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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Research – Energy Fuels (UUUU) – Weaker than expected first quarter results

Posted on May 13, 2019 by Admin

Monday, May 13, 2019

Energy Fuels, Inc. (UUUU)

Lowering Rating on Uncertain Outlook.

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.

Weaker than expected first quarter results. Energy Fuels reported a first quarter loss of $12.1 million, or ($0.13) per share, compared to a loss of $11.5 million, or ($0.14) per share during the prior year period. We had forecast a loss of $2.4 million, or ($0.03) per share. The variance to our estimate is attributed to lower sales.
Updating estimates. We now project a 2019 loss of ($0.20) compared to our prior EPS estimate of $0.03. We have also lowered our 2020 EPS and EBITDA estimates to $0.06 and $14.8 million, from $0.12 and $26.6 million, respectively. Revisions to our estimates are driven by lower sales of uranium and vanadium and a reduc…

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Research – Salem Media (SALM) – First quarter comes in as expected

Posted on May 13, 2019 by Admin

Monday, May 13, 2019

Salem Media (SALM)

Revenue Pacings Appear To Improve.

Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally.

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

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

First quarter comes in as expected. First quarter 2019 revenues and cash flow (Adj. EBITDA) of $60.5 million and $7.6 million, respectively, were in line with our expectations of $61.0 million and $7.3 million, respectively.
Second quarter revenue trends improve. Following favorable management guidance for the 2Q19, we are upwardly revising our revenue estimate and maintaining our second quarter cash flow estimate. We are raising our Q2 revenue estimates from $64.8 million to $65.9 million, and maintaining our adjusted EBITDA estimate at $11.2 milli…

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Research – Seanergy (SHIP) – Rating updated to Market Perform

Posted on May 13, 2019 by Admin

Monday, May 13, 2019

Seanergy Maritime Holding Corp. (SHIP)

Lower to Market Perform Following Significant Equity Offering.

Seanergy Maritime Holdings Corp., an international shipping
company, provides marine dry bulk transportation services through the ownership
and operation of dry bulk vessels. The company owns a modern fleet of 10
Capesize dry bulk vessels with a combined cargo-carrying capacity of
approximately 1,748,581 dwt and an average fleet age of 9.8 years. The company
was formerly known as Seanergy Maritime Corp. and changed its name to Seanergy
Maritime Holdings Corp. in January 2009.

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

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

Significant equity offering, but
number of shares issued could increase materially over the next six months if
the stock does not recover. The shares issued, including shares issued to Jelco for waived interest, totals 6.02 million shares and includes Class B and C warrants that are unique.
Class C warrants are uniquely structured to
protect new shareholders, not existing shareholders. Class C warrants expire in six months, but a cashless exercise feature could trigger issuance of up to 16.5 million addition…

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Research – One Stop Systems (OSS) – First quarter revenue miss

Posted on May 10, 2019 by Admin

Friday, May 10, 2019

One Stop Systems (OSS)

Can OSS Make Up for the First Quarter Miss?

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.

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

1Q19 Miss. Revenue of $10.1 million was below management’s expectation and our $12.3 million estimate. A push out of two contracts was behind the miss, although this was partially offset by about $1 million of revenue from customers that exceeded expectations. OSS reported a net loss of $0.07 per share, above our $0.04 per share loss estimate.
Pushed Out, Not Lost. The $3.2 million of revenue that slipped from 1Q is expected to be all captured by the end of this month. If we add the slipped reven…

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Research – Cumulus Media (CMLS) – First quarter over delivers

Posted on May 10, 2019 by Admin

Friday, May 10, 2019

Cumulus Media (CMLS)

It’s Expected To Get A Little Noisy.

CUMULUS MEDIA, Inc. (NASDAQ: CMLS) is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. CUMULUS MEDIA engages listeners with high-quality local programming through 428 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYS, the American Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with local impact and national reach through on-air, digital, mobile, and voice-activated media solutions, as well as access to integrated digital marketing services, powerful influencers, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees.

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

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

First quarter over delivers. The company over delivered on first quarter 2019 results. Revenues and adjusted EBITDA were better than expected, at $267.5 million and $41.8 million, respectively, compared with our revenue and adjusted EBITDA estimates of $264.1 million and $36.7 million, respectively. The favorable growth in revenue was driven primarily on the strength of its digital business.
Q2 Likely Will Be Noisy. The company indicated that pacings are down slightly in the second quarter in line with our expectations. Notably, the earlier announced radio transact…

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Research – Dyadic (DYAI) – More deals appear likely.

Posted on May 10, 2019 by Admin

Friday, May 10, 2019

Dyadic International (DYAI)

Putting Recent Developments Into Perspective.

Dyadic International Inc. is a biotechnology company developing a proprietary C1 expression platform to express and manufacture biologic products. The C1 technology is part of a fungi expression system, which utilizes inexpensive substrates yielding a high level of production. Dyadic is currently improving and optimizing the production of biological products in a C1 expression system.

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

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Positioned in a rapidly growing market. The biologics market remains one of the most rapidly growing segments of the pharmaceutical industry, expected to grow to $1.2 billion in sales in 2022. Dyadic has expanded its collaboration and licensing portfolio to assess C1’s potential to manufacture vaccines, gene therapy, monoclonal antibodies and others in human disease and in animal health.
More deals appear likely. Following two recently announced licensing agreements for its C1 technology, management indicated on an investor call that more licensing agreements and research collaborations are likely. These agreements will potentially generate re…

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Research – Tegna (TGNA) – Raising price target

Posted on May 10, 2019May 4, 2022 by Admin

Friday, May 10, 2019

Tegna, Inc. (TGNA)

Eye on 2020.

TEGNA Inc., a media company, operates a portfolio of broadcast stations and digital sites; and provides marketing service solutions for businesses. The company operates 46 television stations in 38 markets that produce local programming, such as news, sports, and entertainment. Its marketing services business provides solutions for clients on multiple channels, including broadcast, online, and OTT.

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

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

First quarter results better than
expected. Revenues were in line with expectations, $516.7 million versus our estimate of $514.7 million, while cash flow (EBITDA) was better than expected at $149.2 million versus our $143.6 million estimate. The results benefited from stronger than expected Subscription revenue, up a strong 17.5% to $241.6 million.
Q2 guidance better than expected. Total company revenue is expected to increase low single digits with total company expenses to be up mid single digits. We are raisin…

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Research – Trovagene (TROV) – First quarter 2019 update

Posted on May 10, 2019May 4, 2022 by Admin

Friday, May 10, 2019

Trovagene Inc. (TROV)

Data Rich Year Ahead.

TrovaGene Inc is a US-based life science company which focuses on the development and commercialization of a proprietary molecular genetic detection technology for use in pharmaceutical development, clinical research and medical testing across a variety of clinical disciplines, including oncology and virology.

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

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

Demonstrated Clinical Activity in
AML. Trovagene is making progress in a Phase 1b/2 study of onvansertib in combination with standard-of-care chemotherapy in acute myeloid leukemia (AML). The company’s most recent presentation at the American Association for Cancer Research (AACR) demonstrated an 89% disease control rate (DCR) including one complete response (CR), and one incomplete blood recovery (iCR) in 12 AML patients.
Progressing in Other Indications. The company continues advancement in other indications, including i) Phase 2 study in metastatic castration-Resistant Prostate Cancer (mCRPC); second arm is set to be initiated with reduced dosing sche…

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FEATURE: Research Initiation | Oil | Cell Cycle | Podcast

Posted on May 10, 2019May 4, 2022 by Admin

One Stop Systems (OSS) Can OSS Make Up for the First Quarter Miss? More

Cumulus Media (CMLS) It’s Expected To Get A Little Noisy.
More

Dyadic International (DYAI) Putting Recent Developments Into Perspective. More

Tegna, Inc. (TGNA) Eye on 2020. More

Trovagene Inc. (TROV) Data Rich Year Ahead. More

INITIATION – Electrocore (ECOR) Small Piece of Migraine Market Could be a Big Deal. More

Could the commercial success of cell cycle regulators lead to broadening
developmental pipeline and the importance of CDKs (cyclin-dependent kinases). Cell proliferation is a tightly regulated process by the cell cycle machinery in normal tissues… More

Who will sit on the oil throne? On April 12th, Chevron Corp agreed to buy Anadarko Petroleum Corp for $50 billion including debt. The acquisition would make Chevron as big as Exxon and Shell and double down its position in the Permian Oil Basin…
More

IPO Podcast Episode 2: Drug Disruption. Brant Pinvidic (host of the iTunes top-trending Hollywood podcast “Why I’m Not…”) probes into the positive aspects of being “disruptive” in healthcare. 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. More

Research – Kratos Defense (KTOS) – 1Q19 Above Expectations

Posted on May 9, 2019May 4, 2022 by Admin

Thursday, May 9, 2019

Kratos Defense & Security Solutions (KTOS)

Can the Beat Go On?

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.

1Q19 Above Expectations. Revenue came in at $160.4 million above our $150 million estimate and management’s upper end $157 million guidance. Adjusted EBITDA totaled $17.5 million, compared to our $11.5 million estimate and management’s $11 million upper end. EPS totaled $0.03, versus our estimate of $0.01.
Hitting on all Cylinders. Every Kratos business unit exceeded its financial forecast in the quarter. Unmanned Systems had a very successful quarter culminating in the initial Valkyrie flight. The Target drone business continu…

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Research – Tribune Publishing (TPCO) – First quarter better than expected

Posted on May 9, 2019May 4, 2022 by Admin

Thursday, May 9, 2019

Tribune Publishing Company (TPCO)

Closing The Valuation Gap.

Tribune Publishing Co, formerly Tronc Inc is a print and online media company that publishes various newspapers and websites, such as The Chicago Tribune, Los Angeles Times, Baltimore Sun, San Diego Union-Tribune, and the Orlando Sentinel. The company creates and distribute content across its media portfolio, offering integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities.

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

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

First quarter better than expected. Revenues of $244.5 million came in higher than our $235.4 million estimate, with better than expected print advertising. Notably, print advertising declines moderated from Q4. Cash flow (adj. EBITDA) of $21.3 million also surpassed our $18.3 million expectations.
Underlying trends better than expected. Management provided Q2 and full year 2019 guidance that is better than expected. Q2 revenue guidance is $240 million to $245 million, better than our $231.5 million estimate. Adjusted EBITDA guidance is $20 mill…

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Research – Orion Group (ORN) –

Posted on May 9, 2019 by Admin

Thursday, May 9, 2019

Orion Group Holdings (ORN)

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Orion Group Holdings Inc is a US-based company which provides solutions in marine construction, design and specialty services both on and off the water in the continental US, Alaska, Canada, and the Caribbean Basin.

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

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

…

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