Author: cpereira@noblefcm.com

Entravision Communications (EVC) – Its Digital Business Does A Faceplant

Posted on by cpereira@noblefcm.com


Wednesday, March 06, 2024

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Mixed Q4 results. Total company Q4 revenue of $320.1 million, an increase of 8.0%, was better than our $309.7 million estimate, driven by 19% growth in its Digital businesses. Both TV and Radio declined in the quarter due to the absence of year earlier Political advertising. Q4 adj. EBITDA of $16.2 million was slightly below our $19.0 million estimate. 

Meta takes its business in-house. The recent financial results were overshadowed by a late announcement that Meta plans to take its advertising sales in-house, ending its relationship with Entravision and all its sales partners. Meta accounted for roughly 52% of total company revenues and 40% of adj. EBITDA in 2023.  


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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. 

CoreCivic, Inc. (CXW) – Terming Out Some Debt

Posted on by cpereira@noblefcm.com


Wednesday, March 06, 2024

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.

Debt Offering. Last night after market close, CoreCivic announced an offering of $500 million aggregate principal amount of 8.25% senior notes due 2029. The aggregate principal amount of the Notes to be issued in the offering was increased to $500 million from the previously announced $450 million. The aggregate net proceeds from the sale of the Notes are expected to be approximately $490.3 million.

Uses. CoreCivic intends to use the net proceeds, together with borrowings under the Company’s revolving credit facility and cash on hand, to fund the concurrent cash tender offer for any and all of the $593.1 million outstanding aggregate principal amount of 2026 Notes. Any remaining funds will be used to redeem 2026 Notes that remain outstanding thereafter. With excess cash on hand, the Company could pay most of the remaining principal with cash, modestly tapping into the revolver.


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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) – February Production

Posted on by cpereira@noblefcm.com


Wednesday, March 06, 2024

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.

BTC Mining. Bit Digital produced 128.7 BTC during the month of January, a 11.7% decrease from 145.7 BTC in the prior month. An increase in network difficulty, modest decrease in transaction fees, and fewer days in the month were causes of the decrease. The Company’s active hash rate was approximately 2.73 EH/s compared to 2.50 EH/s. The Company is on its way towards the active mining fleet goal of around 6.0 EH/s during 2024, in our view.

ETH Staking and AI. The Company had approximately 12,784 ETH actively staked, flat last month, with approximately 12,384 ETH natively staked and 400 ETH deployed in liquid staking. Bit Digital earned a blended APY of approximately 4.4% compared to 3.69% last month, and earned aggregate staking rewards of approximately 43.4 ETH. Bit Digital’s AI contract earned an estimated $4.0 million of unaudited revenue during the month.


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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. 

Labrador Gold Corp. (NKOSF) – On the Right Trajectory

Posted on by cpereira@noblefcm.com


Tuesday, March 05, 2024

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.

Recent drill results. Exploration and drilling at the company’s 100%-owned Kingsway gold project is targeting the Appleton Fault over a 12-kilometer strike length. With almost 92,000 meters of the company’s planned 100,000-meter drilling program completed, the company has approximately C$7 million in cash on hand. Assays are pending for samples from approximately 4,000 meters of core. The company recently released results for holes drilled at the Northeast extension of Big Vein, Knobby, and a follow-up hole at the HM occurrence.

Long interval of high-grade gold at Big Vein. Hole K-23-309 drilled at Big Vein intersected several intervals over the length of the hole, including 10.63 grams of gold per tonne over 5.9 meters that included 46.72 grams of gold per tonne over 1 meter, 1.41 grams of gold per tonne over 2 meters, and 2.2 grams of gold per tonne over 8.3 meters that included 12.07 grams of gold per tonne over 0.8 meters.


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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. 

Commercial Vehicle Group (CVGI) – First Look: Fourth Quarter Results

Posted on by cpereira@noblefcm.com


Tuesday, March 05, 2024

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.

4Q23 Results. Driven by a number of factors, including a strike at a customer plant, revenue was down 5.0% y-o-y to $223.1 million. We had estimated $230 million. Adjusted EBITDA came in at $10.3 million, down $2.9 million y-o-y and below our $13 million forecast. Impacted by a favorable tax benefit, 4Q23 GAAP net income was $23.3 million, or $0.70/sh, compared to GAAP net loss of $32 million, or a loss of $0.98/sh. Adjusted 4Q23 net income was $2.9 million, or $0.09/sh, compared to $1.4 million, or $0.04/sh last year. We had forecast net income of $4.4 million, or $0.13/sh.

Segments. Electrical Systems remained the star performer with revenue increasing 19.4% to $56.2 million and adjusted operating income up 25% to $6.7 million. Vehicle Solutions revenue down 10.1% to $128.4 million, with adjusted operating income down 3.9% to $4 million. Aftermarket revenue of $31.4 million was off 8.1%, while adjusted operating income declined 6.4% to $3.4 million. Industrial Automation revenue of $7.1 million declined 35%, while adjusted operating income was $0.3 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. 

Labrador Gold Corp. (NKOSF) – Putting a Spotlight on the Hopedale Project

Posted on by cpereira@noblefcm.com


Friday, March 01, 2024

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.

Labrador Gold investor webinar. Labrador Gold recently hosted an investor webinar to discuss its Hopedale Project, a district-scale gold and critical metals property in Labrador that covers a 43-kilometer strike length of the Florence Lake greenstone belt. Hopedale is comprised of five licenses covering 785 claims. In addition to gold, the property has nickel and copper potential.

Nine mineral occurrences to date. To date, nine mineral occurrences have been identified within three license areas, including five gold, two nickel, one copper and one zinc. Within the Thurber License, five occurrences have been identified that include: 1) TD 500, 2) Thurber Dog, 3) Thurber South, 4) Thurber North, and 5) Kaapak. Within the Southern License area, three mineral occurrences have been identified, including: 1) Fire Ant, 2) Rusty Ridge, and 3) Last Resort. The ninth occurrence is Jasmine. Targets within the Thurber license area have the highest priority for drilling with TD 500 being the highest priority drill target in 2024 following an IP geophysical survey to guide the drilling. 


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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. 

GeoVax Labs (GOVX) – FY2023 Reported With A Review Of Clinical Progress and Upcoming Milestones

Posted on by cpereira@noblefcm.com


Friday, March 01, 2024

GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel therapies and vaccines for solid tumor cancers and many of the world’s most threatening infectious diseases. The company’s lead program in oncology is a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, presently in a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. GeoVax’s lead infectious disease candidate is GEO-CM04S1, a next-generation COVID-19 vaccine targeting high-risk immunocompromised patient populations. Currently in three Phase 2 clinical trials, GEO-CM04S1 is being evaluated as a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, and as a booster vaccine in patients with chronic lymphocytic leukemia (CLL). In addition, GEO-CM04S1 is in a Phase 2 clinical trial evaluating the vaccine as a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. GeoVax has a leadership team who have driven significant value creation across multiple life science companies over the past several decades.

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.

Full Year Loss Was Less Than Expected. GeoVax reported a FY2023 loss of $26.0 million or $(14.29) per share, adjusted for a 1-for-15 reverse split in January 2024. The loss for 4Q23 was $7.6 million or $(4.29) per share, compared with our estimated loss of $9.0 million. Cash on December 31 was $6.5 million. On its quarterly conference call, the company reviewed progress in its clinical programs and confirmed milestones for 2024.

Gedeptin Program Is Moving Forward. In July 2023, GeoVax reported initial data from the Phase 1/2 trial testing Gedeptin head and neck cancer. The data showed successful delivery of the PNP gene, with safety, tumor reduction, and stable disease. Enrollment was completed in 2Q23, with additional results expected in 1H24. Expansion of Phase 2 of trial is planned during 2024. Additional trials using Gedeptin as a neoadjuvant at earlier stages of disease or in combination with immune checkpoint inhibitors may be added.


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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. 

Codere Online (CDRO) – Poised for Profitability

Posted on by cpereira@noblefcm.com


Friday, March 01, 2024

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

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

Solid Q4 results. The company reported Q4 revenue of €50.1 million, handily beating our estimate of €39.0 million by 28.5%. Adj. EBITDA in the quarter was a loss of $4.1 million, better than our estimate of a loss of €6.2 million, illustrated in Figure #1 Q4 Results. The better than expected Q4 results were driven by strong revenue growth in Mexico and Spain. 

Market performances. The company’s solid Q4 performance was driven by year over year revenue growth of 56% in Mexico and 17% in Spain. In both Mexico and Spain, the number of users and spend per customer increased compared with Q3. Notably, the company displayed strong year-over-year growth, in spite of tough comps in Q4 against such big events as the World Cup. 


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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. 

SelectQuote (SLQT) – Can It Cut Loose Its Heavy Debt Anchor?

Posted on by cpereira@noblefcm.com


Thursday, February 29, 2024

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

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

Initiating coverage with an Outperform rating and $5 price target. SelectQuote (NYSE: SLQT) is an insurance distribution and healthcare services organization, which is positioned to benefit from a growing population of Medicare beneficiaries. In our view, the company’s unique combination of health insurance distribution and home-direct pharmacy services represents an opportunity to drive high value per customer in a cost efficient manner. Our favorable rating reflects a strong revenue growth outlook with improving cash flow generation. 

Synergistic business model. The company’s health insurance distribution (primarily Medicare Advantage policies) and home-direct pharmacy businesses largely share a target customer base. This allows the company to economize on customer acquisition costs for its two largest segments. Taken together, the two business segments generated a revenue/customer acquisition cost (CAC) multiple of 4.2x over the trailing 12 months (as of December 31, 2023). 


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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. 

Travelzoo (TZOO) – Q4 Caps A Solid Year Of Growth

Posted on by cpereira@noblefcm.com


Thursday, February 29, 2024

Travelzoo® provides its 30 million members with exclusive offers and one-of-a-kind experiences personally reviewed by our deal experts around the globe. We have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. We work in partnership with more than 5,000 top travel suppliers—our long-standing relationships give Travelzoo members access to irresistible deals.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

In Line Q4 results. Q4 revenues were $21.2 million, in line with our $21.8 million estimate. The results reflected disparity in performance, however, between North America (up 5%) and Europe (up 34%). Adj. EBITDA was $5.3 million versus our $4.7 million estimate. 

Pent up travel demand. We believe that 2023 reflected another year of pent up travel demand by travel enthusiasts following the pandemic. The fourth quarter, however, indicated that the strong advertising demand may be waning, particularly in North America, possibly as travelers face economic challenges. North American revenue growth decelerated from 28% in Q3 to 5% in Q4. 


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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. 

The ODP Corporation (ODP) – Efficiency is the Key

Posted on by cpereira@noblefcm.com


Thursday, February 29, 2024

Office Depot, Inc., together with its subsidiaries, supplies a range of office products and services. It offers merchandise, such as general office supplies, computer supplies, business machines and related supplies, and office furniture through its chain of office supply stores under the Office Depot, Foray, Ativa, Break Escapes, Worklife, and Christopher Lowell brand names. The company also provides graphic design, printing, reproduction, mailing, shipping, and other services through design, print, and ship centers. It has operations throughout North America, Europe, Asia, and Central America. The company also sells its products and services through direct mail catalogs, contract sales force, Internet sites, and retail stores, through a mix of company-owned operations, joint ventures, licensing and franchise agreements, alliances, and other arrangements. As of December 31, 2008, Office Depot operated 1,267 North American retail division office supply stores and 162 international division retail stores, as well as participated under licensing and merchandise arrangements in 98 stores. The company was founded in 1986 and is based in Boca Raton, Florida.

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.

4Q Results. Total sales were $1.8 billion, down 14% from last year or 9% excluding the 53rd week in 2022 that wasn’t repeated in 2023, driven by store closures, and a continued challenging economic environment. We had revenue of $1.85 billion. Adjusted net income was $35 million, or $0.92 per diluted share, compared to $40 million, or $0.85 per diluted share, in the fourth quarter of 2022. Adjusted EBITDA was $73 million compared to $89 million in the prior year.

Cost Savings Initiative. Project Core is the new plan to create more efficiencies in ODP’s low cost model, in which management expects the plan to realize annualized savings of $50-$60 million when fully implemented. Management expects the plan to take effect in Q2 of 2024. We are optimistic that management can fully implement the strategy into its model, with cost savings already being an important factor in management’s operating philosophy.


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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. 

Orion Group Holdings (ORN) – Momentum Building – First Look 4Q23 Results

Posted on by cpereira@noblefcm.com


Thursday, February 29, 2024

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.

4Q Results. Contract revenues were $201.6 million, up 2.8% y-o-y. We estimated revenue at $190 million. Adjusted net income for the quarter was at $2.6 million, or $0.08 per share, compared to an adjusted net loss of $3.7 million, or a loss of $0.12 per share, last year. Adjusted EBITDA was at $14.8 million from $3.2 million the prior year. We had estimated adjusted net income of $1.27 million, or $0.04 per share, and adjusted EBITDA of $11.6 million.

Margin Improvement. Gross margin improved to 11.4% in 4Q23, up from 5.2% in 4Q22. Adjusted EBITDA margin increased to 7.3% from 1.6% y-o-y. We believe management’s strategic plan to deliver profitable growth to be the key difference. Higher quality projects and improved execution are sustainable, in our view.


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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. 

Euroseas (ESEA) – Euroseas signs new vessel charter, we initiate 2025 estimates

Posted on by cpereira@noblefcm.com


Thursday, February 29, 2024

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, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Euroseas signed a two-year charter contract for the M/V Leonidas Z at a rate of $20,000/day. The rate will commence upon delivery which is expected at the end of April or beginning of May. The rate is above the rate we had assumed in our model although the increased impact on revenues and earnings is minimal given the size of the Euroseas’ fleet.

We are initiating 2025 quarterly and annual estimate. Revenues and earnings will be challenged by the roll off of several attractive charters and rising interest expenses. However, results will be boosted by the addition of six ships in 2024 including four in the 2024-2Q and two in 2024-4Q. We believe the net result will mean 2025 revenues will be similar to 2024 and earnings will be modestly below 2024. 


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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.