Intrinsic value of MasTec - MTZ

Previous Close

$53.30

  Intrinsic Value

$279.56

stock screener

  Rating & Target

str. buy

+424%

Previous close

$53.30

 
Intrinsic value

$279.56

 
Up/down potential

+424%

 
Rating

str. buy

We calculate the intrinsic value of MTZ stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  22.03
  23.30
  21.47
  19.82
  18.34
  17.01
  15.81
  14.73
  13.75
  12.88
  12.09
  11.38
  10.74
  10.17
  9.65
  9.19
  8.77
  8.39
  8.05
  7.75
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
Revenue, $m
  5,135
  6,331
  7,691
  9,215
  10,906
  12,760
  14,777
  16,953
  19,285
  21,768
  24,400
  27,177
  30,096
  33,156
  36,356
  39,696
  43,177
  46,800
  50,568
  54,485
  58,557
  62,787
  67,184
  71,754
  76,505
  81,447
  86,590
  91,943
  97,519
  103,328
  109,386
Variable operating expenses, $m
 
  4,308
  5,211
  6,224
  7,347
  8,580
  9,920
  11,367
  12,916
  14,567
  16,316
  18,062
  20,002
  22,036
  24,163
  26,382
  28,695
  31,103
  33,608
  36,211
  38,917
  41,729
  44,651
  47,688
  50,846
  54,130
  57,548
  61,106
  64,811
  68,672
  72,698
Fixed operating expenses, $m
 
  1,419
  1,454
  1,490
  1,528
  1,566
  1,605
  1,645
  1,686
  1,728
  1,772
  1,816
  1,861
  1,908
  1,956
  2,004
  2,055
  2,106
  2,159
  2,213
  2,268
  2,325
  2,383
  2,442
  2,503
  2,566
  2,630
  2,696
  2,763
  2,832
  2,903
Total operating expenses, $m
  4,862
  5,727
  6,665
  7,714
  8,875
  10,146
  11,525
  13,012
  14,602
  16,295
  18,088
  19,878
  21,863
  23,944
  26,119
  28,386
  30,750
  33,209
  35,767
  38,424
  41,185
  44,054
  47,034
  50,130
  53,349
  56,696
  60,178
  63,802
  67,574
  71,504
  75,601
Operating income, $m
  273
  605
  1,026
  1,501
  2,030
  2,614
  3,252
  3,941
  4,682
  5,473
  6,312
  7,299
  8,233
  9,213
  10,238
  11,310
  12,427
  13,591
  14,802
  16,062
  17,372
  18,734
  20,151
  21,624
  23,156
  24,751
  26,412
  28,142
  29,944
  31,824
  33,784
EBITDA, $m
  438
  792
  1,232
  1,728
  2,281
  2,890
  3,555
  4,275
  5,048
  5,873
  6,749
  7,674
  8,648
  9,671
  10,740
  11,858
  13,023
  14,237
  15,500
  16,814
  18,180
  19,601
  21,078
  22,615
  24,213
  25,876
  27,608
  29,411
  31,291
  33,251
  35,295
Interest expense (income), $m
  48
  46
  69
  94
  123
  155
  189
  227
  268
  312
  358
  407
  459
  514
  571
  631
  694
  759
  827
  898
  971
  1,047
  1,127
  1,209
  1,295
  1,384
  1,476
  1,573
  1,673
  1,777
  1,886
Earnings before tax, $m
  226
  559
  957
  1,407
  1,908
  2,460
  3,062
  3,714
  4,414
  5,161
  5,954
  6,892
  7,773
  8,699
  9,667
  10,678
  11,733
  12,831
  13,975
  15,164
  16,401
  17,687
  19,024
  20,415
  21,862
  23,368
  24,936
  26,569
  28,271
  30,046
  31,898
Tax expense, $m
  92
  151
  258
  380
  515
  664
  827
  1,003
  1,192
  1,394
  1,608
  1,861
  2,099
  2,349
  2,610
  2,883
  3,168
  3,464
  3,773
  4,094
  4,428
  4,775
  5,136
  5,512
  5,903
  6,309
  6,733
  7,174
  7,633
  8,113
  8,613
Net income, $m
  131
  408
  699
  1,027
  1,393
  1,796
  2,235
  2,711
  3,222
  3,768
  4,347
  5,031
  5,675
  6,350
  7,057
  7,795
  8,565
  9,367
  10,202
  11,070
  11,973
  12,911
  13,887
  14,903
  15,959
  17,058
  18,203
  19,395
  20,638
  21,934
  23,286

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  39
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,183
  3,877
  4,710
  5,643
  6,678
  7,814
  9,049
  10,382
  11,809
  13,330
  14,942
  16,642
  18,430
  20,304
  22,264
  24,309
  26,440
  28,659
  30,966
  33,365
  35,858
  38,449
  41,141
  43,940
  46,850
  49,876
  53,025
  56,303
  59,717
  63,275
  66,984
Adjusted assets (=assets-cash), $m
  3,144
  3,877
  4,710
  5,643
  6,678
  7,814
  9,049
  10,382
  11,809
  13,330
  14,942
  16,642
  18,430
  20,304
  22,264
  24,309
  26,440
  28,659
  30,966
  33,365
  35,858
  38,449
  41,141
  43,940
  46,850
  49,876
  53,025
  56,303
  59,717
  63,275
  66,984
Revenue / Adjusted assets
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
  1.633
Average production assets, $m
  744
  918
  1,115
  1,336
  1,581
  1,850
  2,143
  2,458
  2,796
  3,156
  3,538
  3,941
  4,364
  4,808
  5,272
  5,756
  6,261
  6,786
  7,332
  7,900
  8,491
  9,104
  9,742
  10,404
  11,093
  11,810
  12,556
  13,332
  14,140
  14,983
  15,861
Working capital, $m
  562
  728
  884
  1,060
  1,254
  1,467
  1,699
  1,950
  2,218
  2,503
  2,806
  3,125
  3,461
  3,813
  4,181
  4,565
  4,965
  5,382
  5,815
  6,266
  6,734
  7,221
  7,726
  8,252
  8,798
  9,366
  9,958
  10,573
  11,215
  11,883
  12,579
Total debt, $m
  1,026
  1,464
  2,006
  2,614
  3,288
  4,027
  4,831
  5,698
  6,628
  7,618
  8,667
  9,774
  10,938
  12,158
  13,434
  14,765
  16,153
  17,597
  19,099
  20,661
  22,284
  23,970
  25,723
  27,545
  29,439
  31,409
  33,459
  35,593
  37,816
  40,132
  42,547
Total liabilities, $m
  2,087
  2,524
  3,066
  3,674
  4,348
  5,087
  5,891
  6,758
  7,688
  8,678
  9,727
  10,834
  11,998
  13,218
  14,494
  15,825
  17,213
  18,657
  20,159
  21,721
  23,344
  25,030
  26,783
  28,605
  30,499
  32,469
  34,519
  36,653
  38,876
  41,192
  43,607
Total equity, $m
  1,097
  1,353
  1,644
  1,969
  2,331
  2,727
  3,158
  3,623
  4,121
  4,652
  5,215
  5,808
  6,432
  7,086
  7,770
  8,484
  9,228
  10,002
  10,807
  11,644
  12,515
  13,419
  14,358
  15,335
  16,350
  17,407
  18,506
  19,650
  20,841
  22,083
  23,378
Total liabilities and equity, $m
  3,184
  3,877
  4,710
  5,643
  6,679
  7,814
  9,049
  10,381
  11,809
  13,330
  14,942
  16,642
  18,430
  20,304
  22,264
  24,309
  26,441
  28,659
  30,966
  33,365
  35,859
  38,449
  41,141
  43,940
  46,849
  49,876
  53,025
  56,303
  59,717
  63,275
  66,985
Debt-to-equity ratio
  0.935
  1.080
  1.220
  1.330
  1.410
  1.480
  1.530
  1.570
  1.610
  1.640
  1.660
  1.680
  1.700
  1.720
  1.730
  1.740
  1.750
  1.760
  1.770
  1.770
  1.780
  1.790
  1.790
  1.800
  1.800
  1.800
  1.810
  1.810
  1.810
  1.820
  1.820
Adjusted equity ratio
  0.337
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349
  0.349

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  131
  408
  699
  1,027
  1,393
  1,796
  2,235
  2,711
  3,222
  3,768
  4,347
  5,031
  5,675
  6,350
  7,057
  7,795
  8,565
  9,367
  10,202
  11,070
  11,973
  12,911
  13,887
  14,903
  15,959
  17,058
  18,203
  19,395
  20,638
  21,934
  23,286
Depreciation, amort., depletion, $m
  165
  187
  206
  227
  250
  276
  304
  334
  366
  400
  437
  375
  416
  458
  502
  548
  596
  646
  698
  752
  809
  867
  928
  991
  1,057
  1,125
  1,196
  1,270
  1,347
  1,427
  1,511
Funds from operations, $m
  92
  595
  904
  1,254
  1,643
  2,071
  2,539
  3,045
  3,588
  4,168
  4,783
  5,406
  6,090
  6,808
  7,559
  8,343
  9,161
  10,013
  10,900
  11,822
  12,781
  13,778
  14,815
  15,894
  17,016
  18,183
  19,399
  20,665
  21,985
  23,361
  24,796
Change in working capital, $m
  -114
  138
  156
  175
  194
  213
  232
  250
  268
  286
  303
  319
  336
  352
  368
  384
  400
  417
  433
  450
  468
  487
  506
  526
  546
  568
  591
  616
  641
  668
  697
Cash from operations, $m
  206
  457
  748
  1,078
  1,448
  1,858
  2,307
  2,795
  3,320
  3,882
  4,481
  5,087
  5,754
  6,456
  7,191
  7,959
  8,761
  9,597
  10,467
  11,372
  12,313
  13,292
  14,310
  15,368
  16,469
  17,615
  18,807
  20,049
  21,344
  22,693
  24,100
Maintenance CAPEX, $m
  0
  -71
  -87
  -106
  -127
  -151
  -176
  -204
  -234
  -266
  -301
  -337
  -375
  -416
  -458
  -502
  -548
  -596
  -646
  -698
  -752
  -809
  -867
  -928
  -991
  -1,057
  -1,125
  -1,196
  -1,270
  -1,347
  -1,427
New CAPEX, $m
  -117
  -175
  -197
  -221
  -245
  -269
  -292
  -316
  -338
  -360
  -382
  -403
  -423
  -444
  -464
  -484
  -505
  -525
  -546
  -568
  -590
  -613
  -638
  -663
  -689
  -717
  -746
  -776
  -808
  -842
  -878
Cash from investing activities, $m
  -141
  -246
  -284
  -327
  -372
  -420
  -468
  -520
  -572
  -626
  -683
  -740
  -798
  -860
  -922
  -986
  -1,053
  -1,121
  -1,192
  -1,266
  -1,342
  -1,422
  -1,505
  -1,591
  -1,680
  -1,774
  -1,871
  -1,972
  -2,078
  -2,189
  -2,305
Free cash flow, $m
  65
  212
  464
  751
  1,076
  1,439
  1,839
  2,275
  2,748
  3,256
  3,798
  4,347
  4,956
  5,597
  6,269
  6,973
  7,708
  8,475
  9,274
  10,105
  10,970
  11,870
  12,805
  13,778
  14,789
  15,842
  16,937
  18,077
  19,265
  20,504
  21,795
Issuance/(repayment) of debt, $m
  -14
  477
  542
  608
  674
  739
  804
  867
  929
  990
  1,049
  1,107
  1,164
  1,220
  1,276
  1,331
  1,388
  1,444
  1,502
  1,562
  1,623
  1,687
  1,753
  1,822
  1,894
  1,970
  2,050
  2,134
  2,223
  2,316
  2,415
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -29
  477
  542
  608
  674
  739
  804
  867
  929
  990
  1,049
  1,107
  1,164
  1,220
  1,276
  1,331
  1,388
  1,444
  1,502
  1,562
  1,623
  1,687
  1,753
  1,822
  1,894
  1,970
  2,050
  2,134
  2,223
  2,316
  2,415
Total cash flow (excl. dividends), $m
  34
  689
  1,005
  1,359
  1,750
  2,178
  2,643
  3,143
  3,677
  4,246
  4,847
  5,454
  6,120
  6,817
  7,545
  8,304
  9,096
  9,919
  10,776
  11,667
  12,593
  13,556
  14,558
  15,600
  16,683
  17,812
  18,987
  20,212
  21,488
  22,820
  24,209
Retained Cash Flow (-), $m
  -157
  -256
  -291
  -326
  -361
  -396
  -431
  -465
  -498
  -531
  -562
  -593
  -624
  -654
  -684
  -714
  -744
  -774
  -805
  -837
  -870
  -904
  -940
  -977
  -1,015
  -1,056
  -1,099
  -1,144
  -1,192
  -1,242
  -1,294
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  433
  715
  1,033
  1,389
  1,782
  2,212
  2,678
  3,179
  3,715
  4,285
  4,861
  5,496
  6,163
  6,861
  7,590
  8,352
  9,145
  9,971
  10,830
  11,723
  12,652
  13,618
  14,623
  15,668
  16,756
  17,888
  19,067
  20,297
  21,578
  22,915
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  405
  623
  832
  1,026
  1,198
  1,342
  1,454
  1,531
  1,570
  1,572
  1,531
  1,468
  1,378
  1,267
  1,141
  1,007
  870
  735
  608
  492
  388
  300
  225
  165
  118
  82
  55
  36
  23
  14
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

MasTec, Inc. is an infrastructure construction company. The Company operates primarily across North America through a range of industries. The Company operates through five segments: Communications, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other. Its primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; conventional and renewable power generation, and industrial infrastructure. The Company offered its services primarily under the MasTec service mark and had operations across 510 locations as of December 31, 2016. It provides services under master service and other service agreements, which are generally multi-year agreements.

FINANCIAL RATIOS  of  MasTec (MTZ)

Valuation Ratios
P/E Ratio 33.6
Price to Sales 0.9
Price to Book 4
Price to Tangible Book
Price to Cash Flow 21.4
Price to Free Cash Flow 49.4
Growth Rates
Sales Growth Rate 22%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 39.3%
Cap. Spend. - 3 Yr. Gr. Rate -1.5%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 87.6%
Total Debt to Equity 93.5%
Interest Coverage 6
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 6.4%
Ret/ On T. Cap. - 3 Yr. Avg. 2.8%
Return On Equity 12.9%
Return On Equity - 3 Yr. Avg. 5.3%
Asset Turnover 1.7
Profitability Ratios
Gross Margin 13.5%
Gross Margin - 3 Yr. Avg. 12.9%
EBITDA Margin 8.5%
EBITDA Margin - 3 Yr. Avg. 6.9%
Operating Margin 5.3%
Oper. Margin - 3 Yr. Avg. 3.4%
Pre-Tax Margin 4.4%
Pre-Tax Margin - 3 Yr. Avg. 2.4%
Net Profit Margin 2.6%
Net Profit Margin - 3 Yr. Avg. 1.1%
Effective Tax Rate 40.7%
Eff/ Tax Rate - 3 Yr. Avg. 20.5%
Payout Ratio 0%

MTZ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MTZ stock intrinsic value calculation we used $5135 million for the last fiscal year's total revenue generated by MasTec. The default revenue input number comes from 2016 income statement of MasTec. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MTZ stock valuation model: a) initial revenue growth rate of 23.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.8%, whose default value for MTZ is calculated based on our internal credit rating of MasTec, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of MasTec.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MTZ stock the variable cost ratio is equal to 68.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1384 million in the base year in the intrinsic value calculation for MTZ stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.7% for MasTec.

Corporate tax rate of 27% is the nominal tax rate for MasTec. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MTZ stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MTZ are equal to 14.5%.

Life of production assets of 10.5 years is the average useful life of capital assets used in MasTec operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MTZ is equal to 11.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1097 million for MasTec - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 83.963 million for MasTec is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of MasTec at the current share price and the inputted number of shares is $4.5 billion.

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COMPANY NEWS

▶ Industrial Favorites for 2018: From Auto Parts to Robots   [Jan-19-18 05:46AM  Investopedia]
▶ Stocks Showing Improving Market Leadership: Mastec Earns 81 RS Rating   [Jan-09-18 03:00AM  Investor's Business Daily]
▶ Mastec Clears Key Benchmark, Hitting 80-Plus RS Rating   [Jan-03-18 03:00AM  Investor's Business Daily]
▶ Mastec Meets 80-Plus Relative Strength Rating Benchmark   [Dec-22-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to MasTec, Inc. : December 21, 2017   [Dec-21-17 11:38AM  Capital Cube]
▶ Stocks With Rising Relative Strength: Mastec   [03:00AM  Investor's Business Daily]
▶ Mastec Earns Technical Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ New Strong Buy Stocks for November 9th   [Nov-09-17 08:59AM  Zacks]
▶ ETFs with exposure to MasTec, Inc. : November 8, 2017   [Nov-08-17 06:23PM  Capital Cube]
▶ Oil and Gas Recovery Powers MasTec Higher   [Nov-03-17 12:03PM  Motley Fool]
▶ MasTec, Inc. to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ MasTec, Inc. Value Analysis (NYSE:MTZ) : October 30, 2017   [Oct-30-17 12:44PM  Capital Cube]
▶ ETFs with exposure to MasTec, Inc. : October 16, 2017   [Oct-16-17 09:56AM  Capital Cube]
▶ ETFs with exposure to MasTec, Inc. : October 3, 2017   [Oct-03-17 11:25AM  Capital Cube]
▶ 3 Stocks Set for Higher Highs   [Sep-28-17 05:40PM  Zacks]
▶ ETFs with exposure to MasTec, Inc. : September 22, 2017   [Sep-22-17 11:15AM  Capital Cube]
▶ Bull of the Day: MasTec (MTZ)   [06:00AM  Zacks]
▶ Mastec Earns IBD Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Stocks Showing Improved Relative Strength: Mastec   [03:00AM  Investor's Business Daily]
▶ MasTec, Inc. Value Analysis (NYSE:MTZ) : August 19, 2017   [Aug-18-17 08:26PM  Capital Cube]
▶ Bull of the Day: MasTec (MTZ)   [07:00AM  Zacks]
▶ ETFs with exposure to MasTec, Inc. : August 7, 2017   [Aug-07-17 04:42PM  Capital Cube]
▶ Soaring Sales Lift MasTec to New Records   [Aug-04-17 08:36AM  Motley Fool]
▶ ETFs with exposure to MasTec, Inc. : July 28, 2017   [Jul-28-17 04:36PM  Capital Cube]
▶ ETFs with exposure to MasTec, Inc. : July 18, 2017   [Jul-18-17 01:58PM  Capital Cube]
▶ Blank check company backed by MasTec files $250 million IPO   [Jul-14-17 10:00AM  American City Business Journals]
▶ ETFs with exposure to MasTec, Inc. : July 7, 2017   [Jul-07-17 03:12PM  Capital Cube]
▶ ETFs with exposure to MasTec, Inc. : June 26, 2017   [Jun-26-17 04:27PM  Capital Cube]
▶ Stocks Up; Why Apple, Microsoft Can Beat The S&P 500 In 2017   [Jun-19-17 03:07PM  Investor's Business Daily]
▶ ETFs with exposure to MasTec, Inc. : June 15, 2017   [Jun-15-17 02:40PM  Capital Cube]
▶ MasTec, Inc. Value Analysis (NYSE:MTZ) : May 19, 2017   [May-19-17 02:34PM  Capital Cube]
▶ 3 Market-Beating Growth Stocks   [May-10-17 04:26PM  Zacks]
▶ Why MasTec, Inc's Shares Popped 10% Today   [May-05-17 03:25PM  Motley Fool]
▶ MasTec Keeps Building Higher   [May-04-17 10:45PM  Motley Fool]
Financial statements of MTZ
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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