Intrinsic value of MasTec - MTZ

Previous Close

$51.30

  Intrinsic Value

$149.71

stock screener

  Rating & Target

str. buy

+192%

Previous close

$51.30

 
Intrinsic value

$149.71

 
Up/down potential

+192%

 
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
  28.70
  26.33
  24.20
  22.28
  20.55
  18.99
  17.60
  16.34
  15.20
  14.18
  13.26
  12.44
  11.69
  11.02
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
Revenue, $m
  5,135
  8,503
  10,742
  13,341
  16,313
  19,666
  23,401
  27,519
  32,014
  36,881
  42,111
  47,697
  53,629
  59,900
  66,504
  73,435
  80,690
  88,268
  96,170
  104,399
  112,962
  121,865
  131,118
  140,734
  150,727
  161,113
  171,910
  183,138
  194,818
  206,976
  219,635
Variable operating expenses, $m
 
  7,700
  9,692
  12,005
  14,650
  17,633
  20,957
  24,621
  28,622
  32,953
  37,607
  42,445
  47,724
  53,304
  59,181
  65,348
  71,805
  78,548
  85,580
  92,903
  100,523
  108,446
  116,680
  125,237
  134,130
  143,372
  152,980
  162,971
  173,366
  184,185
  195,450
Fixed operating expenses, $m
 
  202
  207
  211
  216
  221
  226
  231
  236
  241
  246
  252
  257
  263
  269
  274
  280
  287
  293
  299
  306
  313
  320
  327
  334
  341
  349
  356
  364
  372
  380
Total operating expenses, $m
  4,862
  7,902
  9,899
  12,216
  14,866
  17,854
  21,183
  24,852
  28,858
  33,194
  37,853
  42,697
  47,981
  53,567
  59,450
  65,622
  72,085
  78,835
  85,873
  93,202
  100,829
  108,759
  117,000
  125,564
  134,464
  143,713
  153,329
  163,327
  173,730
  184,557
  195,830
Operating income, $m
  273
  601
  843
  1,125
  1,447
  1,812
  2,218
  2,667
  3,157
  3,687
  4,258
  5,001
  5,648
  6,333
  7,055
  7,812
  8,605
  9,433
  10,297
  11,197
  12,133
  13,106
  14,118
  15,170
  16,264
  17,400
  18,581
  19,810
  21,088
  22,419
  23,805
EBITDA, $m
  438
  976
  1,282
  1,638
  2,045
  2,505
  3,018
  3,584
  4,202
  4,871
  5,591
  6,360
  7,177
  8,040
  8,950
  9,905
  10,904
  11,949
  13,038
  14,172
  15,352
  16,580
  17,855
  19,181
  20,559
  21,992
  23,481
  25,029
  26,641
  28,318
  30,064
Interest expense (income), $m
  48
  74
  115
  163
  219
  283
  355
  435
  524
  621
  726
  838
  959
  1,086
  1,221
  1,364
  1,513
  1,669
  1,832
  2,002
  2,180
  2,364
  2,556
  2,755
  2,962
  3,177
  3,401
  3,633
  3,875
  4,127
  4,389
Earnings before tax, $m
  226
  527
  728
  962
  1,229
  1,529
  1,863
  2,231
  2,633
  3,066
  3,532
  4,162
  4,690
  5,247
  5,833
  6,448
  7,092
  7,764
  8,465
  9,194
  9,953
  10,742
  11,563
  12,415
  13,301
  14,223
  15,180
  16,176
  17,213
  18,292
  19,416
Tax expense, $m
  92
  142
  197
  260
  332
  413
  503
  602
  711
  828
  954
  1,124
  1,266
  1,417
  1,575
  1,741
  1,915
  2,096
  2,285
  2,482
  2,687
  2,900
  3,122
  3,352
  3,591
  3,840
  4,099
  4,368
  4,648
  4,939
  5,242
Net income, $m
  131
  385
  532
  702
  897
  1,116
  1,360
  1,629
  1,922
  2,239
  2,579
  3,038
  3,423
  3,830
  4,258
  4,707
  5,177
  5,668
  6,179
  6,712
  7,266
  7,842
  8,441
  9,063
  9,710
  10,382
  11,082
  11,809
  12,566
  13,353
  14,174

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
  5,233
  6,611
  8,210
  10,039
  12,102
  14,401
  16,935
  19,701
  22,696
  25,915
  29,352
  33,002
  36,862
  40,925
  45,191
  49,655
  54,319
  59,181
  64,246
  69,515
  74,994
  80,688
  86,606
  92,755
  99,146
  105,791
  112,700
  119,888
  127,370
  135,160
Adjusted assets (=assets-cash), $m
  3,144
  5,233
  6,611
  8,210
  10,039
  12,102
  14,401
  16,935
  19,701
  22,696
  25,915
  29,352
  33,002
  36,862
  40,925
  45,191
  49,655
  54,319
  59,181
  64,246
  69,515
  74,994
  80,688
  86,606
  92,755
  99,146
  105,791
  112,700
  119,888
  127,370
  135,160
Revenue / Adjusted assets
  1.633
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
  1.625
Average production assets, $m
  744
  2,423
  3,061
  3,802
  4,649
  5,605
  6,669
  7,843
  9,124
  10,511
  12,002
  13,594
  15,284
  17,072
  18,954
  20,929
  22,997
  25,156
  27,408
  29,754
  32,194
  34,731
  37,369
  40,109
  42,957
  45,917
  48,994
  52,194
  55,523
  58,988
  62,596
Working capital, $m
  562
  -391
  -494
  -614
  -750
  -905
  -1,076
  -1,266
  -1,473
  -1,697
  -1,937
  -2,194
  -2,467
  -2,755
  -3,059
  -3,378
  -3,712
  -4,060
  -4,424
  -4,802
  -5,196
  -5,606
  -6,031
  -6,474
  -6,933
  -7,411
  -7,908
  -8,424
  -8,962
  -9,521
  -10,103
Total debt, $m
  1,026
  2,124
  3,017
  4,053
  5,238
  6,575
  8,065
  9,707
  11,499
  13,440
  15,526
  17,753
  20,119
  22,619
  25,253
  28,016
  30,910
  33,931
  37,083
  40,364
  43,779
  47,329
  51,019
  54,853
  58,838
  62,980
  67,285
  71,763
  76,421
  81,269
  86,317
Total liabilities, $m
  2,087
  3,391
  4,284
  5,320
  6,505
  7,842
  9,332
  10,974
  12,766
  14,707
  16,793
  19,020
  21,386
  23,886
  26,520
  29,283
  32,177
  35,198
  38,350
  41,631
  45,046
  48,596
  52,286
  56,120
  60,105
  64,247
  68,552
  73,030
  77,688
  82,536
  87,584
Total equity, $m
  1,097
  1,842
  2,327
  2,890
  3,534
  4,260
  5,069
  5,961
  6,935
  7,989
  9,122
  10,332
  11,617
  12,975
  14,406
  15,907
  17,479
  19,120
  20,832
  22,615
  24,469
  26,398
  28,402
  30,485
  32,650
  34,900
  37,238
  39,670
  42,201
  44,834
  47,576
Total liabilities and equity, $m
  3,184
  5,233
  6,611
  8,210
  10,039
  12,102
  14,401
  16,935
  19,701
  22,696
  25,915
  29,352
  33,003
  36,861
  40,926
  45,190
  49,656
  54,318
  59,182
  64,246
  69,515
  74,994
  80,688
  86,605
  92,755
  99,147
  105,790
  112,700
  119,889
  127,370
  135,160
Debt-to-equity ratio
  0.935
  1.150
  1.300
  1.400
  1.480
  1.540
  1.590
  1.630
  1.660
  1.680
  1.700
  1.720
  1.730
  1.740
  1.750
  1.760
  1.770
  1.770
  1.780
  1.780
  1.790
  1.790
  1.800
  1.800
  1.800
  1.800
  1.810
  1.810
  1.810
  1.810
  1.810
Adjusted equity ratio
  0.337
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352
  0.352

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  131
  385
  532
  702
  897
  1,116
  1,360
  1,629
  1,922
  2,239
  2,579
  3,038
  3,423
  3,830
  4,258
  4,707
  5,177
  5,668
  6,179
  6,712
  7,266
  7,842
  8,441
  9,063
  9,710
  10,382
  11,082
  11,809
  12,566
  13,353
  14,174
Depreciation, amort., depletion, $m
  165
  375
  439
  513
  598
  693
  800
  917
  1,045
  1,184
  1,333
  1,359
  1,528
  1,707
  1,895
  2,093
  2,300
  2,516
  2,741
  2,975
  3,219
  3,473
  3,737
  4,011
  4,296
  4,592
  4,899
  5,219
  5,552
  5,899
  6,260
Funds from operations, $m
  92
  760
  971
  1,215
  1,495
  1,810
  2,160
  2,546
  2,967
  3,423
  3,912
  4,398
  4,952
  5,537
  6,154
  6,800
  7,477
  8,183
  8,920
  9,687
  10,485
  11,315
  12,178
  13,074
  14,006
  14,974
  15,981
  17,028
  18,118
  19,252
  20,433
Change in working capital, $m
  -114
  -87
  -103
  -120
  -137
  -154
  -172
  -189
  -207
  -224
  -241
  -257
  -273
  -288
  -304
  -319
  -334
  -349
  -363
  -379
  -394
  -410
  -426
  -442
  -460
  -478
  -497
  -516
  -537
  -559
  -582
Cash from operations, $m
  206
  847
  1,074
  1,335
  1,631
  1,964
  2,332
  2,735
  3,174
  3,646
  4,152
  4,655
  5,225
  5,826
  6,457
  7,119
  7,810
  8,532
  9,283
  10,066
  10,879
  11,725
  12,603
  13,516
  14,465
  15,452
  16,478
  17,545
  18,655
  19,811
  21,016
Maintenance CAPEX, $m
  0
  -188
  -242
  -306
  -380
  -465
  -560
  -667
  -784
  -912
  -1,051
  -1,200
  -1,359
  -1,528
  -1,707
  -1,895
  -2,093
  -2,300
  -2,516
  -2,741
  -2,975
  -3,219
  -3,473
  -3,737
  -4,011
  -4,296
  -4,592
  -4,899
  -5,219
  -5,552
  -5,899
New CAPEX, $m
  -117
  -543
  -638
  -741
  -847
  -955
  -1,065
  -1,173
  -1,281
  -1,387
  -1,491
  -1,592
  -1,691
  -1,787
  -1,882
  -1,975
  -2,068
  -2,160
  -2,252
  -2,345
  -2,440
  -2,537
  -2,637
  -2,741
  -2,848
  -2,960
  -3,077
  -3,200
  -3,329
  -3,465
  -3,608
Cash from investing activities, $m
  -141
  -731
  -880
  -1,047
  -1,227
  -1,420
  -1,625
  -1,840
  -2,065
  -2,299
  -2,542
  -2,792
  -3,050
  -3,315
  -3,589
  -3,870
  -4,161
  -4,460
  -4,768
  -5,086
  -5,415
  -5,756
  -6,110
  -6,478
  -6,859
  -7,256
  -7,669
  -8,099
  -8,548
  -9,017
  -9,507
Free cash flow, $m
  65
  116
  193
  288
  404
  543
  707
  895
  1,108
  1,347
  1,610
  1,863
  2,175
  2,510
  2,868
  3,248
  3,650
  4,072
  4,516
  4,979
  5,463
  5,968
  6,493
  7,039
  7,607
  8,196
  8,809
  9,445
  10,107
  10,794
  11,509
Issuance/(repayment) of debt, $m
  -14
  755
  893
  1,037
  1,185
  1,337
  1,490
  1,642
  1,793
  1,941
  2,086
  2,227
  2,366
  2,501
  2,633
  2,764
  2,893
  3,022
  3,151
  3,282
  3,414
  3,550
  3,690
  3,835
  3,985
  4,142
  4,305
  4,477
  4,658
  4,848
  5,048
Issuance/(repurchase) of shares, $m
  0
  26
  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
  781
  893
  1,037
  1,185
  1,337
  1,490
  1,642
  1,793
  1,941
  2,086
  2,227
  2,366
  2,501
  2,633
  2,764
  2,893
  3,022
  3,151
  3,282
  3,414
  3,550
  3,690
  3,835
  3,985
  4,142
  4,305
  4,477
  4,658
  4,848
  5,048
Total cash flow (excl. dividends), $m
  34
  897
  1,086
  1,324
  1,589
  1,880
  2,196
  2,537
  2,901
  3,288
  3,696
  4,090
  4,540
  5,011
  5,501
  6,012
  6,543
  7,094
  7,667
  8,261
  8,878
  9,518
  10,183
  10,874
  11,591
  12,338
  13,114
  13,923
  14,765
  15,642
  16,557
Retained Cash Flow (-), $m
  -157
  -411
  -485
  -563
  -644
  -726
  -809
  -892
  -974
  -1,054
  -1,133
  -1,210
  -1,285
  -1,358
  -1,430
  -1,501
  -1,572
  -1,642
  -1,712
  -1,783
  -1,855
  -1,929
  -2,004
  -2,083
  -2,165
  -2,250
  -2,339
  -2,432
  -2,530
  -2,633
  -2,742
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
 
  13
  17
  21
  27
  33
  39
  47
  55
  64
  74
  84
  95
  107
  120
  133
  147
  161
  177
  192
  209
  226
  244
  262
  281
  301
  322
  344
  366
  390
  414
Cash available for distribution, $m
 
  486
  601
  761
  946
  1,154
  1,387
  1,645
  1,927
  2,233
  2,563
  2,880
  3,255
  3,652
  4,071
  4,511
  4,971
  5,453
  5,955
  6,478
  7,023
  7,590
  8,178
  8,791
  9,427
  10,088
  10,776
  11,491
  12,234
  13,009
  13,815
Discount rate, %
 
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
 
  451
  513
  593
  666
  730
  780
  813
  829
  827
  807
  761
  711
  651
  583
  510
  436
  365
  298
  237
  184
  140
  103
  74
  51
  35
  23
  14
  9
  5
  3
Current shareholders' claim on cash, %
  100
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4
  99.4

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 32.3
Price to Sales 0.8
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 20.6
Price to Free Cash Flow 47.6
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 $6607 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 28.7% 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 7.9%, 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 91%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $198 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 5.4% 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 0.2%.

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 28.5%.

Life of production assets of 10 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 -4.6%. 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 - $1431 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 81 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 $4.2 billion.

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COMPANY NEWS

▶ Beckham group updates plans for Miami stadium   [Jul-09-18 10:49AM  American City Business Journals]
▶ Bull of the Day: MasTec (MTZ)   [06:00AM  Zacks]
▶ MasTec snags $500M contract with utility in Puerto Rico   [Jun-05-18 02:57PM  American City Business Journals]
▶ 5 Best Profitable Stocks to Garner Stunning Returns   [May-29-18 01:25PM  InvestorPlace]
▶ May Undervalued Stock Opportunities   [May-12-18 10:02AM  Simply Wall St.]
▶ MasTech: 1Q Earnings Snapshot   [Apr-30-18 05:19PM  Associated Press]
▶ 5 Top Monster Growth Stocks for 2018   [Mar-06-18 02:31PM  TheStreet.com]
▶ Bull of the Day: MasTec (MTZ)   [06:00AM  Zacks]
▶ 4 Smart Money Stock Picks   [Mar-01-18 08:30PM  TheStreet.com]
▶ MasTec, Inc. to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ MasTech beats Street 4Q forecasts   [05:04AM  Associated Press]
▶ Best Undervalued Stock in February   [Feb-11-18 09:02AM  Simply Wall St.]
▶ Bull of the Day: MasTec (MTZ)   [Feb-07-18 11:29AM  Zacks]
▶ 5 Solid Stocks With Impressive Net Profit Margin   [Jan-30-18 11:15AM  InvestorPlace]
▶ 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]
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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