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Brent Theilman

Managing Director and Senior Research Analyst at D.A. Davidson & Co.

Brent Thielman is a Managing Director and Senior Research Analyst at D.A. Davidson & Co., specializing in engineering & construction, construction materials, and infrastructure services & products. He covers companies such as Quanta Services, EMCOR Group, CRH, Primoris Services, Valmont Industries, Matrix Service, and Concrete Pumping, with a strong performance track record including a 71% success rate, average return of 28.13%, and a 4.98-star ranking among top analysts on platforms like StockAnalysis. Thielman began his career at D.A. Davidson in late 2003, accumulating over 21 years of dedicated experience at the firm with no prior employers noted. He holds a bachelor’s degree in economics from the University of Oregon and maintains active FINRA registration as a broker.

Brent Theilman's questions to VALMONT INDUSTRIES (VMI) leadership

Question · Q4 2025

Brent Theilman followed up on the utility segment, asking if the assumed $150 million growth for 2026, given a stable fuel price environment, represented the maximum potential ceiling for the business based on current capacity, or if there was higher upside. He also sought clarification on the agriculture business outlook, specifically if it assumed a weaker first half and a stronger second half contingent on securing new project wins.

Answer

EVP and CFO Thomas Liguori confirmed potential upside in the utility business beyond the $150 million growth, crediting the operations team for capacity implementation. For agriculture, Thomas Liguori indicated a slower first quarter and potentially first half, with improvement expected as project wins materialize mid-year. President and CEO Avner Applbaum added that while underlying demand drivers for the region are strong, Valmont maintains a disciplined, selective approach to projects, ensuring financial thresholds are met, and expressed confidence in the pipeline despite the lumpy nature of the business.

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