Intrinsic value of Quanta Services - PWR

Previous Close

$33.29

  Intrinsic Value

$30.21

stock screener

  Rating & Target

hold

-9%

Previous close

$33.29

 
Intrinsic value

$30.21

 
Up/down potential

-9%

 
Rating

hold

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 2017), $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 5.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  23.70
  21.83
  20.15
  18.63
  17.27
  16.04
  14.94
  13.94
  13.05
  12.24
  11.52
  10.87
  10.28
  9.75
  9.28
  8.85
  8.47
  8.12
  7.81
  7.53
  7.27
  7.05
  6.84
  6.66
  6.49
  6.34
  6.21
  6.09
  5.98
  5.88
Revenue, $m
  11,709
  14,266
  17,140
  20,333
  23,845
  27,670
  31,803
  36,238
  40,967
  45,983
  51,280
  56,854
  62,699
  68,814
  75,199
  81,854
  88,783
  95,991
  103,485
  111,273
  119,367
  127,777
  136,519
  145,608
  155,060
  164,895
  175,132
  185,793
  196,901
  208,480
Variable operating expenses, $m
  11,167
  13,558
  16,247
  19,234
  22,519
  26,098
  29,964
  34,113
  38,537
  43,229
  47,972
  53,185
  58,653
  64,374
  70,347
  76,572
  83,054
  89,797
  96,808
  104,093
  111,665
  119,533
  127,711
  136,213
  145,055
  154,255
  163,832
  173,805
  184,196
  195,028
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
  11,167
  13,558
  16,247
  19,234
  22,519
  26,098
  29,964
  34,113
  38,537
  43,229
  47,972
  53,185
  58,653
  64,374
  70,347
  76,572
  83,054
  89,797
  96,808
  104,093
  111,665
  119,533
  127,711
  136,213
  145,055
  154,255
  163,832
  173,805
  184,196
  195,028
Operating income, $m
  542
  707
  893
  1,099
  1,325
  1,572
  1,839
  2,125
  2,430
  2,754
  3,309
  3,668
  4,046
  4,440
  4,852
  5,281
  5,729
  6,194
  6,677
  7,180
  7,702
  8,245
  8,809
  9,395
  10,005
  10,639
  11,300
  11,988
  12,705
  13,452
EBITDA, $m
  1,150
  1,401
  1,684
  1,997
  2,342
  2,718
  3,124
  3,559
  4,024
  4,517
  5,037
  5,584
  6,158
  6,759
  7,386
  8,040
  8,721
  9,428
  10,165
  10,930
  11,725
  12,551
  13,409
  14,302
  15,230
  16,196
  17,202
  18,249
  19,340
  20,477
Interest expense (income), $m
  13
  36
  71
  110
  154
  203
  257
  316
  379
  447
  520
  596
  678
  763
  853
  947
  1,045
  1,147
  1,253
  1,364
  1,478
  1,598
  1,722
  1,851
  1,985
  2,125
  2,270
  2,420
  2,577
  2,741
  2,911
Earnings before tax, $m
  506
  637
  783
  945
  1,122
  1,315
  1,523
  1,746
  1,983
  2,234
  2,712
  2,991
  3,282
  3,587
  3,905
  4,237
  4,582
  4,941
  5,314
  5,701
  6,104
  6,522
  6,958
  7,410
  7,880
  8,370
  8,880
  9,410
  9,964
  10,540
Tax expense, $m
  137
  172
  211
  255
  303
  355
  411
  471
  535
  603
  732
  807
  886
  969
  1,054
  1,144
  1,237
  1,334
  1,435
  1,539
  1,648
  1,761
  1,879
  2,001
  2,128
  2,260
  2,397
  2,541
  2,690
  2,846
Net income, $m
  369
  465
  571
  690
  819
  960
  1,112
  1,275
  1,448
  1,631
  1,980
  2,183
  2,396
  2,619
  2,851
  3,093
  3,345
  3,607
  3,879
  4,162
  4,456
  4,761
  5,079
  5,409
  5,753
  6,110
  6,482
  6,870
  7,273
  7,694

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  8,015
  9,764
  11,731
  13,917
  16,321
  18,939
  21,768
  24,803
  28,040
  31,474
  35,099
  38,914
  42,915
  47,101
  51,471
  56,026
  60,769
  65,702
  70,831
  76,162
  81,702
  87,459
  93,442
  99,663
  106,133
  112,864
  119,871
  127,168
  134,771
  142,697
Adjusted assets (=assets-cash), $m
  8,015
  9,764
  11,731
  13,917
  16,321
  18,939
  21,768
  24,803
  28,040
  31,474
  35,099
  38,914
  42,915
  47,101
  51,471
  56,026
  60,769
  65,702
  70,831
  76,162
  81,702
  87,459
  93,442
  99,663
  106,133
  112,864
  119,871
  127,168
  134,771
  142,697
Revenue / Adjusted assets
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
  1.461
Average production assets, $m
  3,946
  4,808
  5,776
  6,852
  8,036
  9,325
  10,718
  12,212
  13,806
  15,496
  17,281
  19,160
  21,130
  23,190
  25,342
  27,585
  29,920
  32,349
  34,874
  37,499
  40,227
  43,061
  46,007
  49,070
  52,255
  55,570
  59,019
  62,612
  66,355
  70,258
Working capital, $m
  -1,206
  -1,469
  -1,765
  -2,094
  -2,456
  -2,850
  -3,276
  -3,732
  -4,220
  -4,736
  -5,282
  -5,856
  -6,458
  -7,088
  -7,745
  -8,431
  -9,145
  -9,887
  -10,659
  -11,461
  -12,295
  -13,161
  -14,061
  -14,998
  -15,971
  -16,984
  -18,039
  -19,137
  -20,281
  -21,473
Total debt, $m
  1,310
  2,036
  2,852
  3,759
  4,757
  5,843
  7,018
  8,277
  9,620
  11,045
  12,550
  14,133
  15,794
  17,531
  19,344
  21,235
  23,203
  25,250
  27,379
  29,591
  31,890
  34,279
  36,762
  39,344
  42,029
  44,822
  47,730
  50,759
  53,914
  57,203
Total liabilities, $m
  3,326
  4,052
  4,869
  5,776
  6,773
  7,860
  9,034
  10,293
  11,637
  13,062
  14,566
  16,149
  17,810
  19,547
  21,360
  23,251
  25,219
  27,266
  29,395
  31,607
  33,906
  36,295
  38,779
  41,360
  44,045
  46,839
  49,747
  52,775
  55,930
  59,219
Total equity, $m
  4,689
  5,712
  6,863
  8,142
  9,548
  11,079
  12,734
  14,510
  16,403
  18,412
  20,533
  22,765
  25,105
  27,554
  30,110
  32,775
  35,550
  38,436
  41,436
  44,555
  47,796
  51,163
  54,664
  58,303
  62,088
  66,026
  70,125
  74,393
  78,841
  83,478
Total liabilities and equity, $m
  8,015
  9,764
  11,732
  13,918
  16,321
  18,939
  21,768
  24,803
  28,040
  31,474
  35,099
  38,914
  42,915
  47,101
  51,470
  56,026
  60,769
  65,702
  70,831
  76,162
  81,702
  87,458
  93,443
  99,663
  106,133
  112,865
  119,872
  127,168
  134,771
  142,697
Debt-to-equity ratio
  0.280
  0.360
  0.420
  0.460
  0.500
  0.530
  0.550
  0.570
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.640
  0.650
  0.650
  0.660
  0.660
  0.660
  0.670
  0.670
  0.670
  0.670
  0.680
  0.680
  0.680
  0.680
  0.680
  0.690
Adjusted equity ratio
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585
  0.585

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  369
  465
  571
  690
  819
  960
  1,112
  1,275
  1,448
  1,631
  1,980
  2,183
  2,396
  2,619
  2,851
  3,093
  3,345
  3,607
  3,879
  4,162
  4,456
  4,761
  5,079
  5,409
  5,753
  6,110
  6,482
  6,870
  7,273
  7,694
Depreciation, amort., depletion, $m
  608
  694
  791
  898
  1,017
  1,146
  1,285
  1,434
  1,594
  1,763
  1,728
  1,916
  2,113
  2,319
  2,534
  2,758
  2,992
  3,235
  3,487
  3,750
  4,023
  4,306
  4,601
  4,907
  5,226
  5,557
  5,902
  6,261
  6,636
  7,026
Funds from operations, $m
  977
  1,159
  1,362
  1,588
  1,836
  2,106
  2,397
  2,709
  3,041
  3,394
  3,708
  4,099
  4,509
  4,938
  5,385
  5,851
  6,337
  6,842
  7,366
  7,912
  8,479
  9,067
  9,680
  10,316
  10,978
  11,667
  12,384
  13,131
  13,909
  14,720
Change in working capital, $m
  -231
  -263
  -296
  -329
  -362
  -394
  -426
  -457
  -487
  -517
  -546
  -574
  -602
  -630
  -658
  -685
  -714
  -742
  -772
  -802
  -834
  -866
  -900
  -936
  -974
  -1,013
  -1,054
  -1,098
  -1,144
  -1,193
Cash from operations, $m
  1,208
  1,422
  1,658
  1,917
  2,198
  2,500
  2,823
  3,166
  3,529
  3,910
  4,254
  4,673
  5,111
  5,568
  6,043
  6,537
  7,050
  7,584
  8,138
  8,714
  9,312
  9,934
  10,580
  11,252
  11,952
  12,680
  13,438
  14,229
  15,053
  15,913
Maintenance CAPEX, $m
  -319
  -395
  -481
  -578
  -685
  -804
  -932
  -1,072
  -1,221
  -1,381
  -1,550
  -1,728
  -1,916
  -2,113
  -2,319
  -2,534
  -2,758
  -2,992
  -3,235
  -3,487
  -3,750
  -4,023
  -4,306
  -4,601
  -4,907
  -5,226
  -5,557
  -5,902
  -6,261
  -6,636
New CAPEX, $m
  -754
  -861
  -969
  -1,076
  -1,183
  -1,289
  -1,393
  -1,494
  -1,594
  -1,690
  -1,785
  -1,878
  -1,970
  -2,061
  -2,152
  -2,243
  -2,335
  -2,429
  -2,525
  -2,625
  -2,727
  -2,834
  -2,946
  -3,063
  -3,185
  -3,314
  -3,450
  -3,593
  -3,743
  -3,902
Cash from investing activities, $m
  -1,073
  -1,256
  -1,450
  -1,654
  -1,868
  -2,093
  -2,325
  -2,566
  -2,815
  -3,071
  -3,335
  -3,606
  -3,886
  -4,174
  -4,471
  -4,777
  -5,093
  -5,421
  -5,760
  -6,112
  -6,477
  -6,857
  -7,252
  -7,664
  -8,092
  -8,540
  -9,007
  -9,495
  -10,004
  -10,538
Free cash flow, $m
  135
  166
  209
  263
  329
  407
  497
  600
  714
  839
  919
  1,067
  1,225
  1,394
  1,572
  1,760
  1,957
  2,163
  2,378
  2,602
  2,835
  3,077
  3,328
  3,589
  3,859
  4,140
  4,432
  4,734
  5,049
  5,375
Issuance/(repayment) of debt, $m
  638
  726
  816
  907
  997
  1,087
  1,174
  1,260
  1,343
  1,425
  1,505
  1,583
  1,660
  1,737
  1,814
  1,890
  1,968
  2,047
  2,129
  2,212
  2,299
  2,389
  2,483
  2,582
  2,685
  2,794
  2,908
  3,028
  3,155
  3,289
Issuance/(repurchase) of shares, $m
  527
  559
  579
  589
  587
  572
  543
  501
  446
  378
  141
  48
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,165
  1,285
  1,395
  1,496
  1,584
  1,659
  1,717
  1,761
  1,789
  1,803
  1,646
  1,631
  1,660
  1,737
  1,814
  1,890
  1,968
  2,047
  2,129
  2,212
  2,299
  2,389
  2,483
  2,582
  2,685
  2,794
  2,908
  3,028
  3,155
  3,289
Total cash flow (excl. dividends), $m
  1,300
  1,451
  1,605
  1,759
  1,913
  2,065
  2,214
  2,360
  2,503
  2,642
  2,565
  2,698
  2,886
  3,131
  3,386
  3,650
  3,925
  4,210
  4,507
  4,814
  5,134
  5,466
  5,811
  6,170
  6,544
  6,934
  7,339
  7,762
  8,204
  8,664
Retained Cash Flow (-), $m
  -897
  -1,024
  -1,151
  -1,279
  -1,406
  -1,532
  -1,655
  -1,776
  -1,894
  -2,009
  -2,121
  -2,232
  -2,341
  -2,449
  -2,556
  -2,665
  -2,774
  -2,886
  -3,001
  -3,119
  -3,241
  -3,368
  -3,500
  -3,639
  -3,785
  -3,938
  -4,099
  -4,269
  -4,448
  -4,636
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
  47
  59
  71
  86
  102
  119
  138
  159
  181
  205
  230
  256
  284
  313
  344
  376
  409
  444
  480
  517
  556
  597
  639
  683
  728
  775
  824
  876
  929
  985
Cash available for distribution, $m
  404
  427
  454
  481
  507
  534
  559
  585
  609
  633
  444
  467
  545
  682
  829
  985
  1,151
  1,324
  1,506
  1,696
  1,893
  2,098
  2,311
  2,531
  2,759
  2,996
  3,240
  3,494
  3,756
  4,028
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
  387
  391
  395
  396
  393
  387
  378
  365
  350
  332
  211
  199
  207
  229
  243
  250
  250
  244
  232
  215
  196
  174
  151
  129
  107
  87
  70
  54
  41
  30
Current shareholders' claim on cash, %
  90.8
  83.5
  77.8
  73.2
  69.5
  66.6
  64.3
  62.5
  61.1
  60.1
  59.8
  59.7
  59.7
  59.7
  59.7
  59.7
  59.7
  59.7
  59.7
  59.7
  59.7
  59.7
  59.7
  59.7
  59.7
  59.7
  59.7
  59.7
  59.7
  59.7

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 25.4
Price to Sales 0.7
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow 13.2
Price to Free Cash Flow 30.1
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 $9466 million for the last fiscal year's total revenue generated by Quanta Services. The default revenue input number comes from 2017 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 23.7% 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 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 95.8%.

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 5.4% 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 0.5%.

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 33.7%.

Life of production assets of 10 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 -10.3%. 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 - $3792 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 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 $5.2 billion.

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COMPANY NEWS

▶ MARKETS: US economic data is strong, but growth is slowing   [May-03-18 01:34PM  Yahoo Finance Video]
▶ Quanta Services: 1Q Earnings Snapshot   [06:58AM  Associated Press]
▶ Hedge Funds Are Piling Into These Construction Stocks   [Mar-27-18 02:49AM  Insider Monkey]
▶ Quanta Services beats Street 4Q forecasts   [07:19AM  Associated Press]
▶ 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]
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