Intrinsic value of Quanta Services - PWR

Previous Close

$39.09

  Intrinsic Value

$2.79

stock screener

  Rating & Target

str. sell

-93%

Previous close

$39.09

 
Intrinsic value

$2.79

 
Up/down potential

-93%

 
Rating

str. sell

*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

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, %
  1.04
  27.80
  25.52
  23.47
  21.62
  19.96
  18.46
  17.12
  15.91
  14.81
  13.83
  12.95
  12.15
  11.44
  10.80
  10.22
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
Revenue, $m
  7,651
  9,778
  12,273
  15,154
  18,430
  22,108
  26,190
  30,673
  35,552
  40,819
  46,465
  52,483
  58,862
  65,595
  72,677
  80,101
  87,867
  95,972
  104,420
  113,214
  122,362
  131,872
  141,755
  152,026
  162,699
  173,793
  185,328
  197,324
  209,807
  222,800
  236,333
Variable operating expenses, $m
 
  9,430
  11,796
  14,527
  17,633
  21,120
  24,990
  29,240
  33,865
  38,859
  44,212
  49,756
  55,804
  62,188
  68,901
  75,940
  83,302
  90,986
  98,995
  107,333
  116,005
  125,021
  134,391
  144,128
  154,247
  164,765
  175,700
  187,073
  198,907
  211,226
  224,055
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
  9,430
  11,796
  14,527
  17,633
  21,120
  24,990
  29,240
  33,865
  38,859
  44,212
  49,756
  55,804
  62,188
  68,901
  75,940
  83,302
  90,986
  98,995
  107,333
  116,005
  125,021
  134,391
  144,128
  154,247
  164,765
  175,700
  187,073
  198,907
  211,226
  224,055
Operating income, $m
  321
  348
  477
  627
  797
  988
  1,200
  1,433
  1,687
  1,960
  2,254
  2,727
  3,058
  3,408
  3,776
  4,161
  4,565
  4,986
  5,425
  5,882
  6,357
  6,851
  7,364
  7,898
  8,452
  9,029
  9,628
  10,251
  10,900
  11,575
  12,278
EBITDA, $m
  523
  626
  786
  970
  1,180
  1,416
  1,677
  1,964
  2,277
  2,614
  2,975
  3,361
  3,769
  4,200
  4,654
  5,129
  5,627
  6,146
  6,687
  7,250
  7,835
  8,444
  9,077
  9,735
  10,418
  11,129
  11,867
  12,636
  13,435
  14,267
  15,134
Interest expense (income), $m
  13
  12
  32
  55
  81
  111
  145
  183
  224
  269
  317
  369
  424
  483
  544
  609
  678
  749
  823
  901
  982
  1,066
  1,153
  1,244
  1,338
  1,436
  1,538
  1,644
  1,754
  1,868
  1,988
Earnings before tax, $m
  308
  335
  445
  572
  716
  877
  1,055
  1,251
  1,463
  1,692
  1,937
  2,358
  2,634
  2,925
  3,231
  3,552
  3,887
  4,237
  4,601
  4,981
  5,375
  5,785
  6,212
  6,654
  7,115
  7,593
  8,090
  8,608
  9,146
  9,706
  10,290
Tax expense, $m
  108
  91
  120
  154
  193
  237
  285
  338
  395
  457
  523
  637
  711
  790
  872
  959
  1,050
  1,144
  1,242
  1,345
  1,451
  1,562
  1,677
  1,797
  1,921
  2,050
  2,184
  2,324
  2,469
  2,621
  2,778
Net income, $m
  198
  245
  325
  418
  523
  640
  770
  913
  1,068
  1,235
  1,414
  1,721
  1,923
  2,135
  2,359
  2,593
  2,838
  3,093
  3,359
  3,636
  3,924
  4,223
  4,534
  4,858
  5,194
  5,543
  5,906
  6,284
  6,677
  7,086
  7,512

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
  6,697
  8,406
  10,379
  12,623
  15,143
  17,939
  21,009
  24,351
  27,958
  31,826
  35,947
  40,316
  44,928
  49,779
  54,864
  60,183
  65,734
  71,521
  77,544
  83,810
  90,323
  97,093
  104,127
  111,438
  119,037
  126,937
  135,154
  143,703
  152,603
  161,872
Adjusted assets (=assets-cash), $m
  5,242
  6,697
  8,406
  10,379
  12,623
  15,143
  17,939
  21,009
  24,351
  27,958
  31,826
  35,947
  40,316
  44,928
  49,779
  54,864
  60,183
  65,734
  71,521
  77,544
  83,810
  90,323
  97,093
  104,127
  111,438
  119,037
  126,937
  135,154
  143,703
  152,603
  161,872
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
  1,701
  2,136
  2,637
  3,207
  3,847
  4,557
  5,337
  6,186
  7,102
  8,085
  9,132
  10,242
  11,414
  12,646
  13,938
  15,289
  16,699
  18,169
  19,699
  21,291
  22,946
  24,665
  26,453
  28,310
  30,240
  32,247
  34,334
  36,506
  38,767
  41,122
Working capital, $m
  1,084
  1,252
  1,571
  1,940
  2,359
  2,830
  3,352
  3,926
  4,551
  5,225
  5,948
  6,718
  7,534
  8,396
  9,303
  10,253
  11,247
  12,284
  13,366
  14,491
  15,662
  16,880
  18,145
  19,459
  20,826
  22,246
  23,722
  25,257
  26,855
  28,518
  30,251
Total debt, $m
  361
  911
  1,566
  2,321
  3,181
  4,146
  5,216
  6,393
  7,672
  9,054
  10,535
  12,114
  13,787
  15,554
  17,411
  19,359
  21,396
  23,522
  25,738
  28,045
  30,445
  32,940
  35,533
  38,227
  41,027
  43,937
  46,963
  50,110
  53,384
  56,793
  60,343
Total liabilities, $m
  2,015
  2,565
  3,220
  3,975
  4,835
  5,800
  6,870
  8,047
  9,326
  10,708
  12,189
  13,768
  15,441
  17,208
  19,065
  21,013
  23,050
  25,176
  27,392
  29,699
  32,099
  34,594
  37,187
  39,881
  42,681
  45,591
  48,617
  51,764
  55,038
  58,447
  61,997
Total equity, $m
  3,339
  4,132
  5,187
  6,404
  7,789
  9,343
  11,068
  12,963
  15,024
  17,250
  19,636
  22,179
  24,875
  27,721
  30,713
  33,851
  37,133
  40,558
  44,128
  47,845
  51,711
  55,729
  59,906
  64,247
  68,757
  73,446
  78,320
  83,390
  88,665
  94,156
  99,875
Total liabilities and equity, $m
  5,354
  6,697
  8,407
  10,379
  12,624
  15,143
  17,938
  21,010
  24,350
  27,958
  31,825
  35,947
  40,316
  44,929
  49,778
  54,864
  60,183
  65,734
  71,520
  77,544
  83,810
  90,323
  97,093
  104,128
  111,438
  119,037
  126,937
  135,154
  143,703
  152,603
  161,872
Debt-to-equity ratio
  0.108
  0.220
  0.300
  0.360
  0.410
  0.440
  0.470
  0.490
  0.510
  0.520
  0.540
  0.550
  0.550
  0.560
  0.570
  0.570
  0.580
  0.580
  0.580
  0.590
  0.590
  0.590
  0.590
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  0.600
  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
  245
  325
  418
  523
  640
  770
  913
  1,068
  1,235
  1,414
  1,721
  1,923
  2,135
  2,359
  2,593
  2,838
  3,093
  3,359
  3,636
  3,924
  4,223
  4,534
  4,858
  5,194
  5,543
  5,906
  6,284
  6,677
  7,086
  7,512
Depreciation, amort., depletion, $m
  202
  278
  309
  343
  383
  427
  477
  531
  590
  654
  722
  634
  711
  793
  878
  968
  1,062
  1,160
  1,262
  1,368
  1,479
  1,593
  1,713
  1,837
  1,966
  2,100
  2,239
  2,384
  2,535
  2,692
  2,856
Funds from operations, $m
  322
  523
  634
  761
  906
  1,068
  1,247
  1,444
  1,658
  1,889
  2,136
  2,355
  2,634
  2,928
  3,237
  3,561
  3,899
  4,253
  4,621
  5,004
  5,403
  5,817
  6,247
  6,695
  7,160
  7,643
  8,145
  8,668
  9,212
  9,778
  10,367
Change in working capital, $m
  -58
  272
  319
  369
  419
  471
  522
  574
  624
  674
  723
  770
  817
  862
  906
  950
  994
  1,038
  1,081
  1,126
  1,171
  1,217
  1,265
  1,315
  1,366
  1,420
  1,476
  1,536
  1,598
  1,663
  1,732
Cash from operations, $m
  380
  251
  314
  392
  486
  597
  725
  870
  1,033
  1,214
  1,413
  1,585
  1,818
  2,066
  2,331
  2,610
  2,905
  3,215
  3,540
  3,878
  4,232
  4,600
  4,982
  5,380
  5,793
  6,223
  6,669
  7,132
  7,614
  8,115
  8,635
Maintenance CAPEX, $m
  0
  -93
  -118
  -148
  -183
  -223
  -267
  -316
  -371
  -430
  -493
  -561
  -634
  -711
  -793
  -878
  -968
  -1,062
  -1,160
  -1,262
  -1,368
  -1,479
  -1,593
  -1,713
  -1,837
  -1,966
  -2,100
  -2,239
  -2,384
  -2,535
  -2,692
New CAPEX, $m
  -213
  -367
  -434
  -501
  -570
  -640
  -710
  -780
  -849
  -916
  -983
  -1,047
  -1,110
  -1,172
  -1,232
  -1,292
  -1,351
  -1,410
  -1,470
  -1,530
  -1,592
  -1,655
  -1,720
  -1,787
  -1,857
  -1,930
  -2,007
  -2,087
  -2,172
  -2,261
  -2,355
Cash from investing activities, $m
  -272
  -460
  -552
  -649
  -753
  -863
  -977
  -1,096
  -1,220
  -1,346
  -1,476
  -1,608
  -1,744
  -1,883
  -2,025
  -2,170
  -2,319
  -2,472
  -2,630
  -2,792
  -2,960
  -3,134
  -3,313
  -3,500
  -3,694
  -3,896
  -4,107
  -4,326
  -4,556
  -4,796
  -5,047
Free cash flow, $m
  108
  -209
  -238
  -257
  -267
  -266
  -253
  -226
  -186
  -132
  -63
  -23
  73
  183
  306
  440
  586
  743
  910
  1,086
  1,272
  1,466
  1,669
  1,880
  2,099
  2,326
  2,562
  2,806
  3,058
  3,319
  3,588
Issuance/(repayment) of debt, $m
  -125
  558
  655
  756
  859
  965
  1,071
  1,176
  1,280
  1,382
  1,481
  1,578
  1,673
  1,766
  1,858
  1,948
  2,037
  2,126
  2,216
  2,307
  2,400
  2,495
  2,593
  2,694
  2,800
  2,910
  3,026
  3,147
  3,274
  3,409
  3,550
Issuance/(repurchase) of shares, $m
  0
  652
  729
  800
  862
  914
  955
  982
  994
  991
  972
  822
  773
  710
  634
  545
  444
  332
  211
  81
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -125
  1,210
  1,384
  1,556
  1,721
  1,879
  2,026
  2,158
  2,274
  2,373
  2,453
  2,400
  2,446
  2,476
  2,492
  2,493
  2,481
  2,458
  2,427
  2,388
  2,400
  2,495
  2,593
  2,694
  2,800
  2,910
  3,026
  3,147
  3,274
  3,409
  3,550
Total cash flow (excl. dividends), $m
  -17
  1,001
  1,146
  1,298
  1,455
  1,613
  1,773
  1,931
  2,087
  2,241
  2,391
  2,377
  2,520
  2,660
  2,797
  2,933
  3,067
  3,202
  3,337
  3,474
  3,672
  3,961
  4,262
  4,574
  4,899
  5,237
  5,588
  5,953
  6,332
  6,727
  7,138
Retained Cash Flow (-), $m
  -254
  -897
  -1,055
  -1,217
  -1,385
  -1,555
  -1,725
  -1,895
  -2,062
  -2,226
  -2,386
  -2,543
  -2,696
  -2,846
  -2,993
  -3,138
  -3,282
  -3,425
  -3,570
  -3,717
  -3,866
  -4,019
  -4,177
  -4,340
  -4,511
  -4,688
  -4,874
  -5,070
  -5,275
  -5,491
  -5,719
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
 
  208
  91
  81
  70
  59
  48
  37
  26
  15
  5
  -166
  -176
  -186
  -195
  -205
  -214
  -224
  -233
  -243
  -194
  -58
  85
  234
  389
  548
  713
  883
  1,057
  1,236
  1,419
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
 
  200
  84
  70
  58
  46
  35
  25
  16
  9
  2
  -79
  -75
  -71
  -66
  -60
  -54
  -49
  -43
  -37
  -25
  -6
  7
  15
  20
  21
  21
  19
  16
  13
  11
Current shareholders' claim on cash, %
  100
  90.0
  82.1
  75.7
  70.5
  66.2
  62.7
  59.8
  57.4
  55.4
  53.7
  52.5
  51.5
  50.7
  50.1
  49.6
  49.3
  49.0
  48.9
  48.8
  48.8
  48.8
  48.8
  48.8
  48.8
  48.8
  48.8
  48.8
  48.8
  48.8
  48.8

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 29.9
Price to Sales 0.8
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 15.6
Price to Free Cash Flow 35.4
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 27.8% 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 155.715 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 $6.1 billion.

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COMPANY NEWS

▶ New Strong Sell Stocks for January 16th   [Jan-16-18 05:44AM  Zacks]
▶ New Strong Sell Stocks for January 11th   [Jan-11-18 08:36AM  Zacks]
▶ Quanta Services tops Street 3Q forecasts   [07:45AM  Associated Press]
▶ Quanta Services Earns Relative Strength Rating Upgrade   [Oct-27-17 03:00AM  Investor's Business Daily]
▶ 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]
Financial statements of PWR
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