Electrical Acquisition Accretion Not Reflected In Shares; Raise Est, Reit Buy

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Electrical Acquisition Accretion Not Reflected In Shares; Raise Est, Reit Buy

sensus estimates

move higher. See MTZ integrating, achieving FY27 targets (~40% topline growth) and capturing synergies

over time. Other upside levers are more accretive M&A, pipeline/transmission awards. MTZ warrants a

premium even more so now with inside-the-fence data center exposure at a level of scale and robust growth

rates. Opportune time to buy shares. Raise estimates and Reiterate Buy.

Just off last week’s Superior Group acquisition announcement and the May 2026 Analyst Conference,

what do we look for with 2Q26 results? Any incremental insight into Superior Group growth trajectory

(more visibility into FY27 and beyond), optimal margins, as well as strategic cross-selling opportunities

(segment convergence) and any operating synergies lending upside to the FY27 guide. Any specific projects

and $1.4Bn May backlog insight along with progress on new states of entry. Power Delivery transmission

strategy and any new awards timing. Comms wireline/wireless business mix and growth drivers (FTTH,

middle-mile broadband, BEAD). Pipeline Infrastructure larger project awards progress and backlog trends.

CE&I data center strategy, buildings solutions/management initiatives and renewables backlog (incl LNTP).

Capital allocation including M&A.

Raise estimates on double-digit EPS accretion from Superior Group higher top-line growth and

margins with synergies upside. Raise FY26-27 revenue, EBITDA and EPS estimates on Superior

contribution guide. See even more accelerating growth and margin expansion longer-term. Revenue

synergies, cross-selling, operational benefits offer upside once integrated and we await specific

strategies identified to validate any future upside.