MasTec Inc

MTZ: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$91.00	Lczq	Rdydzspz

MasTec Earnings: Challenges With IEA Acquisition Cause Another Guidance Cut

Brett Castelli

Nov 1, 2023

We lower our fair value estimate for no-moat MasTec to $70 per share from $86 after the company’s third-quarter earnings in which it lowered 2023 guidance. The main driver of our lower valuation is lower revenue growth and margin expansion versus our prior estimates. MasTec shares are trading down 17% pre-market following the guidance cut. We view shares as undervalued given low expectations following a challenging 2023 for the company.

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