Sterling Infrastructure builds large-scale site infrastructure for data centres, warehouses, transport and energy projects, with data centres driving most of its growth. The stock has been crushed, first falling 37% between 6 and 23 October, then dropping about 21% in a single day after the US midterms, when Democrats took Congress and Texas, home to 27% of planned US data centre capacity, elected a governor backing a data centre moratorium. It’s now down roughly 54% in a month. As of friday its at 250 and ATH was 900 few months back.

The business itself is booming: Q3 revenue rose 127% to $1.56bn, adjusted EPS jumped 118% to $7.58, combined backlog grew 78% to $6.1bn. There total backlog is 8 billion. And as of friday there market cap is 7.7 billion. Management raised guidance for the third time this year. The balance sheet is solid, with $217m in cash against $95m of debt for $122m net cash, roughly $310m of free cash flow so far this year, and $107m returned through buybacks.…