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    WSP Global (TSX:WSP) Could Be 40% Undervalued After TRC Deal And Record Backlog

    Simply Wall St·07/17/2026 10:28:20
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    WSP Global (TSX:WSP) is back in focus after its TRC acquisition expanded the company’s American footprint and coincided with record backlog across power systems, environmental services, and transportation projects, drawing fresh attention to the stock.

    See our latest analysis for WSP Global.

    Despite the recent enthusiasm around the TRC acquisition and record backlog, WSP Global’s share price tells a mixed story. The 1-day share price return is 5.08% and the 7-day share price return is 6.91%. However, this is set against a year-to-date share price decline of 26.78% and a 1-year total shareholder return decline of 35.45%, suggesting short-term momentum has picked up while longer-term performance has been more subdued.

    If you are looking to widen your search across infrastructure related plays, it could be a good time to review high potential grid and transmission names using the 35 power grid technology and infrastructure stocks

    With WSP Global rebounding sharply on the TRC news yet still sitting well below recent highs, the key question now is whether to treat this as an early entry point or to wait for a clearer valuation signal.

    Most Popular Narrative: 39.9% Undervalued

    Against WSP Global’s last close at CA$183.12, the most widely followed narrative points to a fair value of CA$304.86, putting a lot of weight on execution in higher margin work and future earnings power.

    Expanded service offerings in high-margin advisory and environmental businesses, reinforced by strategic acquisitions (e.g., Ricardo, Lexica), are expected to shift the mix toward higher-margin work and stickier, recurring revenue, supporting sustained net margin improvement.

    Read the complete narrative.

    Want to see what is driving that valuation gap for WSP Global? The narrative leans heavily on earnings expansion, margin uplift and a richer future multiple. The full story sits in how those pieces fit together.

    Result: Fair Value of CA$304.86 (UNDERVALUED)

    Have a read of the narrative in full and understand what's behind the forecasts.

    However, WSP Global’s story can shift quickly if large public infrastructure budgets are cut or if ongoing acquisitions fail to deliver expected cost and integration benefits.

    Find out about the key risks to this WSP Global narrative.

    Next Steps

    Given the mix of optimism around WSP Global and the clear concerns highlighted, it makes sense to move quickly, test the narrative against the underlying data yourself, and then weigh the trade off between potential upside and the issues already on investors’ radars by reviewing the 5 key rewards and 1 important warning sign

    Looking for more investment ideas beyond WSP Global?

    If you are serious about building a stronger portfolio around WSP Global, do not stop at a single stock when you can scan entire groups of opportunities.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.