Month: March 2019

Research – Energy Fuels (UUUU) – Updating estimates

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Wednesday, March 13, 2019

Energy Fuels (UUUU)

Focusing On Vanadium Until Uranium Markets Improve; Trump To The Rescue?

Energy Fuels Inc together with its subsidiary is engaged in the extraction and recovery of uranium properties in the United States. The company operates in two segments, ISR Uranium and Conventional Uranium. It conducts its ISR activities through its Nichols Ranch Project, located in northeast Wyoming.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.  

  • Fourth quarter and full
    year 2018 results.      Energy Fuels reported a 
    fourth quarter
     loss of $7.8
    million, or ($0.09) per share, and a full year loss of $25.4 million, or
    ($0.30) per share.  We had forecast a loss of $25.6 million, or ($0.30)
    per share.
  • Updating estimates.  Based on modestly lower commodity price assumptions
    for uranium concentrate and vanadium, we have lowered our 2019 and 2020 EPS
    estimates to $0.03 and $0.12, from $0.05 and $0.15, respectively.  We have
    also assumed a slower ramp-up in vanadium production during the first quarter
    of 2019 to 200,000 pounds per month beginning in the second quarter.  Our
    2019 and 2020 EB…





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*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Salem Media (SALM) – Looking past the first quarter 2019

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Wednesday, March 13, 2019

Salem Media Group (SALM)

Why Investors Should Look Past The Soft Q1 Guidance.

Salem Media owns and operates radio stations in metropolitan markets, predominately with a Christian format. The company’s radio business focuses on the clustering of strategic formats, including Christian teaching and talk, contemporary Christian music, conservative news talk, and Spanish language Christian teaching and talk. 

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Delivered on expectations.  Fourth quarter revenues and cash flow (Adj. EBITDA) of
    $67.19 million and $11.57 million were in line with our expectations of $66.5
    million and $11.55 million, respectively. 
  • Soft Q1 guidance does not portend a
    trend.     The company anticipates that Q1 revenues will decline between
    3% to 5% with expenses to be down 1% to up 2%. Q1 will be unfavorably impacted
    by the absence of Political advertising, the timing of book releases, the
    Easter shift toward later in the second quarter, and the absence of the full
    impact of expense savings. Subsequent quarters should reflect labor costs
    savi    … 




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NOTE: investment decisions should not be based upon the content of
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Research – Townsquare Media (TSQ) – Revenues surprise

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Wednesday, March 13, 2019

Townsquare Media (TSQ)

A Premium Valuation Appears Warranted.

Townsquare Media Inc is an entertainment and media company offering digital marketing solutions in the United States and Canada. It owns and operates radio stations, social media properties focusing the small and mid-cap companies. Services offered to the clients include live events, local advertising, digital advertising, e-commerce offerings, few others.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.  


  • Fourth quarter
    upside surprise.     The revenues were better than expected at $108.9 million
    versus our $105.1 million estimate, on the strength of its Digital businesses.
    Operating cash flow (adj. EBITDA) was better than expected at $23.9 million
    versus our $23.2 million estimate. 
  • The Digital
    divide.      The company’s digital businesses grew revenue an impressive
    20% plus in 2018 to $120 million. Its Digital businesses represent
    approximately 28% of total company revenues, which sets the company ap    … 




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NOTE: investment decisions should not be based upon the content of
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making any investment decision. 

Research – KeyW (KEYW) – What will drive 2019 performance?

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Wednesday, March 13, 2019

KeyW Holding Corporation (KEYW)

Are needle moving contracts on the horizon.

KEYW Holding is a provider of mission-critical cybersecurity, cybersuperiority, and geospatial intelligence solutions to U.S. government defense, intelligence, and national security agencies. Its solution includes collection, processing, analysis, and dissemination of intelligence information in cyberspace and geospace domains.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.  

  • Solid Fourth Quarter Results. KeyW
    reported a solid fourth quarter with revenue of $126.3 million and adjusted
    EBITDA of $12.0 million. For the full 2018, KeyW met or exceeded all financial
    expectations, with revenue of $506.8 million and adjusted EBITDA of $49.6
    million. The Company achieved a record level of awards for the year at $657
    million. 
  • Organic Growth to Drive 2019. Organic
    growth is expected to drive 2019 results, although the absence of the flight
    service contract in 2019 will obscure the growth. Rev    … 




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NOTE: investment decisions should not be based upon the content of
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FEATURE: Gene Editing | Townsquare | KeyW | Salem | Energy Fuels | Gene Therapy…

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CRISPR-Cas9: The Gene-Editing Tool That Could Fix Disease and Eradicate Cancer.
Is CRISPR-Cas9 the most influential scientific discovery of our generation? More 

Townsquare Media (TSQ) A Premium Valuation Appears Warranted. More

KeyW Holding Corporation (KEYW) Are needle moving contracts on the horizon. More

Salem Media Group (SALM) Why Investors Should Look Past The Soft Q1 Guidance. More

Energy Fuels (UUUU) Focusing On Vanadium Until Uranium Markets Improve; Trump To The Rescue? More


Making Profits, Saving Lives With Gene Therapy. After thirty years of development, gene therapy is seeing a surge of progress and profitability. Genprex Inc. (GNPX), Dyadic International Inc (DYAI), TrovaGene Inc. (TROV) and others… More 

TrovaGene, Inc. (TROV) , a clinical-stage, oncology therapeutics company, receives approximately $3.0 Million from exercise of warrants. More

Salem Media Group, Inc. (SALM), multimedia company specializing in Christian and conservative content, announces fourth quarter 2018 total revenue of $67.2 Million. More

News – CRISPR-Cas9: Editing away sickness

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CRISPR-Cas9: The
Gene Editing Tool That Could Fix Disease and Eradicate Cancer

(Note: companies that could be impacted by the content of this article are listed at the base of the story (desktop version). This article uses third-party references to provide a bullish, bearish and balanced point of view; sources listed in the “Balanced” section) 

The discovery of a gene editing tool called CRISPR-Cas9 is perhaps the most exciting finding in molecular biology since the discovery of DNA. Scientists first unearthed the structure of DNA in the 1950s, and by 2003 scientists had sequenced the entire human genome encoding for 20,000 distinct proteins. Following its discovery in bacterial immune systems, CRISPR-Cas9 was first used to replace a piece of DNA in human cells in 2013. But it was only just last year that the CRISPR-Cas9 technology advanced into human trials to treat patients with various inherited diseases and cancers. With this newfound power to edit our own genes, we could be on the verge of a medical revolution.

Many human diseases are genetically driven often caused by the mutation, deletion, or overexpression of genes. Therefore, introducing desired changes into genes has been a long sought-after goal in molecular biology. Gene editing (also known as genome editing) involves the insertion, deletion, or replacement of those chemical base pairs in DNA. DNA (deoxyribonucleic acid), the building block of genes, is used to synthesize proteins via RNA (ribonucleic acid). Genomes of eukaryotic organisms are composed of billions of DNA bases. Cas9 is an enzyme acting as a molecular “scissors” that can cut the two strands of DNA at a specific location in the genome so that bits of DNA can then be added or removed. The guide RNA (gRNA) about 20 bases long is designed to only bind to the target sequence in the DNA. The Cas9 follows the guide RNA to the same location in the DNA sequence. In order to cut a piece of DNA at the right spot, the molecular “zipper” needs to accurately match up with the piece of the DNA to form a tight bond that positions the scissors in just the right place. In CRISPR, the “zipper” is made of specially designed RNA, and the “scissor” effect comes from harnessing the natural cutting action of a protein, or enzyme, called Cas9. In this way, CRISPR-Cas9 can insert, delete, or replace the genes that have plagued humanity with disease since the dawn of time.

Research – Euroseas (ESEA) – Lowering Price Target

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Tuesday, March 12, 2019

Euroseas Ltd. (ESEA)

Attractive pure play container company.

Euroseas Ltd.
provides ocean-going transportation services worldwide. The company owns and
operates containerships that transport dry and refrigerated containerized
cargoes, including manufactured products and perishables; and drybulk carriers
that transport iron ore, coal, grains, bauxite, phosphate, and fertilizers. 

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Second quarter after EDRY spin-off
    down sequentially due to weaker container market.     Excluding drydock expenses, adjusted EBITDA was $1.6 million
    below our estimate of $1.8 million and below 3Q2018 adjusted EBITDA of $1.9
    million, mainly due to lower time equivalent (TCE) rates. Versus our estimate,
    lower TCE rates (-$416/day) and higher management fees (+$80/day) more than
    offset lower opex costs (-$300/day) and G&A expenses ($150/day).
  • Adjusting 2019 EBITDA estimate to
    reflect lower rates/downtime. Slight market improvement expected this year.     To incorporate 4Q2018 results and the new contract fixtures,
    our new 2019 EBITDA estimate is $8.7 million (from $9.6 million). While rates
    early in the year have been expected to be lower, we expec    … 






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Research – Comtech Telecommunications (CMTL) – Deeper dive in 2Q19 results

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Tuesday, March 12, 2019

Comtech Telecommunications (CMTL)

A Deeper Dive into 2Q19; Shares “On Sale” Following Recent Decline?

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. 

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Solid Quarter, But Stock Reacts Poorly. Comtech reported solid 2Q19 results, as we highlighted in our March 7, 2019 report. In spite of the operating results, the shares dropped over 14% on the news before recovering somewhat off the intraday lows.  
  • A Reaction to Two Large Contracts. We believe the stock weakness can be tied to the delay in two large contracts CMTL is pursuing: BFT-2 and troposcatter. Both, multi-hundred million dollar potential awards. While in neither case have final awar… 

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Research – Gannett (GCI) – Favorable risk/reward

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Tuesday, March 12, 2019

Gannett Company (GCI)

Why the shares are so appealing.

Gannett Co., Inc. operates as a news and information company. It operates in three segments: Publishing, Digital, and Broadcasting. 

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Shares up
    26%.     Since Dec 31, 2018, shares of GCI are up 26%, which we believe are reflective of the unsolicited takeover bid by MNG Enterprises. Despite the rise, we believe shares of GCI are compelling, offering an attractive total return and favorable risk/reward relationship. 
  • Revenue
    trends should stabilize.     The secular decline of the publishing industry is well-known. We believe the pace of the revenue declines should moderate given that print advertising accounts for a modest 30.2% of total revenue in 2018 and its digital business continues to grow. We believe that revenues shou… 

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NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Great Lakes Dredge (GLDD) – Investor Meeting Highlights

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Monday, March 11, 2019

Great Lakes Dredge & Dock (GLDD)

Investor meetings confirm positive outlook.

Great Lakes Dredge & Dock Corp is a provider of dredging services in the United States. The Company operates in two operating segments namely Dredging and Environmental, and Infrastructure.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Investor Meetings Confirm Positive Outlook. Late last week, we hosted investor meeting with GLDD’s senior management team, CEO Lasse Petterson and CFO Mark Marinko. The meetings were well received and investor interest remains high. 
  • Listed below were the topics that were covered over several meetings. Update on Environmental & Infrastructure
    (E&I) limited. Recent Award Should Help Sales Pr    …





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NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Aurania Resources (ARU:CA) – New drilling has commenced, Funding secured

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Monday, March 11, 2019

Aurania Resources Ltd. (ARU:CA)

With New Funding Secured, the Drill is Turning.

Aurania Resources Ltd. is a Canada-based junior mining exploration company engaged in the identification, evaluation, acquisition, and exploration of mineral property interests, with a focus on precious metals and copper. Its flagship asset, The Lost Cities-Cutucu Project, is in southeastern Ecuador in the Province of Morona-Santiago. The company also has several minor projects in Switzerland.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.  

  • Drilling
    has commenced at Crunchy Hill.      Aurania began scout
    drilling at its first target, Crunchy Hill, on March 3    rd. 
    The plan is to drill 5 to 8 holes, with each hole taking 5 to 7 days to
    complete.  Drilling will follow on the company’s 10 other epithermal
    gold-silver targets.  Results will be released after several holes have
    been completed.  It generally takes a week to send samples to the
    laboratory and three weeks to receive results.
  • Rights
    offering raised ~C$5.25 million.      Aurania Resources
    issued 1,946,172 new common shares associated with its recent rights
    offering.  The offering raised gross proceeds of ~C$5.25
    million.   Following the offering, there were 34,882,738 common
    shares outstanding.  Aurania intends to use the net proceeds to fund
    exploration, including scout drilling, payment of concession fees and gen…

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NOTE: investment decisions should not be based upon the content of
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making any investment decision. 

Research – McClatchy (MNI) – Outlook for 2019

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Friday, March 8, 2019

The McClatchy Company (MNI)

Why meeting expectation really doesn’t matter.

The McClatchy Co is
the third-largest newspaper publisher in the United States, operating 30
dailies and approximately 50 nondaily publications in 29 markets nationwide. 

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Q4 results were largely in line. After adjusting for one week less in this period and real
    estate sales in the prior year quarter, the company met expectations, with cash
    flow down 8.2%, in line with its previous cash flow guidance of down 8% to down
    12%. The bright spot was that Digital only advertising increased a healthy 10%,
    an acceleration from the rate of growth in the year earlier quarter. 
  • Crossing into the Digital divide. Management stated that it expects
    digital only advertising to surpass newspaper print advertising in 2019, which
    should help moderate revenue trends. In addition, management expects additional
    saving in operating expenses, bene    …





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NOTE: investment decisions should not be based upon the content of
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News – Green New Deal: Environment Savior or Economy Destroyer?

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Do the costs of fighting climate change outweigh the benefits?

(Note: related companies are at base of the
story and all the sources listed in the “Balanced” section)

The Green New Deal (GND) is a congressional resolution proposed by Democratic Congresswoman Alexandria Ocasio-Cortez and Democratic Senator Edward Markey.  It calls for a cut in greenhouse-gas emissions to net zero over 10 years while at the same time guaranteeing family-sustaining jobs, high-quality health care, and affordable housing.  It is supported by several prominent Democratic senators and presidential candidates such as Cory Booker, Kirsten Gillibrand, Kamala Harris, Amy Klobuchar, and Elizabeth Warren.  While the resolution is unlikely to pass and is legally unbinding, it does raise questions about the trade-offs between protecting the environment and supporting economic growth.