Month: March 2019

Research – Ducommun (DCO) – 2018, the inflection year

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Friday, March 01, 2019

Ducommun (DCO)

2018: The inflection year.

Ducommun Inc is a
leading global provider of engineering & manufacturing services for
high-performance products & high-cost-of failure applications used
primarily in the aerospace and defense, industrial, medical & other industries. 

Christian Herbosa, Research Analyst, Noble Capital Markets, Inc.

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

  • Q4 Revenue Gets a
    Boost.     Fourth quarter revenues of $164.2 million beat our
    estimates of $160 million and were were a 15.4% or $21.9 million increase over
    Q4 2017. This revenue growth was strongly boosted by a $17 million increase in
    sales from the the commercial aerospace end markets, which includes the Boeing
    737 and Airbus A320 revenue ramp. 
  • Restructuring
    Plan Completed.     The restructuring plan, which was initiated in Q4 of
    2017, aimed to streamline operations, improve capacity utilization, and enhance
    margins. With its completion this quarter, the company is already halfway to
    its cost savings goals in 2018, and is on track to achieve its ann…


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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 – Avino Silver (ASM) – Increasing 2019 estimates

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Friday, March 1, 2019

Avino Silver & Gold Mines Ltd. (ASM)

ASM Modestly outperforms in 2018; increasing 2019 estimates.

Avino Silver &
Gold Mines Ltd. engages in the acquisition, exploration, development,
production, and sale of mineral properties in Canada and Mexico. It primarily
explores for gold, silver, copper, zinc, and lead deposits.

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

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

  • ASM reports fourth quarter and full year results.  Avino reported fourth quarter net income of $981
    thousand, or $0.02 per share, and full year net income of $1.6 million, or
    $0.03 per share.  Fourth quarter and full year EBITDA amounted to $1.7
    million and $6.1 million, respectively.  We had expected fourth quarter
    and full year EPS of $0.00 and $0.02, respectively.  The variance to our
    estimate was due, in part, to lower than expected costs, including general and
    administrative expense.  Full year revenues of $34.1 million were roughly
    in line with our $34.2 million estimate.
  • Updating estimates.  We are increasing our 2019 EPS estimate to $0.07 from $0.05
    and initiating a 2020 estimate of $0.10 per share.  We forecast 2019 and
    2020 EBITDA of $11.8 million and $14.5 mil…


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NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
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Research – Gray Television (GTN) – 2018 full year results

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Friday, March 1, 2019

Gray Television (GTN)

Politically speaking.

Gray Television, Inc.
operates as a television broadcast company in the United States. As of April 6,
2010, it operated 36 television stations in 30 markets, including 17 affiliated
with CBS Inc.; 10 affiliated with the National Broadcasting Company, Inc.; 8
affiliated with the American Broadcasting Company (ABC); and 1 affiliated with
FOX Entertainment Group, Inc. (FOX). 

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

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

 

  • Record quarter. The company exceeded our Q4 adj. cash flow (EBITDA)
    expectations on record revenues, bolstered by higher than expected political
    revenues of $83.2 million versus our $81.6 million estimate. The company also
    highlighted the Raycom acquisition, expected cost synergies, and provided 1Q
    2019 guidance. 
  • Q4 Revenue and EBITDA
    come in strong.      Record revenues in Q4 2018 of $328.2 million exceeded
    our estimates of $321.1 million. Full year 2018 revenues were $1.084 billion.
    Q4 Adj. EBITDA of $163.5 million beat expectations by 5.4% compar…


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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 – Kratos Defense (KTOS) – Acquisition announced

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Friday, March 1, 2019

Kratos Defense & Security Solutions, Inc. (KTOS)

Drones, drones and more drones to drive 2019; acquisition announced.

Kratos Defense &
Security Solutions, Inc. provides engineering, information technology (IT)
services, and warfighter solutions primarily in the United States. It operates
in two segments, Kratos Government Solutions (KGS) and Public Safety and
Security (PSS).

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

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

  • Results for 2019 are expected to start off slow
    but then build throughout the year.     The first quarter will be impacted by the
    partial government shutdown which delayed certain domestic and Foreign Military
    Sales contract awards and export license approvals required for international
    sales. FTT will add roughly one month to sales for the quarter. We are
    projecting the quarter to be similar to the first quarter of 2018, with revenue
    of $150 million, adjusted EBITDA of $11.5 million, and EPS of $0.01.
  • We believe the pace of business will pick up
    throughout the year, especially on the drone side of the company.     We see
    organic growth north of 10% with FTT contributing $45 million for the year. We
    are projecting 2019 revenue of $725 million, adjusted EBITDA of $73.6 million,
    and EPS of $0.21 per share. We would note, there is potential upside toour
    numbers as we have not included any potential UAS tactical revenue in our
    forecasts, nor have we included and potential upside from hypersonic and
    ballistic missile opportun    …


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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.