Author: cpereira@noblefcm.com

FAT Brands (FAT) – More Details on Twin Hospitality Distribution

Posted on by cpereira@noblefcm.com


Monday, January 13, 2025

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

Joe Gomes, CFA, 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.

Twin Hospitality Transaction. On Friday after the market closed, Twin Hospitality Group filed an amended Form 10 providing additional detail regarding the distribution of Twin Hospitality shares to existing FAT Brands shareholders. We believe the distribution and subsequent potential actions will highlight the value of Twin Hospitality and, by extension, FAT Brands shares.

Details. Initially, FAT Brands will own 100% of the equity of Twin Hospitality, consisting of 47,298,271 Class A shares and 2,870,000 Class B shares. Just like at FAT Brands, the B shares are super-voting with 50 votes per share. Class A shares have one vote. 


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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. 

Aurania Resources (AUIAF) – Priorities for 2025

Posted on by cpereira@noblefcm.com


Monday, January 13, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Private placement financing. In December, Aurania closed the second and final tranche of its private placement financing. A total of 3,747,243 units were sold at C$0.45 per unit for gross proceeds of C$1,686,259.35. Each unit is comprised of one common share and one common share purchase warrant, which entitles the holder to purchase one common share at an exercise price of C$0.75 for a period of 24 months following the closing date of the applicable tranche of the offering. Aurania expects to allocate most of the net proceeds to fund exploration activities in France.

Kuri-Yawi epithermal gold target. In November, Aurania commenced an induced polarization (IP) geophysical survey over its Kuri-Yawi epithermal gold target at the company’s Lost Cities-Cutucu project in Ecuador. The IP survey is designed to identify deep conductors that could correspond to gold mineralization and to target drill holes for a drilling program in 2025. In his recent shareholder letter, Dr. Keith Barron, Aurania’s Chairman and CEO, mentioned that while he is awaiting the Geophysicist’s report on the IP survey at Kuri-Yawi, the preliminary reports look great. Some epithermal veins were discovered during the survey and samples are being assayed.


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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. 

Kratos Defense & Security (KTOS) – Award Momentum Continues

Posted on by cpereira@noblefcm.com


Friday, January 10, 2025

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, CFA, 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.

Award Momentum. Hot on the heels of announcing the largest award in Company history, Kratos Defense & Security received two more awards totaling over $107 million. The two new awards continue the award momentum for Kratos, in our view, and suggest a solid growth opportunity for the Company in 2025.

Geolocation Services. Kratos was awarded a Geolocation Global Support Services (GGSS) contract in the amount of $48 million. The Company will provide support services to Space Forces Space electromagnetic interference managers and supporting elements with EMI resolution services. Notably, this award takes advantage of Kratos’ internally funded and constructed, one-of-a-kind, worldwide Space Domain Awareness network.


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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. 

DLH Holdings (DLHC) – A New Award

Posted on by cpereira@noblefcm.com


Friday, January 10, 2025

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, CFA, 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.

New Contract. On Monday, DLH was awarded a new Governmentwide Acquisition Indefinite Delivery/Indefinite Quantity contract through the One Acquisition Solution for Integrated Services (OASIS+). OASIS+ is a multi-billion dollar expansive suite program used by various federal agencies such as the Defense Health Agency, CDC, and the DoD, and is expected to grow in usage over the next few years.

Details. Through the contract, DLH will deliver complex professional services and advanced capabilities to various federal agencies. DLH won all five domains for which the Company submitted a bid, including Research and Development Services, Technical and Engineering Services, Intelligence Services and Solutions, Logistics Services and Solutions, and Management and Advisory Services. As a prime awardee of the contract, the base period is five years, with one option for an additional five. 


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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. 

Bit Digital (BTBT) – December Production Numbers Released

Posted on by cpereira@noblefcm.com


Friday, January 10, 2025

Joe Gomes, CFA, 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.

HPC/AI Side. At year-end, Bit Digital had 266 servers actively generating revenue from its Bit Digital AI contracts and earned approximately USD $4.5 million of total unaudited GPU Cloud revenue during the month of December. In addition, $177k in revenue from the Boosteroid contract was recognized. The Company’s HPC data center colocation revenue was approximately CAD $757.8k (approximately USD $528.1k) and had 14 customers generating revenue at the Enovum Data Center facility as of December 31, 2024.

Mining. The Company produced 32.4 BTC in December, a 27.8% decrease from 44.9 BTC last month due to changes in the Company’s hosting portfolio, ongoing redeployment of mining assets to new sites, and the retirement of older generation miners. The active hash rate was roughly 1.8 EH/s, a decline from 2.51 EH/s last month due to the reasons mentioned earlier. During the month, 941 S21 miners were purchased for $3.2 million, with the Company selling 4,506 S19 mining units for approximately $836.6k. We expect the hash rate to climb back up as the Company redeploys its new and current miners to new sites.


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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. 

AZZ, Inc. (AZZ) – Well-Positioned for Sales Growth and Margin Expansion; Increasing Estimates

Posted on by cpereira@noblefcm.com


Friday, January 10, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Third quarter financial results. For the fiscal year (FY) 2025, AZZ reported third quarter adjusted net income of $41.9 million or $1.39 per share compared to $34.8 million or $1.19 per share during the prior year period and our estimate of $37.7 million or $1.25 per share. Compared to the prior year period, sales increased 5.8% to $403.6 and exceeded our estimate of $398.5 million. AZZ generated a 24.2% gross margin as a percentage of sales compared to 23.1% during the prior year period and our estimate of 23.3%. Adjusted EBITDA increased 5.0% to $90.7 million, above our estimate of $86.1 million, representing 22.5% of sales versus 22.6% of sales during the third quarter of FY 2024.

Updating estimates. We have increased our 2025 EBITDA and EPS estimates to $351.6 million and $5.23, respectively, from $346.8 million and $5.05. Our 2026 EBITDA and EPS estimates have been raised to $372.6 million and $5.77, respectively, from $371.5 million and $5.70. Our revised estimates are largely due to changes in sales growth and gross margin assumptions. The company is expected to provide guidance for FY 2026 in early February. 


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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. 

V2X (VVX) – Term Loan Repriced; Shares Attractive

Posted on by cpereira@noblefcm.com


Wednesday, January 08, 2025

For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

Joe Gomes, CFA, 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.

Term Loan. V2X successfully repriced its $900 million First Lien Term Loan at 2.25%, a 50 basis point reduction in the interest margin. The interest margin reduction represents approximately $4.5 million of annual interest expense savings. The repricing continues a series of actions that have reduced the cost and outstanding debt. We would remind investors that the Company’s goal was to achieve a net leverage ratio of 3.0x or below by the end of 2024.

Shares Attractive. With VVX shares down from the $68 level just prior to the November 12th stock sale by AIP, we believe the current price represents an attractive risk/reward opportunity. The shares have been pressured by the AIP sale, as well as concerns about the future growth rate of Defense spending, especially given the DOGE focus. We believe these concerns are overblown.


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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. 

MAIA Biotechnology (MAIA) – MAIA Announces Supply Agreement For Second Phase 2 Trial With Three New Indications

Posted on by cpereira@noblefcm.com


Wednesday, January 08, 2025

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, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

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

Agreement With BeiGene Covers THIO-102 In 3 Indications. MAIA announced a clinical supply agreement with BeiGene to use its checkpoint inhibitor, Tevimbra (tislelizumab) in combination with THIO in the upcoming Phase 2 THIO-102 trial. The trial will test THIO with tislelizumab in three tumor types. MAIA will avoid the expense of the drug while BeiGene will see clinical data from its PD-1 inhibitor, a recent entry to the market.

The Phase 2 THIO-101 Is On Schedule As THIO-101 Preparations Begin. The Phase 2 THIO-101 trial testing the combination of THIO with Libtayo (cemiplimab, an anti-PD-1 checkpoint inhibitor from Regeneron) in non-small cell lung cancer (NSCLC) is in its final stages. Interim results over the past year have shown meaningful improvements in overall survival (OS) and several other clinical measures of efficacy. Long term patient data is expected in 2H25.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Euroseas (ESEA) – Thoughts on Euroseas Planned Spin-Off

Posted on by cpereira@noblefcm.com


Wednesday, January 08, 2025

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.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Research Associate, Noble Capital Markets, Inc.

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

Planned spin-off of older vessels. On January 7, Euroseas held an investor call to discuss its planned spin off the company’s three older vessels into a separate company, Euroholdings Ltd., which has applied for a listing on the NASDAQ Capital Market. The three unlevered vessels include M/V Aegean Express, M/V Diamantis P, and M/V Joanna. In exchange for contributing the three vessels, Euroseas will receive 100% of the shares of Euroholdings, which will then be distributed to its shareholders.

Euroseas to modernize its fleet. Following the spin-off, Euroseas will own 22 vessels, including 15 feeder and 7 intermediate containerships with 2 under construction. Euroseas will be positioned to expand its fleet of modern, eco-friendly containerships, with the goal of becoming a significant competitor in the feeder/intermediate containership segment. A modern and fuel-efficient fleet should command premium rates and longer contracts resulting in greater profitability and earnings visibility.


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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. 

AZZ, Inc. (AZZ) – Third Quarter Financial Results Exceed Expectations

Posted on by cpereira@noblefcm.com


Wednesday, January 08, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Third quarter financial results. For the fiscal year (FY) 2025, AZZ reported third quarter adjusted net income of $41.9 million or $1.39 per share compared to $34.8 million or $1.19 per share during the prior year period and our estimate of $37.7 million or $1.25 per share. Compared to the prior year period, sales increased 5.8% to $403.6 and exceeded our estimate of $398.5 million. AZZ generated a 24.2% gross margin as a percentage of sales compared to 23.1% during the prior year period and our estimate of 23.3%. Adjusted EBITDA increased 5.0% to $90.7 million, above our estimate of $86.1 million, representing 22.5% of sales versus 22.6% of sales during the third quarter of FY 2024. AZZ narrowed the range of its FY 2025 sales guidance range to $1.550 billion to $1.600 billion, lifted the lower end of adjusted EBITDA to a range of $340 million (from $320 million) to $360 million, and increased adjusted diluted EPS expectations to a range of $5.00 to $5.30 from $4.70 to $5.10.

Debt reduction. During the first nine months of FY 2025, AZZ generated operating cash flow of $185.6 million and reduced debt by $80 million and expects full year debt reduction to exceed $100 million. At quarter end, the company’s net leverage was 2.6 times trailing twelve months EBITDA, and cash and cash equivalents amounted to $1.5 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. 

FreightCar America (RAIL) – FreightCar America Lowers its Cost of Capital

Posted on by cpereira@noblefcm.com


Tuesday, January 07, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Redemption of preferred stock. FreightCar America closed a $115 million four-year term loan on December 31, 2024. The loan is priced at the secured overnight financing rate (SOFR) plus 600 basis points. Proceeds from the term loan were used to redeem all 85,412 shares of Series C preferred stock for a total redemption price of $113,274,739, including accrued dividends of $27,862,739. Recall that the dividends accrued at a rate of 17.5% per annum on the initial stated value of the preferred stock.

Lower cost of capital. The completion of the term loan financing, along with the retirement of the Series C preferred stock, enhances the company’s financial flexibility, cash flow profile, and lowers borrowing costs. Most recently, the secured overnight financing rate was ~4.40%.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Kratos Defense & Security (KTOS) – Awarded Largest Contract in Company History

Posted on by cpereira@noblefcm.com


Tuesday, January 07, 2025

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, CFA, 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.

Award. Kratos announced yesterday that it was awarded a five-year OTA contract for the Multi-Service Advanced Capability Hypersonic Test Bed (MACH-TB) 2.0 under Task Area 1. The total value of this award, if all options are exercised over the five-year period, is  $1.45 billion, which would be the largest contract in the Company’s history.

Tasks. Kratos was awarded the prime role in Task Area 1 Systems Engineering, Integration, and Testing (SEIT), to include integrated subscale, full-scale, and air launch services to address the need to affordably increase hypersonic flight test cadence. Kratos will lead a team of subcontractors that will provide systems engineering, assembly, integration, and test (AI&T), mission planning and execution, and launch services.


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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. 

Graham Corp. (GHM) – Raising Price Target

Posted on by cpereira@noblefcm.com


Tuesday, January 07, 2025

Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company’s products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.

Joe Gomes, CFA, 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.

Strong Performance. Since the beginning of November, GHM shares have risen from approximately $30 to over $45, exceeding our $45 price target, which we had raised on November 8th. We believe the positive stock performance reflects investors’ increased awareness of Graham’s current operating performance and future potential.

Defense Opportunity. Graham already has a significant billion dollar plus opportunity with the U.S. Navy. The incoming Trump Administration is likely to drive defense spending at an increased pace, potentially targeting areas in which Graham specializes for even faster growth.


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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.