Thursday, November 09, 2023
CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
ICE Pops Still Increasing. ICE detainee population grew to 36,845 at the end of the Federal government fiscal year, up from 35,289 in the prior week and press reports indicate the current population is closer to 40,000. CoreCivic ICE pops grew from 8,200 at the end of July, to 8,900 at the end of August, to 10,300 at the end of September and were up to 11,800 on Monday.
Positive Impact. The increasing ICE populations, if maintained, will benefit operating results to a greater extent in 4Q than they did in 3Q as many of CoreCivic’s ICE facilities reached the minimum guarantee level by the end of the third quarter. This should result in greater revenue and margin dollar growth for the Safety segment in 4Q23.
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