Now that the Olympic flame is out in Vancouver, the attention of the sporting world is starting to turn to the next winter games, in Sochi, Russia, in 2014.
That’s also true of the investing world, as companies line up to get a piece of the roughly $12 billion (Canadian) that is being spent to build the Russian Olympics in Sochi. And one Canadian firm is set to play a big role: engineering firm SNC-Lavalin Group Inc. (symbol SNC on Toronto). SNC is one of the growth stocks we cover in our Successful Investor newsletter.
This growth stock’s international expertise makes it well-suited to help build the Russian Olympics
SNC designs and builds a variety of large-scale projects, such as roads, bridges and electrical power systems. The company has signed a deal to build and manage transportation and electricity infrastructure for the Russian Olympics in Sochi.
SNC gets about 40% of its revenue from overseas projects. It already has over 30 years of experience in Russia, and it continues to expand its operations in the country. In August 2009, it bought 48% of Russian engineering firm OAO VNIPIneft.
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And just last month, SNC formed a new joint venture with a Russian bank. SNC owns 49% of this new company, which will be called VEB Engineering LLC. The new firm will provide technical assessments and budgeting services to large infrastructure and industrial projects.
Operating in Russia entails special risks
The growth stock’s significant international operations — including its activities in Russia — expose it to significant currency and political risk. As well, many of its clients are government organizations, or in the resource sector. That leaves the stock vulnerable if resource prices fall, or governments cut back on public-works projects.
However, the growth stock’s long experience operating in Russia helps to mitigate some of its risks. Moreover, the 2014 Russian Olympics are not the company’s first Olympic experience. SNC also played a big role in the Vancouver Olympic games this year: The company built and continues to operate the Canada Line train, which connects the city’s airport to its downtown core. It also oversaw the engineering of upgrades to the Sea to Sky Highway, which runs between Vancouver and Whistler.
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