Quanta Services Inc

PWR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$217.00	Lgnt	Xqrxchw

Quanta Services Earnings: 2024 Guidance in Line; Improving Returns Boosts Fair Value Estimate

Brett Castelli

Feb 22, 2024

We increase our fair value estimate to $165 from $138 for no-moat Quanta Services following its fourth-quarter results. The main driver of our fair value increase is Quanta’s improving returns on invested capital, which drives a higher medium-term valuation beyond our explicit forecast. Despite the fair value increase, we continue to view shares as overvalued.

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