Research – Pangaea Logistics (PANL) – Another Solid Quarter; Consistent Business Model

Posted on May 17, 2019 by Admin

Friday, May 17, 2019

Pangaea Logistics (PANL)

Consistent Business Model Shines in Weak Market.

Pangaea Logistics Solutions Ltd and its subsidiaries provide seaborne drybulk transportation services. It transports drybulk cargos including grains, coal, iron, ore, pig, iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The firm’s services include cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management.

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

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

Chalk Up Another Solid Quarter to
the Consistent Business Model. Pangaea’s business model continues to deliver strong results amid severe market weakness. 1Q2019 EBITDA of $8.6 million was short of our $11.1 million estimate, but PANL generated a premium of $4,869/day to the BPI/BSI market indices, which was well above $2,801/day in 4Q2018.
Updating 2019 EBITDA estimate. As a result of the 1Q2019 shortfall, our EBITDA estimate moves to $60.9 milli…

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Research – Great Panther Silver (GPL) – Reports first quarter loss

Posted on May 17, 2019 by Admin

Friday, May 17, 2019

Great Panther Silver (GPL)

Why 1Q Results Are Not Indicative of Future Performance.

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.

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GPL reports first quarter loss. Great Panther Mining reported a first quarter loss of ($9.1) million, or ($0.05) per share, compared with our loss estimate of ($3.5) million, or ($0.02) per share. The variance to our estimate was due to lower mining operating earnings, acquisition costs and higher finance and other expenses.
Updating estimates. We are lowering our 2019 EPS and EBITDA estimates to $0.00 and $37.6 million from $0.04 and $54.2 milli…

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Research – One Stop Systems (OSS) – Files $100 Million Shelf Registration

Posted on May 17, 2019 by Admin

Friday, May 17, 2019

One Stop Systems (OSS)

Files $100 Million Shelf, What This Means Moving Forward.

One Stop Systems Inc is US-based company which is principally engaged in designing, manufacturing, marketing high-end systems for high performance computing (HPC) applications. The company offers custom servers, compute accelerators, solid-state storage arrays and system expansion systems.

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

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Shelf Filing. Late Wednesday, One Stop Systems filed a S-3 “Shelf” registration with the SEC. The Shelf is for up to $100 million using any of common stock, preferred stock, debt, warrants, etc.
Will Help With Liquidity, If Needed. While management is confident existing available loans and cash flows should be sufficient for the next twelve months, the Shelf provides the Company with additional funding options if business increases faster than anticip…

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Research – Entravision (EVC) – First quarter 2019 update

Posted on May 16, 2019 by Admin

Thursday, May 16, 2019

Entravision Communications (EVC)

Back On Schedule!

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico.

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

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

Some noise in the first quarter. The Q1 revenues of $ 64.7 million were lighter than our $66.8 million estimate, largely due to softer revenues in its Digital and Radio businesses. TV outperformed our expectations. Cash flow, however, was better than expected even factoring in the one-time costs for auditors of $1.3 million, ($8.1 million versus our $6.7 million estimate).
Revenue trends should improve. We believe that the company’s Digital revenues should show some moderation in coming quarters as the company executes on its profitable revenue growth strategy. In addition, Television appears to be doing pretty well. We expect more co…

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Research – electroCore (ECOR) – First quarter 2019 results are below expectations

Posted on May 16, 2019 by Admin

Thursday, May 16, 2019

electroCore (ECOR)

Will Revenue Ramp up in the Next Quarters?

Electrocore Inc is a commercial-stage bioelectronic medicine company with a platform for non-invasive vagus nerve stimulation therapy initially focused on neurology and rheumatology. Its product gammaCore is FDA-cleared for the acute treatment of pain associated with migraine and episodic cluster headache in adults.

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

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First quarter 2019 results are
below expectations. The company reported $0.4 million of revenue (+11%), 2,200 prescribing physicians (+22%) and consistent prescriptions in this quarter relative to the previous quarter. In the quarter, electroCore expanded coverage of reimbursement with payers (CVS Caremark, Highmark and federal supply schedule (FSS)), however this has not yet impacted revenue growth.
Acceleration is anticipated in the next
quarters. We are assessing the company’s progress and scrutinizing the market uptake of gammaCore in the next quarters of 2019. On the call, management stated that the modest revenue ramp is dri…

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Research – ProMIS Neurosciences (PMN:CA) – First quarter 2019 progression

Posted on May 15, 2019 by Admin

Wednesday, May 15, 2019

ProMIS Neurosciences (PMN:CA)

Progress in Q1 Bodes Well For Partnership Opportunities.

ProMIS Neurosciences, Inc., a development stage biotech company, discovers and develops precision medicine therapeutics for the treatment of neurodegenerative diseases, primarily Alzheimer’s disease (AD) and amyotrophic lateral sclerosis (ALS).

Cosme Ordoñez, M.D., Ph. D. , Life Sciences Analyst, Noble Capital Markets, Inc.

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Antibody drug
candidates identified. In Q1/2019, ProMIS Neurosciences identified several antibody drug candidates for the treatment of Parkinson’s disease. These antibodies target toxic forms of alpha synuclein, which play a critical role on the development and progression of this illness.
Parkinson’s program update. The progress made in Parkinson’s program was presented at “The 14^th International Conference on Alzheimer’s & Parkinson’s Diseases” held in Lisbon, Portugal, from March 26-31, 2019. ProMIS was able to showcase results demonstrating the selectivity of anti-alpha synuclein antibodies, which selectively bind to tox…

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Research – Sierra Metals (SMTS) – Reports first quarter loss

Posted on May 15, 2019 by Admin

Wednesday, May 15, 2019

Sierra Metals (SMTS)

Will Sierra Regain Momentum Following a Slow Start to the Year?

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 loss. SMTS reported a first quarter loss of ($0.01) per share versus earnings of $0.05 per share during the prior year period and our estimate of $0.02 per share. Adjusted EBITDA amounted to $12.0 million versus $27.4 million during the prior year period and our estimate of $15.4 million. First quarter results reflected a 14% reduction in throughput at the Yauricocha mine due to a worker’s strike that resulted in 12 days of lost production and slower than expected ramp up of throughput at the Bolivar and Cusi mines.
Updating estimates. Management reaffirmed its 2019 production guidance and we think there may be opportunities for Sierra to regain some lost ground during the remainder of the year. While we are making no changes to our respective 2020 EPS and EBITDA estimates of $0.30 and $138.7 million, we are trimm…

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Research – Sierra Metals (SMTS) –

Posted on May 15, 2019 by Admin

Wednesday, May 15, 2019

Sierra Metals (SMTS)

SMTS reports first quarter loss. ?

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

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

SMTS reports first quarter loss. SMTS reported a first quarter loss of ($0.01) per share versus earnings of $0.05 per share during the prior year period and our estimate of $0.02 per share. Adjusted EBITDA amounted to $12.0 million versus $27.4 million during the prior year period and our estimate of $15.4 million. First quarter results reflected a 14% reduction in throughput at the Yauricocha mine due to a worker’s strike that resulted in 12 days of lost production and slower than expected ramp up of throughput at the Bolivar and Cusi mines.
Updating estimates. Management reaffirmed its 2019 production guidance and we think there may be opportunities for Sierra to regain some lost ground during the remainder of the year. While we are making no changes to our respective 2020 EPS and EBITDA estimates of $0.30 and $138.7 mill…

EQUITY RESE

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Research – E.W. Scripps (SSP) – Lowering price target

Posted on May 14, 2019 by Admin

Tuesday, May 14, 2019

E.W. Scripps (SSP)

Resetting Expectations.

The E.W. Scripps Co. serves audiences and businesses through a growing portfolio of television, print and digital media brands. After approval of its acquisition of two Granite Broadcasting stations later this year, Scripps will own 21 local television stations as well as daily newspapers in 13 markets across the United States.

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

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

First quarter results below
expectations. We chocked up much of the miss to the timing of acquisitions and the confusion over proforma results, something which the company tried to clarify with the recent release of proforma numbers for its Local Media division. Based on our read, expenses seem to be higher than we expected even after adjusting for the timing of acquisitions.
Second quarter guidance. Proforma second quarter revenues are expected to be slightly lower than our expectations and expenses are expected to be higher. As such, we are lowering our second quarter revenue estimate from $345.5 million to $339.7 million and our adjusted EBITDA estimate from $50.2 mil…

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Research – Genco Shipping (GNK) – Adjusting estimates; weak market environment

Posted on May 14, 2019May 4, 2022 by Admin

Tuesday, May 14, 2019

Genco Shipping (GNK)

Weathering the Storm From a Position of Strength.

Genco Shipping & Trading Limited, incorporated on September 27, 2004, transports iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes through the ownership and operation of drybulk carrier vessels.

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

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

1Q2019 EBITDA below expectations
due to weak market environment. 1Q2019 EBITDA of $17.0 million was well below our expectations of $22.8 million. The negative variance to our estimate was a combination of lower TCE revenue of $5.8 million and lower opex expenses of $0.6 million, which offset higher G&A expense of $0.6 million.
Adjusting estimates to reflect 1Q2019 negative
variance, 2Q2019 forward cover, market volatility and updated dry
dock data. To include the 1Q2019 shortfall, market volatility, forward booking da…

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Research – Ducommun (DCO) – Rating changed to Market Perform

Posted on May 13, 2019 by Admin

Monday, May 13, 2019

Ducommun Incorporated (DCO)

Markets Respond to a Surprisingly a Good Quarter.

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.

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Meaningful Upside Surprise. Markets responded positively to the surprisingly strong revenue growth and margin expansion reported in the Q1 earnings release last week. Revenue and diluted EPS for the quarter were $172.6 million and $0.64 representing an upside surprise of 8.65% and 44.8% above consensus estimates, respectively.
We’ve Come a Long Way. On a year-over-year basis first quarter revenue grew 14.7%. This top line growth reflects the strong execution of organic and inorganic growth initiatives in an expansionary industry environment. Gross, adjusted EBITDA, and operating profit margins of 20.7%, 12.6%, and 7.4% were also an improvement over last year’s Q1 margins of 17.8%, 9.6%, and 3.5%, respectively. This enhanced…

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Research – Information Services (III) – First quarter 2019 results

Posted on May 13, 2019 by Admin

Monday, May 13, 2019

Information Services Group (III)

Are Brighter Days Ahead?

Information Services Group (ISG) (III) is a leading technology insights, market intelligence and advisory services company, serving more than 500 clients around the world to help them achieve operational excellence. ISG supports private and public sector organizations to transform and optimize their operational environments through research, benchmarking, consulting and managed services, with a focus on information technology, business process transformation, program management services and enterprise resource planning.

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

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1Q19 Results. 1Q19 results were negatively impacted by a number of items, including currency headwinds and a push out of certain business. As a results, revenues came in at $64.8 million, down 6% year-over-year, and the GAAP loss was $0.02 per share, versus breakeven a year ago. Adjusted EPS came in at $0.03, versus $0.05.
Digital Still the Growth Driver. III continued to grow its digital services business, which represented more than 40% of 1Q19 revenue. ISG Automation was up…

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Research – Avino Silver & Gold (ASM) – First quarter results, updating estimates

Posted on May 13, 2019 by Admin

Monday, May 13, 2019

Avino Silver & Gold Mines Ltd. (ASM)

Resilience In A Challenging Operating Environment.

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 loss. Avino Silver & Gold Mines Ltd. reported a first quarter 2019 loss of $610 thousand, or ($0.01) per share, compared to earnings of $818 thousand, or $0.02 per share during the prior year period and our estimate of $0.00 per share. First quarter 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. First quarter EBITDA were $0.0 million, compared to $1.5 million generated during the first quarter of 2018.
Updating estimates. We are lowering our 2019 EBITDA and EPS estimates to $0.03 and $7.5 million from $0.07 and $11.6 million, respectively. Revisions to our estimates reflect lower commodity gra…

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