Core Thesis - Parsons Corporation is transitioning from a traditional engineering and infrastructure company to a defense and technology-focused business, targeting higher-margin segments with long-term growth potential [2] Financial Performance - Despite a 10% decline in Q3 2025 revenue, Parsons Corporation maintained gross profits and achieved significant margin expansion, with operating margins increasing from 1.7% to 7.7% and EBITDA margins growing to 8.2% [3] - The company's intrinsic value estimates suggest a total enterprise value of $9.2 billion, or $73.6 per share after net debt, with potential upside to $87 per share by 2026 as EBITDA expands through defense and software integration initiatives [4] Market Position and Strategy - Parsons Corporation has a strong project backlog, with a book-to-bill ratio above 1.0 for 20 consecutive quarters and a 1.4x backlog-to-revenue ratio, providing visibility into future revenue, especially as Middle East giga projects peak in 2027–2028 [4] - The company's competitive advantage lies in its specialized workforce with security clearances, long-term government relationships, and proprietary software solutions like iNET and iTwin, which create significant switching costs and recurring revenue through subscription models [3] Recent Developments - The stock price of Parsons Corporation has appreciated by approximately 8% since the previous bullish thesis coverage, reflecting the successful execution of its strategic pivot to defense and technology [5]

Core Insights - Bentley Systems announced the launch of Bentley Infrastructure Cloud Connect, a foundational layer designed to enhance connectivity among data and people throughout the infrastructure lifecycle and value chain [1][15] Group 1: Product Features - Bentley Infrastructure Cloud Connect provides a connected data environment, allowing infrastructure professionals to access and manage project and asset data in one place, improving collaboration from design to operations [2][3] - The platform supports over 50 distinct file formats and integrates with various enterprise systems, creating digital twins of assets in their built and natural environments [3][4] - A unified web experience visualizes infrastructure data in full geospatial context, enhanced by Bentley's Cesium 3D capabilities, and includes a mobile app for project connectivity [5][6] Group 2: User Benefits - Early adopters report that the platform has facilitated access to curated views of 72 projects for over 900 external stakeholders from 86 organizations, helping to avoid costly missteps and save millions in potential rework [3] - Connect enables seamless collaboration across infrastructure ecosystems, allowing users to share files, capture feedback, and manage deliverables efficiently [4] Group 3: Future Availability - Bentley Infrastructure Cloud Connect is set to become generally available in December 2025, serving as the entry point to more advanced workflows in ProjectWise and AssetWise [6]