KLR: U.S. contract variation is a solid underpin

研报英文原文证据摘录

KLR: U.S. contract variation is a solid underpin

RBC Europe Limited

Ben Pfannes-Varrow (Analyst)

+44 20 4557 7415, ben.pfannesvarrow@rbccm.com

Sector Perform

LSE: KLR; GBp 2,418.00 June 9, 2026

Keller Group PLC PriceScenarioTargetAnalysis*GBp 2,270RESEARCH U.S. contract variation is a solid underpin Downside Price Current Upside

Scenario Target Price Scenario

Our view: Keller has announced a $207m contract variation order on the

I-40 highway reconstruction project in the US, taking total secured work 620.00 2,270.00 2,418.00 3,190.00 71% 3% 35%

on the project to c.$380m ($70m completed) to be delivered over 2–3

years. The award pushes Keller's order book to a record c.£1.9bn, +c.12% *Implied Total Returns Key Statistics vs. £1.7bn last reported in May. Management has reiterated confidence in Shares O/S (MM): 68.1 Market Cap (MM): 1,647

delivering FY26 full year results in line with expectations and remains well Dividend: 76.74 Yield: 3.2%

positioned heading into H1. We are not changing estimates, but the award Avg. Daily Volume: 113,023EQUITY Market Cap in GBP

clearly acts as a solid underpin. We reiterate our Sector Perform rating and

2,270p price target. RBC Estimates

FY Dec 2025A 2026E 2027E 2028E

Key points: Revenue 3,087.3 3,166.5 3,247.7 3,328.9

Multi-year contract variation.: Keller has been active on the I-40 highway EBIT, Adj 218.2 222.5 228.7 233.1

reconstruction since 2025, following damage caused by Hurricane Helene. EPS, Adj Diluted 211.35 228.16 251.61 271.41

The incremental $207m award, now leaves $310m to deliver over 2-3 years. P/AEPS 11.4x 10.6x 9.6x 8.9x

The I40 has become a significant contract for Keller, where smaller and Free Cash Flow 153.9 114.1 116.7 126.3

FCF Yield 9.3% 6.9% 7.1% 7.7% shorter contracts are more typical.