First Read: Primoris Services Corp "PRIM replacing Renewables leadership" (Buy)

Research evidence excerpt

First Read: Primoris Services Corp "PRIM replacing Renewables leadership" (Buy)

Global Research

9 June 2026ab

First Read

EquitiesPrimoris Services Corp

PRIM replacing Renewables leadership United States

Heavy Construction

12-month rating Buy

PRIM announces leadership change in Renewables business

On 6/8, PRIM announced the departure of the president of its Renewables business, and 12m price target US$186.00

that the unit would be run by the president of one of its industrial construction

operating companies (ARB Industrial) on an interim basis while it conducts a search for a

Price (08 Jun 2026) US$122.82

permanent replacement.

RIC: PRIM.N BBG: PRIM US

Investors caught off guard, concerned about more downside Trading data and key metrics

The stock is down 15%+ on the move. Feedback from investors indicates that they were 52-wk range US$202.92-71.92

not expecting this announcement now, and there is concern that this signals that there Market cap. US$6.64b

could be more negative surprises related to the Renewables business. Investors were

Shares o/s 54.1m (COM)

expecting a positive update on some of the problematic renewables projects at a

Free float 94%

competitor sell-side conference this week (in part attributable to our comments last

Avg. daily volume ('000) 363

week, based on our conversations with the company). We wrote that management

indicated that there was positive progress on some of the projects, and that while there Avg. daily value (m) US$47.9

could still be potential additional charges on some projects, these costs were factored Common s/h equity (12/26E) US$1.90b

into guidance. Additionally, the other projects in the renewables business were running P/BV (12/26E) 3.5x

at or above expectations. Net debt to EBITDA (12/26E) 0.4x

EPS (UBS, diluted) (USD)