Group 1 - AC Milan secured a 1-0 victory against Lazio, temporarily topping the Serie A standings [1][3] - The match featured key performances from AC Milan's goalkeeper, Maignan, who made several crucial saves to keep a clean sheet [3] - The only goal of the match was scored by Leão in the 52nd minute, following a well-executed team play [3][5] Group 2 - Juventus won 2-1 against Cagliari, with Ildiz scoring both goals for the home team [1][4] - Cagliari initially took the lead in the 26th minute, but Juventus quickly equalized just a minute later [4] - The match saw no further goals in the second half, despite both teams' attempts [4]

Investment Activity - MAI Capital Management purchased a new position in AECOM worth approximately $28,000 in the first quarter [1] - Caitong International Asset Management Co. Ltd increased its holdings by 212.9%, owning 316 shares valued at $29,000 after acquiring an additional 215 shares [1] - SVB Wealth LLC bought a new position worth $33,000 in AECOM during the first quarter [1] - Allworth Financial LP raised its stake by 38.5%, now owning 392 shares valued at $44,000 after buying 109 additional shares [1] - Eastern Bank acquired a new position valued at $49,000 in the first quarter [1] - Institutional investors hold 85.41% of AECOM's stock [1] Analyst Ratings - Weiss Ratings maintained a "buy (b-)" rating for AECOM [2] - Wall Street Zen downgraded AECOM from "buy" to "hold" on October 11th [2] - Truist Financial raised the price target from $146.00 to $148.00, maintaining a "buy" rating [2] - UBS Group lowered the price target from $153.00 to $148.00 while keeping a "buy" rating [2] - Robert W. Baird reduced the price target from $144.00 to $143.00 and set a "neutral" rating [2] - The consensus rating for AECOM is "Moderate Buy" with an average price target of $141.90 [2] Stock Performance - AECOM shares opened at $103.13, with a one-year low of $85.00 and a high of $135.52 [3] - The company has a market capitalization of $13.66 billion, a P/E ratio of 22.47, and a PEG ratio of 1.96 [3] - AECOM's debt-to-equity ratio is 0.91, with both quick and current ratios at 1.17 [3] Earnings Report - AECOM reported earnings per share (EPS) of $1.36, exceeding the consensus estimate of $1.34 by $0.02 [4] - The company had revenue of $4.18 billion, slightly below the consensus estimate of $4.31 billion, with a year-over-year revenue increase of 1.6% [4] - AECOM's return on equity was 27.87% and net margin was 3.82% [4] - The FY 2026 EPS guidance is set at 5.650-5.850 [4] - Analysts forecast an average EPS of 5.1 for the current year [4] Dividend Information - AECOM announced a quarterly dividend of $0.31, payable on January 23rd, with a record date of January 7th [5] - This represents an annualized dividend of $1.24 and a yield of 1.2%, an increase from the previous quarterly dividend of $0.26 [5] - The dividend payout ratio is 29.45% [5] Company Overview - AECOM provides professional infrastructure consulting services globally, operating in three segments: Americas, International, and AECOM Capital [6][7] - The company offers a range of services including planning, consulting, architectural and engineering design, construction, program management, and investment services [6][7]

Core Viewpoint - The market is undervaluing Aecom's transformation story, as it trades at 18.5x earnings and 12.0x EV/EBITDA following a post-earnings selloff [1] Group 1: Company Strategy - Aecom is exiting the low-margin, cyclical construction management business to focus on higher-margin opportunities [1] Group 2: Market Valuation - Current trading multiples for Aecom are 18.5x earnings and 12.0x EV/EBITDA, indicating potential undervaluation [1]

Core Viewpoint - AC Milan defeated Inter Milan 1-0 in a key match of the Serie A, moving ahead of their rivals in the league standings [1] Match Summary - The match took place during the 12th round of the Serie A on November 24 [1] - Key moments included a crucial save by AC Milan's goalkeeper Mike Maignan and a header from Inter's Acerbi hitting the post [1] - In the second half, Christian Pulisic scored the only goal of the match, while Marcus Thuram earned a penalty for Inter Milan [1] - Hakan Çalhanoğlu's penalty attempt was saved by Maignan, securing the victory for AC Milan [1] - With this win, AC Milan climbed to second place in the league standings, surpassing Inter Milan [1]

Core Insights - AECOM is focused on continuous improvement to establish itself as an industry leader in infrastructure [2] Group 1 - The company has been working for the past two years to enhance its position in the market [2] - AECOM's leadership team, including the CEO, President, and CFO, is actively engaged in driving the company's strategic initiatives [1] - The emphasis on continuous improvement has been a guiding principle for the organization over the last six years [2]

Core Insights - AECOM reported mixed fourth-quarter fiscal 2025 results, with revenue growth of 2% year over year to $4.175 billion, missing the consensus estimate of $4.315 billion, while adjusted EPS of $1.36 increased by 7% year over year, beating the consensus of $1.34 [1][2] Financial Performance - Revenue for the fourth quarter was $4.175 billion, reflecting a 2% year-over-year growth [1] - Adjusted EPS was reported at $1.36, which is a 7% increase year over year, surpassing the consensus estimate of $1.34 [1] - AECOM expects fiscal 2026 adjusted EPS to be between $5.65 and $5.85, compared to the consensus of $5.24 [2] - Projected adjusted EBITDA for fiscal 2026 is between $1.265 billion and $1.305 billion, with free cash flow expected to be around $400 million [2] Market Reaction - Following the earnings announcement, AECOM shares fell by 8.6%, trading at $116.21 [3] Analyst Ratings - Baird analyst Andrew Wittmann maintained an Outperform rating but lowered the price target from $144 to $143 [5] - UBS analyst Steven Fisher maintained a Buy rating and reduced the price target from $153 to $148 [5] - Citigroup analyst Andrew Kaplowitz maintained a Buy rating and raised the price target from $150 to $152 [5]

Core Insights - AECOM reported mixed fourth-quarter fiscal 2025 results, with revenue growth of 2% year over year to $4.175 billion, missing the consensus estimate of $4.315 billion, while adjusted EPS of $1.36 increased by 7% year over year, beating the consensus of $1.34 [1] Financial Performance - Revenue for the fourth quarter was $4.175 billion, reflecting a 2% year-over-year growth [1] - Adjusted EPS was $1.36, which is a 7% increase year over year, surpassing the consensus estimate of $1.34 [1] - AECOM expects fiscal 2026 adjusted EPS to be between $5.65 and $5.85, compared to the consensus of $5.24 [2] - Projected adjusted EBITDA for fiscal 2026 is between $1.265 billion and $1.305 billion, with free cash flow expected to be around $400 million [2] Strategic Initiatives - AECOM has launched a strategic review of its Construction Management unit [1] - The company emphasizes its advantages in technical expertise, client relationships, and investment in proprietary AECOM AI and Advisory capabilities [2] Market Reaction - Following the earnings announcement, AECOM shares fell by 8.6%, trading at $116.21 [3] - Analysts have adjusted their price targets for AECOM after the earnings report [3] Analyst Ratings - Baird analyst Andrew Wittmann maintained an Outperform rating, lowering the price target from $144 to $143 [5] - UBS analyst Steven Fisher maintained a Buy rating, reducing the price target from $153 to $148 [5] - Citigroup analyst Andrew Kaplowitz maintained a Buy rating, raising the price target from $150 to $152 [5]

Core Insights - AECOM (ACM) reported better-than-expected results for Q4 fiscal 2025, with both earnings and revenues surpassing estimates and showing year-over-year growth [1][8] - The company achieved its highest-ever annual margin and ended the year with a record backlog and pipeline, marking five consecutive quarters of backlog growth [2][8] - AECOM expects to reach a 20%+ margin run rate by fiscal 2028, driven by advancements in AI capabilities and growth in its Advisory business [2] Financial Performance - Adjusted EPS for Q4 was $1.36, exceeding the consensus estimate of $1.34 by 1.5% and increasing 7.1% year-over-year [3] - Revenues for the quarter were $4.11 billion, a 1.6% year-over-year increase, while net service revenues (NSR) were $1.97 billion, surpassing the consensus of $1.95 billion with an 8.5% year-over-year growth [3] - Total backlog at the end of Q4 was $24.83 billion, up 4% from the previous year, with a design backlog increase of 3% [4] Segment Performance - Americas' revenues were $3.2 billion, up 2% year-over-year, with NSR increasing 13% to $1.2 billion [5] - Adjusted operating income in the Americas segment rose 17% year-over-year to $244 million, with an adjusted operating margin of 20.4% [5] - International revenues decreased 1% year-over-year to $935 million, while NSR remained unchanged at $769 million [6] Guidance and Future Outlook - AECOM's fiscal 2026 guidance projects adjusted EPS in the range of $5.65-$5.85, indicating a 9% improvement from fiscal 2024 levels [11] - Expected adjusted EBITDA for fiscal 2026 is between $1.265 billion and $1.305 billion, reflecting 7% year-over-year growth [12] - The company anticipates NSR in the range of $7.2-$7.4 billion, indicating 5% year-over-year growth at the midpoint [13]

Core Insights - ACM Research, Inc. has delivered its first Ultra Lith Baker system to a leading global display panel manufacturer, addressing challenges in advanced lithography such as process non-uniformity and critical dimension variation [1][3] - The Ultra Lith BK system features industry-leading UV curing uniformity of ±5% and advanced thermal management to enhance yield and process reliability [2][4] Company Overview - ACM Research develops and manufactures semiconductor process equipment, including solutions for cleaning, electroplating, and wafer-level packaging, aimed at improving productivity and product yield for semiconductor manufacturers [6][7] - The Ultra Lith BK integrates six cold plates for temperature uniformity of ±0.1°C and supports a configurable design with up to 32 hotplates, allowing flexibility in process recipes [4][6] Industry Context - The introduction of the Ultra Lith BK marks ACM's entry into the display panel segment, which has high-volume production capabilities and significant expectations for equipment performance [3] - As device geometries shrink, maintaining uniform process control in lithography is essential for consistent yield and device performance, highlighting the importance of innovations like the Ultra Lith BK [3]

Revenue and Profitability - Revenue for the year ended September 30, 2025, was $16,140 million, a slight increase from $16,105 million in 2024, and significantly higher than $14,378 million in 2023, reflecting a growth trend [206] - Gross profit for the year ended September 30, 2025, was $1,217 million, compared to $1,084 million in 2024, indicating a gross margin improvement [206] - The cost of revenue for the year ended September 30, 2025, was $14,923 million, slightly lower than $15,021 million in 2024, contributing to improved profitability [206] - Income from operations for the year ended September 30, 2025, was $1,027 million, up from $827 million in 2024, showcasing operational efficiency [206] - Net income attributable to AECOM for the fiscal year ended September 30, 2025, was $561.8 million, an increase of $159.5 million, or 39.6% compared to $402.3 million for the previous year [229] - Income from continuing operations before taxes for the fiscal year ended September 30, 2025, was $915.6 million, an increase of $197.4 million, or 27.5% compared to $718.2 million for the previous year [229] Business Acquisitions and Restructuring - Two business acquisitions were completed during the year ended September 30, 2025, following one acquisition in 2024, while no acquisitions occurred in 2023 [203] - The company has exited substantially all of its self-perform at-risk construction businesses to improve profitability and reduce risk exposure [201] - Restructuring and acquisition costs for the fiscal year ended September 30, 2025, were $59.4 million, down from $98.9 million in the previous year [241] - The company expects to spend approximately $45 million for restructuring in fiscal 2026 associated with prior restructuring actions [274] Financial Position and Debt - Total debt as of September 30, 2025, was $2,743.7 million, an increase from $2,539.8 million in 2024, with long-term debt at $2,647.2 million [286] - The company entered into a new $1,500 million revolving credit facility and a $750 million term loan A facility on April 19, 2024, maturing in 2029 [287] - The average effective interest rate on total debt was 5.1% for the year ended September 30, 2025, down from 5.6% in 2024 [300] - Scheduled maturities of debt include $66.3 million in 2026 and $761.3 million in 2029 [286] - The company had $1,439.9 million in outstanding borrowings under its term credit agreements and revolving credit facility as of September 30, 2025 [330] Cash Flow and Working Capital - Net cash provided by operating activities was $821.6 million for the year ended September 30, 2025, compared to $827.5 million for the previous year [278] - Net cash used in investing activities increased to $413.2 million for the year ended September 30, 2025, compared to $210.6 million for the previous year, primarily due to cash payments for business acquisitions [279] - Working capital decreased by $119.7 million, or 17.6%, to $801.4 million at September 30, 2025, from $921.1 million at September 30, 2024 [281] - Days Sales Outstanding (DSO) increased to 74 days at September 30, 2025, compared to 70 days at September 30, 2024 [282] Segment Performance - Revenue for the Americas segment increased by $40.2 million, or 0.3%, to $12,525.9 million for the year ended September 30, 2025, compared to $12,485.7 million for the previous year [261] - Gross profit for the Americas segment increased by $123.0 million, or 16.2%, to $882.1 million, with gross profit as a percentage of revenue rising to 7.0% from 6.1% [264] - Revenue for the International segment decreased by $5.2 million, or 0.1%, to $3,613.2 million for the year ended September 30, 2025, compared to $3,618.4 million for the previous year [267] - Gross profit for the International segment increased by $10.3 million, or 3.2%, to $334.1 million, with gross profit as a percentage of revenue increasing to 9.2% from 8.9% [270] Tax and Pension Obligations - The company recorded a reserve of $47.0 million related to uncertain tax positions during fiscal 2025 [246] - Deferred tax assets of $20.1 million were recognized during fiscal 2025 due to legal entity restructuring [247] - The company had an aggregate pension plan deficit of approximately $89.4 million as of September 30, 2025 [304] - The company contributed $2.7 million to multiemployer pension plans for the year ended September 30, 2025 [305] Risk Management and Commitments - The company actively monitors foreign currency exchange rates and interest rate exposure, using derivative financial instruments as necessary to manage these risks [328] - The company has capital commitments of $5.1 million to the AECOM-Canyon Equity Fund over the next three years [316] - As of September 30, 2025, the company was contingently liable for approximately $903.8 million in issued standby letters of credit and $5.6 billion in issued surety bonds [314] - The company had $903.8 million outstanding under standby letters of credit as of September 30, 2025 [303]