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Chris Senyek

Research Analyst at Wolfe Research, LLC

New York, NY, US

Chris Senyek is Managing Director and Chief Investment Strategist at Wolfe Research, LLC, specializing in macroeconomic research with a focus on equity strategy, accounting and tax policy, and thematic portfolios. He maintains and publishes long/short baskets on macro themes, tax policy, special situations, and consumer sectors, frequently covering major companies in industrials, technology, high-end retail, low-end retail, and recent IPOs. Recognized as a top expert, Senyek has consistently ranked #1 by Extel magazine in macroeconomic research (accounting and tax policy) and entered their Hall of Fame in 2020 for over a decade of top rankings. Joining Wolfe in 2011 after roles at Evercore ISI, Bear Stearns, and Arthur Andersen, he holds CFA and MBA credentials and regularly appears in financial media discussing earnings expectations and market outlooks.

Chris Senyek's questions to Everus Construction Group (ECG) leadership

Question · Q3 2025

Chris Senyek with Wolfe Research asked for a detailed breakdown of the data center end market revenue within the E&M segment, including changes in contract mix, size, length, timing, customer demands, or geography. He also inquired about the pace of growth in this business and Everus Construction Group's M&A strategy given its low net leverage.

Answer

CEO Jeff Thiede stated that data centers are a significant and growing part of Everus's commercial end market and its largest backlog component, driven by strong demand and execution. He confirmed a consistent growth trajectory for the data center business. Regarding M&A, Thiede highlighted the strong balance sheet enabling meaningful acquisitions, an expanded corporate development team, and a broader M&A funnel compared to a year ago, focusing on companies with high integrity, similar services, and geographical expansion in both T&D and E&M segments.

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Question · Q3 2025

Chris Senyek asked for a detailed breakdown of the data center end market revenue progression within E&M, seeking insights into any changes in contract mix, size, length, timing, customer demands, or geography that might influence future modeling. He also inquired about the pace of data center business growth throughout the year and, separately, Everus's M&A strategy, given its low net leverage and the recent addition to the corporate strategy team.

Answer

CEO Jeff Thiede explained that data centers are a significant and growing part of the E&M segment and the largest component of backlog, driven by strong execution and available talent. He confirmed continued strong demand and a long runway for data center opportunities, with the business growing steadily throughout the year. Regarding M&A, Mr. Thiede emphasized the strong balance sheet enabling meaningful acquisitions, an expanded corporate development team, and a broader funnel of opportunities. He outlined strategic priorities for M&A, focusing on high-integrity companies with similar services, offering geographical expansion in both T&D and E&M segments.

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Chris Senyek's questions to NCR Atleos (NATL) leadership

Question · Q2 2025

Chris Senyek of Wolfe Research inquired about the trends in ATM as a Service deals, specifically the mix between asset-heavy and asset-light models, and asked for guidance on margin cadence for the second half of the year.

Answer

President & CEO Tim Oliver explained that asset-light deals are more common in developed markets like North America, while asset-heavy deals are typical in regions like India. EVP & COO Stuart MacKinnon outlined the margin outlook, expecting sequential improvement in the Network segment and continued step-ups in Self-Service Banking margins through Q4. Tim Oliver added that significant productivity initiatives are helping drive margin expansion despite a higher hardware mix.

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Question · Q2 2025

Chris Senyek asked about the trends in ATM as a Service deals between asset-heavy and asset-light models, the U.S. versus international mix, and the expected margin cadence for the second half of the year.

Answer

CEO Tim Oliver noted that asset-light deals are primarily a developed world opportunity and that the strong backlog ARPU indicates a healthy mix. COO Stuart MacKinnon and CEO Tim Oliver projected continued sequential margin improvement in the second half, driven by growth in the Self-Service Banking segment and significant productivity initiatives expected to deliver $40-50 million in net savings for the year.

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Chris Senyek's questions to Bloom Energy (BE) leadership

Question · Q2 2025

Chris Senyek of Wolfe Research, LLC questioned why the fast-turnaround Oracle deal did not lead to a guidance increase, asking if it was already factored in or if additional deals were still required to meet targets.

Answer

KR Sridhar, Founder, Chairman & CEO, explained that the company's annual forecast consistently includes a portion of revenue from deals that are booked and shipped within the same year. He noted this reflects a positive secular trend of a shrinking sales cycle, which the company is well-positioned to capitalize on.

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Chris Senyek's questions to QUANTA SERVICES (PWR) leadership

Question · Q2 2025

Chris Senyek from Wolfe Research asked if acquisitions like Dynamic Systems are necessary to compete for large data center projects or if these opportunities could have been addressed organically.

Answer

President & CEO Duke Austin explained that while Quanta pursues organic growth in many areas, the speed and scale of the data center market made acquiring a platform company the right strategic choice for exponential growth. He contrasted this with telecom, which Quanta grew organically. The decision to build or buy depends on the market, and in this case, acquiring a great company with craft-skilled labor was the best use of capital to provide a comprehensive solution.

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