cpereira@noblefcm.com, Author at Channelchek

ACCO Brands (ACCO) – A Look into the Fourth Quarter and Full Year 2022 Results

Posted on February 24, 2023February 24, 2023 by cpereira@noblefcm.com

Friday, February 24, 2023

ACCO Brands Corporation is one of the world’s largest designers, marketers and manufacturers of branded academic, consumer and business products. Our widely recognized brands include AT-A-GLANCE®, Esselte®, Five Star®, GBC®, Kensington®, Leitz®, Mead®, PowerA®, Quartet®, Rapid®, Rexel®, Swingline®, Tilibra®, and many others. Our products are sold in more than 100 countries around the world. More information about ACCO Brands, the Home of Great Brands Built by Great People, can be found at www.accobrands.com.

Joe Gomes, Managing Director – Generalist Analyst, 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.

4Q Results. ACCO Brands posted net sales of $499.4 million, a decrease of 12.4% from the prior year’s $570.3 million. Operating income for the quarter was at $35.6 million versus $63.6 million the prior year due to lower sales volumes and higher inflation. Net income was reported at $18.8 million, or $0.20 per diluted share, compared to $53.5 million, or $0.55/sh, last year. We estimated revenue of $510.0 million, operating income of $47 million, net income of $26 million, and EPS of $0.28.

Revenue Segments. North America saw a decrease in sales to $225.7 million versus $271.0 million the prior year with operating income of $8.9 million versus $34.2 million a year ago. EMEA sales were $156.0 million versus $187.9 million the year prior, with operating income of $12.7 million versus $21.6 million. Lastly, International had sales of $117.7 million, an increase from last year’s $111.4 million, with operating income of $22.7 million, an increase over last year’s $20.9 million.

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*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.

Schwazze (SHWZ) – Here We Grow Again

Posted on February 22, 2023February 22, 2023 by cpereira@noblefcm.com

Wednesday, February 22, 2023

Schwazze (OTCQX:SHWZ, NEO:SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices.

Joe Gomes, Managing Director – Generalist Analyst, 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.

New Acquisitions. Continuing to build out its Colorado dispensary network, Schwazze has announced definitive documents to acquire certain assets of Cannabis Care Wellness Centers, LLC and Green Medicals Wellness Center #5, LLC (d/b/a “Smokey’s”). The proposed transaction includes the adult use Smokey’s dispensaries located at 2515 7th Avenue in Garden City as well as 5740 S. College Ave. in Fort Collins. These two vibrant cannabis markets have limited licenses and present Schwazze with more opportunities to serve customers in northern Colorado.

Details. The consideration for the proposed acquisition is $7.5 million and will be paid as $3.75M in cash and $3.75M in stock at closing. The acquisition is expected to close in the second quarter of 2023 after Colorado Marijuana Enforcement Division and local licensing approvals.

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Kelly Services (KELYA) – Fourth Quarter and Full Year Results for 2022

Posted on February 22, 2023February 22, 2023 by cpereira@noblefcm.com

Wednesday, February 22, 2023

Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.

Joe Gomes, Managing Director – Generalist Analyst, 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.

4Q22. Revenue of $1.23 billion was down 1.3% year-over-year (up 0.7% in constant currency). We were at $1.25 billion. Kelly took a $10.3 million asset impairment charge related to its RocketPower acquisition during the quarter. As a result, GAAP EPS loss was $0.02 compared to EPS of $1.80 in 4Q21. Adjusted EPS for the fourth quarter was $0.18 versus $0.65 last year. We had projected adjusted EPS of $0.29.

Quarterly Drivers. Kelly saw top line growth in its SET, Education, and OCG business, and International, if we exclude the sold Russian operations from the y-o-y comparison. Once again, the gross profit rate improved in all five business units, a testament to Kelly’s specialty talent focus.

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Defense Metals Corp. (DFMTF) – Entering an Important New Phase

Posted on February 22, 2023February 22, 2023 by cpereira@noblefcm.com

Wednesday, February 22, 2023

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Pilot plant commissioning. Defense Metals has commenced construction of a hydrometallurgical pilot plant which is expected to be commissioned in March. Pilot plant operations will run in two segments and be completed by the end of April. The feed for the plant will total approximately 600 kilograms of mineral concentrate that was processed from a Wicheeda deposit bulk sample.

The proof will be in the precipitate. The pilot plant is being configured to produce a high-purity rare earth precipitate suitable as feed stock for a rare earths element (REE) separation plant. The objective of the pilot plant is to demonstrate, at a larger scale, the processing of Wicheeda flotation concentrate to produce rare earths using the acid bake hydrometallurgy process and to collect data for a preliminary feasibility study which is expected to be completed in the first quarter of 2024. Samples produced from the pilot plant will be shared with potential end-users for product qualification.

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Comtech Telecommunications (CMTL) – Florida Investor Meetings; Raising Price Target

Posted on February 22, 2023February 22, 2023 by cpereira@noblefcm.com

Wednesday, February 22, 2023

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.

Joe Gomes, Managing Director – Generalist Analyst, 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.

Investor Meetings. We hosted Comtech CEO Ken Peterman and CFO Michael Bondi for a series of investor meetings in South Florida last week. In the meetings, CEO Peterman outlined the current progress made and future opportunities under his strategy to right the ship and grow from there.

The Present. Management spent time reviewing the actions already taken in regard to implementing the ONE Comtech vision. We expect the initial benefits of bringing the Company under one roof, including cost savings, more efficient use of capital, and the capture of additional business, will begin to flow into operating results in a noticeable way during the second half of fiscal 2023.

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Seanergy Maritime (SHIP) – Estimates and Price Target Adjusted for 10-1 Reverse Split and Continued Shipping Rate Weakness

Posted on February 21, 2023February 21, 2023 by cpereira@noblefcm.com

Tuesday, February 21, 2023

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of approximately 12 years and aggregate cargo carrying capacity of approximately 3,011,083 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP” and its Class B warrants under “SHIPZ”.

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

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

Seanergy completes a 10-1 reverse stock split effective February 16, 2023. With the reverse split, the number of outstanding shares is reduced to 18,191,647 from 181,918,471 and then adjusted for the cancellation of fractional shares. We are raising our earnings per share estimates to reflect the change, essentially raising our numbers by ten fold with some adjustment for recent shipping rate weakness.

Our price target increases slightly less than ten fold. We are adjusting our price target to $10 from $1.50 to reflect the reverse stock split. Our PO was increased less than ten times as we have adjusted our models to reflect weaker current shipping rates. In addition, we have changed our valuation methodology from a multiple of next year’s ebitda to a discounted cash flow model. Our new methodology projects out cash flow generation for five years so that long-term valuations will be based on mid-cycle shipping rates (in this case $20,000/day) instead of basing stock valuation on peak or valley shipping rates.

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MAIA Biotechnology (MAIA) – Initiating Coverage With A $14 Price Target

Posted on February 21, 2023February 21, 2023 by cpereira@noblefcm.com

Tuesday, February 21, 2023

MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.

Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.

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

THIO Is A First-In-Class Cancer Therapeutic With A Dual Mechanism Of Action. MAIA Biotechnology is in Phase 2 development with THIO, a drug directed at the telomeres of cancer cell chromosomes. These are structures at the distal tips of the chromosomes that protect the coding DNA regions and have functions needed for DNA replication. THIO is a modified nucleoside analogue that targets the chromosome’s telomeres, leading to cell death, and stimulates the immune system to attack remaining cancer cells.

THIO Is Phase 2 With A Checkpoint Inhibitor. The direct killing and stimulation of an immune response increases the number of immune killing cells in the tumor that can attack remaining cancer cells. Preclinical studies testing THIO in combination with checkpoint inhibitors showed complete killing and long-term durability of its effects. The current Phase 2 clinical trial program is testing THIO in combination with Libtayo, a PD-1 inhibitor from Regeneron, in non-small cell lung cancer (NSCLC).

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Great Lakes Dredge & Dock (GLDD) – A Weak End to a Challenging Year

Posted on February 21, 2023February 21, 2023 by cpereira@noblefcm.com

Tuesday, February 21, 2023

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Joe Gomes, Managing Director – Generalist Analyst, 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.

4Q22 Operating Results. Revenue totaled $146.7 million down from $210 million last year. Gross margin was negative 11%, down from 25.2% in the year ago period. Adjusted EBITDA for the quarter was a negative $24.2 million versus $48.2 million last year. The Company reported a loss of $31.2 million, or a loss of $0.47 per share for the quarter, compared to last year’s net income of $24.7 million, or $0.37 per diluted share.

Drivers. While management in late December had indicated fourth quarter results would be below previous expectations, the decline was even deeper than anticipated. The fourth quarter continued to be impacted by a significantly delayed bid market combined with high inflation, significant weather delays on projects in the Northeast, fewer high margin capital projects, dredging project production issues, higher than anticipated drydock costs, and the retirement of the Terrapin Island.

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Euroseas (ESEA) – Full Book Protecting Against Shipping Rate Declines

Posted on February 21, 2023February 21, 2023 by cpereira@noblefcm.com

Tuesday, February 21, 2023

Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

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

Euroseas, LTD reported 2022-4Q results that were generally in line with expectations. Reported EBITDA and Net Income were slightly better than expected due to lower operating costs. However, adjusted EBITDA and Net Income were slightly below expectations due primarily to a $3.9 million reduction associated with the amortization of fair value of below market time charters acquired. The 12.1% increase in net revenues was the result of an increase in the number of vessels (18 versus 15). Average TCE rates of $29,399 per day were slightly above our $28,900 forecast and slightly below year ago rates of $30,068. Steady rates reflect ESEA’s full charter position.

The future continues to look bright for Euroseas. 80% of its ships are fixed for 2023 and 54% for 2024 representing $425 million in contracted revenues. The full order book has become especially important given a sharp decline in shipping rates in the second half of 2022. Unfortunately, a company has repudiated its charter with Euroseas. The company is growing with the order of nine newbuilds — the first of which is to be delivered next month and has a three-year charter at $48,000 per day. The addition of ships at a favorable rate should help offset a decline in rates as ships come off charter and prices are reset to current shipping rates.

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The GEO Group (GEO) – Better Than Expected 4Q22 But What About 2023?

Posted on February 17, 2023February 17, 2023 by cpereira@noblefcm.com

Friday, February 17, 2023

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Joe Gomes, Managing Director – Generalist Analyst, 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.

4Q22 Results. The run of exceeding expectations continued in the fourth quarter. Revenue for the quarter came in at $620.7 million, up from $557.5 million a year ago. Adjusted EBITDA totaled $145.5 million, AFFO was $0.58 per diluted share, EPS was $0.28, and adjusted net income $0.34 per share. In the year ago period, GEO reported $124.1 million, $0.66, $(0.41), and $0.38, respectively. We had forecast $603 million, $133.5 million, $0.54, $0.25, and $0.23, respectively. GEO’s results highlight the resiliency of the business model, in our opinion.

Electronic Monitoring Driving 4Q Results. GEO’s electronic monitoring segment saw revenue jump 89.3% to $149.8 million in the quarter, with segment operating income rising 89.6% to $85.7 million. While electronic monitoring populations have declined since the turn of the year, we believe electronic monitoring will remain a key arrow in government’s quiver to manage undocumented populations given the success of these programs.

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Schwazze (SHWZ) – CEO Buying Shares and a New Officer

Posted on February 17, 2023February 17, 2023 by cpereira@noblefcm.com

Friday, February 17, 2023

Joe Gomes, Managing Director – Generalist Analyst, 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.

Buying Shares. A Form 4 was released Wednesday showing CEO Justin Dye purchasing 500,000 shares of Schwazze at a price of $1.50 per share under Dye LLLP for a total cost of $750,000. Mr. Dye now indirectly owns 1,868,062 SHWZ common shares through Dye LLLP and indirectly owns 9,287,500 SHWZ common shares through Dye Capital & Company, equating to 20.5% of the total outstanding shares.

New Officer. Wednesday also had a press release from Schwazze announcing the Company added Christine Jones to the management team as Chief Legal Officer. Ms. Jones has over 25 years of experience as a corporate counsel for several companies and most recently was a Senior Vice President, Legal and Corporate Secretary of Long Play, Inc. Long Play is a vertically integrated cannabis company with cultivation, manufacturing, retail, and a portfolio of brands, similar to Schwazze. We believe the addition of Ms. Jones will be beneficial to the Company.

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Item 9 Labs (INLB) – First Quarter Earnings Released

Posted on February 17, 2023February 17, 2023 by cpereira@noblefcm.com

Friday, February 17, 2023

Item 9 Labs Corp. (OTCQX: INLB) is a vertically integrated cannabis operator and dispensary franchisor delivering premium products from its large-scale cultivation and production facilities in the United States. The award-winning Item 9 Labs brand specializes in best-in-class products and user experience across several cannabis categories. The company also offers a unique dispensary franchise model through the national Unity Rd. retail brand. Easing barriers to entry, the franchise provides an opportunity for both new and existing dispensary owners to leverage the knowledge, resources, and ongoing support needed to thrive in their state compliantly and successfully. Item 9 Labs brings the best industry practices to markets nationwide through distinctive retail experience, cultivation capabilities, and product innovation. The veteran management team combines a diverse skill set with deep experience in the cannabis sector, franchising, and the capital markets to lead a new generation of public cannabis companies that provide transparency, consistency, and well-being. Headquartered in Arizona, the company is currently expanding its operations space by up to 640,000-plus square feet on its 50-acre site, one of the largest properties in Arizona zoned to grow and cultivate flower. For additional information, visit https://investors.item9labscorp.com/.

Joe Gomes, Managing Director – Generalist Analyst, 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.

1Q23 Results. Item 9 Labs reported revenue of $5.0 million and a net loss of $3.26 million, or a loss of $0.03 per share. Revenue grew from the $4.0 million reported in the fourth quarter of fiscal 2022. Notably, gross margin also improved, to 52.4% in the most recent quarter, from 16.1% in the fourth quarter and 38.8% in the year ago period. We had forecast revenue of $4.5 million, gross margin of 35.6%, and a net loss of $4.9 million, or a loss of $0.05 per share.

Sessions Acquisition. Earlier this week, Item 9 Labs announced it has secured the necessary financing to complete the acquisition of Sessions Cannabis, a deal first announced in May 2022. Sessions is one of Canada’s largest cannabis retail franchisors. The total cash purchase price of the transaction is $12.8 million, which is being fully funded through an Acquisition Line of Credit with a 5-year term from a commercial lender. The acquisition will create the largest international cannabis retail franchiser and publicly traded cannabis franchise company in North America.

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ChitogenX Inc. (CHNXF) – Grant Awarded to Develop New Opportunities and Indications

Posted on February 17, 2023February 17, 2023 by cpereira@noblefcm.com

Friday, February 17, 2023

Gregory Aurand, Senior Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

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

Grant awarded for $3.472 million (C$). ChitogenX yesterday announced the award. The Company had applied for the grant, through its partnership with Polytechnique Montréal, in third quarter 2022. The grant was received from The Natural Sciences and Engineering Research Council of Canada (NSERC) and Prima Québec. The NSERC is Canada’s largest supporter of innovation, funding explorers searching for scientific and technical breakthroughs. Prima Québec is an advanced materials research and innovation hub.

Uses of the grant. The 4-year grant will be used to advance development, expand indication possibilities, develop new regenerative medicine biomaterials and accelerate the Company’s ORTHO-R commercial readiness. These potential indications and applications include not only tendinopathies like tennis elbow and Achilles heel injuries, but possibly also areas like cardiology, wound healing and oncology. In the first year of the grant, ChitogenX plans to focus on potential applications that deliver other biologic products using their chitosan biopolymer matrix.

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