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PSN

Parsons

$36.82

0.51 (1.40%)

07:02
07/22/19
07/22
07:02
07/22/19
07:02

Parsons to acquire QRC for $215M

Parsons announced that it has entered into an agreement to acquire QRC, from private equity firm DC Capital Partners, for $215M in cash. The strategic acquisition is Parsons' first as a public company and its third acquisition in the past 14 months. Parsons plans to leverage its existing artificial intelligence and data analytics core competencies to further differentiate QRC's product portfolio and expedite actionable intelligence for its customers. QRC is a product company headquartered in Fredericksburg, Va., that specializes in radio frequency spectrum survey, record and playback; signals intelligence; and electronic warfare missions for the U.S. Special Operations Command, U.S. Intelligence Community, U.S. Navy, U.S. Marine Corps and international customers. The transaction is valued at approximately $185M, including the net present value of a $30M transaction-related tax benefit. For 2020, QRC is expected to generate approximately $56M in revenue and $18M in EBITDA before considering any revenue or cost synergies. The transaction is expected to be accretive to 2020 EPS excluding one-time transaction costs. Parsons was advised by Goldman Sachs & Co and Latham & Watkins. QRC was advised by Arnold & Porter Kaye Scholer.

  • 13

    Aug

PSN Parsons
$36.82

0.51 (1.40%)

06/03/19
JEFF
06/03/19
INITIATION
Target $38
JEFF
Buy
Parsons initiated with a Buy at Jefferies
Jefferies analyst Sheila Kahyaoglu started Parsons with a Buy rating and $38 price target. The analyst expects double-digit EBITDA growth and views the company's free cash flow as "compelling." With 75 years of history and a "deep" technology bench, Parsons is well positioned to outperform, Kahyaoglu tells investors in a research note.
06/03/19
RHCO
06/03/19
INITIATION
Target $37
RHCO
Buy
Parsons initiated with a Buy at SunTrust
SunTrust analyst Tobey Sommer initiated Parsons with a Buy rating and a price target of $37, saying he is positive on the company's "successful" sales mix shift. The analyst notes Parsons' increased exposure to the faster growing cyber, space, and intel work within Federal Solutions expected to fuel its margin and multiple expansion. Sommer adds that Parsons is "growing rapidly" in an industry with fewer small-cap names and sees its $3.1B market cap along with a "strong" organic growth profile potentially fitting the "void" for investors in search of exposure to government services solutions.
06/26/19
WELS
06/26/19
DOWNGRADE
WELS
Market Perform
Parsons downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Edward Caso downgraded Parsons to Market Perform from Outperform.
06/26/19
06/26/19
DOWNGRADE

Market Perform
Parsons downgraded to Market Perform on valuation at Wells Fargo
As previously reported, Wells Fargo analyst Edward Caso downgraded Parsons to Market Perform from Outperform, as the share now exceed his previous $36 price target. The analyst remains positive on the company's management, positioning, and the upward bias of expectations.

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