MasTec Inc "Takeaways from MTZ's investor day" (Buy) Fisher

研报英文原文证据摘录

MasTec Inc "Takeaways from MTZ's investor day" (Buy) Fisher

Global Research

12 May 2026ab

MasTec Inc Equities

United StatesTakeaways from MTZ's investor day

Heavy Construction

12-month rating Buy

Strong organic multi year outlook with upside potential from capital

deployment

12m price target US$453.00

We think MTZ presented an appropriately positive message at its first ever investor day,

and met what we think were the objectives. We think management wanted to highlight

Price (12 May 2026) US$420.30

the robust growth opportunities ahead for each of its businesses, introduce the capable

segment leaders that have not previously had much interaction with investors, and align RIC: MTZ.N BBG: MTZ US

consensus with a multi-year target in which they have high confidence. Based on our

Trading data and key metrics

incomings ahead of the event, we think investors were most focused on the multi-year

52-wk range US$437.51-150.77

guidance. Not only was MTZ’s forecast ahead of consensus, and included double digit

margins, management also indicated that the guidance should be considered a floor, Market cap. US$33.2b

because it does not include capital deployment. They cited an expectation of having $5b Shares o/s 78.9m (COM)

+ capital to deploy in the next three years. While perhaps a shorter time horizon than Free float 77%

some investors expected, we think MTZ’s 30% organic EPS CAGR (25% adj EBITDA) was Avg. daily volume ('000) 223

likely ahead of expectations. We think MTZ is currently well positioned to take Avg. daily value (m) US$75.9

advantage of the broad wave of US infrastructure spending over the next few years, and Common s/h equity (12/26E) US$3.34b

has left room for upside, based on execution and capital deployment. We maintain our P/BV (12/26E) 9.8x

Buy rating.