Everus Construction Group, Inc.ECG

Spin-off from MDU Resources Group, Inc. (MDU) · Oct 31, 2024 · NYSE

one share of Everus common stock for every four shares of MDU Resources common stock

Documents

Both companies today

Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.

What is being separated

Everus Construction Group is a specialty contractor headquartered in Bismarck, North Dakota, operating 15 companies under 20 local brands in two segments: Electrical & Mechanical and Transmission & Distribution. MDU Resources keeps its regulated electric and natural-gas utilities and pipeline business. Everus put in place a $525 million credit agreement, drawing $300 million of term loans at separation.

Stated rationaleMDU announced in November 2023 that separating construction services would leave it a pure-play regulated energy company and give Everus its own growth and capital priorities.

The four questions

Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months.