Month: May 2020

Wider Quarterly Loss, But Cost Cuts Are Positive

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Wednesday, May 13, 2020

Gevo, Inc. (GEVO)

Wider Quarterly Loss, But Cost Cuts Are Positive

Gevo Inc is a renewable chemicals and biofuels company engaged in the development and commercialization of alternatives to petroleum-based products based on isobutanol produced from renewable feedstocks. Its operating segments are the Gevo segment and the Gevo Development/Agri-Energy segment. By its segments, it is involved in research and development activities related to the future production of isobutanol, including the development of its biocatalysts, the production and sale of biojet fuel, its Retrofit process and the next generation of chemicals and biofuels that will be based on its isobutanol technology. Gevo Development/Agri-Energy is the key revenue generating segment which involves the operation of the Luverne Facility and production of ethanol, isobutanol and related products.

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

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

    Wider 1Q2020 loss, but 2020 estimated EBITDA losses narrowed to $14.4 million due to idling of Luverne plant in response to ethanol market weakness. Adjusted 1Q2020 EBITDA of $(6.3)

    million was wider than $(4.0) million in 4Q2019 due to weaker ethanol market. Luverne plant idling reduces operating losses and improves cost structure to push quarterly cash burn down below the $4 million range.

    Solid progress on Phase 1 goal of lower carbon intensity. Luverne plant idled for foreseeable future, but no change in near-term strategy. Wind energy is now in place and biogas strategy continues with build out of renewable natural gas (RNG) production. Phase 2 expansion backed by existing supply portfolio. Supply agreements of 17 million gallons/year in place (valued at $600 million) and potential supply agreements in the up to 70 million gallons/year range (~$1.5 billion of added value) are ongoing despite the current turmoil in the airline/refining industries. Interest in commercializing the concept remains high and industry partners could be added shortly. Potential expansion plans include retro-fitting two other existing ethanol plants and…



    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the 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. 

COVID to Impact Rest of 2020; Maintaining Outperform but Lowering Price Target

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Wednesday, May 13, 2020

Information Services (III)

COVID to Impact Rest of 2020; Maintaining Outperform but Lowering Price Target

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 70 of the top 100 enterprises in the world, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com

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

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

    COVID to Impact Rest of 2020. The COVID pandemic is impacting ISG’s business as clients are delaying or cancelling engagements, while ISG’s own events have gone virtual. The Company is working to assist clients through these challenging times using the successful Great Recession playbook. The length of the business downturn is uncertain at this time.

    Some Current and Possible Long-term Positives. ISG is seeing greater demand for certain services such as its rapid cost takeout, its vendor compliance and risk management, and asset monetization services. The business mix will benefit from a higher portion of higher margin services. Longer term, as businesses accelerate their digital transformation it could open greater opportunities for ISG….


    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the 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. 

Strong 1Q20 Results

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Wednesday, May 13, 2020

Vectrus (VEC)

Strong 1Q20 Results

Vectrus Inc is a U.S.-based company that provides services to the U.S. government. It operates as one segment and offer facility and logistics services and information technology and network communications services. The information technology and network communications capabilities consist of communications systems operations and maintenance, management and service support, systems installation and activation, system-of-systems engineering and software development, and mission support for the department of defense. The facility and logistics service include airfield management, ammunition management, civil engineering, communications, emergency services, life support activities, public works, security, transportation operations and others.

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

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

    1Q20. Revenue of $351.7 million, up 7.9% y-o-y. Consensus was $337 million and we were at $350 million. EPS was $0.74, up from $0.62 in 2019. Consensus was $0.74 and we were at $0.69. Organic revenue growth was 4% and Advantor added $11.2 million. Management estimated COVID impacted revenue by $2.2 million and EPS by $0.02 in the quarter.

    Revenue Up in all Geographies and with all Major Customers. Revenue in Europe grew 15% to $32.3 million, U.S. by 14% to $81.4 million, and 5% in the Middle East to $237.9 million. Revenue from the Army grew 9.2% to $247.6 million. The Air Force was up 8% to $73.3 million, and Navy revenue rose 1.0% to $15.2 million. The Company’s focus on enhancing its portfolio of clients and…


    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the 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. 

Information Services (III) – COVID to Impact Rest of 2020; Maintaining Outperform but Lowering Price Target

Posted on by Admin

Wednesday, May 13, 2020

Information Services (III)

COVID to Impact Rest of 2020; Maintaining Outperform but Lowering Price Target

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 70 of the top 100 enterprises in the world, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com

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

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

    COVID to Impact Rest of 2020. The COVID pandemic is impacting ISG’s business as clients are delaying or cancelling engagements, while ISG’s own events have gone virtual. The Company is working to assist clients through these challenging times using the successful Great Recession playbook. The length of the business downturn is uncertain at this time.

    Some Current and Possible Long-term Positives. ISG is seeing greater demand for certain services such as its rapid cost takeout, its vendor compliance and risk management, and asset monetization services. The business mix will benefit from a higher portion of higher margin services. Longer term, as businesses accelerate their digital transformation it could open greater opportunities for ISG….


    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the 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. 

Vectrus (VEC) – Strong 1Q20 Results

Posted on by Admin

Wednesday, May 13, 2020

Vectrus (VEC)

Strong 1Q20 Results

Vectrus Inc is a U.S.-based company that provides services to the U.S. government. It operates as one segment and offer facility and logistics services and information technology and network communications services. The information technology and network communications capabilities consist of communications systems operations and maintenance, management and service support, systems installation and activation, system-of-systems engineering and software development, and mission support for the department of defense. The facility and logistics service include airfield management, ammunition management, civil engineering, communications, emergency services, life support activities, public works, security, transportation operations and others.

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

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

    1Q20. Revenue of $351.7 million, up 7.9% y-o-y. Consensus was $337 million and we were at $350 million. EPS was $0.74, up from $0.62 in 2019. Consensus was $0.74 and we were at $0.69. Organic revenue growth was 4% and Advantor added $11.2 million. Management estimated COVID impacted revenue by $2.2 million and EPS by $0.02 in the quarter.

    Revenue Up in all Geographies and with all Major Customers. Revenue in Europe grew 15% to $32.3 million, U.S. by 14% to $81.4 million, and 5% in the Middle East to $237.9 million. Revenue from the Army grew 9.2% to $247.6 million. The Air Force was up 8% to $73.3 million, and Navy revenue rose 1.0% to $15.2 million. The Company’s focus on enhancing its portfolio of clients and…


    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the 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. 

Gevo, Inc. (GEVO) – Wider Quarterly Loss, But Cost Cuts Are Positive

Posted on by Admin

Wednesday, May 13, 2020

Gevo, Inc. (GEVO)

Wider Quarterly Loss, But Cost Cuts Are Positive

Gevo Inc is a renewable chemicals and biofuels company engaged in the development and commercialization of alternatives to petroleum-based products based on isobutanol produced from renewable feedstocks. Its operating segments are the Gevo segment and the Gevo Development/Agri-Energy segment. By its segments, it is involved in research and development activities related to the future production of isobutanol, including the development of its biocatalysts, the production and sale of biojet fuel, its Retrofit process and the next generation of chemicals and biofuels that will be based on its isobutanol technology. Gevo Development/Agri-Energy is the key revenue generating segment which involves the operation of the Luverne Facility and production of ethanol, isobutanol and related products.

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

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

    Wider 1Q2020 loss, but 2020 estimated EBITDA losses narrowed to $14.4 million due to idling of Luverne plant in response to ethanol market weakness. Adjusted 1Q2020 EBITDA of $(6.3)

    million was wider than $(4.0) million in 4Q2019 due to weaker ethanol market. Luverne plant idling reduces operating losses and improves cost structure to push quarterly cash burn down below the $4 million range.

    Solid progress on Phase 1 goal of lower carbon intensity. Luverne plant idled for foreseeable future, but no change in near-term strategy. Wind energy is now in place and biogas strategy continues with build out of renewable natural gas (RNG) production. Phase 2 expansion backed by existing supply portfolio. Supply agreements of 17 million gallons/year in place (valued at $600 million) and potential supply agreements in the up to 70 million gallons/year range (~$1.5 billion of added value) are ongoing despite the current turmoil in the airline/refining industries. Interest in commercializing the concept remains high and industry partners could be added shortly. Potential expansion plans include retro-fitting two other existing ethanol plants and…



    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the 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. 

Feds Bond ETF Purchases will Impact Equity Investors

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What Does the Fed Purchasing ETFs Mean for Equity Investors?

In a surprise announcement late Monday, the markets learned the Federal Reserve would begin buying exchange-traded funds holding corporate bonds. This has never been tried before.  The intent of the Fed is to support the credit markets which are distressed by the economic strains from the economic slowdown orchestrated in response to the novel coronavirus.

With no prior notice, market participants heard of this program, which starts as early as today, after the stock exchanges closed yesterday. That’s when investors learned of the details of the central bank’s plans to purchase U.S.-listed ETFs whose investment objective is “to provide broad exposure to the market for US corporate bonds.” The latest corporate bond program comes after a plethora of issuance as companies seek to raise capital to keep operations alive amid the slowdown.

Implementation

Purchasing funds rather than securities has never before been part of the Fed’s arsenal of open market tools to impact economic balance. The decision to use ETFs was in large part because the central bank recognized this was a much faster and broader way to inject money rapidly into the credit markets. The announcement included word that asset management company Black Rock was awarded the responsibility of implementing the strategy.

This is the second bond purchase program announced by the Fed this year. Its companion program uses the Primary Market Corporate Credit Facility, where the Fed will be buying the actual bonds as well as syndicated loans. That program is scheduled to start soon.

What this means for investors

The central bank through Black Rock will buy up ETFs that hold so-called investment-grade bonds and so-called fallen angel bonds of companies that formerly had been classified as investment grade but have been downgraded to speculative or junk. It will especially look for situations where those downgrades happened due to the coronavirus crisis. The New York Fed will be supervising the program. 

Possible Impact on Equities:

  • Demonstrates a resolve that suggests the financial markets are “too big to fail.”
  • Provides less expensive money for corporations to fund their operations.
  • Although not a direct participation in equities, the Fed’s purchases indirectly creates the potential for billions to flow into stocks by pushing bond prices higher.
  • Opens the door for the fed to participate in other asset classes such as US stocks.
  • May overvalue securities within funds that would then be hurt when the Fed begins to “mop up” after the strategy is no longer needed.
  • The US bond market by some measures is twice as large as the US stock market. As a taxpayer, you are now lenders to the US companies, many of which have international operations.

Recent issuance of corporate debt has exploded.  Through April, there has been an increase of $834.3 billion or 69% year to date over the same period last year. A total of $25.7 billion flooded the market Monday of this week.

The bond market functions very differently than the stock market in that a corporation may have many different issues with varying maturities and covenants. Availability and pricing information is not as clear either as it is a true negotiated market where not all issues trade every day. This makes ETFs a simpler answer for the Fed to impact the overall price levels without creating serious disruptions in valuing securities with similar attributes.

Take-Away

The Fed has also targeted near-zero interest rates on short-term debt and purchased large amounts of Treasury and mortgage bonds, swelling its balance sheet to $6.7 trillion, from $3.8 trillion last September. This extra cash in the investment markets surely will impact all asset prices now and when they unwind their positions down the road.

 

Suggested Reading:

Federal Reserve Board Chairman Powell’s Resolve on Display

The Pitfalls of Index Funds
Demonstrated During Pandemic Selloff

Why Index Funds Could be a Mistake in
2020

 Enjoy Premium Channelchek Content at No Cost

Sources:

The Federal Reserve will start buying ETFs on Tuesday.
Here’s how to ride its coattails

Fed Says It Will Begin Buying Corporate-Debt ETFs on Tuesday

New York Fed Announces Start of Certain Secondary Market Corporate
Credit Facility Purchases on May 12

INVESTMENT
MANAGEMENT AGREEMENT (SECONDARY MARKET CORPORATE CREDIT FACILITY)

The corporate
bond market has been on fire during the coronavirus crisis

The Fed thawed debt market and big companies built a
$500 billion war chest

Scorpio Bulkers (SALT) – Bolstering Liquidity Due to Near-term Market Weakness

Posted on by Admin

Tuesday, May 12, 2020

Scorpio Bulkers (SALT)

Bolstering Liquidity Due to Near-term Market Weakness

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. In terms of its dead weight tonnage, its vessels are classified as Capesize, Kamsarmax and Ultramax, by the order of highest to lowest capacity, with Kamsarmax accounting for the highest revenue.

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

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

    1Q2020 results below expectations and a weak start to the year due to COVID-19 disruptions. Reported EBITDA was negative $100.1 million, but excluding non-cash items of $105.7 million, adjusted EBITDA was $5.6 million in 1Q2020, down sharply from $32.8 million in 1Q2019. Reported net losses of $124.7 million, or $18.12/diluted share, included mark-tomarket investment losses of $88.7 million and write-downs of $17.0 million on planned asset sales.

    Lowering 2020 EBITDA estimates to reflect 2Q2020 forward cover and the weaker than expected outlook. TCE rate weakness has lingered into the quarter due to the negative impact of the COVID-19 virus and several vessels have been repositioned away from weak markets. As a result, the 2Q2020 forward cover is muted with 64% of days booked at $7,149/day for Kamsarmaxes and 69% of days booked at $4,076/day for Ultramaxes. Given the slow start to the year and weaker forward cover, we are revising our 2020 EBITDA estimate to $23.2 million from $80.0 million, based on…


    Click to get the full report.

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the 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. 

Information Services (III) – First Quarter In-Line but COVID Impacting 2Q

Posted on by Admin

Tuesday, May 12, 2020

Information Services (III)

First Quarter In-Line but COVID Impacting 2Q

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 70 of the top 100 enterprises in the world, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com

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

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

    1Q20 Results. Revenue totaled $63.7 million, in-line with our $64 million estimate. GAAP net loss was $0.03 versus our $0.01 loss estimate with the difference mostly in higher interest expenses and a lower tax benefit than we had forecast. Adjusted EPS was $0.02 for the quarter versus our $0.04 projection. Adjusted EBITDA for the quarter was $3.5 million compared to our $4.25 million estimate.

    Solid Cash Flow in Quarter, Balance Sheet Remains a Strength. For the quarter, ISG CFFO totaled $4.6 million, compared to $1.3 million in the year ago period. ISG repurchased $3.4 million of stock in the quarter. Cash at quarter’s end was $17.5 million and the Company will benefit in this time of crisis from its recently amended credit agreement which reduces annual principal payments by 61% to $4.3 million, lowers borrowing costs, and provides access to a…


    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the 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. 

Aurania Resources (AUIAF)(ARU:CA) – LiDAR Surveys Yield Valuable Leads

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Tuesday, May 12, 2020

Aurania Resources (AUIAF)(ARU:CA)

LiDAR Surveys Yield Valuable Leads

As of April 24, 2020, Noble Capital Markets research on Aurania Resources is published under ticker symbols (AUIAF and ARU:CA). The price target is in USD and based on ticker symbol AUIAF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.
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 the full report for the price target, fundamental analysis, and rating.

    LiDAR images yield clues in locating historic mining centers. Images from a recent LiDAR survey revealed a potential historic road that is up to 60 meters wide in the central part of the Lost Cities project and is thought to have been constructed during the Colonial Spanish period. This finding, along with another historic path discovered in late 2019, could yield more clues to the location of the historic gold mining centers of Sevilla de Oro and Logrono de los Caballeros, both believed to be within the Lost Cities project area. In addition to helping detect remnants of infrastructure, LiDAR surveys are being used to refine targets for gold and copper exploration.

    Vein system identified at Tiria. LiDAR imagery also identified a vein system that coincides with areas containing silver in soil samples from the Tiria South epithermal gold and silver target. If a vein system is confirmed by field work, the target for follow up work would be the…

    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the 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. 

Bolstering Liquidity Due to Near-term Market Weakness

Posted on by Admin

Tuesday, May 12, 2020

Scorpio Bulkers (SALT)

Bolstering Liquidity Due to Near-term Market Weakness

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. In terms of its dead weight tonnage, its vessels are classified as Capesize, Kamsarmax and Ultramax, by the order of highest to lowest capacity, with Kamsarmax accounting for the highest revenue.

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

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

    1Q2020 results below expectations and a weak start to the year due to COVID-19 disruptions. Reported EBITDA was negative $100.1 million, but excluding non-cash items of $105.7 million, adjusted EBITDA was $5.6 million in 1Q2020, down sharply from $32.8 million in 1Q2019. Reported net losses of $124.7 million, or $18.12/diluted share, included mark-tomarket investment losses of $88.7 million and write-downs of $17.0 million on planned asset sales.

    Lowering 2020 EBITDA estimates to reflect 2Q2020 forward cover and the weaker than expected outlook. TCE rate weakness has lingered into the quarter due to the negative impact of the COVID-19 virus and several vessels have been repositioned away from weak markets. As a result, the 2Q2020 forward cover is muted with 64% of days booked at $7,149/day for Kamsarmaxes and 69% of days booked at $4,076/day for Ultramaxes. Given the slow start to the year and weaker forward cover, we are revising our 2020 EBITDA estimate to $23.2 million from $80.0 million, based on…


    Click to get the full report.

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the 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. 

First Quarter In-Line but COVID Impacting 2Q

Posted on by Admin

Tuesday, May 12, 2020

Information Services (III)

First Quarter In-Line but COVID Impacting 2Q

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 70 of the top 100 enterprises in the world, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com

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

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

    1Q20 Results. Revenue totaled $63.7 million, in-line with our $64 million estimate. GAAP net loss was $0.03 versus our $0.01 loss estimate with the difference mostly in higher interest expenses and a lower tax benefit than we had forecast. Adjusted EPS was $0.02 for the quarter versus our $0.04 projection. Adjusted EBITDA for the quarter was $3.5 million compared to our $4.25 million estimate.

    Solid Cash Flow in Quarter, Balance Sheet Remains a Strength. For the quarter, ISG CFFO totaled $4.6 million, compared to $1.3 million in the year ago period. ISG repurchased $3.4 million of stock in the quarter. Cash at quarter’s end was $17.5 million and the Company will benefit in this time of crisis from its recently amended credit agreement which reduces annual principal payments by 61% to $4.3 million, lowers borrowing costs, and provides access to a…


    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the 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. 

LiDAR Surveys Yield Valuable Leads

Posted on by Admin

Tuesday, May 12, 2020

Aurania Resources (AUIAF)(ARU:CA)

LiDAR Surveys Yield Valuable Leads

As of April 24, 2020, Noble Capital Markets research on Aurania Resources is published under ticker symbols (AUIAF and ARU:CA). The price target is in USD and based on ticker symbol AUIAF. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.
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 the full report for the price target, fundamental analysis, and rating.

    LiDAR images yield clues in locating historic mining centers. Images from a recent LiDAR survey revealed a potential historic road that is up to 60 meters wide in the central part of the Lost Cities project and is thought to have been constructed during the Colonial Spanish period. This finding, along with another historic path discovered in late 2019, could yield more clues to the location of the historic gold mining centers of Sevilla de Oro and Logrono de los Caballeros, both believed to be within the Lost Cities project area. In addition to helping detect remnants of infrastructure, LiDAR surveys are being used to refine targets for gold and copper exploration.

    Vein system identified at Tiria. LiDAR imagery also identified a vein system that coincides with areas containing silver in soil samples from the Tiria South epithermal gold and silver target. If a vein system is confirmed by field work, the target for follow up work would be the…

    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the 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.