MasTec (MTZ.N): MTZ Building a Superior Data Center Construction Management Business

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MasTec (MTZ.N): MTZ Building a Superior Data Center Construction Management Business

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08 Jul 2026 16:24:37 ET │ 11 pages

MasTec (MTZ.N)

MTZ Building a Superior Data Center Construction Management

Business

CITI'S TAKE Buy

Price (08 Jul 26 16:00) US$382.90 Following our first-take on MTZ’s Superior acquisition and MTZ’s

Target price US$483.00 conference call, we are incrementally positive on the deal given several

factors: Superior’s growing geographic presence + hyperscaler Expected share price return 26.1%

relationships; Superior’s ability to rapidly scale skilled craft labor + Expected dividend yield 0.0%

prefabrication capability; and Superior’s strategic portfolio fit supporting Expected total return 26.1%

cross-selling/pull-through opportunities across MTZ over time (which are Market Cap US$30,256M

excluded in our Figure #1-2 accretion table and could provide upside to

our estimate). While we acknowledge integration/execution risk could be

a watch-item for investors (Superior’s adj. EBITDA margins expected to go

from ~mid-teens in ’26 to ~LDD in ’27 driven primarily by geographic Andrew KaplowitzAC

expansion-related costs), overall we think MTZ’s ~LDD margin +1-212-816-0642

expectation for Superior is reasonable and in-line with MTZ’s ~LDD andrew.kaplowitz@citi.com

expectation for its Power Delivery segment (where Superior financials are Vladimir Bystricky

expected to be reported). vladimir.bystricky@citi.com

Piyush Avasthy

Additional Thoughts: piyush.avasthy@citi.com

In our view, the Superior deal is a continuation of MTZ’s effort to expand both self-

Jose Sulca Floresperform capabilities as well as its current data center construction management

jose.alonso.sulcaflores@citi.com

business by integrating full project scope inside + outside DC projects.