Solv Energy: Leveraging Utility-Scale Solar & Storage Platform to Narrow Valuation Discount

Nicholas Amicucci, an analyst from Evercore ISI, has initiated a new Buy rating on Solv Energy (MWH).

Nicholas Amicucci has given his Buy rating due to a combination of factors tied to Solv Energy’s strategic positioning in the U.S. power market and its differentiated business model. He highlights Solv’s scale and focus on large utility‑scale solar and storage projects, its blend of EPC and O&M services, and its Limited Notice to Proceed contracting approach, which together support disciplined backlog conversion and margin protection.

He also points to the robust long‑term growth outlook for U.S. solar plus battery storage, with hybrid projects expected to represent a substantial share of new generation, and views Solv as well placed to capture this demand, especially amid a tightening pool of skilled labor. On valuation, he applies a 2027 EV/EBITDA multiple in line with peers and argues that Solv’s current discount to top-tier competitors should narrow as the company executes, supporting his $34 target price and Buy recommendation.

In another report released today, UBS also initiated coverage with a Buy rating on the stock with a $42.00 price target.