This company has been acquired
Infrastructure and Energy Alternatives (IEA) Aandelenoverzicht
Infrastructure and Energy Alternatives, Inc., through its subsidiaries, operates as a diversified infrastructure construction company in the United States. Meer informatie
| Sneeuwvlok Score | |
|---|---|
| Waardering | 3/6 |
| Toekomstige groei | 5/6 |
| Prestaties in het verleden | 0/6 |
| Financiële gezondheid | 2/6 |
| Dividenden | 0/6 |
Beloningen
Risicoanalyse
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Infrastructure and Energy Alternatives, Inc. Concurrenten
Prijsgeschiedenis en prestaties
| Historische aandelenkoersen | |
|---|---|
| Huidige aandelenkoers | US$13.72 |
| 52 Week Hoogtepunt | US$14.60 |
| 52 Week Laag | US$6.38 |
| Bèta | 1.73 |
| 1 maand verandering | -3.79% |
| 3 maanden verandering | 54.33% |
| 1 Jaar Verandering | 31.29% |
| 3 jaar verandering | 408.15% |
| 5 jaar verandering | n/a |
| Verandering sinds IPO | 61.41% |
Recent nieuws en updates
MasTec Acquires IEA: Turnaround Possible, But Not Right Now
Both MasTec and IEA are diversified engineering, procurement, and construction companies. However, IEA significantly increases MasTec’s exposure to renewable energy projects. Thanks to IEA, MasTec will gain some issues with profitability, but as I have discussed before, I believe IEA is set for a turnaround. Will it be worth holding on to MTZ shares? Introduction to Renewed Thesis I am a shareholder of Infrastructure and Energy Alternatives (IEA), and have written an article discussing how current profit weakness is an opportunity for value expansion upon improvement. Well, it seems that I am not the only one looking for a turnaround play, as another EPC MasTec (MTZ) has acquired IEA. The current 30% premium, or 50% above my prior article, is certainly a strong return, and came far sooner than expected. However, the share price has been weak for at least a year and a half, as the current buyout price is only a mild premium over my first coverage of IEA. I am thankful that I have recently added more shares on the weakness, an important way to trade cyclical companies. The questions now are: to sell IEA prior to the completion of the acquisition, or to hold on to the coming MasTec shares. It is an interesting thought experiment, and I see a few pros and cons to both sides of the coin. Unfortunately, MasTec does not have a strong balance sheet, and this acquisition is both draining all cash on hand, and is dilutive ($14 total share price, $10.50 funded in cash and $3.50 in shares/dilution). At the same time, we remain in a weak cycle for EPCs, especially as the effects of the infrastructure bill remain unseen. If investor sentiment changes over the next few quarters thanks to out-performance, MasTec’s similarly low valuation allows for shares to gain at a rapid clip. MasTec Acquisition Presentation MasTec’s new pro forma outlook has been presented, shown in the image below, and I believe that the new company will gain necessary diversification. MTZ has traditionally relied on communications and power delivery revenues, while IEA has seen far more growth from renewable energy projects. Now, the company will have more growth segments to rely on even if governmental negligence prevents full stimulus (while one bill has been passed, effects have yet to be seen but renewable projects may be at the fore). I believe that stimulus will be necessary to allow for a bullish outlook on MasTec due to financial weakness. MasTec The acquisition exacerbates two major issues: debt and profitability. IEA is known as having profitability issues, even as revenue growth has averaged over 50% per year for multiple years. Meanwhile, MasTec has tried hard to maintain positive net income, but this has come with debt and at the expense of growth. It is difficult to expect that current profitability will be maintained, and so, investors may sell-off as the company attempts to consolidate the joint businesses. While this may lead to an opportunity later on, the shares may be weak in the intermediate term. As you can see in the two charts below, management will have a lot of work to do to find synergies and increase profit margins. Perhaps economies of scale, internal supplier/client relationships, and other catalysts will allow for improvement. Unfortunately, more stimulus/favorable contracts will be necessary. Koyfin Koyfin Moving to balance sheet issues, we can see that MasTec is already significantly levered. Now, IEA will be adding a further $400 million in debt to the combined company, a total over $2.5 billion. The deal will also be dilutive, so look for MasTec’s share count to increase. Lastly, IEA’s current losses are greater than MTZ’s current FCF, so it is unknown whether the balance sheet will be improved moving forward. This uncertainty further lowers investor sentiment, and in turn, share price. This is why the MTZ is already down 6% after the announcement, and selling may continue. Koyfin Koyfin One of the few positives I can see is the cheap acquisition price, and the continued opportunity for the value to rise. While reliant on both companies seeing increases in profitability, the opportunity arises thanks to fiscal stimulus. Further, IEA has access to the important clean energy industry that remains in a secular growth cycle. As MasTec’s valuation reaches all-time lows, one should expect this poor cycle to end, and a positive one to begin. While leverage will continue to hamper the EV/EBITDA value, the P/S indicates that any changes in profitability has the ability to quickly bring the value above 1.0x. This would account for over 60% return, and may occur within a few years based on current guidance. However, in the short-term, I would wait for the valuation to continue falling, and prices below 0.5x P/S are historically better times to buy MTZ.Long IEA, Short REI: Renewable Energy Vs. Fossil Fuels, A Showdown
The most important, and economically viable, pair trade in the market is: short fossil fuels - long renewables. Yes, yes, please hear me out. Before you click away, I will address dilemmas and hindrances to my thesis, including governmental inefficiency, wasteful spending, and risky investment strategies. For this reason, I provide multiple hedges on both sides of the aisle in order to perform proper risk management. I do not look to persuade you into choosing one or the other, I am merely sharing my own ideology on the matter.Recent updates
Rendement voor aandeelhouders
| IEA | US Construction | US Markt | |
|---|---|---|---|
| 7D | 1.3% | 1.9% | 0.6% |
| 1Y | 31.3% | 59.8% | 20.1% |
Rendement versus industrie: IEA overtrof de US Construction industrie, die het afgelopen jaar een rendement 59.8 % opleverde.
Rendement versus markt: IEA overtrof de US markt, die het afgelopen jaar een rendement opleverde van 20.1 %.
Prijsvolatiliteit
| IEA volatility | |
|---|---|
| IEA Average Weekly Movement | 9.4% |
| Construction Industry Average Movement | 9.9% |
| Market Average Movement | 7.1% |
| 10% most volatile stocks in US Market | 16.3% |
| 10% least volatile stocks in US Market | 3.1% |
Stabiele aandelenkoers: De aandelenkoers van IEA is de afgelopen 3 maanden volatiel geweest in vergelijking met de US markt.
Volatiliteit in de loop van de tijd: De wekelijkse volatiliteit ( 9% ) van IEA is het afgelopen jaar stabiel geweest.
Over het bedrijf
| Opgericht | Werknemers | CEO | Website |
|---|---|---|---|
| 1947 | 3,718 | JP Roehm | www.iea.net |
Infrastructure and Energy Alternatives, Inc. Samenvatting
| IEA fundamentele statistieken | |
|---|---|
| Marktkapitalisatie | US$667.00m |
| Inkomsten(TTM) | -US$78.35m |
| Inkomsten(TTM) | US$2.28b |
Is IEA overgewaardeerd?
Zie Reële waarde en waarderingsanalyseInkomsten en omzet
| IEA resultatenrekening (TTM) | |
|---|---|
| Inkomsten | US$2.28b |
| Kosten van inkomsten | US$2.08b |
| Brutowinst | US$201.48m |
| Overige uitgaven | US$279.83m |
| Inkomsten | -US$78.35m |
Laatst gerapporteerde inkomsten
Jun 30, 2022
Volgende inkomensdatum
n.v.t.
| Winst per aandeel (EPS) | -1.61 |
| Brutomarge | 8.83% |
| Nettowinstmarge | -3.43% |
| Schuld/Eigen Vermogen Verhouding | 1,371.0% |
Hoe presteerde IEA op de lange termijn?
Bekijk historische prestaties en vergelijkingBedrijfsanalyse en status van financiële gegevens
| Gegevens | Laatst bijgewerkt (UTC-tijd) |
|---|---|
| Bedrijfsanalyse | 2022/10/07 00:40 |
| Aandelenkoers aan het einde van de dag | 2022/10/06 00:00 |
| Inkomsten | 2022/06/30 |
| Jaarlijkse inkomsten | 2021/12/31 |
Gegevensbronnen
De gegevens die gebruikt zijn in onze bedrijfsanalyse zijn afkomstig van S&P Global Market Intelligence LLC. De volgende gegevens worden gebruikt in ons analysemodel om dit rapport te genereren. De gegevens zijn genormaliseerd, waardoor er een vertraging kan optreden voordat de bron beschikbaar is.
| Pakket | Gegevens | Tijdframe | Voorbeeld Amerikaanse bron * |
|---|---|---|---|
| Financiële gegevens bedrijf | 10 jaar |
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| Consensus schattingen analisten | +3 jaar |
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| Marktprijzen | 30 jaar |
| |
| Eigendom | 10 jaar |
| |
| Beheer | 10 jaar |
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| Belangrijkste ontwikkelingen | 10 jaar |
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* Voorbeeld voor effecten uit de VS, voor niet-Amerikaanse effecten worden gelijkwaardige formulieren en bronnen gebruikt.
Tenzij anders vermeld zijn alle financiële gegevens gebaseerd op een jaarperiode, maar worden ze elk kwartaal bijgewerkt. Dit staat bekend als Trailing Twelve Month (TTM) of Last Twelve Month (LTM) gegevens. Meer informatie.
Analysemodel en Snowflake
Details van het analysamodel dat is gebruikt om dit rapport te genereren zijn beschikbaar op onze Github-pagina, we hebben ook handleidingen over hoe u onze rapporten kunt gebruiken en tutorials op YouTube.
Leer meer over het team van wereldklasse dat het Simply Wall St-analysemodel heeft ontworpen en gebouwd.
Industrie en sector
Onze industrie- en sectormetrics worden elke 6 uur berekend door Simply Wall St, details van ons proces zijn beschikbaar op Github.
Bronnen van analisten
Infrastructure and Energy Alternatives, Inc. wordt gevolgd door 5 analisten. 2 van deze analisten hebben de schattingen van de omzet of winst ingediend die zijn gebruikt als input voor ons rapport. Inzendingen van analisten worden de hele dag door bijgewerkt.
| Analist | Instelling |
|---|---|
| Brent Thielman | D.A. Davidson & Co. |
| Shahriar Pourreza | Guggenheim Securities, LLC |
| Paul Penney | Northland Capital Markets |