Wasatch Advisors disclosed a new stake in Everus Construction Group (NYSE:ECG) in its February 12, 2026, SEC filing, acquiring 2,160,337 shares worth $184.84 million. What happened According to a Securities and Exchange Commission (SEC) filing dated February 12, 2026, Wasatch Advisors established a new position in Everus Construction Group (NYSE:ECG), acquiring 2,160,337 shares. The quarter-end value of the stake totaled $184.84 million, reflecting both the purchase and stock price shifts during the peri ...

Core Insights - The article identifies the 13 best infrastructure stocks to buy, emphasizing the importance of infrastructure companies in industrial economies [1] - Allianz Research highlights a significant global infrastructure investment gap, estimating a need for $4.2 trillion annually, or 3.5% of global GDP, over the next decade to address infrastructure needs [2] - The global infrastructure market is projected to grow from $2.9 trillion in 2025 to $4.5 trillion by 2032, reflecting a 6.6% CAGR, driven by urbanization, demographic changes, and AI-driven digitalization [3] Infrastructure Investment Landscape - Countries are actively investing in infrastructure to meet growing demands, with AI and data center growth expected to be a structural tailwind for infrastructure companies [4] - The analysis identifies 13 infrastructure stocks that are well-positioned to benefit from these trends, based on hedge fund interest and potential upside [5] Methodology for Stock Selection - The initial stock pool was created by analyzing infrastructure-focused ETFs and financial media, leading to the selection of 13 stocks with positive upside potential and significant hedge fund interest as of February 16, 2026 [7] - The strategy of imitating top hedge fund stock picks has historically outperformed the market, with a reported return of 427.7% since May 2014 [8] Company Highlights - **WEC Energy Group, Inc. (NYSE:WEC)**: - Hedge fund holders: 37, with a stock upside of 4.50% - Mizuho raised its price target to $121, citing strong Q4 2025 performance with EPS of $5.27, an 8% increase from 2024 [9][10] - The company forecasts a 6.5%-7% EPS CAGR for 2026 and a long-term growth of 7%-8% [11] - WEC has a strong track record of exceeding earnings guidance for 22 consecutive years [13] - **Sempra (NYSE:SRE)**: - Hedge fund holders: 41, with a stock upside of 5.51% - Jefferies lowered its price target to $89 due to California risks related to legal challenges facing SoCalGas [15][16] - BMO Capital cut its price target to $100, labeling the stock's recent decline as an overreaction to litigation concerns [18] - Sempra operates one of the largest energy networks in North America, providing electricity and natural gas to nearly 40 million consumers [20]

Group 1 - Consolidated Water Co. Ltd. (CWCO) operates a business model that combines stable, utility-style recurring revenue with an infrastructure-driven approach [1] - The company is expected to experience strong financial growth, particularly due to the Hawaii desalination project [1] Group 2 - The analyst emphasizes a focus on identifying undervalued businesses and high-quality compounders across various sectors, including chemicals, specialty manufacturing, and energy transition [1] - The investment approach integrates bottom-up fundamental analysis with top-down macroeconomic context, involving financial statement analysis and competitive landscape mapping [1]

Core Insights - Ameren Corporation reported a net income of $1,456 million for 2025, translating to $5.35 per diluted share, an increase from $1,182 million or $4.42 per diluted share in 2024 [1] - The company affirmed its earnings guidance for 2026, projecting earnings between $5.25 and $5.45 per diluted share, with a compound annual growth rate of 6% to 8% expected from 2026 through 2030 [1][2] - The increase in earnings was attributed to higher infrastructure investment returns, new electric service rates, and increased retail electric sales, particularly in Ameren Missouri, driven by favorable weather conditions [1][2] Financial Performance - 2025 adjusted EPS was $5.03 compared to $4.63 in 2024, while GAAP diluted EPS rose from $4.42 in 2024 to $5.35 in 2025 [1] - For Q4 2025, GAAP net income was $252 million or $0.92 per diluted share, up from $207 million or $0.77 per diluted share in Q4 2024 [1] - The total operating revenues for 2025 were $8,799 million, compared to $7,623 million in 2024, reflecting a significant year-over-year increase [4] Segment Performance - Ameren Missouri's 2025 GAAP and adjusted earnings were $747 million, up from $559 million in 2024, driven by infrastructure investments and new electric service rates [2] - Ameren Transmission reported 2025 GAAP earnings of $415 million, an increase from $323 million in 2024, attributed to higher infrastructure investment returns [2] - Ameren Illinois Electric Distribution segment saw GAAP earnings rise to $281 million in 2025 from $234 million in 2024, reflecting increased infrastructure investments [2] Future Outlook - The company plans to invest $31.8 billion in infrastructure, which is expected to support a projected rate base growth of approximately 10.6% compounded annually from 2025 through 2030 [1][2] - The earnings guidance for 2026 assumes normal temperature conditions and is subject to various regulatory and market factors [1][2] - The company emphasizes a strategic approach to investing in energy infrastructure to enhance reliability and support community growth [1]

Summary of Vietnam's Economic Development Plan (2026-2030) Industry Overview - The report focuses on Vietnam's economic development plan for the period 2026-2030, aiming for an average real GDP growth of 10% or more, as endorsed by the 14th National Party Congress [2][3][4]. Core Points and Arguments 1. **Growth Target**: The government targets an average real GDP growth of 10% or more, a significant increase from the previous target of 6.5%-7.0% [4][5]. 2. **Investment Focus**: Development investment spending is projected to rise by 42% year-on-year in 2026, indicating a strong fiscal tilt towards capital formation [2][28]. 3. **Labor Productivity**: The plan aims for labor productivity growth of approximately 8.5% per year, up from 6.7% in the previous five years, emphasizing human-capital upgrading [10][11]. 4. **Infrastructure Investment**: Vietnam prioritizes scaling up infrastructure investment in transportation, energy, logistics, and digital infrastructure to support higher growth [2][28]. 5. **FDI Attraction**: The government is focused on attracting Foreign Direct Investment (FDI) into higher value-added sectors, with FDI inflows averaging around 4% of GDP annually [24][26]. 6. **Macroeconomic Stability**: The plan emphasizes maintaining macroeconomic stability, with a target inflation rate of around 4.5% for 2026 and a public debt limit of 60% of GDP [13][34]. 7. **Demographic Challenges**: Vietnam faces demographic constraints, including a slowing working-age population growth rate, which is projected to remain moderate at around 0.7% over the next five years [10][35]. 8. **Lessons from China**: The report draws parallels with China's early 2000s growth, noting that while Vietnam has a similar urbanization stage, it faces weaker demographic momentum and less supportive global trade conditions [35][36]. Additional Important Content 1. **Investment Composition**: The report highlights that over half of Vietnam's GDP growth in the past decade has come from investment, which is expected to rise to 35%-36% of GDP [11]. 2. **Public Investment**: The state's share of total investment has increased from 24% in 2019 to 27% in 2024, driven by weak private sector investment [34]. 3. **Urbanization Potential**: Vietnam's urbanization rate is around 40%, significantly below the EM Asia average of approximately 60%, indicating substantial potential for urban development [28]. 4. **Property Sector Risks**: The report warns of potential systemic risks in the property sector, similar to China's experience, due to liquidity stress and refinancing pressures for developers [50][51]. 5. **Domestic Value Addition**: Vietnam aims to increase domestic value-added share in exports, with recent surveys indicating a rise in local procurement by foreign firms operating in Vietnam [19][24]. This comprehensive overview captures the key elements of Vietnam's economic development plan, highlighting both the ambitious growth targets and the challenges that lie ahead.

Acquisition Strategy - The company has completed its twelfth hot mix plant acquisition in the Houston market, enhancing its geographic footprint and throughput opportunities at the nearby liquid asphalt terminal [1][2] - The recent acquisition of GMJ Paving Company, a leading asphalt contractor in Houston, complements existing assets and strengthens market position [2][39] - The company has a robust pipeline of acquisition opportunities across its footprint and surrounding states, focusing on strategic cultural fits [5][44] Financial Performance - For fiscal 2026, the company reported revenue of $809.5 million, a 44% increase year-over-year, with 3.5% from organic growth and 40.6% from acquisitions [8] - Gross profit for Q1 was $121.5 million, up approximately 58% compared to the previous year, with a gross profit margin of 15% [8] - Adjusted EBITDA increased by 63% to $112.2 million, with an adjusted EBITDA margin of 13.9% [9] Market Outlook - The company anticipates a 10-15% increase in total federal, state, and local contract awards in FY '26, particularly for small and medium-sized maintenance projects [4][32] - The revenue outlook for fiscal 2026 is projected between $3.48 billion and $3.56 billion, with adjusted EBITDA expected to range from $534 million to $550 million [11] - The company expects organic growth of approximately 7% to 8% for the fiscal year [11][21] Operational Efficiency - General and administrative expenses as a percentage of total revenue decreased to 7.7% in Q1, down from 7.9% the previous year [9] - The company aims to reduce its debt to trailing twelve-month EBITDA ratio to approximately 2.5 times by late 2026, currently at 3.18 times [10][42] - Cash flow from operations for 2026 was reported at $82.6 million, up from $40.7 million in 2025, with expectations to convert 75% to 85% of EBITDA to cash flow [10][11] Growth Strategy - The company is focused on both organic growth and strategic acquisitions to build shareholder value, with plans to bring online several greenfield facilities [6][5] - The Road 2030 growth plan aims to double the company's size to over $6 billion in revenue by 2030, targeting an EBITDA margin growth to approximately 17% [6][7] - The company is actively integrating recent acquisitions to create organic growth opportunities and enhance operational efficiency [24][39]

INVESTOR PRESENTATION Q2 FY26 Results | February 2026 Safe Harbor Statement © Matrix Service Company. All rights reserved. 2 Investing in MTRX 3 • Experienced EPC general industrial contractor of scale with a 40+ year track record supporting energy, power, and industrial infrastructure customers • Provider of end-to-end services across entire asset life-cycle with niche capabilities in cryogenic storage for LNG, NGLs, and chemical applications as well as other cryogenic infrastructure such as thermal vacuum ...

28 January 2026 China Macro Tracker Economics A more conservative approach to the GDP target China Erin Xin Economist, Greater China The Hongkong and Shanghai Banking Corporation Limited erin.y.xin@hsbc.com.hk +852 2996 6975 Lulu Jiang (Reg. No. S1700523070001) GDP: Local GDP targets starting to be announced, with many lower than last year The national GDP growth target will not be unveiled until the Two Sessions held starting 4 and 5 March, but recent developments suggest Beijing may take a more conservati ...

Core Insights - The Zacks Building Products - Concrete & Aggregates industry is set for multi-year growth driven by federal and state infrastructure spending and a recovery in private nonresidential construction [1][4] - Despite softness in residential construction due to affordability issues, the overall growth trajectory of the industry remains intact, supported by strong pricing power and operational efficiencies [2][5] Industry Overview - The industry encompasses manufacturers, distributors, and sellers of construction materials such as aggregates and concrete, serving public infrastructure, residential, and non-residential markets [3] - Key materials include gypsum wallboard, recycled paperboard, concrete blocks, and ready-mix concrete, with companies also involved in design and installation [3] Trends Influencing the Industry - Infrastructure revitalization efforts, including the Infrastructure Investment and Jobs Act, are expected to enhance competitiveness and provide a solid foundation for construction growth [4] - Companies are focusing on acquisitions and operational efficiency to improve earnings and cash flows while navigating cost inflation and labor shortages [5] Challenges Faced - Industry players are contending with rising material costs, skilled labor shortages, and weather-related disruptions that can impact production and profitability [6] Market Performance - The industry ranks 97 in the Zacks Industry Rank, placing it in the top 40% of over 250 Zacks industries, indicating strong near-term prospects [7][8] - The industry's earnings estimates for 2026 have increased from $2.38 to $2.69 per share, reflecting growing analyst confidence [9] Stock Performance - The industry has outperformed the broader Zacks Construction sector and the S&P 500, with a collective gain of 21.2% over the past year compared to 7.7% for the sector and 17.7% for the S&P 500 [11] - The industry is currently trading at a forward P/E ratio of 24.99, higher than the S&P 500's 23.36 and the sector's 20.65 [13] Company Highlights - **Martin Marietta**: Positioned for growth due to strong demand across key markets, supported by infrastructure funding and improving residential trends. The company has seen a 19.6% stock gain over the past year, with 2026 EPS estimates trending upward to $21.78 [17][18] - **Vulcan Materials**: Growth driven by resilient end-market demand and disciplined execution, with a focus on public construction and operational efficiencies. The stock has gained 8.3% over the past year, with a 2026 EPS growth estimate of 7.5% [22][23]

Core Viewpoint - Illinois American Water has filed a request for new rates to support approximately $577 million in investments for water and wastewater systems from January 2026 through December 2027, aiming to enhance water quality and reliability for over 1.3 million residents in Illinois [1][2]. Investment Plans - The proposed investments will include the replacement of 42 miles of aging water and wastewater pipelines, upgrades to storage tanks, wells, pumping stations, hydrants, meters, and wastewater plants, as well as ongoing replacement of lead service lines and improvements to treatment facilities to meet regulatory requirements, including addressing emerging contaminants like PFAS [2]. Rate Changes - If approved, the typical residential water customer using 3,500 gallons of water would see an increase of approximately $14 per month, while typical customers served by sanitary wastewater systems would see an increase of approximately $28 per month [3]. Affordability Measures - The proposal includes a modified allowance rate for residential water users, offering a discount rate for the first 2,000 gallons of water to alleviate financial pressures on low consumption customers [4]. - The company also provides assistance programs for income-eligible customers, including the H2O Help to Others program, budget billing options, and flexible payment plans [5]. Regulatory Process - The rate request initiates an 11-month review process by the Illinois Commerce Commission (ICC), which includes opportunities for customer involvement through written comments and public input hearings [7]. - All rate changes require ICC approval, and if approved, the new rates would take effect in January 2027 [7]. Company Overview - Illinois American Water, a subsidiary of American Water, is the largest regulated water utility in Illinois, serving approximately 1.3 million people with a dedicated workforce of over 600 employees [10][11].