Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>We expect 2 changes during the September 2026 index rebal event, with three possible intra-review changes before the regular rebalance announcement.</li>
<li>SpaceX's CI/TMI addition on 18 June 2026 does not affect SP 500 eligibility, which we see no earlier than September 2027.</li>
</ul>


The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.
We expect 2 changes during the September 2026 index rebal event, with three possible intra-review changes before the regular rebalance announcement.
SpaceX's CI/TMI addition on 18 June 2026 does not affect SP 500 eligibility, which we see no earlier than September 2027.


Quiddity Leaderboard SP500/600 Sep26 Rebal: Two M&A Deals in Play; One Spin-Off ADD Imminent

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>MasTec Inc. reported second quarter 2026 results marked by solid year-over-year growth in key financial metrics and an expanded backlog.</li><li>Revenue increased 23% to $4.374 billion, adjusted EBITDA rose 40% to $384 million, and adjusted earnings per share grew 49% to $2.22.</li><li>The company also ended the quarter with a record backlog of $21.4 billion, reflecting strong demand momentum.</li></ul>

MasTec Inc. reported second quarter 2026 results marked by solid year-over-year growth in key financial metrics and an expanded backlog.Revenue increased 23% to $4.374 billion, adjusted EBITDA rose 40% to $384 million, and adjusted earnings per share grew 49% to $2.22.The company also ended the quarter with a record backlog of $21.4 billion, reflecting strong demand momentum.

MasTec Inc.’s $2.5 Billion Backlog Build — AI, Electrification & Digital Infrastructure Converge!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>MasTec is strategically positioned to capitalize on long-term secular growth trends in infrastructure, including the energy transition, 5G/fiber deployment, and AI-driven data center construction.</li>
  <li>A record backlog of $21.4 billion (as of Q2 2026) provides strong revenue visibility, driven by robust demand across all segments, particularly Clean Energy and Power Delivery.</li>
  <li>The recent acquisition of Superior Group significantly enhances capabilities in the high-demand data center and mission-critical infrastructure markets, though integration and project execution remain key factors to monitor.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  MasTec is strategically positioned to capitalize on long-term secular growth trends in infrastructure, including the energy transition, 5G/fiber deployment, and AI-driven data center construction.
  A record backlog of $21.4 billion (as of Q2 2026) provides strong revenue visibility, driven by robust demand across all segments, particularly Clean Energy and Power Delivery.
  The recent acquisition of Superior Group significantly enhances capabilities in the high-demand data center and mission-critical infrastructure markets, though integration and project execution remain key factors to monitor.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>MasTec has moved deeper into the center of the AI infrastructure cycle with its agreement to acquire electrical contractor Superior Group in a cash-and-stock transaction valued at roughly $1.65 billion.</li><li>The deal includes about $1.175 billion in cash and $475 million in MasTec common shares, and it follows a record first quarter in which MasTec reported $3.829 billion of revenue, $284 million of adjusted EBITDA, $1.39 of adjusted EPS, and a record $20.3 billion backlog.</li><li>The timing is notable because management has already been highlighting data centers, grid reliability, power generation, telecom fiber, and mission-critical infrastructure as major long-term demand drivers.</li></ul>

MasTec has moved deeper into the center of the AI infrastructure cycle with its agreement to acquire electrical contractor Superior Group in a cash-and-stock transaction valued at roughly $1.65 billion.The deal includes about $1.175 billion in cash and $475 million in MasTec common shares, and it follows a record first quarter in which MasTec reported $3.829 billion of revenue, $284 million of adjusted EBITDA, $1.39 of adjusted EPS, and a record $20.3 billion backlog.The timing is notable because management has already been highlighting data centers, grid reliability, power generation, telecom fiber, and mission-critical infrastructure as major long-term demand drivers.

MasTec’s $1.65 Billion Data Center Takeover Could Change Everything!

<ul><li>MasTec reported a first quarter 2026 performance characterized by significant year-over-year growth across revenue, earnings, and backlog, setting new records in several key metrics.</li><li>Revenues rose 34% to $3.829 billion, while adjusted EBITDA grew 73% to $284 million.</li><li>Adjusted earnings per share increased 174% to $1.39.</li></ul>

MasTec reported a first quarter 2026 performance characterized by significant year-over-year growth across revenue, earnings, and backlog, setting new records in several key metrics.Revenues rose 34% to $3.829 billion, while adjusted EBITDA grew 73% to $284 million.Adjusted earnings per share increased 174% to $1.39.

MasTec: Can $20.3 Billion Backlog Offset Cash Conversion Pressure?

United States

MasTec, Inc. is a specialty contractor operating across a range of industries. The Company activities are the building, installation, maintenance, and upgrade of utility and communications infrastructure, including electrical utility transmission and distribution, wind farms, solar farms, renewable energy and natural gas infrastructure, wireless, and wireline.

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Anjana Amarasuriya

MasTec Inc.’s $2.5 Billion Backlog Build — AI, Electrification & Digital Infrastructure Converge!

MasTec Inc. reported second quarter 2026 results marked by solid year-over-year growth in key financial metrics and an expanded backlog. Revenue...

Baptista Research

Primer: Mastec Inc (MTZ US) - Aug 2026

MasTec is strategically positioned to capitalize on long-term secular growth trends in infrastructure, including the energy transition, 5G/fiber...

αSK Primers

MasTec’s $1.65 Billion Data Center Takeover Could Change Everything!

MasTec has moved deeper into the center of the AI infrastructure cycle with its agreement to acquire electrical contractor Superior Group in a...

Baptista Research

MasTec: Can $20.3 Billion Backlog Offset Cash Conversion Pressure?

MasTec reported a first quarter 2026 performance characterized by significant year-over-year growth across revenue, earnings, and backlog, setting...

Baptista Research

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