Intrinsic value of Quanta Services - PWR

Previous Close

$37.40

  Intrinsic Value

$3.43

stock screener

  Rating & Target

str. sell

-91%

  Value-price divergence*

-121%

Previous close

$37.40

 
Intrinsic value

$3.43

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence*

-121%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of PWR 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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.8

 

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, %
  1.04
  22.80
  21.02
  19.42
  17.98
  16.68
  15.51
  14.46
  13.51
  12.66
  11.90
  11.21
  10.59
  10.03
  9.52
  9.07
  8.66
  8.30
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
Revenue, $m
  7,651
  9,395
  11,370
  13,578
  16,019
  18,691
  21,590
  24,712
  28,051
  31,603
  35,363
  39,326
  43,489
  47,849
  52,407
  57,161
  62,114
  67,268
  72,629
  78,201
  83,991
  90,008
  96,262
  102,762
  109,521
  116,552
  123,869
  131,487
  139,423
  147,693
  156,316
Variable operating expenses, $m
 
  9,068
  10,940
  13,033
  15,347
  17,880
  20,629
  23,588
  26,754
  30,122
  33,686
  37,283
  41,229
  45,363
  49,684
  54,191
  58,887
  63,774
  68,856
  74,138
  79,628
  85,332
  91,261
  97,423
  103,832
  110,497
  117,434
  124,656
  132,180
  140,020
  148,195
Fixed operating expenses, $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
Total operating expenses, $m
  7,331
  9,068
  10,940
  13,033
  15,347
  17,880
  20,629
  23,588
  26,754
  30,122
  33,686
  37,283
  41,229
  45,363
  49,684
  54,191
  58,887
  63,774
  68,856
  74,138
  79,628
  85,332
  91,261
  97,423
  103,832
  110,497
  117,434
  124,656
  132,180
  140,020
  148,195
Operating income, $m
  321
  328
  430
  545
  672
  811
  961
  1,124
  1,297
  1,482
  1,677
  2,043
  2,259
  2,486
  2,723
  2,970
  3,227
  3,495
  3,773
  4,063
  4,363
  4,676
  5,001
  5,339
  5,690
  6,055
  6,435
  6,831
  7,243
  7,673
  8,121
EBITDA, $m
  523
  602
  728
  869
  1,026
  1,197
  1,383
  1,582
  1,796
  2,024
  2,264
  2,518
  2,785
  3,064
  3,356
  3,660
  3,977
  4,308
  4,651
  5,008
  5,378
  5,764
  6,164
  6,580
  7,013
  7,463
  7,932
  8,420
  8,928
  9,457
  10,010
Interest expense (income), $m
  13
  12
  28
  47
  67
  89
  114
  140
  169
  200
  232
  267
  303
  341
  381
  423
  467
  512
  560
  609
  660
  713
  769
  826
  886
  948
  1,012
  1,079
  1,149
  1,222
  1,298
Earnings before tax, $m
  308
  315
  402
  499
  605
  722
  848
  983
  1,128
  1,282
  1,445
  1,776
  1,956
  2,144
  2,341
  2,546
  2,760
  2,982
  3,213
  3,454
  3,703
  3,963
  4,232
  4,513
  4,804
  5,107
  5,423
  5,752
  6,094
  6,451
  6,823
Tax expense, $m
  108
  85
  109
  135
  163
  195
  229
  265
  305
  346
  390
  480
  528
  579
  632
  688
  745
  805
  868
  932
  1,000
  1,070
  1,143
  1,218
  1,297
  1,379
  1,464
  1,553
  1,645
  1,742
  1,842
Net income, $m
  198
  230
  293
  364
  442
  527
  619
  718
  823
  936
  1,055
  1,297
  1,428
  1,565
  1,709
  1,859
  2,015
  2,177
  2,346
  2,521
  2,703
  2,893
  3,090
  3,294
  3,507
  3,728
  3,959
  4,199
  4,449
  4,709
  4,981

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  112
  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
  5,354
  6,435
  7,788
  9,300
  10,972
  12,802
  14,788
  16,926
  19,213
  21,646
  24,221
  26,935
  29,787
  32,773
  35,895
  39,151
  42,544
  46,074
  49,746
  53,562
  57,528
  61,649
  65,933
  70,385
  75,015
  79,830
  84,842
  90,060
  95,495
  101,159
  107,066
Adjusted assets (=assets-cash), $m
  5,242
  6,435
  7,788
  9,300
  10,972
  12,802
  14,788
  16,926
  19,213
  21,646
  24,221
  26,935
  29,787
  32,773
  35,895
  39,151
  42,544
  46,074
  49,746
  53,562
  57,528
  61,649
  65,933
  70,385
  75,015
  79,830
  84,842
  90,060
  95,495
  101,159
  107,066
Revenue / Adjusted assets
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
  1.460
Average production assets, $m
  1,334
  1,635
  1,978
  2,363
  2,787
  3,252
  3,757
  4,300
  4,881
  5,499
  6,153
  6,843
  7,567
  8,326
  9,119
  9,946
  10,808
  11,705
  12,637
  13,607
  14,614
  15,661
  16,750
  17,881
  19,057
  20,280
  21,553
  22,879
  24,260
  25,699
  27,199
Working capital, $m
  1,084
  1,203
  1,455
  1,738
  2,050
  2,392
  2,764
  3,163
  3,591
  4,045
  4,526
  5,034
  5,567
  6,125
  6,708
  7,317
  7,951
  8,610
  9,296
  10,010
  10,751
  11,521
  12,321
  13,154
  14,019
  14,919
  15,855
  16,830
  17,846
  18,905
  20,008
Total debt, $m
  361
  811
  1,329
  1,908
  2,548
  3,249
  4,010
  4,829
  5,705
  6,636
  7,623
  8,662
  9,754
  10,898
  12,094
  13,341
  14,640
  15,992
  17,399
  18,860
  20,379
  21,958
  23,598
  25,303
  27,077
  28,921
  30,841
  32,839
  34,921
  37,090
  39,352
Total liabilities, $m
  2,015
  2,465
  2,983
  3,562
  4,202
  4,903
  5,664
  6,483
  7,359
  8,290
  9,277
  10,316
  11,408
  12,552
  13,748
  14,995
  16,294
  17,646
  19,053
  20,514
  22,033
  23,612
  25,252
  26,957
  28,731
  30,575
  32,495
  34,493
  36,575
  38,744
  41,006
Total equity, $m
  3,339
  3,971
  4,805
  5,738
  6,770
  7,899
  9,124
  10,443
  11,855
  13,356
  14,944
  16,619
  18,378
  20,221
  22,147
  24,156
  26,250
  28,428
  30,693
  33,048
  35,495
  38,038
  40,680
  43,428
  46,284
  49,255
  52,348
  55,567
  58,920
  62,415
  66,059
Total liabilities and equity, $m
  5,354
  6,436
  7,788
  9,300
  10,972
  12,802
  14,788
  16,926
  19,214
  21,646
  24,221
  26,935
  29,786
  32,773
  35,895
  39,151
  42,544
  46,074
  49,746
  53,562
  57,528
  61,650
  65,932
  70,385
  75,015
  79,830
  84,843
  90,060
  95,495
  101,159
  107,065
Debt-to-equity ratio
  0.108
  0.200
  0.280
  0.330
  0.380
  0.410
  0.440
  0.460
  0.480
  0.500
  0.510
  0.520
  0.530
  0.540
  0.550
  0.550
  0.560
  0.560
  0.570
  0.570
  0.570
  0.580
  0.580
  0.580
  0.590
  0.590
  0.590
  0.590
  0.590
  0.590
  0.600
Adjusted equity ratio
  0.616
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617
  0.617

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  198
  230
  293
  364
  442
  527
  619
  718
  823
  936
  1,055
  1,297
  1,428
  1,565
  1,709
  1,859
  2,015
  2,177
  2,346
  2,521
  2,703
  2,893
  3,090
  3,294
  3,507
  3,728
  3,959
  4,199
  4,449
  4,709
  4,981
Depreciation, amort., depletion, $m
  202
  274
  298
  324
  354
  386
  421
  459
  499
  542
  588
  475
  525
  578
  633
  691
  751
  813
  878
  945
  1,015
  1,088
  1,163
  1,242
  1,323
  1,408
  1,497
  1,589
  1,685
  1,785
  1,889
Funds from operations, $m
  322
  504
  591
  688
  796
  913
  1,040
  1,177
  1,323
  1,478
  1,642
  1,772
  1,953
  2,144
  2,342
  2,550
  2,765
  2,990
  3,223
  3,466
  3,718
  3,980
  4,253
  4,536
  4,830
  5,137
  5,456
  5,787
  6,133
  6,494
  6,869
Change in working capital, $m
  -58
  223
  253
  283
  312
  342
  371
  400
  427
  455
  481
  507
  533
  558
  583
  609
  634
  660
  686
  713
  741
  770
  800
  832
  865
  900
  937
  975
  1,016
  1,059
  1,104
Cash from operations, $m
  380
  281
  338
  406
  483
  571
  669
  777
  895
  1,023
  1,161
  1,265
  1,421
  1,585
  1,759
  1,941
  2,131
  2,330
  2,537
  2,753
  2,977
  3,210
  3,452
  3,704
  3,965
  4,237
  4,519
  4,812
  5,117
  5,435
  5,766
Maintenance CAPEX, $m
  0
  -93
  -114
  -137
  -164
  -194
  -226
  -261
  -299
  -339
  -382
  -427
  -475
  -525
  -578
  -633
  -691
  -751
  -813
  -878
  -945
  -1,015
  -1,088
  -1,163
  -1,242
  -1,323
  -1,408
  -1,497
  -1,589
  -1,685
  -1,785
New CAPEX, $m
  -213
  -301
  -344
  -384
  -425
  -465
  -504
  -543
  -581
  -618
  -654
  -690
  -724
  -759
  -793
  -827
  -862
  -897
  -933
  -970
  -1,008
  -1,047
  -1,088
  -1,131
  -1,176
  -1,223
  -1,273
  -1,326
  -1,381
  -1,439
  -1,500
Cash from investing activities, $m
  -272
  -394
  -458
  -521
  -589
  -659
  -730
  -804
  -880
  -957
  -1,036
  -1,117
  -1,199
  -1,284
  -1,371
  -1,460
  -1,553
  -1,648
  -1,746
  -1,848
  -1,953
  -2,062
  -2,176
  -2,294
  -2,418
  -2,546
  -2,681
  -2,823
  -2,970
  -3,124
  -3,285
Free cash flow, $m
  108
  -113
  -119
  -116
  -106
  -88
  -61
  -27
  16
  66
  125
  148
  221
  301
  388
  480
  579
  683
  792
  906
  1,025
  1,148
  1,277
  1,410
  1,547
  1,690
  1,837
  1,990
  2,148
  2,311
  2,481
Issuance/(repayment) of debt, $m
  -125
  458
  518
  579
  640
  701
  761
  819
  876
  932
  986
  1,040
  1,092
  1,144
  1,196
  1,247
  1,299
  1,352
  1,406
  1,462
  1,519
  1,578
  1,640
  1,705
  1,773
  1,844
  1,919
  1,998
  2,082
  2,169
  2,262
Issuance/(repurchase) of shares, $m
  0
  505
  541
  569
  590
  602
  606
  602
  588
  565
  534
  378
  331
  277
  217
  150
  78
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -125
  963
  1,059
  1,148
  1,230
  1,303
  1,367
  1,421
  1,464
  1,497
  1,520
  1,418
  1,423
  1,421
  1,413
  1,397
  1,377
  1,353
  1,406
  1,462
  1,519
  1,578
  1,640
  1,705
  1,773
  1,844
  1,919
  1,998
  2,082
  2,169
  2,262
Total cash flow (excl. dividends), $m
  -17
  850
  940
  1,032
  1,124
  1,216
  1,305
  1,393
  1,479
  1,563
  1,645
  1,565
  1,644
  1,723
  1,800
  1,878
  1,956
  2,036
  2,198
  2,367
  2,544
  2,727
  2,917
  3,115
  3,321
  3,534
  3,757
  3,988
  4,230
  4,481
  4,743
Retained Cash Flow (-), $m
  -254
  -736
  -835
  -933
  -1,032
  -1,129
  -1,225
  -1,319
  -1,411
  -1,501
  -1,589
  -1,675
  -1,759
  -1,843
  -1,926
  -2,009
  -2,093
  -2,178
  -2,265
  -2,355
  -2,447
  -2,543
  -2,643
  -2,747
  -2,856
  -2,971
  -3,092
  -3,219
  -3,354
  -3,495
  -3,644
Prev. year cash balance distribution, $m
 
  104
  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
 
  219
  106
  99
  93
  87
  80
  74
  68
  62
  57
  -109
  -115
  -120
  -126
  -131
  -137
  -142
  -67
  13
  97
  184
  274
  368
  464
  563
  665
  769
  876
  986
  1,099
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  210
  97
  86
  77
  67
  58
  50
  43
  36
  30
  -52
  -49
  -46
  -42
  -39
  -35
  -31
  -12
  2
  12
  19
  23
  24
  24
  22
  19
  17
  14
  11
  8
Current shareholders' claim on cash, %
  100
  91.8
  85.2
  79.8
  75.3
  71.7
  68.7
  66.2
  64.1
  62.4
  61.0
  60.1
  59.4
  58.9
  58.6
  58.4
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2
  58.2

Quanta Services, Inc. is a provider of specialty contracting services, offering infrastructure solutions primarily to the electric power and oil and gas industries in the United States, Canada and Australia and selected other international markets. The Company operates through two segments: Electric Power Infrastructure Services, which provides network solutions to customers in the electric power industry, and Oil and Gas Infrastructure Services, which provides network solutions to customers involved in the development and transportation of natural gas, oil and other pipeline products. The services it provides include the design, installation, upgrade, repair and maintenance of infrastructure within each of the industries it serves, such as electric power transmission and distribution networks, substation facilities, renewable energy facilities, pipeline transmission and distribution systems and facilities, and infrastructure services for the offshore and inland water energy markets.

FINANCIAL RATIOS  of  Quanta Services (PWR)

Valuation Ratios
P/E Ratio 28.6
Price to Sales 0.7
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 14.9
Price to Free Cash Flow 33.9
Growth Rates
Sales Growth Rate 1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 1.4%
Cap. Spend. - 3 Yr. Gr. Rate -0.8%
Financial Strength
Quick Ratio 14
Current Ratio 0
LT Debt to Equity 10.6%
Total Debt to Equity 10.8%
Interest Coverage 25
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 5.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.6%
Return On Equity 6.2%
Return On Equity - 3 Yr. Avg. 7%
Asset Turnover 1.4
Profitability Ratios
Gross Margin 13.3%
Gross Margin - 3 Yr. Avg. 13.5%
EBITDA Margin 6.8%
EBITDA Margin - 3 Yr. Avg. 6.8%
Operating Margin 4.2%
Oper. Margin - 3 Yr. Avg. 4.3%
Pre-Tax Margin 4%
Pre-Tax Margin - 3 Yr. Avg. 4.2%
Net Profit Margin 2.6%
Net Profit Margin - 3 Yr. Avg. 3.5%
Effective Tax Rate 35.1%
Eff/ Tax Rate - 3 Yr. Avg. 36.8%
Payout Ratio 0%

PWR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PWR stock intrinsic value calculation we used $7651 million for the last fiscal year's total revenue generated by Quanta Services. The default revenue input number comes from 2016 income statement of Quanta Services. 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 PWR stock valuation model: a) initial revenue growth rate of 22.8% 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 4.3%, whose default value for PWR is calculated based on our internal credit rating of Quanta Services, 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 Quanta Services.
    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 PWR stock the variable cost ratio is equal to 96.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PWR 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 3.5% for Quanta Services.

Corporate tax rate of 27% is the nominal tax rate for Quanta Services. 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 PWR 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 PWR are equal to 17.4%.

Life of production assets of 14.4 years is the average useful life of capital assets used in Quanta Services 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 PWR is equal to 12.8%. 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 - $3339 million for Quanta Services - 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 156.024 million for Quanta Services 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 Quanta Services at the current share price and the inputted number of shares is $5.8 billion.

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COMPANY NEWS

▶ Is There Now An Opportunity In Quanta Services Inc (PWR)?   [Sep-16-17 09:13PM  Simply Wall St.]
▶ Bull of the Day: MasTec (MTZ)   [Sep-14-17 06:00AM  Zacks]
▶ [$$] First Infrastructure Capital Hits $1 Billion Cap for Debut Fund   [Aug-25-17 11:10AM  The Wall Street Journal]
▶ Quanta Services misses 2Q profit forecasts   [Aug-03-17 07:42PM  Associated Press]
▶ Quanta Services Acquires Stronghold   [Jul-21-17 06:56AM  PR Newswire]
▶ Houston companies shuffle around Forbes Global 2000 list   [May-24-17 01:40PM  American City Business Journals]
▶ Quanta Services misses 1Q profit forecasts   [06:20AM  Associated Press]
▶ Will Heavy Construction's Rebound Receive A Trump Infrastructure Boost?   [Feb-24-17 11:33AM  Investor's Business Daily]
▶ [$$] Energy poised to be year's big winner in turnround   [Dec-23-16 04:22PM  at Financial Times]
▶ 10 Best S&P 500 Stocks of 2016   [Dec-20-16 08:40AM  at Kiplinger]
▶ How Quanta Services Inc (PWR) Stacks Up Against Its Peers   [Dec-10-16 04:18PM  at Insider Monkey]
▶ Investors Pile Into Infrastructure Stocks After Election   [12:31PM  at The Wall Street Journal]
Financial statements of PWR
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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