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Non-Tech : granite construction GVA NYSE

GVA 119.36

+0.8%

Dec 26 9:30 AM EST

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To: arnold silver who wrote ()	8/8/1998 11:08:00 AM
From: Ed Brynes	Read Replies (1) of 11

A related issue: URS Corporation (URS). They are strictly a planning and design company working in architecture, civil engineering, environmental projects, wastewater treatment, airports, etc. They don't get involved in actual construction other than to supervise; that is a virtue because the profit margins on construction are lower. The operating margin has been increasing each year for the last four years. There have been two acquisitions. The second one doubled the size of the company and backlog is now about 150% of what it was a few months ago. Just a few days ago they won a $100 million contract with the EPA and there are other continuing contracts with the military and state and local governments all over the country. Because probably more than half their work is with governments they are relatively invulnerable to Asian problems, slow economic growth, even inflation. Governments at all levels are rolling in money. This issue is currently trading at about 16, which is 13 x expected 98 earnings of $1.28/share.

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