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Engineering

Fluor Corporation (NYSE: FLR) secured a record $10.9 billion in quarterly contract awards, lifting backlog 21% to $34.3 billion. Third-quarter revenue increased 10% to $3.72 billion, while management maintained annual adjusted EBITDA guidance of $500 million to $525 million.

At approximately $44.98 per share, Fluor carried a $6.02 billion market value and a $4.04 billion enterprise value. The latter represented approximately 7.9 times the guidance midpoint. Cash and marketable securities exceeded debt by $2.02 billion, although some funds support project operations.

Adjusted EPS increased to $0.77 from $0.68, but adjusted net earnings slipped to $105 million from $111 million. A smaller share count explains why the per-share growth tells you less about operating progress than the headline suggests.

New Contracts Expand the Workload

LNG Canada Phase 2 contributed $7.5 billion in awards, alongside 2 copper projects in Chile. Mission Solutions segment profit increased to $55 million from $34 million, supported by nuclear projects and stronger contract performance. Quarterly operating cash flow reached $186 million.

Execution Must Support the Discount

Adjusted EBITDA fell to $142 million from $161 million, while an asset-sale gain supported reported profit. Reimbursable contracts declined to 69% of backlog from 81%, changing the project risk mix. Nine-month operating cash flow remained negative despite the stronger quarter, leaving profitable contract delivery as the foundation for your earnings expectations.

Filtration

Atmus Filtration Technologies (NYSE: ATMU) reported third-quarter sales of $510 million, up 13.9%, while net income increased 10.6% to $60.6 million. Management raised its annual adjusted EPS outlook to $2.90 to $3.05, supported by stronger volumes, pricing, and the Koch Filter acquisition.

At approximately $46.16, Atmus carried a $3.77 billion market value and traded at 15.5 times its revised earnings midpoint. Analyst-based forward multiples placed Atmus at 14.8 times earnings against Donaldson's 19.2 times, a roughly 23% discount, although differences in borrowing and business mix qualify that comparison.

Power Solutions sales grew approximately 4.6% to $468.1 million, while acquired Industrial Solutions contributed $41.9 million. Separating those contributions helps you judge how much of the headline growth reflects demand in the established business.

Cash Generation Supports a Larger Buyback

Quarterly free cash flow increased to $87.2 million from $68.9 million, up about 27%. Nine-month free cash flow rose to $177.5 million from $117.6 million. A new $300 million repurchase authorization replaced the previous program and represented approximately 8% of market value.

Borrowing Raises the Cash Flow Hurdle

Debt stood at $948.3 million against $273.3 million in cash, while quarterly interest expense increased to $13.1 million from $8.5 million. Adjusted EBITDA margin remained unchanged at 20.4%. Higher financing costs could consume the cash supporting your upside case, particularly if demand weakens or acquisition spending continues.

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Telecom

VEON Ltd. (NASDAQ: VEON) reported third-quarter revenue of $1.307 billion, up 17.2%, while EBITDA increased 10.1% to $577 million. Management raised annual revenue-growth guidance to 16% to 18% and EBITDA-growth guidance to 10% to 12%. Nine-month revenue rose 17.1%, showing growth beyond a single quarter. Its operations span Pakistan, Ukraine, Kazakhstan, Bangladesh, and Uzbekistan.

At approximately $75.34 per ADS, VEON carried a $5.19 billion market value. Its forward earnings multiple is 9.9, compared with Millicom's 13.7, representing a roughly 28% discount. Different geographic exposure makes that comparison less direct, although sustained digital profit growth could narrow the valuation gap. Both multiples depend on earnings estimates that can change.

Digital revenue climbed 45.9% to $355 million, while digital EBITDA increased 54.5% to $128 million. Those services include payments, digital lending, entertainment, and business applications. Digital services now contribute 27.2% of sales, giving the business a different growth profile than you would expect from connectivity alone. Digital EBITDA margin rose to 36% from 34%.

Digital Growth Reaches the Cash Account

Financial-services revenue increased 54.2% to $166 million. Quarterly free cash flow fell to $201 million from $303 million, partly reflecting lower asset-sale proceeds. Excluding those proceeds, cash flow increased to approximately $140 million from $73 million, providing stronger evidence of operating progress.

Country Risk Keeps the Discount Relevant

Preliminary results leave your valuation subject to closing adjustments. Net debt, including leases, stood at $3.657 billion, while group EBITDA margin declined to 44.1% from 47.0%. Nine-month free cash flow excluding disposals was $164 million. Currency swings and disruption in Ukraine could keep the earnings multiple low.

Devon Energy (NYSE: DVN)

Devon Energy pumps oil and gas from some of America’s busiest basins, and this year it swallowed rival Coterra to become one of the biggest independent producers in the country. Yet the stock still trades like oil companies are going out of style. The latest quarter pushed back. Production landed within guidance; Devon retired its remaining term loan, and more debt paydown is on deck.

The merger is paying off faster than planned too, with integration running ahead of schedule. Then comes the fun part: Devon expects to spend more than $1 billion buying back its own stock this quarter alone, on top of its dividend. Oil prices will always swing the shares, and its Eagle Ford sale still needs regulatory approval.

Even so, you’re paying a single-digit multiple of its core earnings pace for a company that gushes cash.

Viatris (NASDAQ: VTRS)

Viatris makes the generic and brand-name medicines that fill pharmacy shelves across the globe, from cholesterol pills to the EpiPen. Generic drugmakers aren’t anyone’s idea of exciting, and the stock has been priced that way for years. The latest quarter gave you a reason to look again.

Management raised its full-year outlook for adjusted earnings and free cash flow, and new products keep coming, including a US approval for an eye drop that treats age-related blurry near vision. 

Viatris also expects to close its Pacira acquisition by the end of November and is still buying back stock. The catch is an FDA problem at a plant in India that has paused production until early next year, and sales were flat. Still, you’re paying under 8 times this year’s adjusted earnings guidance, with a dividend on top. A prescription for patience.

Vontier (NYSE: VNT)

Vontier makes the gear that keeps your gas station running, from fuel dispensers and pay-at-the-pump systems to the Matco tools mechanics use in repair shops. It’s as unglamorous as industrial companies get, and the stock rarely gets a second glance. The latest quarter filled the tank. 

Core sales at its fueling business grew in the double digits, margins widened, and management raised its full-year adjusted earnings guidance. Vontier has also bought back a sizable chunk of its shares this year, so your slice keeps getting bigger.

Reported sales slipped after it sold a fleet-tracking business, and its tool unit for mechanics is still soft, so that’s the spot to watch. Even so, you’re paying under 12 times this year’s adjusted earnings guidance for a company that keeps topping off its cash tank.

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That's our coverage for today; thanks for reading! Reply to this email with feedback or any stocks you want me to check out.

Best Regards,
—Noah Zelvis
Undervalued Edge