DDM Analysis: PWR

Valuation Snapshot

Stable Growth	$134.54 - $300.72	$194.55
Multi-Stage	$94.92 - $103.78	$99.27
Blended Fair Value	$146.91
Current Price	$414.42
Upside	-64.55%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.46%	0.00%	0.36	0.32	0.27	0.23	0.19	0.15	0.00	0.00	0.00	0.00
YoY Growth	-	-	13.49%	16.30%	20.68%	17.76%	24.34%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.14%	0.12%	0.16%	0.17%	0.22%	0.48%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,018.05
(-) Cash Dividends Paid (M)	58.81
(=) Cash Retained (M)	959.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	203.61	127.26	76.35
Cash Retained (M)	959.23	959.23	959.23
(-) Cash Required (M)	-203.61	-127.26	-76.35
(=) Excess Retained (M)	755.62	831.98	882.88
(/) Shares Outstanding (M)	151.00	151.00	151.00
(=) Excess Retained per Share	5.00	5.51	5.85
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	5.00	5.51	5.85
(=) Adjusted Dividend	5.39	5.90	6.24
WACC / Discount Rate	9.73%	9.73%	9.73%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$134.54	$194.55	$300.72
Upside / Downside	-67.53%	-53.05%	-27.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,018.05	1,084.22	1,154.70	1,229.75	1,309.68	1,394.81	1,436.66
Payout Ratio	5.78%	22.62%	39.47%	56.31%	73.16%	90.00%	92.50%
Projected Dividends (M)	58.81	245.27	455.72	692.48	958.11	1,255.33	1,328.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.73%	9.73%	9.73%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	221.42	223.52	225.62
Year 2 PV (M)	371.41	378.48	385.63
Year 3 PV (M)	509.51	524.13	539.04
Year 4 PV (M)	636.41	660.88	686.05
Year 5 PV (M)	752.77	789.13	826.88
PV of Terminal Value (M)	11,842.08	12,414.06	13,007.93
Equity Value (M)	14,333.60	14,990.21	15,671.14
Shares Outstanding (M)	151.00	151.00	151.00
Fair Value	$94.92	$99.27	$103.78
Upside / Downside	-77.10%	-76.05%	-74.96%

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Quanta Services, Inc. (PWR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener