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1. Company Snapshot

1.a. Company Description

WSP Global Inc.operates as a professional services consulting firm in the United States, Canada, the United Kingdom, Sweden, Australia, and internationally.It advises, plans, designs, and manages projects for rail transit, aviation, highways, bridges, tunnels, water, maritime, and urban infrastructure for public and private clients, construction contractors, and other partners.


The company also provides engineering and consultancy services, such as decarbonisation strategies, digital building design, structural and mechanical, electrical, and plumbing engineering services; and long-term operational management support services, including first feasibility studies; and advisory services, such as technical, financial, and environmental issues, as well as engineering design and energy simulations.In addition, it works with and advises businesses and governments in various areas of environmental consultancy, including environmental, social, and governance matters.Further, the company provides engineering and environmental services to companies operating in upstream exploration and production, midstream transportation and storage, and downstream refining and distribution; and a range of consulting and engineering services, such as strategic studies, concept design, and productivity analysis to the food and beverages, pharmaceutical and biotechnology, automotive, and chemicals industries.


Additionally, it offers strategic advisory services comprising planning and advisory, management, and technology and sustainability services.The company was formerly known as GENIVAR Inc.and changed its name to WSP Global Inc.


in January 2014.WSP Global Inc.was founded in 1885 and is headquartered in Montreal, Canada.

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1.b. Last Insights on WSP

WSP Global Inc.'s recent performance faced challenges in North America and Asia Pacific, despite robust financial performance. The company's Q3 2025 results revealed strong free cash flow generation and margin expansion. However, Namib Minerals' production guidance for 2025 indicated a year of grade consolidation and optimization at its flagship How Mine operation. The acquisition of Ricardo plc, a global strategic and engineering consultancy firm, was completed. Stifel Canada's recent price target hike on AtkinsRealis to $131, from $110, could have implications for the industrials group.

1.c. Company Highlights

2. WSP Global's Q3 2025 Earnings: A Strong Performance

WSP Global's Q3 2025 results were impressive, with net revenues, adjusted EBITDA, and adjusted net earnings increasing by 16%, 20%, and 32%, respectively. The company's adjusted EBITDA margin reached a record high of 20.2%, a 70-basis-point improvement. Earnings per share (EPS) came in at $2.82, beating estimates of $2.64. The strong financial performance was driven by mid-single-digit organic growth across the company's three largest segments: Canada, the Americas, and EMEA.

Publication Date: Nov -08

📋 Highlights
  • Revenue & Profit Growth:: Net revenues rose 16%, adjusted EBITDA increased 20%, and adjusted net earnings grew 32% YOY, driven by strong performance across segments.
  • EBITDA Margin Expansion:: Adjusted EBITDA reached a record 20.2% margin (up 70bps) and $2.54B–$2.56B FY2025 guidance, reflecting operational efficiency.
  • Free Cash Flow Surge:: 9-month free cash flow hit $890M (+$645M YOY), underscoring robust liquidity and financial strength.
  • POWER Engineers Integration:: Acquisition delivered mid-teens organic growth in Americas, with $1.4B pipeline and ERP implementation planned for 2026.
  • UK Market Leadership:: EMEA outperformed with 6.4% organic growth, driven by UK success and high win rates, positioning WSP as the leading firm in the region.

Regional Performance

The company's regional performance was robust, with Canada delivering 6% net revenue organic growth, the Americas posting 6.6% net revenue organic growth driven by POWER Engineers, and EMEA exceeding expectations with 6.4% net revenue organic growth. The strong performance in these regions was driven by a combination of factors, including a strong backlog, growing pipeline, and increasing win rates.

Cash Flow and Debt

WSP Global's free cash flow reached almost $900 million for the 9-month period, an increase of $645 million compared to last year. The company's net debt to adjusted EBITDA ratio stood at 1.4x, indicating a healthy balance sheet. The strong cash flow generation is a testament to the company's ability to execute on its strategy and deliver value to shareholders.

Outlook and Valuation

WSP Global has revised its 2025 financial outlook, with net revenue expected to range between $13.8 billion and $14 billion and adjusted EBITDA between $2.54 billion and $2.56 billion. Analysts estimate next year's revenue growth at 9.3%. With a P/E Ratio of 42.38 and an EV/EBITDA of 18.2, the company's valuation is relatively high, suggesting that the market has already priced in a significant amount of growth. However, with a strong track record of execution and a solid pipeline of opportunities, WSP Global is well-positioned to continue delivering value to shareholders.

Growth Prospects

Alexandre L'Heureux, President and CEO, expressed confidence in the company's ability to reaccelerate organic growth in 2026, driven by a strong pipeline of opportunities and an increase in the win rate. The recent acquisition of Ricardo further strengthens WSP's capabilities in advisory and energy transition, air quality, and rail, providing a solid foundation for future growth.

3. NewsRoom

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Namib Minerals – Production and Operational Update

Nov -10

Source: globenewswire.com

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WSP Global Inc (WSPOF) Q3 2025 Earnings Call Highlights: Record EBITDA Margin and Strategic ...

Nov -06

Source:

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WSP Reports Q3 2025 results

Nov -05

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WSP Announces Details for the Release of Its Q3 2025 Results

Oct -15

Source:

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WSP completes acquisition of Ricardo plc, a global strategic and engineering consultancy firm

Oct -09

Source:

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Stifel Canada Constructive on Industrials Group as Govt Spending Lends Support

Oct -06

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Has WSP Global Inc. (TSE:WSP) Stock's Recent Performance Got Anything to Do With Its Financial Health?

Sep -17

Source:

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TSX Closer: 13 Records In 15 Days; National Bank Says Infrastructure Bull Market Flush With 'Nation-Building' Cash

Sep -11

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.62%)

6. Segments

Transportation & Infrastructure

Expected Growth: 6.37%

WSP Global Inc.'s Transportation & Infrastructure segment growth of 6.37% is driven by increasing government investments in infrastructure development, rising demand for sustainable transportation solutions, and growing need for urban planning and development services. Additionally, the segment benefits from WSP's expertise in project management, engineering, and consulting, enabling it to capitalize on large-scale infrastructure projects.

Earth & Environment

Expected Growth: 8.37%

WSP Global Inc.'s Earth & Environment segment growth of 8.37% is driven by increasing demand for sustainable infrastructure, climate change mitigation, and environmental consulting services. Governments and private companies are investing in renewable energy, green transportation, and eco-friendly buildings, fueling growth. Additionally, stringent environmental regulations and rising public awareness of environmental issues are contributing to the segment's expansion.

Property & Buildings

Expected Growth: 8.85%

WSP Global Inc.'s Property & Buildings segment growth of 8.85% is driven by increasing demand for sustainable and energy-efficient buildings, government investments in infrastructure, and urbanization. Additionally, the segment benefits from WSP's expertise in project management, design, and consultancy services, enabling it to capitalize on large-scale development projects.

Power & Energy

Expected Growth: 7.88%

WSP Global Inc.'s Power & Energy segment growth of 7.88% is driven by increasing demand for renewable energy sources, electrification of transportation, and grid modernization. Additionally, government incentives and policies supporting clean energy transition, as well as WSP's strategic acquisitions and expansion into emerging markets, contribute to this growth.

Industry

Expected Growth: 9.33%

WSP Global Inc.'s 9.33% growth is driven by increasing demand for sustainable infrastructure, urbanization, and government investments in transportation and energy projects. The company's expertise in environmental consulting, transportation planning, and project management also contributes to its growth, as clients seek to navigate complex regulatory environments and deliver large-scale projects efficiently.

7. Detailed Products

Transportation Services

WSP Global Inc. provides transportation services that include planning, design, and management of transportation infrastructure projects such as roads, highways, bridges, and airports.

Property and Buildings Services

WSP Global Inc. offers property and buildings services that include design, project management, and consultancy services for commercial and residential properties.

Environment Services

WSP Global Inc. provides environment services that include environmental impact assessments, sustainability consulting, and climate change advisory services.

Industry Services

WSP Global Inc. offers industry services that include consulting, design, and project management services for industrial clients in the energy, mining, and manufacturing sectors.

Resources Energy and Industry Services

WSP Global Inc. provides resources energy and industry services that include consulting, design, and project management services for the energy, mining, and industrial sectors.

Water and Waste Services

WSP Global Inc. offers water and waste services that include design, project management, and consultancy services for water and wastewater treatment plants.

8. WSP Global Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for WSP Global Inc. is medium due to the presence of alternative infrastructure consulting firms and the ease of switching costs for clients.

Bargaining Power Of Customers

The bargaining power of customers for WSP Global Inc. is low due to the company's strong reputation and the complexity of its services, making it difficult for clients to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers for WSP Global Inc. is medium due to the presence of multiple suppliers and the company's ability to negotiate prices.

Threat Of New Entrants

The threat of new entrants for WSP Global Inc. is low due to the high barriers to entry, including the need for specialized expertise and the complexity of the industry.

Intensity Of Rivalry

The intensity of rivalry for WSP Global Inc. is high due to the presence of several established competitors and the need to constantly innovate and differentiate services to maintain market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 35.74%
Debt Cost 8.00%
Equity Weight 64.26%
Equity Cost 8.04%
WACC 8.03%
Leverage 55.62%

11. Quality Control: WSP Global Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Value: 4.5

Growth: 7.9

Quality: 4.8

Yield: 1.0

Momentum: 8.0

Volatility: 8.7

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Stantec

A-Score: 5.8/10

Value: 2.1

Growth: 6.6

Quality: 6.4

Yield: 2.0

Momentum: 8.0

Volatility: 9.7

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A-Score: 5.2/10

Value: 3.4

Growth: 8.6

Quality: 4.7

Yield: 0.0

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Volatility: 4.7

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WSP Global

A-Score: 5.2/10

Value: 2.8

Growth: 6.4

Quality: 5.1

Yield: 0.0

Momentum: 7.0

Volatility: 9.7

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A-Score: 5.1/10

Value: 1.5

Growth: 8.7

Quality: 7.3

Yield: 0.0

Momentum: 9.5

Volatility: 3.3

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A-Score: 4.3/10

Value: 3.0

Growth: 7.3

Quality: 5.5

Yield: 1.0

Momentum: 1.0

Volatility: 8.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

241.7$

Current Price

241.7$

Potential

-0.00%

Expected Cash-Flows