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2021-08-11
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5 Infrastructure Stocks That Look Like Bargains as Senate Passes Bill<blockquote>参议院通过法案后，5 只看起来很便宜的基础设施股</blockquote>
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As the bipartisan bill heads to the House of Representatives, another $3.5 trillion reconciliation bill, backed by Democrats only, could follow, with spending focused on “human infrastructure” like child care, education funding, and a Medicare expansion, plus additional climate-related measures.</p><p><blockquote>美国参议院周二通过了一项1万亿美元的基础设施法案，为资金流向交通基础设施改善、水电设施更新以及扩大宽带接入和应对气候变化等21世纪优先事项奠定了基础。随着两党法案提交众议院，另一项仅得到民主党人支持的3.5万亿美元和解法案也可能随之而来，其支出将重点放在 “人类基础设施 ”上，如儿童保育、教育经费和医疗保险扩张，以及其他与气候相关的措施。</blockquote></p><p> Infrastructure-related stocks, from asphalt makers to construction-machinery companies, have rallied sharply in anticipation of the bills’ passage, and added to their gains on Tuesday. The iShares U.S. Infrastructure exchange-traded fund (IFRA) was up 1.2% in midday trading, versus a 0.2% rise for the S&P 500.</p><p><blockquote>从沥青制造商到工程机械公司，基础设施相关股票因预期法案的通过而大幅反弹，并在周二进一步扩大了涨幅。iShares 美国基础设施交易所交易基金 (IFRA) 在午盘交易中上涨 1.2%，而标普500上涨 0.2%。</blockquote></p><p> Few bargains remain. Moreover, spending will be spread over many years, and the trillion-dollar headline number isn’t all that new; $550 billion of the price tag comes from previously unallocated funds.</p><p><blockquote>剩下的便宜货不多了。此外，支出将分散多年，而数万亿美元的总体数字并不新鲜；5500亿美元的价格标签来自之前未分配的资金。</blockquote></p><p> Shares of Vulcan Materials (ticker: VMC), Martin Marietta Materials (MLM), Eagle Materials (EXP), and Summit Materials (SUM), which make concrete, cement, asphalt, and other traditional construction materials, are up 40% or more in the past year, bolstered by a strong housing market and demand for new warehouses and distribution centers, in addition to expectations for more infrastructure spending. The stocks now sport rich valuations; Vulcan trades for close to 32 times next year’s expected earnings, versus a long-term average of less than 27, while Martin Marietta has a price/earnings multiple of 28.</p><p><blockquote>生产混凝土、水泥、沥青和其他传统建筑材料的 Vulcan Materials（股票代码：VMC）、Martin Marietta Materials（MLM）、Eagle Materials（EXP）和 Summit Materials（SUM）的股价去年上涨了 40% 或更多，除了对更多基础设施支出的预期之外，房地产市场和对新仓库和配送中心的需求也有所支撑。这些股票现在估值很高；Vulcan 的市盈率接近明年预期市盈率的 32 倍，而长期平均水平不到 27 倍，而 Martin Marietta 的市盈率为 28 倍。</blockquote></p><p> Investors looking to prosper from a deluge of spending might do better to focus on shares of engineering and inspection firms, such as Jacobs Engineering Group (J), Tetra Tech (TTEK), Parsons (PSN), Montrose Environmental Group (MEG), and Atlas Technical Consultants (ATCX). These companies tend to be hired at the start of new projects, to sign off on designs and contribute to feasibility studies. Infrastructure funds could begin to show up in their revenues before shovels get in the ground, possibly as soon as next year.</p><p><blockquote>希望从大量支出中获利的投资者最好关注工程和检测公司的股票，例如 Jacobs Engineering Group (J)、Tetra Tech (TTEK)、Parsons (PSN)、Montrose Environmental Group (MEG) 和 Atlas Technical Consultants (ATCX)。这些公司往往在新项目开始时就被雇佣，签署设计并为可行性研究做出贡献。在铲子落地之前，基础设施基金可能会开始出现在他们的收入中，最早可能是明年。</blockquote></p><p> Jacobs, for example, provides engineering and design consulting and other technical services for power, water, and transportation-infrastructure projects. “J’s infrastructure design exposure is on the front end of actual sustainability projects across renewables, electric grid upgrades, hydrogen transportation, and net-zero designs,” Benchmark analyst Josh Sullivan wrote in a recent report.</p><p><blockquote>例如，雅各布斯为电力、水和交通基础设施项目提供工程和设计咨询以及其他技术服务。“Benchmark 分析师乔希-沙利文（Josh Sullivan）在最近的一份报告中写道：”J 的基础设施设计业务处于可再生能源、电网升级、氢能运输和净零设计等实际可持续发展项目的前沿。</blockquote></p><p> Sullivan sees double-digit profit growth for Jacobs next year, and rates the stock a Buy with a $160 price target, about 24% above Friday’s close of $128.79. Eighty-eight percent of analysts covering Jacobs recommend the shares, which trade for 18.4 times forward earnings—below the market average.</p><p><blockquote>沙利文预计雅各布斯明年的利润将实现两位数增长，并将该股评级为买入，目标价为 160 美元，比周五收盘价 128.79 美元高出约 24%。研究雅各布斯的 88% 分析师推荐该股，该股的市盈率是预期市盈率的 18.4 倍，低于市场平均水平。</blockquote></p><p> If You Build It</p><p><blockquote>如果你建造它</blockquote></p><p> These companies tend to get hired at the start of infrastructure projects. Their shares still look relatively cheap.</p><p><blockquote>这些公司往往在基础设施项目开始时就被雇佣。他们的股票看起来仍然相对便宜。</blockquote></p><p> <table> <thead> <tr> <th>Company / Ticker</th> <th>Recent Price</th> <th>52-Week Change</th> <th>Market Value (bil)</th> <th>2022E P/E</th> </tr> </thead> <tbody> <tr> <td>Atlas Technical Consultants / ATCX</td> <td>$13.78</td> <td>59.3%</td> <td>$0.5</td> <td>16.7</td> </tr> <tr> <td>Jacobs Engineering Group / J*</td> <td>128.74</td> <td>39.8</td> <td>16.8</td> <td>18.3</td> </tr> <tr> <td>Montrose Environmental Group / MEG</td> <td>50.13</td> <td>108.4</td> <td>1.3</td> <td>227.9</td> </tr> <tr> <td>Parsons / PSN</td> <td>33.09</td> <td>-6.8</td> <td>3.4</td> <td>15.6</td> </tr> <tr> <td>Tetra Tech / TTEK*</td> <td>135.54</td> <td>48.0</td> <td>7.3</td> <td>33.2</td> </tr> </tbody> </table> *Fiscal year ends in September; E=estimate Source: Bloomberg</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>52周变化</th><th>市值（bil）</th><th>2022年市盈率</th></tr></thead><tbody><tr><td>Atlas技术顾问/ATCX</td><td>$13.78</td><td>59.3%</td><td>$0.5</td><td>16.7</td></tr><tr><td>雅各布斯工程集团 / J*</td><td>128.74</td><td>39.8</td><td>16.8</td><td>18.3</td></tr><tr><td>蒙特罗斯环境集团/MEG</td><td>50.13</td><td>108.4</td><td>1.3</td><td>227.9</td></tr><tr><td>帕森斯/PSN</td><td>33.09</td><td>-6.8</td><td>3.4</td><td>15.6</td></tr><tr><td>利乐科技/TTEK*</td><td>135.54</td><td>48.0</td><td>7.3</td><td>33.2</td></tr></tbody></table>*财政年度于九月结束；E=估计来源：彭博社</blockquote></p><p> The largest single item in the 2,700-page Infrastructure Investment and Jobs Act is $110 billion for roads, bridges, tunnels, and other major projects. Another $66 billion would go to passenger and freight rail, $39 billion to public transit, $25 billion to airports, and $17 billion to ports and waterways.</p><p><blockquote>长达2700页的基础设施投资和就业法案中最大的一项是1100亿美元用于道路、桥梁、隧道和其他重大项目。另外660亿美元将用于客运和货运铁路，390亿美元用于公共交通，250亿美元用于机场，170亿美元用于港口和水道。</blockquote></p><p> All this spending will also be a boon to construction-machinery companies—if they can handle it. Industrial and construction activity has been booming, and supply chains are stretched. “We already are seeing stronger heavy construction activity; it’s something we saw in the second quarter, and we expect that improvement to continue,” Caterpillar (CAT) CEO Jim Umpleby said on the company’s second-quarter earnings call. “That is irrespective of an infrastructure bill in the United States being passed.”</p><p><blockquote>所有这些支出也将有利于工程机械公司——如果他们能够处理的话。工业和建筑活动蓬勃发展，供应链捉襟见肘。“卡特彼勒（CAT）首席执行官吉姆-乌姆普尔比（Jim Umpleby）在公司第二季度财报看涨期权上说：”我们已经看到重型建筑活动更加强劲；我们在第二季度就看到了这种情况，我们预计这种改善将继续下去。“这与美国通过的基础设施法案无关”。</blockquote></p><p></p><p> Companies such as Deere (DE), Terex (TEX), Oshkosh (OSK), and Manitowoc (MTW) likewise are benefiting from a red-hot construction market. Federal infrastructure spending would be incrementally positive for them. The same goes for United Rentals (URI), Herc Holdings (HRI), and WillScot Mobile Mini (WSC), which rent out construction equipment. But their shares, too, are trading at valuations that leave little room for error.</p><p><blockquote>Deere (DE)、特雷克斯 (TEX)、奥什科什 (OSK) 和马尼托瓦克省 (MTW) 等公司同样受益于火热的建筑市场。联邦基础设施支出将对他们越来越有利。出租建筑设备的 United Rentals (URI)、Herc Holdings (HRI) 和 WillScot Mobile Mini (WSC) 也是如此。但他们的股票交易估值也几乎没有出错的余地。</blockquote></p><p> Water infrastructure gets $55 billion in the draft bill, aimed at replacing lead pipes, improving filtration systems, and cleaning up drinking water at schools and homes. Xylem (XYL) and Evoqua Water Technologies ( AQUA ) are two companies to watch; they sell treatment equipment, pumps, valves, and provide related services. Emerson Electric (EMR), Eaton (ETN), and Hubbell (HUBB) could see additional revenue, due to the $65 billion allocated to power infrastructure. But, again, it’s not a game-changer for the stocks.</p><p><blockquote>水利基础设施在法案草案中获得了 550 亿美元的资金，旨在更换铅管、改善过滤系统以及清理学校和家庭的饮用水。赛莱默 (XYL) 和 Evoqua Water Technologies (AQUA) 是两家值得关注的公司；他们销售处理设备、泵、阀门，并提供相关服务。由于拨款 650 亿美元用于电力基础设施，艾默生电气 (EMR)、伊顿 (ETN) 和哈贝尔 (HUBB) 可能会获得额外收入。但是，这并不能改变股市的游戏规则。</blockquote></p><p> Finally, the bill includes $7.5 billion for electric vehicle infrastructure, including $2.5 billion for charging. That’s not much relative to other allocations, but it is meaningful for a nascent industry. Newly public EV charging companies such as EVgo (EVGO), ChargePoint (CHPT), and Blink Charging (BLNK) are expected to have combined sales of less than $200 million this year. Expect sales to grow if the Democrats’ reconciliation bill passes; it includes hundreds of billions of dollars in additional climate-change-related spending, which could boost EV adoption.</p><p><blockquote>最后，该法案包括75亿美元用于电动汽车基础设施，其中25亿美元用于充电。与其他拨款相比，这并不多，但对于一个新兴行业来说，这很有意义。EVgo (EVGO)、ChargePoint (CHPT) 和 Blink Charging (BLNK) 等新上市的电动汽车充电公司今年的总销售额预计将低于 2 亿美元。如果民主党的和解法案获得通过，预计销售额将会增长；其中包括数千亿美元的额外气候变化相关支出，这可能会促进电动汽车的采用。</blockquote></p><p> The iShares U.S. Infrastructure exchange-traded fund (IFRA) has returned 47% in the past year, about 13 points ahead of the S&P 500. Assuming the infrastructure bill passes the House, investors will have to choose their spots carefully.</p><p><blockquote>iShares美国基础设施交易所交易基金（IFRA）过去一年的回报率为47%，比标普500高出约13个百分点。假设基础设施法案在众议院获得通过，投资者将不得不仔细选择他们的位置。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>5 Infrastructure Stocks That Look Like Bargains as Senate Passes Bill<blockquote>参议院通过法案后，5 只看起来很便宜的基础设施股</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Infrastructure Stocks That Look Like Bargains as Senate Passes Bill<blockquote>参议院通过法案后，5 只看起来很便宜的基础设施股</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-08-11 17:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The U.S. Senate passed a $1 trillion infrastructure bill on Tuesday, setting the stage for funds to flow to transportation-infrastructure improvements, water and power-facility updates, and 21st-century priorities such as expansion of broadband access and attempts to address climate change. As the bipartisan bill heads to the House of Representatives, another $3.5 trillion reconciliation bill, backed by Democrats only, could follow, with spending focused on “human infrastructure” like child care, education funding, and a Medicare expansion, plus additional climate-related measures.</p><p><blockquote>美国参议院周二通过了一项1万亿美元的基础设施法案，为资金流向交通基础设施改善、水电设施更新以及扩大宽带接入和应对气候变化等21世纪优先事项奠定了基础。随着两党法案提交众议院，另一项仅得到民主党人支持的3.5万亿美元和解法案也可能随之而来，其支出将重点放在 “人类基础设施 ”上，如儿童保育、教育经费和医疗保险扩张，以及其他与气候相关的措施。</blockquote></p><p> Infrastructure-related stocks, from asphalt makers to construction-machinery companies, have rallied sharply in anticipation of the bills’ passage, and added to their gains on Tuesday. The iShares U.S. Infrastructure exchange-traded fund (IFRA) was up 1.2% in midday trading, versus a 0.2% rise for the S&P 500.</p><p><blockquote>从沥青制造商到工程机械公司，基础设施相关股票因预期法案的通过而大幅反弹，并在周二进一步扩大了涨幅。iShares 美国基础设施交易所交易基金 (IFRA) 在午盘交易中上涨 1.2%，而标普500上涨 0.2%。</blockquote></p><p> Few bargains remain. Moreover, spending will be spread over many years, and the trillion-dollar headline number isn’t all that new; $550 billion of the price tag comes from previously unallocated funds.</p><p><blockquote>剩下的便宜货不多了。此外，支出将分散多年，而数万亿美元的总体数字并不新鲜；5500亿美元的价格标签来自之前未分配的资金。</blockquote></p><p> Shares of Vulcan Materials (ticker: VMC), Martin Marietta Materials (MLM), Eagle Materials (EXP), and Summit Materials (SUM), which make concrete, cement, asphalt, and other traditional construction materials, are up 40% or more in the past year, bolstered by a strong housing market and demand for new warehouses and distribution centers, in addition to expectations for more infrastructure spending. The stocks now sport rich valuations; Vulcan trades for close to 32 times next year’s expected earnings, versus a long-term average of less than 27, while Martin Marietta has a price/earnings multiple of 28.</p><p><blockquote>生产混凝土、水泥、沥青和其他传统建筑材料的 Vulcan Materials（股票代码：VMC）、Martin Marietta Materials（MLM）、Eagle Materials（EXP）和 Summit Materials（SUM）的股价去年上涨了 40% 或更多，除了对更多基础设施支出的预期之外，房地产市场和对新仓库和配送中心的需求也有所支撑。这些股票现在估值很高；Vulcan 的市盈率接近明年预期市盈率的 32 倍，而长期平均水平不到 27 倍，而 Martin Marietta 的市盈率为 28 倍。</blockquote></p><p> Investors looking to prosper from a deluge of spending might do better to focus on shares of engineering and inspection firms, such as Jacobs Engineering Group (J), Tetra Tech (TTEK), Parsons (PSN), Montrose Environmental Group (MEG), and Atlas Technical Consultants (ATCX). These companies tend to be hired at the start of new projects, to sign off on designs and contribute to feasibility studies. Infrastructure funds could begin to show up in their revenues before shovels get in the ground, possibly as soon as next year.</p><p><blockquote>希望从大量支出中获利的投资者最好关注工程和检测公司的股票，例如 Jacobs Engineering Group (J)、Tetra Tech (TTEK)、Parsons (PSN)、Montrose Environmental Group (MEG) 和 Atlas Technical Consultants (ATCX)。这些公司往往在新项目开始时就被雇佣，签署设计并为可行性研究做出贡献。在铲子落地之前，基础设施基金可能会开始出现在他们的收入中，最早可能是明年。</blockquote></p><p> Jacobs, for example, provides engineering and design consulting and other technical services for power, water, and transportation-infrastructure projects. “J’s infrastructure design exposure is on the front end of actual sustainability projects across renewables, electric grid upgrades, hydrogen transportation, and net-zero designs,” Benchmark analyst Josh Sullivan wrote in a recent report.</p><p><blockquote>例如，雅各布斯为电力、水和交通基础设施项目提供工程和设计咨询以及其他技术服务。“Benchmark 分析师乔希-沙利文（Josh Sullivan）在最近的一份报告中写道：”J 的基础设施设计业务处于可再生能源、电网升级、氢能运输和净零设计等实际可持续发展项目的前沿。</blockquote></p><p> Sullivan sees double-digit profit growth for Jacobs next year, and rates the stock a Buy with a $160 price target, about 24% above Friday’s close of $128.79. Eighty-eight percent of analysts covering Jacobs recommend the shares, which trade for 18.4 times forward earnings—below the market average.</p><p><blockquote>沙利文预计雅各布斯明年的利润将实现两位数增长，并将该股评级为买入，目标价为 160 美元，比周五收盘价 128.79 美元高出约 24%。研究雅各布斯的 88% 分析师推荐该股，该股的市盈率是预期市盈率的 18.4 倍，低于市场平均水平。</blockquote></p><p> If You Build It</p><p><blockquote>如果你建造它</blockquote></p><p> These companies tend to get hired at the start of infrastructure projects. Their shares still look relatively cheap.</p><p><blockquote>这些公司往往在基础设施项目开始时就被雇佣。他们的股票看起来仍然相对便宜。</blockquote></p><p> <table> <thead> <tr> <th>Company / Ticker</th> <th>Recent Price</th> <th>52-Week Change</th> <th>Market Value (bil)</th> <th>2022E P/E</th> </tr> </thead> <tbody> <tr> <td>Atlas Technical Consultants / ATCX</td> <td>$13.78</td> <td>59.3%</td> <td>$0.5</td> <td>16.7</td> </tr> <tr> <td>Jacobs Engineering Group / J*</td> <td>128.74</td> <td>39.8</td> <td>16.8</td> <td>18.3</td> </tr> <tr> <td>Montrose Environmental Group / MEG</td> <td>50.13</td> <td>108.4</td> <td>1.3</td> <td>227.9</td> </tr> <tr> <td>Parsons / PSN</td> <td>33.09</td> <td>-6.8</td> <td>3.4</td> <td>15.6</td> </tr> <tr> <td>Tetra Tech / TTEK*</td> <td>135.54</td> <td>48.0</td> <td>7.3</td> <td>33.2</td> </tr> </tbody> </table> *Fiscal year ends in September; E=estimate Source: Bloomberg</p><p><blockquote><table><thead><tr><th>公司/股票代码</th><th>近期价格</th><th>52周变化</th><th>市值（bil）</th><th>2022年市盈率</th></tr></thead><tbody><tr><td>Atlas技术顾问/ATCX</td><td>$13.78</td><td>59.3%</td><td>$0.5</td><td>16.7</td></tr><tr><td>雅各布斯工程集团 / J*</td><td>128.74</td><td>39.8</td><td>16.8</td><td>18.3</td></tr><tr><td>蒙特罗斯环境集团/MEG</td><td>50.13</td><td>108.4</td><td>1.3</td><td>227.9</td></tr><tr><td>帕森斯/PSN</td><td>33.09</td><td>-6.8</td><td>3.4</td><td>15.6</td></tr><tr><td>利乐科技/TTEK*</td><td>135.54</td><td>48.0</td><td>7.3</td><td>33.2</td></tr></tbody></table>*财政年度于九月结束；E=估计来源：彭博社</blockquote></p><p> The largest single item in the 2,700-page Infrastructure Investment and Jobs Act is $110 billion for roads, bridges, tunnels, and other major projects. Another $66 billion would go to passenger and freight rail, $39 billion to public transit, $25 billion to airports, and $17 billion to ports and waterways.</p><p><blockquote>长达2700页的基础设施投资和就业法案中最大的一项是1100亿美元用于道路、桥梁、隧道和其他重大项目。另外660亿美元将用于客运和货运铁路，390亿美元用于公共交通，250亿美元用于机场，170亿美元用于港口和水道。</blockquote></p><p> All this spending will also be a boon to construction-machinery companies—if they can handle it. Industrial and construction activity has been booming, and supply chains are stretched. “We already are seeing stronger heavy construction activity; it’s something we saw in the second quarter, and we expect that improvement to continue,” Caterpillar (CAT) CEO Jim Umpleby said on the company’s second-quarter earnings call. “That is irrespective of an infrastructure bill in the United States being passed.”</p><p><blockquote>所有这些支出也将有利于工程机械公司——如果他们能够处理的话。工业和建筑活动蓬勃发展，供应链捉襟见肘。“卡特彼勒（CAT）首席执行官吉姆-乌姆普尔比（Jim Umpleby）在公司第二季度财报看涨期权上说：”我们已经看到重型建筑活动更加强劲；我们在第二季度就看到了这种情况，我们预计这种改善将继续下去。“这与美国通过的基础设施法案无关”。</blockquote></p><p></p><p> Companies such as Deere (DE), Terex (TEX), Oshkosh (OSK), and Manitowoc (MTW) likewise are benefiting from a red-hot construction market. Federal infrastructure spending would be incrementally positive for them. The same goes for United Rentals (URI), Herc Holdings (HRI), and WillScot Mobile Mini (WSC), which rent out construction equipment. But their shares, too, are trading at valuations that leave little room for error.</p><p><blockquote>Deere (DE)、特雷克斯 (TEX)、奥什科什 (OSK) 和马尼托瓦克省 (MTW) 等公司同样受益于火热的建筑市场。联邦基础设施支出将对他们越来越有利。出租建筑设备的 United Rentals (URI)、Herc Holdings (HRI) 和 WillScot Mobile Mini (WSC) 也是如此。但他们的股票交易估值也几乎没有出错的余地。</blockquote></p><p> Water infrastructure gets $55 billion in the draft bill, aimed at replacing lead pipes, improving filtration systems, and cleaning up drinking water at schools and homes. Xylem (XYL) and Evoqua Water Technologies ( AQUA ) are two companies to watch; they sell treatment equipment, pumps, valves, and provide related services. Emerson Electric (EMR), Eaton (ETN), and Hubbell (HUBB) could see additional revenue, due to the $65 billion allocated to power infrastructure. But, again, it’s not a game-changer for the stocks.</p><p><blockquote>水利基础设施在法案草案中获得了 550 亿美元的资金，旨在更换铅管、改善过滤系统以及清理学校和家庭的饮用水。赛莱默 (XYL) 和 Evoqua Water Technologies (AQUA) 是两家值得关注的公司；他们销售处理设备、泵、阀门，并提供相关服务。由于拨款 650 亿美元用于电力基础设施，艾默生电气 (EMR)、伊顿 (ETN) 和哈贝尔 (HUBB) 可能会获得额外收入。但是，这并不能改变股市的游戏规则。</blockquote></p><p> Finally, the bill includes $7.5 billion for electric vehicle infrastructure, including $2.5 billion for charging. That’s not much relative to other allocations, but it is meaningful for a nascent industry. Newly public EV charging companies such as EVgo (EVGO), ChargePoint (CHPT), and Blink Charging (BLNK) are expected to have combined sales of less than $200 million this year. Expect sales to grow if the Democrats’ reconciliation bill passes; it includes hundreds of billions of dollars in additional climate-change-related spending, which could boost EV adoption.</p><p><blockquote>最后，该法案包括75亿美元用于电动汽车基础设施，其中25亿美元用于充电。与其他拨款相比，这并不多，但对于一个新兴行业来说，这很有意义。EVgo (EVGO)、ChargePoint (CHPT) 和 Blink Charging (BLNK) 等新上市的电动汽车充电公司今年的总销售额预计将低于 2 亿美元。如果民主党的和解法案获得通过，预计销售额将会增长；其中包括数千亿美元的额外气候变化相关支出，这可能会促进电动汽车的采用。</blockquote></p><p> The iShares U.S. Infrastructure exchange-traded fund (IFRA) has returned 47% in the past year, about 13 points ahead of the S&P 500. Assuming the infrastructure bill passes the House, investors will have to choose their spots carefully.</p><p><blockquote>iShares美国基础设施交易所交易基金（IFRA）过去一年的回报率为47%，比标普500高出约13个百分点。假设基础设施法案在众议院获得通过，投资者将不得不仔细选择他们的位置。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/infrastructure-bill-bargain-stocks-51628290307?mod=hp_LEAD_2_B_2\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ATCX":"Atlas Critical Minerals Corporation","TTEK":"德照科技","J":"雅各布工程","PSN":"Parsons Corp"},"source_url":"https://www.barrons.com/articles/infrastructure-bill-bargain-stocks-51628290307?mod=hp_LEAD_2_B_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1134826698","content_text":"The U.S. Senate passed a $1 trillion infrastructure bill on Tuesday, setting the stage for funds to flow to transportation-infrastructure improvements, water and power-facility updates, and 21st-century priorities such as expansion of broadband access and attempts to address climate change. As the bipartisan bill heads to the House of Representatives, another $3.5 trillion reconciliation bill, backed by Democrats only, could follow, with spending focused on “human infrastructure” like child care, education funding, and a Medicare expansion, plus additional climate-related measures.\nInfrastructure-related stocks, from asphalt makers to construction-machinery companies, have rallied sharply in anticipation of the bills’ passage, and added to their gains on Tuesday. The iShares U.S. Infrastructure exchange-traded fund (IFRA) was up 1.2% in midday trading, versus a 0.2% rise for the S&P 500.\nFew bargains remain. Moreover, spending will be spread over many years, and the trillion-dollar headline number isn’t all that new; $550 billion of the price tag comes from previously unallocated funds.\nShares of Vulcan Materials (ticker: VMC), Martin Marietta Materials (MLM), Eagle Materials (EXP), and Summit Materials (SUM), which make concrete, cement, asphalt, and other traditional construction materials, are up 40% or more in the past year, bolstered by a strong housing market and demand for new warehouses and distribution centers, in addition to expectations for more infrastructure spending. The stocks now sport rich valuations; Vulcan trades for close to 32 times next year’s expected earnings, versus a long-term average of less than 27, while Martin Marietta has a price/earnings multiple of 28.\nInvestors looking to prosper from a deluge of spending might do better to focus on shares of engineering and inspection firms, such as Jacobs Engineering Group (J), Tetra Tech (TTEK), Parsons (PSN), Montrose Environmental Group (MEG), and Atlas Technical Consultants (ATCX). These companies tend to be hired at the start of new projects, to sign off on designs and contribute to feasibility studies. Infrastructure funds could begin to show up in their revenues before shovels get in the ground, possibly as soon as next year.\nJacobs, for example, provides engineering and design consulting and other technical services for power, water, and transportation-infrastructure projects. “J’s infrastructure design exposure is on the front end of actual sustainability projects across renewables, electric grid upgrades, hydrogen transportation, and net-zero designs,” Benchmark analyst Josh Sullivan wrote in a recent report.\nSullivan sees double-digit profit growth for Jacobs next year, and rates the stock a Buy with a $160 price target, about 24% above Friday’s close of $128.79. Eighty-eight percent of analysts covering Jacobs recommend the shares, which trade for 18.4 times forward earnings—below the market average.\nIf You Build It\nThese companies tend to get hired at the start of infrastructure projects. Their shares still look relatively cheap.\n\n\n\nCompany / Ticker\nRecent Price\n52-Week Change\nMarket Value (bil)\n2022E P/E\n\n\n\n\nAtlas Technical Consultants / ATCX\n$13.78\n59.3%\n$0.5\n16.7\n\n\nJacobs Engineering Group / J*\n128.74\n39.8\n16.8\n18.3\n\n\nMontrose Environmental Group / MEG\n50.13\n108.4\n1.3\n227.9\n\n\nParsons / PSN\n33.09\n-6.8\n3.4\n15.6\n\n\nTetra Tech / TTEK*\n135.54\n48.0\n7.3\n33.2\n\n\n\n*Fiscal year ends in September; E=estimate Source: Bloomberg\nThe largest single item in the 2,700-page Infrastructure Investment and Jobs Act is $110 billion for roads, bridges, tunnels, and other major projects. Another $66 billion would go to passenger and freight rail, $39 billion to public transit, $25 billion to airports, and $17 billion to ports and waterways.\nAll this spending will also be a boon to construction-machinery companies—if they can handle it. Industrial and construction activity has been booming, and supply chains are stretched. “We already are seeing stronger heavy construction activity; it’s something we saw in the second quarter, and we expect that improvement to continue,” Caterpillar (CAT) CEO Jim Umpleby said on the company’s second-quarter earnings call. “That is irrespective of an infrastructure bill in the United States being passed.”\nCompanies such as Deere (DE), Terex (TEX), Oshkosh (OSK), and Manitowoc (MTW) likewise are benefiting from a red-hot construction market. Federal infrastructure spending would be incrementally positive for them. The same goes for United Rentals (URI), Herc Holdings (HRI), and WillScot Mobile Mini (WSC), which rent out construction equipment. But their shares, too, are trading at valuations that leave little room for error.\nWater infrastructure gets $55 billion in the draft bill, aimed at replacing lead pipes, improving filtration systems, and cleaning up drinking water at schools and homes. Xylem (XYL) and Evoqua Water Technologies ( AQUA ) are two companies to watch; they sell treatment equipment, pumps, valves, and provide related services. Emerson Electric (EMR), Eaton (ETN), and Hubbell (HUBB) could see additional revenue, due to the $65 billion allocated to power infrastructure. But, again, it’s not a game-changer for the stocks.\nFinally, the bill includes $7.5 billion for electric vehicle infrastructure, including $2.5 billion for charging. That’s not much relative to other allocations, but it is meaningful for a nascent industry. Newly public EV charging companies such as EVgo (EVGO), ChargePoint (CHPT), and Blink Charging (BLNK) are expected to have combined sales of less than $200 million this year. Expect sales to grow if the Democrats’ reconciliation bill passes; it includes hundreds of billions of dollars in additional climate-change-related spending, which could boost EV adoption.\nThe iShares U.S. Infrastructure exchange-traded fund (IFRA) has returned 47% in the past year, about 13 points ahead of the S&P 500. Assuming the infrastructure bill passes the House, investors will have to choose their spots carefully.","news_type":1,"symbols_score_info":{"ATCX":0.9,"TTEK":0.9,"MEG":0.9,"J":0.9,"PSN":0.9}},"isVote":1,"tweetType":1,"viewCount":673,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":12,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/892579490"}
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