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MasTec, Inc.’s MTZ stock has gained nearly 31% in the past six months, outperforming the Zacks Building Products - Heavy Construction industry’s 24.5% growth, the broader Construction sector's 7.2% increase and the S&P 500 index’s 8.6% rise.
This infrastructure construction company is banking on increasing demand for power, data capacity and network speed. Also, MTZ’s focus on strategic investments for portfolio diversification positions it well for satiating increased infrastructure demand globally. Moreover, the company is optimistic about its growth opportunities in 2025 and beyond, given the solid pipeline across its businesses and acquisition synergies.
MTZ stock also outpaced its competitors like EMCOR Group, Inc. EME, Quanta Services, Inc. PWR and AECOM ACM, which rallied 18.9%, 10.8% and 6.3%, respectively, in the six-month period.
Technical indicators are supportive of MTZ’s strong performance. As of Thursday, the stock is trading at $110.40, comfortably above its 50-day moving average of $106.62.
What’s Supporting MTZ Stock’s Outperformance?
Strong Outlook for 2024: MasTec's robust 18-month backlog of $13.3 billion provides strong visibility into 2024. The company raised its full-year guidance, expecting consolidated revenues of $12.4 billion (prior expected $12.55 billion), up from $12 billion year over year. Adjusted EBITDA is projected to be $975 million, an increase from $860.3 million in 2023, with a margin improvement of 7.9% (up from 7.8% expected earlier and 7.2% reported in 2023).
Adjusted earnings per share (EPS) are forecasted to be $3.03, up from $1.97 expected earlier. The Clean Energy and Infrastructure segment is expected to increase 10% in 2024, reaching $4.4 billion in revenues, with continued growth anticipated beyond 2024.
Solid Backlog Poses Strength for Future: As of June 30, 2024, MasTec's Clean Energy and Infrastructure backlog increased 10.3% year over year and 4.6% sequentially, with a 1.2x book-to-bill ratio, providing strong visibility into future projects. The Power Delivery segment saw a 12% year-over-year increase and a 20% sequential growth in backlog, highlighted by a major 700-mile high-voltage transmission project starting in 2025. This project, one of the largest in the United States, will generate $300-$500 million annually through 2028, positioning the segment for strong growth.
The Communications segment saw a 1.7% sequential increase and 8.8% year-over-year backlog growth, with revenues expected to rise 4.5% in 2024. Adjusted EBITDA margins remain strong in the high single digits.
The company is optimistic about its growth opportunities. The robust demand for its services suggests the potential for double-digit revenues and earnings growth in 2025 and beyond. Despite short-term pressure in the power delivery segment, the long-term outlook is improving significantly. Meanwhile, the company continues to experience strong demand in both renewables and infrastructure projects. Based on anticipated bookings, it is well-positioned for substantial growth in 2025.
Image Source: MasTec Corporate Presentation
Expanding Communications Pipeline: MasTec has deepened its relationship with AT&T, its largest wireless client, as AT&T expanded the scope and geographic reach of MasTec's core wireless services, in addition to a maintenance contract secured in the third quarter of 2023. This, combined with AT&T’s plan to replace Nokia equipment with Ericsson over the next five years, is expected to significantly boost MasTec's wireless business. The impact will start in the second half of 2024, with segment revenues expected to grow by double digits in 2025.
MasTec is positioned for nearly 20% organic revenue growth in the second half of 2024. Additionally, the growing demand for wireline services and the anticipated Broadband Equity, Access, and Deployment (BEAD) program funding provide long-term visibility. New customers, including private equity-backed entrants, are showing strong interest in MasTec’s comprehensive solutions, enhancing its growth prospects in 2025 and beyond.
Strategic Acquisitions & Equity Investments: MasTec remains focused on bolt-on acquisitions, completing four in 2023 and five in 2022. Additionally, it holds equity stakes in several telecommunications entities that provide construction services to the company.
As of March 31, 2024, MasTec had $22 million in total investments, including $18 million for FM Tech. It also holds 49% equity interests in entities within its Communications and Power Delivery segments, with a $3 million investment and a 75% equity stake in Confluence Networks, LLC, an undersea fiber-optic systems developer, totaling $2.5 million.
Other Parameters Reflecting MTZ’s Solid Growth Prospect
Analysts are showing confidence in the stock, as indicated by recent upward revisions in earnings estimates. Over the last 60 days, forecasts for 2024 and 2025 have increased to $3.02 (from $2.94) and $4.35 (from $4.33), respectively.
The company also has a solid earnings surprise history. Its EPS surpassed the consensus estimate in three of the trailing four quarters and missed on one occasion, with the average surprise being 19.4%. Notably, the company currently has a VGM Score of A, which signifies that MTZ has solid growth prospects and the potential to outperform the market in the near term.
These positive trends signify bullish analysts’ sentiments, indicating robust fundamentals and the expectation of continued outperformance in the near term.
Is MasTec a Smart Investment Choice Today?
In the competitive non-residential services sector, MasTec, a leading infrastructure construction company with an $8.75 billion market cap, distinguishes itself. MTZ is strategically situated to capitalize on converging trends, providing multiple paths for near-and-long-term profitable growth. Its diversified portfolio with significant growth potential in all segments makes the stock the best investment option at the moment.
Also, upward revisions in earnings estimates reinforce its Zacks Rank #2 (Buy) rating, making MTZ an attractive addition to investors' portfolios at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Zacks Investment Research
Dycom Industries, Inc. DY has had a stellar year, with its stock soaring 61% year to date (YTD). The company, a key player in providing contracting services for the telecommunications and utility sectors, has outperformed its peers like Quanta Services, Inc. PWR, which has gained 21.9% YTD, MasTec, Inc. MTZ, which has gained 42.1%, and Primoris Services Corporation PRIM, which has surged 58%.
The company’s shares have also fared well compared with the Zacks Building Products - Heavy Construction industry’s 54.2% growth, the broader Construction sector's 13.9% increase and the Zacks S&P 500 Composite's 15% increase.
DY’s YTD Price Performance
The company has been capitalizing on the secular demand for high-speed connectivity, AI-driven infrastructure expansion, and significant government funding.
Dycom's growth trajectory has been fueled by strong demand for telecommunications infrastructure. As major telecom companies ramp up their investments in 5G networks and fiber-optic deployment, Dycom has positioned itself as a critical partner in the build-out of these high-speed networks. This heightened demand for fiber-optic installations has been a significant driver of Dycom's financial success, as seen in its recent earnings reports.
Technical indicators are supportive of Dycom’s strong performance. As of Wednesday, the stock is trading at $184.94, comfortably above its 50-day moving average of $177.70. Additionally, the stock is trading near its 52-week high of $185.59, signaling continued momentum.
This significant outperformance has raised the question for investors: Is now the time to lock in gains or stay invested?
Factors Helping DY Stock to Surge
Telecommunications Infrastructure Expansion: The demand for high-speed broadband, driven by both consumer and business needs, is a major growth factor. Dycom’s services in fiber deployment for both wireline and wireless infrastructure are crucial to expanding connectivity across the United States.
Private investments continue to drive fiber-to-the-home deployments, with estimates that 75-80% of U.S. homes will eventually be connected by fiber. This trend is supported by joint ventures, mergers and acquisitions, and refinancings in the telecommunications industry, all of which are focused on expanding fiber networks.
As of 2023, 140 million homes were available for fiber installations. This number includes urban, suburban, and rural households. The growing appetite for gigabit speeds for both fixed and mobile access continues to fuel demand for Dycom's services.
Government Funding for Communications Infrastructure: More than $70 billion in funding is available through federal programs to support broadband infrastructure development. The Broadband Equity, Access, and Deployment (BEAD) program alone allocates $40 billion to fund broadband access for unserved and underserved areas across the country.
Approximately $22 billion of the BEAD program has received initial approval for deployment as of August 2024. Other programs include the Rural Digital Opportunity Fund, which provides $20 billion to expand fixed broadband in rural areas, and the American Rescue Plan Act and USDA ReConnect Program, which provide additional funding. These programs represent unprecedented levels of public capital to support telecommunications infrastructure, particularly in hard-to-reach rural markets where private capital might not be sufficient.
Wireless Network Upgrades and Spectrum Expansion: Increasing capital expenditures by wireless providers to implement network upgrades, specifically focusing on spectrum expansion and fixed wireless access (FWA), has been one of the major growth drivers for DY. Wireless providers, such as AT&T, are making large capital investments to upgrade their networks and expand spectrum availability for both mobile and fixed wireless services.
In 2024, AT&T planned to spend between $21 billion and $22 billion on wireless network modernization. Dycom's largest customer, AT&T, contributed 17.5% of revenues, or $210.2 million, in the second quarter of fiscal 2025. AT&T experienced an organic growth of 20.6%, marking its first quarter of organic growth since January 2023. This growth was due to the deployment of gigabit wireline networks and wireless infrastructure.
The second-largest customer of Dycom, Lumen, contributed 13.6% of revenues, or $163.7 million, with organic growth of 1% in the quarter. Comcast, Dycom’s third-largest customer, provided $105.6 million, or 8.8% of the revenues.
The company’s top five customers contributed 54.9% to total contract revenues in the fiscal second quarter, which inched up 7.1% organically. Revenues from all other customers increased 12.3% organically in the quarter. This period marked the 22nd consecutive period of organic growth for DY’s all other customers in aggregate, excluding the top five.
Artificial Intelligence (AI) Driving Demand: The demand for high-capacity, low-latency intercity fiber networks is driven by the growth of AI and data centers, which require reliable and fast network connectivity. Recent multi-billion-dollar partnerships, such as Lumen’s partnership with Microsoft and Corning for fiber supply, evidence the growing demand for fiber infrastructure to support AI applications.
Acquisition: The recent acquisition of Black & Veatch's public carrier wireless telecommunications infrastructure business is expected to significantly contribute to revenue and backlog growth. This marks Dycom’s largest-ever buyout in the wireless services space, strengthening its capabilities in wireless construction services (read more: Dycom Eyes $275M Revenue Boost With $150M Black & Veatch Deal).
DY’s Short-Term Hiccups
Tepid Q3 Organic Revenue Growth & Weather-Related Woes: The company projected a potential deceleration in organic revenue growth for the third quarter of fiscal 2025. While the fiscal second quarter saw 9.2% organic growth, expectations for the fiscal third quarter were for mid-to-high single-digit growth. This slowdown was partly due to tougher comparisons from the prior year, where there were significant change orders and project closeouts that boosted revenues.
The company mentioned that August had been a particularly wet month, which could impact operational efficiency and potentially slow down project execution in the fiscal third quarter.
Customer-Specific Slowdowns: Dycom hinted that one of its customers, which had a strong first half of fiscal 2025, might experience a slower second half. This slowdown could negatively impact overall revenue growth for the company in the upcoming quarter.
Also, the Wireless segment, which accounts for about 3% of Dycom’s total revenues, was down approximately 10-12% year over year in the fiscal second quarter. This decline was attributed to broader industry trends and a general slowdown in wireless network construction as the industry prepares for network modernization efforts.
Integration Costs and Challenges: The acquisition of Black & Veatch's public carrier wireless telecommunications infrastructure business, while strategically important, also comes with challenges. Dycom will incur $5.5 million in pre-tax integration costs related to this acquisition in the fiscal third quarter, which will affect its EBITDA margins in the short term. Additionally, there may be challenges in fully integrating the acquired business into Dycom’s existing operations and achieving the anticipated synergies.
BEAD Program Timing Uncertainty: While Dycom is optimistic about the BEAD program, there is some uncertainty regarding the exact timing of when these opportunities will translate into revenues. The company expects contributions from the BEAD program in the fiscal third quarter, but the actual timing and magnitude of these contributions remain uncertain, which could lead to potential delays in expected growth.
DY Stock’s Estimate Movement & Valuation
From the following chart, it is evident that DY stock is witnessing downward earnings per share (EPS) estimate revisions for fiscal 2025. The estimated figure depicts 8.1% growth for fiscal 2025 from the prior year’s reported levels.
DY stock is trading slightly at a premium compared with the industry and slightly higher than its median, reflecting a stretched valuation. For investors focused on fundamentals, this could be a point of caution.
How to Play Dycom Stock?
The company is optimistic about its prospects in both wireline and wireless sectors, with strong financial positioning and strategic acquisitions setting the stage for continued growth. With the U.S. government’s push for expanded broadband access and 5G network build-outs continuing to gain momentum, Dycom is well-positioned to benefit from these trends going forward.
However, the deceleration in growth, integration challenges, short-term woes like in the wireless sector and BEAD program delays, potential impacts from weather and customer slowdowns are key areas to monitor. While Dycom has solid fundamentals and operates in a growth industry, the stock’s current valuation is higher than its historical averages, which could signal limited upside in the near term. This, along with the downward estimate revision, adds to the uncertainty.
Given the potential short-term weakness, Dycom might not represent a compelling buying opportunity at this time. On the other hand, long-term investors who believe in Dycom’s continued growth potential in the telecom infrastructure sector may find it worthwhile to hold onto their shares. For new investors, it might be prudent to wait for a more favorable entry point.
DY currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries. Based in Houston, Texas, the company plans, designs, installs, maintains, and repairs most types of network infrastructure.
Companies worth more than $10 billion are generally described as “large-cap stocks,” and Quanta Services fits right into that category. The company is a leading national provider of specialty contracting services and one of the largest contractors serving the transmission and distribution sector of the North American electric utility industry.
Shares of PWR are trading 12.2% below their 52-week high of $286.87, achieved on May 28. The construction engineering company’s stock has declined 7.3% over the past three months, significantly lagging behind the Dow Jones Industrials Average’s ($DOWI) 3.3% gain over the same time frame.
However, in the longer term, PWR stock is up 16.7% on a YTD basis, surpassing DOWI’s 6.2% gains. Shares of PWR have rallied 22.8% over the past 52 weeks, outperforming DOWI’s 15.5% return over the same time frame.
To confirm the bearish trend, PWR has been trading below its 200-day moving average since mid-July and its 50-day moving average since early September.
PWR has benefited from rising demand for modernizing utility infrastructure and expanding renewable energy generation. Its impressive asset utilization ratio and year-over-year earnings growth have also contributed to its upward price movement.
However, the stock fell 4% following its mixed Q2 earnings release on Aug. 1. The company’s adjusted EPS grew 15.2% year-over-year to $1.90 but fell short of Wall Street estimates of $1.93. Its revenue of $5.6 billion exceeded Wall Street forecasts of $5.5 billion. The company raised its full-year 2024 revenue and adjusted EPS estimates. It expects adjusted EPS to be between $8.32 and $8.87 and revenue to be between $23.5 billion and $24.1 billion.
PWR has outpaced its rival, AECOM’s 2.4% gain on a YTD basis and 9.6% returns over the past 52 weeks.
Despite PWR’s recent underperformance, analysts remain optimistic about its prospects. The stock has a consensus rating of “Strong Buy” from the 15 analysts in coverage, and the mean price target of $289.08 suggests a premium of 14.9% to its current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
Construction Partners, Inc. ROAD or CPI, acquired John G. Walton Construction Company, Inc., based in Mobile, AL. The acquisition includes a hot-mix asphalt plant, along with crews and equipment, serving the greater Mobile and southwestern Alabama area.
The strategic acquisition, which includes a hot-mix asphalt plant with access to water and rail, strengthens ROAD’s position in the growing Mobile metro area. With this addition, the company now operates in Alabama’s four largest markets and continues to pursue further opportunities to expand its presence in the state.
ROAD’s shares rose 2.9% during the trading session on Sept. 10, 2024.
Strategic Acquisitions Strengthen ROAD's Market Presence
ROAD follows a profitable buyout strategy, which enhances and expands its product offerings and geographical reach. The company has been bolstering inorganic growth and market expansion in the past several years. On Aug. 1, 2024, it acquired Robinson Paving Company, based in Columbus, GA. This acquisition includes three hot-mix asphalt plants in Columbus and the surrounding areas.
On June 3, the company acquired Hudson Paving, Inc. based in Rockingham, NC. This acquisition adds a hot-mix asphalt plant along with crews and equipment serving the Sandhills region.
On May 1, the company acquired Auburn, GA-based Sunbelt Asphalt Surfaces, Inc.’s asphalt manufacturing and construction operations and one active hot-mix asphalt plant and related crews and equipment. The transaction also included a greenfield hot-mix asphalt plant in Commerce.
In January, the company completed the acquisitions of SJ&L General Contractor, LLC, based in Huntsville, and Littlefield Construction Company, located in Waycross. These strategic acquisitions aim to enhance ROAD's presence in existing growth markets by expanding services and adding crews and equipment to its portfolio.
Increased government infrastructure spending is bolstering the company’s prospects. The U.S. administration’s endeavor to rebuild the nation’s deteriorating roads and bridges and fund new climate-resilient and broadband initiatives is expected to boost its prospects.
ROAD’s YTD Price Performance
In the year-to-date period, this vertically integrated civil infrastructure company’s shares have outperformed in the Zacks Building Products - Miscellaneous industry. The stock has rallied 36.4% compared with the industry’s growth of 10.1%. The company is benefiting from strong demand for infrastructure services across its regions, supported by increased funding for public projects at federal, state and local levels. Also, the emphasis on accretive acquisitions, a solid backlog level and strategic business initiatives are added positives.
Zacks Rank & Other Key Picks
Construction Partners carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the Zacks Construction sector are:
EMCOR Group, Inc. EME presently flaunts a Zacks Rank #1 (Strong Buy). It has a trailing four-quarter earnings surprise of 36.5%, on average. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for EME’s 2024 earnings per share (EPS) indicates an improvement of 46.2% from the prior-year levels.
Granite Construction, Inc. GVA, a Zacks Rank #2 (Buy) company, is the largest diversified infrastructure firm in the United States. It has a trailing four-quarter earnings surprise of 26.4%, on average.
The consensus estimate for GVA’s 2024 EPS is expected to climb 66.9% year over year. The estimated figure moved up to $5.24 from $4.76 in the past 60 days.
MasTec, Inc. MTZ currently carries a Zacks Rank #2. It has a trailing four-quarter earnings surprise of 19.4%, on average.
The consensus estimate for MTZ’s 2024 EPS is expected to rise 53.3% year over year. The estimated figure moved up to $3.02 from $2.94 in the past 60 days.
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