Research – DLH Holdings (DLHC) – Second quarter 2019 Review

Posted on May 8, 2019May 4, 2022 by Admin

Wednesday, May 8, 2019

DLH Holdings Corp. (DLHC)

Are Acquisitions on the Horizon?

DLH Holdings Corp is a provider of technology-enabled business process outsourcing and program management solutions in the United States. The company offer services to several government agencies which include the Department of veteran affairs, Department of health and human services, Department of defense and other government agencies.

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

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

Reports 2Q19 Results. Revenue for the quarter came in at $33.8M, down slightly year-over-year, and below our $35 million estimate. EBITDA came in at $2.9 million and EPS $0.10. We were at $3.25 million and $0.13. Gross margin of 23.9% was ahead of our 23.1%, while operating margin of 6.9% was modestly below our 7.3% estimate.
Quarterly Highlights. The y-o-y revenue decline was due primarily to the timing of workload volume on HHS contracts. The improvement in direct expense relates to decreased professional service and travel cos…

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*Analyst
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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 – TherapeuticsMD (TXMD) – First quarter 2019 earnings update

Posted on May 7, 2019May 4, 2022 by Admin

Tuesday, May 7, 2019

TherapeuticsMD (TXMD)

Will Revenue Trends From Imvexxy be Recognized?

TherapeuticsMD Inc is a major drug manufacturing with a focus on creating and commercializing products targeted exclusively for women. The company intends to commercialize advanced hormone therapy pharmaceutical products.

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

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

Solid Imvexxy
Revenue Growth. Net revenue generated by Imvexxy reached $2.0 million in Q1 2019 (+122%) compared to $0.9 in the fourth quarter of 2018 with sustained growth in prescription and refill rates; approximately 31,200 prescriptions in April 2019 (47,500 prescriptions in Q4 2018). In our view, increasing market share of Imvexxy will be meaningful to eradicate skepticism on commercialization.
Bijuva Launch to Follow
with Annovera. Annovera is set to launch in Q3 2019, following Bijuva’s launch in April 2019. We continue to highlight the market and cost synergies of Bijuva and Imvexxy, and also no…

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Research – Ducommun (DCO) – First quarter 2019 review

Posted on May 7, 2019May 4, 2022 by Admin

Tuesday, May 7, 2019

Ducommun Incorporated (DCO)

Commercial Aerospace Still a Positive…For Now.

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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Commercial Aerospace Drives Top
Line Beat. First quarter revenue was 14.7% higher than last year at $172.6
million, meaningfully beating our expectations of $160 million. Commercial aerospace applications, namely the Boeing 737 platform, drove the year-over-year revenue increase contributing an additional $15.7 million more than in Q1 2018.
Margin Enhancement Across the
Board. Gross, adjusted EBITDA, and operating profit margins of 20.7%, 12.6%, and 3.5% were all a meaningful improvement over last year’s first quarter margins of 17.8%, 9.6%, and 3.5%, respectively. This enhanced profitability can largely be attribut…

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Research – Endeavour Silver (EXK) – Rating lowered to Market Perform

Posted on May 7, 2019May 4, 2022 by Admin

Tuesday, May 7, 2019

Endeavour Silver Corporation (EXK)

Challenging Times; Investment Rating Lowered to Market Perform.

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.

Weaker than expected first quarter. Endeavour reported a first quarter loss of $13.3 million, or ($0.10) per share, compared to earnings of $2.3 million, or $0.02 per share, during the prior year period. We had forecasted a loss of $780 thousand, or ($0.01) per share. The variance to our estimate is attributed to increased costs associated with continued challenges at the Guanacevi mine and underperformance at the Bolanitos and El Compas mines. All-in sustaining costs increased 36.6% due to lower production and higher cash operating costs, inventory write-downs, employee severance payments, exploration and general and administrative expenses.
Lowering estimates. We now forecast a 2019 loss of ($0.18) per share and EBITDA of $8.6 million, compared to our prior estimates of $0.04 per share and EBITDA of $36.6 million, respectively. Additionally, we have low…

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Research – Genie Energy (GNE) – Increasing estimates; strong results

Posted on May 7, 2019May 4, 2022 by Admin

Tuesday, May 7, 2019

Genie Energy Ltd. (GNE)

Acquisitions boost results. Can this be duplicated?

Genie Energy Ltd through its subsidiaries operates as a retail energy provider; and an oil and gas exploration company. It operates through three segments: Genie Retail Energy; Afek Oil and Gas, Ltd.; and Genie Oil and Gas. The company resells electricity and natural gas to residential and small business customers primarily in the Eastern and Midwestern United States and offers energy brokerage and advisory services.

Mike Heim, Senior Research Analyst, Noble Capital Markets, Inc.

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

Genie Energy reports higher
adjusted EBITDA fueled by acquisitions. Genie energy reported 2019 first-quarter adjusted EBITDA of $10.4 million versus $8.6 million for the same period last year. Improved results reflect the positive contribution of new operations in Finland, the acquisition of Prism Solar, and a new municipal aggregation agreement. Higher results came despite weather headwinds that decreased natural gas sales.
Customer growth was impressive. Customer growth was strong with meters rising 6.9% year over year and 23.5% quarter over quarter. The company’s churn rate dropped to 5.3% versus 7.6% in the first quarter last year and 7.1% in the mos…

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Research – Coeur Mining (CDE) – Review of first quarter 2019

Posted on May 3, 2019May 4, 2022 by Admin

Friday, May 3, 2019

Coeur Mining (CDE)

Should Investors Count On A Better Second Half?

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.

EBITDA in line with our estimate. Coeur Mining reported adjusted EBITDA of $26.1 million versus $49.2 million during the first quarter of 2018 and our estimate of $26.0 million. The company reported a first quarter adjusted loss of ($0.11) per share, compared to $0.00 during the prior year period and our estimate of ($0.07).
Updating estimates. We now forecast a 2019 loss of ($0.35) per share and EBITDA of $146.8 million versus our previous estimates of ($0.22) and $156.0 million. In 2020, we project a loss of ($0.05) per share and EBITDA of $205.1 mill…

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Research – ACCO Brands (ACCO) – Raising price target

Posted on May 3, 2019May 4, 2022 by Admin

Friday, May 3, 2019

ACCO Brands Corporation (ACCO)

Can ACCO Brands Maintain the Momentum?

ACCO Brands Corporation designs, manufactures, sources, markets, and sells office products, academic supplies, and calendar products primarily in the United States, Canada, Northern Europe, Brazil, Australia, and Mexico. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International.

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

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

Solid 1Q19 Results. ACCO brands reported solid 1Q19 results, exceeding our estimates. Revenue came in at $393.9 million and adjusted EPS at $0.08. We were projecting $381.5 million and $0.06, respectively.
EMEA and North America Drove
Results. EMEA posted a 3.5% comp sales increase and slightly higher operating income, excluding adverse foreign currency. Although North American comp sales fell 2.5%, the decline was significantly less than the sec…

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News – Game of Thrones: Energy Battles

Posted on May 3, 2019May 4, 2022 by Admin

Who will sit on the oil throne?

(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
April 12^th, 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, a region between western Texas and
southeastern New Mexico. Not to be
outdone, Occidental Petroleum offered Anadarko a $57 billion takeout bid
starting the first takeover battle for a major oil company in years. As expected, energy stocks have been strong
in reaction to the news. Whether or not
the acquisition is the first in a wave of consolidation remains to be
seen. Below, we discuss several
arguments for and against further industry consolidation.

Research – Aurania Resources (ARU.V) – Drilling results analysis

Posted on May 3, 2019May 4, 2022 by Admin

Friday, May 3, 2019

Aurania Resources Ltd. (ARU:CA)

Putting Crunchy Hill Results In Perspective.

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.

Scout drilling at Crunchy Hill
nearing completion. Seven bore holes have been completed for a total of 2,600 meters. While minerals collected from the initial drilling confirmed indications of an epithermal gold-silver system, no significant vein systems have been intersected to date. An eighth hole is being drilled with a ninth being considered before moving on to the next target. Therefore, it may be premature to render a final verdict on Crunchy Hill’s potential.
Assay results. Assay results have been received for the first hole, in which 8 meters returned 1.1 grams per tonne of silver and 13.2 meters returned 1.8 grams per tonne of silver but neither returned much in the way of gold. Core sampling has been completed up to and including the si…

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Research – Albany International (AIN) – First quarter 2019 review

Posted on May 2, 2019May 4, 2022 by Admin

Thursday, May 2, 2019

Albany International (AIN)

What’s in management’s secret recipe for margin enhancement?

Albany International Corp. is a textiles and materials processing company. The Company operates through two segments: Machine Clothing (MC) and Albany Engineered Composites (AEC). Its MC segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, nonwovens, fiber cement and various other industrial applications.

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

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

Profitability Boost. In Q1, AIN saw meaningful improvements in profitability, increasing gross profit, operating profit, and adjusted EBITDA over Q1 last year by 18%, 135%, and 22.3% respectively. These improvements were largely driven higher net sales, as well as, labor productivity gains and overall equipment effectiveness improvements.
Additional Guidance Provided. Management updated the previously provided 2019 guidance with enhanced details. Notably, managem…

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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.

FEATURE: Research Initiation | Tax Cuts | Blockchain | Podcast

Posted on May 1, 2019 by Admin

1-800-Flowers.com, Inc
(FLWS) Winning Doesn’t Get Boring. More

Great Lakes Dredge & Dock (GLDD) Third Strong Quarter in
a Row – 2019 Off to a Great Start. More

INITIATION – Genprex Inc (GNPX) Poised to Emerge as a Leader in Cancer
Gene Therapy. More

Did the Tax Cuts and Jobs Act Reduce People’s Federal Taxes? Was
your tax refund what you hoped it would be? The stories are commonplace in the
news and on social media: the taxpayer who either received less of a refund in
2019 compared to what they received in 2018 or, even worse, went from receiving
a refund in 2018 to having to write a check for taxes owed in 2019. More

What’s the deal with enterprise blockchain? How are
businesses using blockchain? Businesses are finding that blockchain, the
technology behind Bitcoin and other cryptocurrencies, has far wider and more
useful applications than creating speculative digital currency markets. 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

Sierra Metals Reports Q1-2019 Financial Results at Its
Sociedad Minera Corona Subsidiary in Peru. More

Research – 1-800-Flowers.com (FLWS) – Fiscal 3Q19 Update

Posted on May 1, 2019May 4, 2022 by Admin

Wednesday, May 1, 2019

1-800-Flowers.com, Inc (FLWS)

Winning Doesn’t Get Boring.

1-800 Flowers.com Inc is a United-States-based provider of gourmet food & gift baskets, consumer floral, and BloomNet wire service. Gourmet food & gift baskets and consumer floral jointly account for the majority of the company’s total revenue. The company provides a broad range of merchandise, including fresh flowers, premium, fruits, popcorn, specialty treats, cookies and baked gifts, premium chocolates, confectionery, gift baskets, premium English muffins, steaks and chops, and others.

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

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

Solid quarter. The fiscal third quarter revenues of $248.4 million
beat our $242.0 million estimate, while adjusted EBITDA loss of $4.4 million
came in lower than our loss estimate of a $5.8 million loss. For a third
straight quarter, BloomNet was strong with 15.1% revenue growth and an
impressive 12.3% increase in adjusted EBITDA.
Raised guidance. Full fiscal year 2019 revenues and adjusted EBITDA were
guided at the high end of the previously guidance range from $1232.6 million to
$1244.1 million and $80.0 million to $82.0 million, respec…

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Research – Great Lakes Dredge & Dock (GLDD) – Strong third quarter

Posted on May 1, 2019May 4, 2022 by Admin

Wednesday, May 1, 2019

Great Lakes Dredge & Dock (GLDD)

Third Strong Quarter in a Row – 2019 Off to a Great Start.

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.

Staying on track with another
quarter of strong execution. For the third quarter in a row, dredging operating results
were strong. Adjusted dredging EBITDA of $43.8 million soundly beat our
$26.4 million estimate and was well above 1Q2018 adjusted EBITDA of $16.6
million. Continued solid project execution and two unexpected events (~$15
million) had a positive impact.
Increasing 2019 EBITDA estimate.
Improved execution and dredging market strength reinforces positive outlook. Our 2019 EBITDA estimate moves to $126.1 million from
$120.1 million to reflect the st…

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