Compounding Growth Only Getting Better, Raise Ests; Buy

研报英文原文证据摘录

Compounding Growth Only Getting Better, Raise Ests; Buy

wards from our Utes coverage *Adj EPS

are on the come. Clear back-end acceleration ('28-'34).

Comms poised for accelerated growth on convergence of multiple end-market trends. The Exhibit 1 - Record High March Backlog

$22.0 $20.3national integrated footprint and end-to-end turnkey services increasingly accommodating for large $19.0

Tier 1 customers. View MTZ as a leading communications contractor and a compelling play ($3.3Bn $17.0 $15.8

FY26 revenue). Data center broadband fiber demand converging with ongoing fiber-to-the-home $12.0

$6.5 $7.3 $6.2(FTTH) and soon $42Bn 5- to 7-year BEADs converging and driving growth in FY27. $7.0 $5.0 $5.6 $4.9 $5.5$5.5 $4.4

$1.4

Pipeline Infrastructure is the clear EPC market share leader levered to midstream capital plans $2.0 $1.5 $1.3

-$3.0with project upside and market share gains. See an elongated multiyear infrastructure buildout power delivery Pipeline Infra CE&I Comms Total

of gas midstream pipeline infrastructure. The most scalable segment with barriers to entry. MTZ a .Source: Jefferies LLC,1Q25Company2Q25 3Q25Reports4Q25 1Q26

preferred contractor capable of executing large-diameter multispread pipes. Short forward visibility We model only to baseline EBITDA & EPS

to backlog limits visibility externally. provided - we see clear upward bias to our

latest estimates still, as mgmt emphasized

CE&I more than just renewables and segment to watch for infrastructure, general buildings, civil, time and again the ability to achieve yet more.

construction mgmt, and adjacent water solutions. See General Building playing a key role in MTZ Watch for DC expansion opportunity details -

convergence of segment skillsets.