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Stephen D. Dumoulin-Smith

Managing Director and Senior Equity Research Analyst at Jefferies

Stephen D. Dumoulin-Smith is a Managing Director and Senior Equity Research Analyst at Jefferies, specializing in U.S. power, utilities, and clean energy research. He covers major companies such as Vistra Energy (VST), First Solar (FSLR), NextEra Energy (NEE), NRG Energy, CMS Energy, Shoals Technologies Group (SHLS), and AMRC, among 60+ others primarily in utilities, energy, and related sectors, with a strong performance track record including a 54-60% success rate, average returns of 5-6.89% per rating on TipRanks and StockAnalysis, and his best call on VST yielding +315% return. Recognized as a top-ranked analyst by Institutional Investor in utilities, he has built his career at Jefferies with no public prior firms noted in available data. Professional credentials include active FINRA registrations as a standard for equity research analysts in his role.

Stephen D. Dumoulin-Smith's questions to Primoris Services (PRIM) leadership

Question · Q4 2025

Stephen D. Dumoulin-Smith asked about forthcoming developments in the utility segment, particularly in Texas, and their expected impact on backlog. He also sought an update on communications activity, specifically regarding new wins and what is not yet reflected in the backlog. Additionally, he inquired about the lumpiness of gas generation opportunities, near-term bookings expectations, and the timing of revenue translation.

Answer

President and CEO Koti Vadlamudi emphasized Texas as a fertile market for power generation and data centers, expecting meaningful capital for distribution and substation builds, with strong MSA-related backlog in utilities. He noted positive indications in communications with $200 million in new bookings year-to-date. For gas generation, Mr. Vadlamudi acknowledged lumpiness due to large project scale and time for scope definition, but confirmed line of sight to $1.5 billion to $2 billion near-term bookings.

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