Research – Sierra Metals (SMTS) – Full year projection estimates

Posted on April 17, 2019 by Admin

Wednesday, April 17, 2019

Sierra Metals (SMTS)

How Does The Worker Strike Affect 2019 Production Expectations?

Sierra Metals Inc is a precious and base metals producer in Latin America. The company acquires, explores, extracts, and produces mineral concentrates consisting of silver, copper, lead, zinc and gold in Mexico and Peru. Its activity includes the operation of the Yauricocha Mine in Peru, and the Bolivar and Cusi mines in Mexico.

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

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

SMTS reports first quarter production results. Compared with the prior year period, first quarter
production of silver increased 16.3% to 691 thousand ounces, lead production
increased 10.2% to 6.9 million pounds and gold production increased 1.7% to
1,986 ounces. Copper and zinc production declined 4.4% and 9.8% to 7.7
million and 16.4 million pounds, respectively. Compared to the fourth
quarter of 2018, production of copper, lead, gold, zinc and silver fell 13.4%,
12.5%, 7.1%, 6.4% and 1.4%, respectively. The Yauricocha mine experienced
a 14% reduction in throughput during the first quarter due to a worker’s strike
that resulted in 12 days of lost production. Management has maintained
its 2019 production guidance range and we think there may be opportunities to
gain lost ground throughout the remainder of the year.
Updating estimates. While we are making no changes to our 2020 EPS or
EBITDA estimates, we are trimming our 2019 EPS and EBITDA estimates to $0.19
and $101.2 million from $0.20 and $103.9 million, respectively. Our 2019
revi…

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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 – Avino Silver & Gold (ASM) – Mine exploration provides optimism

Posted on April 17, 2019 by Admin

Wednesday, April 17, 2019

Avino Silver & Gold Mines Ltd. (ASM)

Bralorne Exploration Provides Some Reasons for Optimism.

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 first quarter 2019 production results. Avino Silver & Gold Mines Ltd. reported first
quarter production of 615,019 silver equivalent ounces representing a 6.4%
decline versus the prior year period and a 14.6% decrease relative to the
fourth quarter of 2018. First quarter production results were negatively
impacted by lower grades, declining recoveries at the San Gonzalo mine and
seven days of lost production while upgrades to the crushing circuit were
completed at the Avino mill.
Updating estimates. Based on modestly lower than expected first quarter
production, we are reducing our full year 2019 EPS and EBITDA estimates to
$0.06 and $10.6 million from $0.07 and $11.8 million, respectively. Our
2020 estimates have been lowered to $0.09 and $13.5 million from $0.10 and
$14.5 million, respec…

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News – Boeing 737 MAX: Is it safe to fly?

Posted on April 17, 2019 by Admin

Two crashes too many for the Boeing 737 MAX

(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)

On March 10^th, Ethiopian Airlines Flight 302 experienced problems shortly after takeoff, struggled to ascend at a stable speed, and then crashed killing all 157 people on board. This follows the disturbingly similar incident that occurred last October in Indonesia when Lion Air Flight 610 crashed shortly after takeoff killing all 189 passengers. In both instances, the pilots were flying a brand-new Boeing 737 MAX.

The 737 MAX is the fastest-selling airplane in
Boeing (BA) history with about 5,000 orders from more than 100 customers
worldwide. The model has completed thousands of successful flights and was
widely considered by industry experts to be a safe aircraft. Nevertheless, following
the crash of Flight 302 the U.S. Federal Aviation Administration (FAA) moved to
temporarily ground the entire global fleet of 371 Boeing 737 MAX aircrafts. On Friday
April 5^th, Boeing’s CEO Dennis Muilenburg acknowledged
that both incidents were caused by the same malfunction and accepted
responsibility for the crashes saying, “We own it”. Boeing says the malfunction
that caused the crashes can be fixed, but will it restore the public’s faith in
air travel?

Research – Vectrus (VEC) – Award is a big win

Posted on April 17, 2019 by Admin

Wednesday, April 17, 2019

Vectrus Inc. (VEC)

What’s Next Following A Big Win?

Vectrus Inc is a U.S.-based company that provides services to the U.S. government. The company generates nearly all its revenue from the United States Department of Defense. The company offerings are categorized into three types.

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

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

LOGCAP V Awards. Friday
evening, the U.S. Army Contracting Command-Rock Island awarded four ID/IQ
Multiple Task Order Contracts for LOGCAP V. Vectrus was awarded contracts for
the CENTCOM and PACOM areas. The CENTCOM award includes Vectrus’s current
K-BOSSS business. This is a significant positive development for the
Company.
Stock Responds Favorably. On
Monday, on the heels of the weekend announcement, VEC shares jum…

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IPO Podcast Series: Drug Disruption

Posted on April 16, 2019May 4, 2022 by Admin

Episode Two: Drug Disruption

In the second episode of the IPO podcast series, Brant Pinvidic (host of the iTunes top-trending Hollywood podcast “Why I’m Not…”) probes into the positive aspects of being “disruptive.” Changing what is viewed as the norm – disrupting the status quo -can result in very positive change… Like Uber and Airbnb. Here Brant looks for disruption in healthcare; ways to reduce the costs associated with prescription drugs. He interviews the CEO of Dyadic International who believes his company has the answer. You be the judge.

The most innovative Ideas, the inspirational People behind them, and the wealth of Opportunities they create… that’s IPO from Channelchek.

watch the IPO series trailer

Research – Cumulus Media (CMLS) –

Posted on April 16, 2019 by Admin

Tuesday, April 16, 2019

Cumulus Media (CMLS)

Four Key Takeaways From The Recent Announcement.

Cumulus Media, Inc., a radio broadcasting company, engages in the acquisition, operation, and development of commercial radio stations in mid-size radio markets in the United States. It owns and operates FM and AM radio station clusters that serve mid-sized markets. The company, through its investment in Cumulus Media Partners, LLC, also operates radio station clusters serving large-sized markets.

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

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

Another deleveraging transaction. The company announced plans to sell KLOS radio station
for a favorable $43 million, an estimated multiple of an attractive 8 times
cash flow. We believe that the net proceeds from the transaction will be
roughly $39 million, with the proceeds to be used to pay down debt. The
transaction is expected to close in the third quarter 2019.
The company also announced plans to swap two of its
Connecticut radio stations for four stations in Allentown, Pennsylvania,
strengthening its portfolio of two existing stations in that market and
complimenting its strong station group in Pennsylvania. The move should enhance
cash flow margins.

…

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Research – Endeavour Silver (EXK) – Waiting for a turnaround

Posted on April 15, 2019 by Admin

Monday, April 15, 2019

Endeavour Silver Corporation (EXK)

Waiting for the Turnaround at Guanacevi.

Endeavour Silver Corp is a precious metal mining company. The company is primarily engaged in silver mining and owns three high-grade, underground, silver-gold mines in Mexico. Its other business activities include acquisition, exploration, development, extraction, processing, refining and reclamation.

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

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

EXK reports first quarter
production results. Compared to the prior year period, first quarter silver and
gold production declined 20.7% and 23.9% to 1,071,355 ounces and 10,055 ounces,
respectively. The decline was attributed to lower silver grades at the
Guanacevi mine and anticipated production declines at the Bolanitos and El Cubo
mines. Compared to the fourth quarter of 2018, first quarter silver and
gold production declined 22.7% and 23.3%, respectively.
Updating estimates. While our 2020 estimates are unchanged, we are
lowering our 2019 EPS and EBITDA estimates to $0.04 and $36.6 million from
$0.05 and $40.1 million, respectively. Our…

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Research – Coeur Mining (CDE) – First quarter production results

Posted on April 15, 2019 by Admin

Monday, April 15, 2019

Coeur Mining (CDE)

What Will It Take To Turn The Tide?

Coeur Mining Inc is a metals producer focused on mining precious minerals in the Americas. The company is involved on the discovery and mining of gold and silver, and generates the vast majority of revenue from the sale of these precious metals. The operating mines of company are palmarejo, rochester, wharf, and kensington.

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

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

CDE reports first quarter
2019 production results. Coeur Mining reported lower than expected first
quarter production of 78,336 ounces of gold, 2.5 million ounces of silver, 3.7
million pounds of zinc and 3.1 million pounds of lead. While management
indicated that first quarter production met their expectations and maintained
full year 2019 production guidance, the company may have some catching up to do
in subsequent quarters.
Adjusting estimates. We are lowering our first quarter estimate to roughly
break-even per share, compared to our prior estimate of $0.02 per share.
Our full year 2019 EPS and EBITDA estimates have been lowered to $0.11 and
$160.4 million, from $0.15 and $183.3 million. We have also reduced our
2020 EPS and EBI…

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Research – Dyadic (DYAI) – Nasdaq Up-Listing Approved

Posted on April 15, 2019 by Admin

Monday, April 15, 2019

Dyadic International (DYAI)

The Importance Behind The Nasdaq Up-Listing.

Dyadic International Inc. is a biotechnology company developing a proprietary expression platform to manufacture of biologic products. The company is employing C1 technology, part of a fungi expression system, to produce variety of modalities of biologic products, including vaccines, oncolytic viruses, monoclonal and bispecific antibodies, as well as biosimilars.

Ahu Demir, Ph.D., Biotechnology Research Analyst, Noble Capital Markets, Inc.

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

Important Milestone Accomplishment. Dyadic has announced the up-listing of its common stock on The Nasdaq
Capital Market Exchange under stock symbol “DYAI”. The company has
maintained the stock price requirement, for Nasdaq, following its SEC filing on
February 2019. Trading will commence as early as
April 17, 2019. We believe this
is an important milestone for the company and its current and future investors.
Why is this important? The company has accomplished key
milestones as guided, including the SEC filing and the Nasdaq up-listing. The
stock has gained +112% YTD 2019. We believe the biggest potential benefit from
the up-listing is increased visibility and tran…

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Research – Scorpio Bulkers (SALT) – Liquidity boost; adjusting estimates

Posted on April 12, 2019 by Admin

Friday, April 12, 2019

Scorpio Bulkers Inc. (SALT)

Dry Bulk Market Weakness Impacts Estimates, But Refinancing Activity Boosts Liquidity.

Scorpio Bulkers Inc is a shipping company based in Monaco. It owns and operates a fleet of modern mid to large-size dry bulk carriers which provide marine transportation for major bulks, which include iron ore, coal and grain and minor bulks which include bauxite, fertilizers and steel products internationally.

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

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

Adjusting estimates for 1Q2019
contract cover, financing activity, timing of scrubber installations
and recent dry bulk market weakness. Our 2019 EBITDA estimate drops to $86.3 million (from $110.3
million) and TCE rates to $10,819/day (from $11,938/day).
Recent financing activity boosts liquidity again. Over the past three months, two
Kamsarmaxes were sold, and five Kamsarmaxes and five Ultramaxes were sold and
leased back. Liquidity should positively be impacted by ~$100.7 million over the
next six months. Net cash will increase by ~$84.9 million and ~$…

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Research – Great Panther Silver (GPL) – Production numbers slightly lower than expected

Posted on April 11, 2019 by Admin

Thursday, April 11, 2019

Great Panther Silver (GPL)

What Was Behind Lower Than Expected Production Results?

Great Panther Silver Ltd is a precious metals mining and exploration company. It owns two mines Topia and Guanajuato Mine Complex (GMC). The Topia operations produce silver, gold, lead, and zinc whereas the GMC operation produces silver and gold.

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

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

GPL reports first quarter production results. In aggregate, first quarter production increased 6.7%
to 14,860 gold equivalent ounces versus the prior year period and increased
24.9% compared to the fourth quarter of 2018. First quarter production
was negatively impacted by lower production at the San Ignacio mine due to
variability in vein widths and lower throughput at the mill that serves the
Tucano mine. Management expects to provide updated 2019 consolidated
guidance when it reports first quarter 2019 financial results.
Adjusting estimates. Based on lower than expected production, we now
forecast a first quarter loss of ($0.02) per share versus our prior estimate of
($0.01). Our full year earnings 2019 earnings per share and EBI…

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Research – Aurania Resources (ARU:CA) – Another promising copper target

Posted on April 10, 2019 by Admin

Wednesday, April 10, 2019

Aurania Resources Ltd. (ARU:CA)

Kirus Target Shows Its Colors.

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.

Another promising
copper target. High-grade copper and silver have been discovered in an
area measuring 6 kilometers by 3 kilometers in the Kirus copper target
area. Exploration identified boulders in streams containing up to 11.9%
copper with 166 grams per tonne of silver. Follow-up exploration led to
the discovery of outcrop with grades of up to 5.1% copper and 70 grams per
tonne of silver. This follows last week’s announcement by the company that
high-grade copper and silver had been discovered at the Tsenken target, located
~6 kilometers from the Kirus target.
More evidence
supporting a cluster of copper porphyrys. Both Tsenken and Kirus contain high-grade copper and
silver in sedimentary rocks. What is unique about these sediment-hosted
targets is that they exhibit flat-lying copper and silver-bearing rock which
would be relatively easy to drill. However, both exhibit evidence of
po…

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News – Could renewables supply 50% of all generation? How about 80%?

Posted on April 5, 2019 by Admin

Are Fossil Fuels Going the Way of the Dinosaurs?

There has been an exponential rise in the U.S. in renewable energy for electricity needs. Currently, 33% of

electricity
that is being generated in the US comes from carbon-free sources (nuclear and renewables). This percent has quadrupled since 2005, smashing projections made just a few years ago. Renewables are now responsible for generating as much electricity as coal, oil, or natural gas. Renewable energy sources are likely to continue to increase at a fast pace for the foreseeable future. Over half of all new energy plants being built are either wind or solar. But, will this growth trajectory continue without government support, and just how much electricity can renewables produce?