errorsJson": { "attempts": [], "providerMeta": { "model": "gemini-3-flash-preview", "provider": "gemini", "webSearch": { "used": false, "allowed": false, "enabled": false, "requested": false, "disabledReason": null } }, "sanityIssues": [] }, "latencyMs": 20813, "createdAt": "2026-04-09T05:21:11.157Z", "usage": { "inputTokens": 2588, "outputTokens": 490, "costUsd": 0.011056 } }, { "id": "cmnr14b2304jap658z3it9361", "runId": "cmnr14b1z04j7p658htzd88i4", "modelId": "openai.gpt-5.4", "status": "SUCCESS", "rawOutput": "{\"model\":\"AI Model Recommendation v2\",\"as_of\":\"2026-04-08T20:04:24.000Z\",\"ticker\":\"J\",\"currency\":\"USD\",\"current_price\":131.14,\"target_price_6m\":125,\"target_price_12m\":136,\"recommendation\":\"HOLD\",\"confidence\":0.58,\"thesis_bullets\":[\"Mission-critical government and infrastructure exposure supports resilient backlog quality.\",\"Portfolio simplification should improve mix, though reported TTM fundamentals appear distorted.\",\"Liquidity is solid and leverage remains manageable for an engineering services contractor.\",\"Valuation already reflects much of expected margin recovery and earnings normalization.\",\"Execution, procurement timing, and accounting noise limit near-term upside visibility.\"],\"key_drivers\":[{\"driver\":\"Federal and defense spending\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Water and environmental capex\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Consulting margin recovery\",\"impact\":\"HIGH\",\"direction\":\"POS\"},{\"driver\":\"Portfolio simplification benefits\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Cash conversion and buybacks\",\"impact\":\"MED\",\"direction\":\"POS\"},{\"driver\":\"Large-project execution\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Government procurement delays\",\"impact\":\"MED\",\"direction\":\"NEG\"},{\"driver\":\"Valuation multiple compression\",\"impact\":\"HIGH\",\"direction\":\"NEG\"}],\"risks\":[\"Margin recovery stalls after restructuring.\",\"Federal budget delays reduce award timing.\",\"Fixed-price project losses or claims emerge.\",\"Portfolio changes obscure underlying earnings power.\",\"Valuation de-rates if forward EPS disappoints.\"],\"assumptions\":{\"revenue_cagr_3y\":6.5,\"ebit_margin_target\":8.8,\"wacc\":8.5,\"terminal_multiple\":18},\"scenarios\":{\"bear\":{\"target_price\":108,\"prob\":0.25,\"notes\":\"Awards slow and margin recovery disappoints, keeping multiples compressed.\"},\"base\":{\"target_price\":136,\"prob\":0.5,\"notes\":\"Steady backlog conversion and modest margin improvement support fair-value rerating.\"},\"bull\":{\"target_price\":160,\"prob\":0.25,\"notes\":\"Government, water, and data-center demand accelerate with stronger cash returns.\"}},\"method_notes\":\"Blended normalized EPS/FCF with a mid-cycle multiple; modest growth and margin recovery support ~$136 12M fair value, implying HOLD. Snapshot fields kept authoritative; snapshot revenue/EBITDA look inconsistent with company summary, so confidence is moderate. No sell-side targets used; not investment advice.\"}", "parsedJson": { "as_of": "2026-04-08T20:04:24.000Z", "model": "AI Model Recommendation v2", "risks": [ "Margin recovery stalls after restructuring.", "Federal budget delays reduce award timing.", "Fixed-price project losses or claims emerge.", "Portfolio changes obscure underlying earnings power.", "Valuation de-rates if forward EPS disappoints." ], "ticker": "J", "currency": "USD", "scenarios": { "base": { "prob": 0.5, "notes": "Steady backlog conversion and modest margin improvement support fair-value rerating.", "target_price": 136 }, "bear": { "prob": 0.25, "notes": "Awards slow and margin recovery disappoints, keeping multiples compressed.", "target_price": 108 }, "bull": { "prob": 0.25, "notes": "Government, water, and data-center demand accelerate with stronger cash returns.", "target_price": 160 } }, "confidence": 0.58, "assumptions": { "wacc": 8.5, "revenue_cagr_3y": 6.5, "terminal_multiple": 18, "ebit_margin_target": 8.8 }, "key_drivers": [ { "driver": "Federal and defense spending", "impact": "HIGH", "direction": "POS" }, { "driver": "Water and environmental capex", "impact": "HIGH", "direction": "POS" }, { "driver": "Consulting margin recovery", "impact": "HIGH", "direction": "POS" }, { "driver": "Portfolio simplification benefits", "impact": "MED", "direction": "POS" }, { "driver": "Cash conversion and buybacks", "impact": "MED", "direction": "POS" }, { "driver": "Large-project execution", "impact": "MED", "direction": "NEG" }, { "driver": "Government procurement delays", "impact": "MED", "direction": "NEG" }, { "driver": "Valuation multiple compression", "impact": "HIGH", "direction": "NEG" } ], "method_notes": "Blended normalized EPS/FCF with a mid-cycle multiple; modest growth and margin recovery support ~$136 12M fair value, implying HOLD. Snapshot fields kept authoritative; snapshot revenue/EBITDA look inconsistent with company summary, so confidence is moderate. No sell-side targets used; not investment advice.", "current_price": 131.14, "recommendation": "HOLD", "thesis_bullets": [ "Mission-critical government and infrastructure exposure supports resilient backlog quality.", "Portfolio simplification should improve mix, though reported TTM fundamentals appear distorted.", "Liquidity is solid and leverage remains manageable for an engineering services contractor.", "Valuation already reflects much of expected margin recovery and earnings normalization.", "Execution, procurement timing, and accounting noise limit near-term upside visibility." ], "target_price_6m": 125, "target_price_12m": 136 }, "errorsJson": { "attempts": [], "providerMeta": { "provider": "openai", "webSearch": { "used": false, "enabled": false, "sources": [], "maxToolCalls": 2 }, "responseId": "resp_0cb879d6fb7374ec0069d75a4dc284819394fa75f2535d8802", "reasoningEffort": "medium", "structuredOutputs": { "used": true, "requested": true, "disabledReason": null } }, "sanityIssues": [] }, "latencyMs": 44742, "createdAt": "2026-04-09T05:21:11.157Z", "usage": { "inputTokens": 2470, "outputTokens": 2456, "costUsd": 0.038706 } }, { "id": "cmnr14b2304jdp658cmr134o0", "runId": "cmnr14b1z04j7p658htzd88i4", "modelId": "xai.grok-4.20-reasoning", "status": "SUCCESS", "rawOutput": "{\n \"model\": \"AI Equity Research Model\",\n \"as_of\": \"2026-04-08T20:04:24.000Z\",\n \"ticker\": \"J\",\n \"currency\": \"USD\",\n \"current_price\": 131.14,\n \"target_price_6m\": 142,\n \"target_price_12m\": 155,\n \"recommendation\": \"BUY\",\n \"confidence\": 0.62,\n \"thesis_bullets\": [\n \"Expected earnings recovery driving forward PE compression\",\n \"Strong position in infrastructure and sustainability markets\",\n \"Consistent FCF generation supports valuation\",\n \"High trailing PE reflects temporary earnings weakness\",\n \"Solid balance sheet enables strategic flexibility\"\n ],\n \"key_drivers\": [\n {\n \"driver\": \"Earnings recovery post one-time items\",\n \"impact\": \"HIGH\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Infrastructure and energy transition demand\",\n \"impact\": \"HIGH\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Negative YOY revenue growth trend\",\n \"impact\": \"MED\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"Operating margin expansion opportunities\",\n \"impact\": \"MED\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Stable project backlog conversion\",\n \"impact\": \"MED\",\n \"direction\": \"POS\"\n },\n {\n \"driver\": \"Exposure to economic cyclicality\",\n \"impact\": \"MED\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"Debt burden in rising rate environment\",\n \"impact\": \"LOW\",\n \"direction\": \"NEG\"\n },\n {\n \"driver\": \"Valuation multiple contraction risk\",\n \"impact\": \"MED\",\n \"direction\": \"NEG\"\n }\n ],\n \"risks\": [\n \"Prolonged weakness in core markets\",\n \"Project cost overruns and delays\",\n \"Loss of major contracts\",\n \"Failure to achieve targeted margins\",\n \"Adverse macroeconomic conditions\"\n ],\n \"assumptions\": {\n \"revenue_cagr_3y\": 0.07,\n \"ebit_margin_target\": 0.15,\n \"wacc\": 0.085,\n \"terminal_multiple\": 16\n },\n \"scenarios\": {\n \"bear\": {\n \"target_price\": 115,\n \"prob\": 0.25,\n \"notes\": \"Revenue decline persists with no margin gains.\"\n },\n \"base\": {\n \"target_price\": 155,\n \"prob\": 0.55,\n \"notes\": \"Earnings rebound materializes with moderate growth.\"\n },\n \"bull\": {\n \"target_price\": 190,\n \"prob\": 0.2,\n \"notes\": \"Accelerated growth from new project wins.\"\n }\n },\n \"method_notes\": \"DCF valuation using 7% revenue CAGR, 15% EBIT margin, 8.5% WACC and 16x terminal multiple. 12M target implies ~18% upside consistent with BUY per rubric. 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Not investment advice.", "current_price": 131.14, "recommendation": "BUY", "thesis_bullets": [ "Expected earnings recovery driving forward PE compression", "Strong position in infrastructure and sustainability markets", "Consistent FCF generation supports valuation", "High trailing PE reflects temporary earnings weakness", "Solid balance sheet enables strategic flexibility" ], "target_price_6m": 142, "target_price_12m": 155 }, "errorsJson": { "attempts": [], "providerMeta": { "provider": "xai", "webSearch": { "used": false, "enabled": false, "sources": [], "maxToolCalls": 2 }, "responseId": "9f304e4e-cf8f-9b6b-807d-6b9bf9510a98", "usedFallbackChatCompletions": false }, "sanityIssues": [] }, "latencyMs": 24370, "createdAt": "2026-04-09T05:21:11.157Z", "usage": { "inputTokens": 2807, "outputTokens": 4250, "costUsd": 0.072171 } } ] } }