Analyst Research Report Snapshot

Title:

Quanta (PWR): 4Q12 review; revising 2013E; reit. Buy

Price:

$92.00

Provider:

Griffin Securities, Inc.

Date:

21 Feb 2013

Pages:

10

Type:

AcrobatPDF

Companies referenced:

PWR.N

Available for Immediate Download
Summary:

We are updating coverage on Quanta Services (PWR) with a BUY rating, and we are maintaining our 18-month price target of $30.00 for PWR shares.  4Q ‘12 pro forma EPS of $0.52 on revenues of $1.67 billion materially exceeded expectations- outlook into remainder of 2013 remains robust across all divisions including pipeline, however management is taking a cautious outlook as 2012 had special events such as unusual large amount of restoration services and others;  Company is guiding to 2013 revenues of $5.7-$6.2 billion and pro forma EPS of $1.23-$1.53 vs. $5.9 billion and EPS of $1.51 during 2012;  Backlogs rose modestly- seventh consecutive quarter of improving environment- expect uptrend to continue throughout 2013; and  Liquid balance sheet and ability to finance aggressive internal growth via C/F generation.

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