MWH: Updating Model, Raising PT To $50 From $37

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MWH: Updating Model, Raising PT To $50 From $37

May 26, 2026

Joseph Osha, CFA joseph.osha@guggenheimpartners.com MWH: Updating Model, Raising PT To $50 From $37

415 852 6468

Michael Stratoti, CFA Key Message: We are updating our financial model for MWH, and additionally revising

michael.stratoti@guggenheimpartners.com our valuation analysis. The result of our work supports a price target of $50, up from $37

212 518 9308 previously. We reiterate our Buy recommendation on that basis.

Our updated • Still-solid industry outlook, consolidated support our higher estimates.

estimates for MWH reflect a recent conversation with the company as well as our own

industry analysis. We believe that there are several trends currently operating in MWH’sMWH BUY favor. First, visibility for this year and next continues to improve, and it does not appear SOLV Energy, Inc.

that utility-scale projects have yet seen any impact from concerns regarding tax equity Sector: Industrial Technology

availability, although we are monitoring the situation. Secondly, industry consolidation

Price Target Change continues, both at the developer and EPC levels, which favors large builders like MWH.

Our model revisions reflect both of those factors, and as Figure 1 illustrates we are now Share Price $38.44

above consensus for 2027-2030E at both the revenue and EBITDA level. Price Target $50.00

As the company’s bookings and backlog coverage Prior $37.00 • Raising price target to $50 from $37.

have continued to improve, we believe that a valuation closer to the peer group would be

more appropriate. Based on our revised analysis, and also considering the 25% revenue

CAGR that our model shows for the 2025-2028E period, we now assign target EV/EBIDTA Revenue ($B)