Tuesday, May 13, 2025
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Transformation Plan on Track. The enterprise transformation is now roughly 70% complete. Notably, the diversification is away from the automotive industry. Of the $160 million (peak value) of new wins over the past seven quarters, one-quarter are non-auto, and about half of the pipeline is now in non-auto verticals.
New Business. NN shifted the business development focus to closing and winning immediate ramp up sales, given the softness in certain end markets. The Company now has 120 programs that are ramping up this year worth $55 million in annualized sales, an increase over the 50 programs reported at the end of 4Q24.
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