教育系列回顾：雅各布斯高级设施业务及其差异化优势

Restricted - External JOVERWEIGHTU.S. Machinery &ConstructionPOSITIVEPrice TargetUSD 150.00Price (09-Jun-25)USD 127.74Potential Upside/Downside+17.4%Source: Bloomberg, Barclays ResearchU.S. Machinery & ConstructionAdam Seiden, CFA+1 212 526 2212adam.seiden@barclays.comBCI, USSteven Li+1 212 526 9497steven.li@barclays.comBCI, USTyler Russell+1 212 526 7584tyler.russell@barclays.comBCI, US Datacenters are most recently reported as ~10% of the AF business, but with ambitions todouble that.Datacenter is obviously in high demand with engineering capacity consumed as itramps over the next 10+ years. They note cross selling opportunities within their portfolio,specifically water and power applications. Datacenters create a strain on water systems(already observed in Virginia) and following local tax increases helps guide their pipeline.Upgrades to the water system benefits the community and the datacenter. Similarly on theenergy and power side- datacenters 'want to buy' water/power, creating future opportunities inthe management and process.Life sciences has been a stable business over the years but has further growth potential.Healthcare generally remain high priority on budgets and Sean noted its resilience over his ~30year career. There's momentum in GLP-1s and antibody drug conjugates, including theFujifilm facility in North Carolina (Fujifilm guided to 18% growth in Bio CDMO for FY25). Lifesciences also is the AF subsegment with the most laterals to PA. A few projects in collaborationwith PA have showed synergies between the two; AF for engineering and PA with operationalexpertise.Seans comments were insightful on somedifferencesvs their Infrastructurecounterparts.Advanced facilities has shorter visibility, but faster burn. Private companies reactto end-markets and profitability, and have faster processes vs infra legislation. However, AF hasa quicker ability to react and turn into a burn, allowing clients to scale quickly (capacityreferenced earlier). Highly specialized projects also carry a high degree of switching costs onceprojects started, and can backstop their visibility.Advanced Facilities is a major contributor to Jacobs' costefficiencyand margin expansioninitiatives through it's Global Delivery Centers (GDCs).GDCs are a hub for engineers fromvarious specialties and countries whichefficientlyallocate labor and time. GDCs have beendeveloping over the past ~20 years starting in India and Indonesia and expanded in Europe viaCH2M, now having 4-5 GDC's globally. The AF business is the most advanced in that journeywithin Jacobs because of government requirements for local labor in several of the otherbusiness in the portfolio.We heard some details on digital solutions within AF and Jacobs overall.A programmanagement tool is in the works, and they have been working with external companies onsoftwarereplicating facilities or fungible sections of them. They can breakdown a project intosections, some bespoke and some reusable, for moreefficientuse of hours.2 Analyst(s) Certification(s):I, Adam Seiden, CFA, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to thespecific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations co