Jacobs (J), Mace Partner for the Ellinikon Program in Greece
Jacobs Solutions Inc. J and Mace have entered into a joint venture to manage the four primary building projects under the Ellinikon program, namely Riviera Tower, Vouliagmenis Mall Complex, Riviera Galleria and the Mixed Use Tower.
This joint venture will act as Program Management Consultant and Project Management Consultant for the Ellinikon development project by Hellinikon S.M.S.A., a subsidiary of LAMDA Development S.A.
The Ellinikon development project is Europe’s largest urban infrastructure development investment. It is also Greece’s largest urban regeneration investment to date and will include one of the first green architectural landmarks in the country.
Under the building portfolio, the Riviera Tower has been constructed per LEED (Leadership in Energy and Environmental Design) Gold standard, using eco-friendly materials. It stands 200 meters above sea level. This LAMDA Development planned building is expected to be completed in 2026. Also, the portfolio will include Mixed Use Tower, a 160-meter-tall structure that will house an office, hotel and residential spaces. Riviera Galleria will offer a new high-end retail, hospitality and entertainment hub.
Jacobs is optimistic about the collaboration for the Ellinikon project as it believes that it will support communities, business and tourism by creating green, integrated places and spaces.
Sustainable Solutions Aid Jacobs
Jacobs delivers sustainable solutions for architecture, structures, building systems, interiors and strategies. The Cities & Places sector of the People & Places Solutions (P&PS) segment holds 16% of its trailing twelve-month revenues. This sector focuses on integrating data, technology, mobility and connectivity to improve economic and social equity the resiliency of cities and communities.
P&PS segment’s backlog at fiscal second-quarter end was $17.6 billion, up from $16.9 billion a year ago. The upside was backed by strong legislative drivers spending in federal, state and local initiatives. The overall sales pipeline of this segment remains solid as climate, decarbonization and social value are gaining momentum across sectors. Strong global trends in infrastructure modernization, energy transition, national security and a potential super-cycle in global supply chain investments bode well.
In the past three months, shares of Jacobs have risen 0.9%, underperforming the Zacks Technology Services industry’s growth of 10.1%.
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Although the company’s stock price has underperformed its industry, its consistent contract wins will help it achieve growth momentum in the upcoming period.
Zacks Rank & Key Picks
Jacobs currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Zacks Business Services sector are SPX Technologies, Inc. SPXC, Copart, Inc. CPRT and Omnicom Group Inc. OMC.
SPX Technologies currently sports a Zacks Rank #1 (Strong Buy). SPXC has a trailing four-quarter earnings surprise of 28.4%, on average. Shares of the company have gained 59.4% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for SPXC’s 2023 sales and EPS indicates growth of 17% and 28.7%, respectively, from the year-ago reported levels.
Copart currently sports a Zacks Rank #1. CPRT delivered a four-quarter average earnings surprise of 5.6%. The company’s shares have risen 66.2% in the past year.
The Zacks Consensus Estimate for CPRT’s fiscal 2023 sales and EPS indicates growth of 9.1% and 9%, respectively, from the prior-year reported figures.
Omnicom currently has a Zacks Rank #2 (Buy). OMC came up with a four-quarter average earnings surprise of 9.1%. The stock has risen 50.4% in the past year.
The Zacks Consensus Estimate for OMC’s 2023 sales and EPS indicates growth of 3% and 7.2%, respectively, from the prior-year reported figures.
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