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  "documentTitle": "AECOM (ACM)",
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  "authorName": "Peter A. Feld",
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  "notes": "Includes a case study reference to Jacobs Engineering as a template for turnaround.",
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      "text": "Bar chart showing EBITDA margins for AECOM DCS (5.4%) vs JEC (7.9%), WSP (8.3%), TTEK (8.6%), and STN (9.2%)",
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      "text": "Although no two companies are the same, interestingly, one of AECOM’s closest peers has gone through a substantial transformation over the past three years.",
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      "text": "We believe there is no structural reason for the Company to operate at such a significant margin disparity with its peers especially given the advantages of larger scale over most of its competitors.",
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      "text": "When Jacobs’ current CEO was appointed to this role in August 2015, he inherited an underperforming organization that had similarly been built through acquisitions that remained unintegrated.",
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      "text": "Source: Company filings, Starboard estimates.",
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      "text": "Revenue ($bn) for AECOM DCS (8.2), JEC (10.6), WSP (5.9), TTEK (3.0), STN (3.2)",
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