From urban engineer to key AI player with growing profitability

At first glance, this player looks like just another small engineering firm in the "engineering & construction" segment, where city and utility contracts are fought over and where results often depend on budget cycles. But in reality, it's a firm that has moved from classic municipal engineering to standing right in the middle of two of the most important energy trends in the U.S. in recent years: the modernization of the overburdened distribution grid and the emergence of energy-hungry AI datacenters.

The result is a business that, while not showing explosive revenue growth - recent years have been more about double-digit but gradually slowing growth - has nevertheless managed to turn chronic losses into growing profitability, build FCF margins of around 10%, lift ROE to over 16%, and maintain a very solid balance sheet with an Altman Z-score of 5.4 and low leverage. The investment thesis is that when "AI megawatts" become the bottleneck of the U.S. economy, someone has to design,…