DY: Takeaways From Our Visit With CEO Dan Peyovich

研报英文原文证据摘录

DY: Takeaways From Our Visit With CEO Dan Peyovich

July 13, 2026

Joseph Osha, CFA joseph.osha@guggenheimpartners.com DY: Takeaways From Our Visit With CEO Dan

415 852 6468 Peyovich

Michael Stratoti, CFA

michael.stratoti@guggenheimpartners.com

212 518 9308 Key Message: We spent time with DY CEO Dan Peyovich last week in two

settings, including a public conversation and a smaller meeting just prior to that. Both

conversations reinforced our positive view on the stock. We think that investors are over-

reacting to the potential threat that SpaceX poses, while under-appreciating the potential

for commercial optical fiber infrastructure growth and DY's competitive position in thatDY BUY market. We've boosted our estimates slightly, and reiterate our Buy rating and $620 price

Dycom Industries, Inc. target.

Sector: Industrial Technology

• Long-haul / middle-mile represents the biggest under-modeled driver, in our view. Company Update This was the most emphasized growth opportunity across both conversations. More

Share Price $425.72 specifically, the $20B five-year TAM the company laid out over a year ago has grown

Price Target $620.00 considerably in Mr. Peyovich's view. The most interesting nuance: management believes

hyperscalers wanting 7,500–10,000 count fiber routes is a materially underappreciated

point, one that the market is likely to better understand during the coming year. Fiber-

Revenue ($B) count escalation is a revenue amplifier, and route density adds another layer of scope on

(FY JAN) 1Q 2Q 3Q 4Q FY top of that. We believe this is a forward earnings driver not fully reflected in consensus

2026 1.3 1.4 1.5 1.5 5.5 models, or even in our own above-consensus estimates.

2.0 2.0E 2.0E 1.8E 7.8E 2027