Author: cpereira@noblefcm.com

Eagle Bulk Shipping (EGLE) – Earnings Preview – The Upward Trend Begins

Posted on by cpereira@noblefcm.com


Wednesday, May 03, 2023

Eagle Bulk Shipping Inc. (“Eagle”) is a US-based drybulk owner-operator focused on the Supramax/Ultramax mid-size asset class, which ranges from 50,000 and 65,000 deadweight tons in size; these vessels are equipped with onboard cranes allowing for the self-loading and unloading of cargoes, a feature which distinguishes them from the larger classes of drybulk vessels and provides for greatly enhanced flexibility and versatility- both with respect to cargo diversity and port accessibility. The Company transports a broad range of major and minor bulk cargoes around the world, including coal, grain, ore, pet coke, cement, and fertilizer. Eagle operates out of three offices, Stamford (headquarters), Singapore, and Hamburg, and performs all aspects of vessel management in-house including: commercial, operational, technical, and strategic.

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.

We expect the first quarter to be a down quarter due to low shipping rates. Shipping rates have showed signs of  improving recently but should provide low comparisons in the first quarter. We look for net revenues to be down 45% year over year and diluted earnings per share to be down 93%. The sharp decline reflects Eagle’s sensitivity to shipping rates.

Things should improve after the first quarter. Rates are expected to rise beginning in the second quarter. In addition, the company will add two new ships in the third quarter. We anticipate a 20% quarter over quarter jump in revenues in the second quarter followed by lesser increases in the third and fourth quarters. EPS will rebound at an even higher rate given Eagles financial leverage.


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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, Inc. (CVGI) – First Look into the First Quarter of 2023

Posted on by cpereira@noblefcm.com


Wednesday, May 03, 2023

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.

Strong Results. CVGI had a strong quarter with record revenues of $262.7 million versus $244.4 million the prior year, an increase of 7.5%. We had revenue of $245 million. The higher revenue was driven by increased pricing to offset material cost increases and increased sales volume, offset by sales volume decreases in the Industrial Automation segment. Foreign currency translation also unfavorably impacted first quarter of 2023 revenues by $3.6 million, or 1.5%.

Continued Strong Results. Operating income for the Company totaled $14.6 million compared to $8.4 million the previous year. Net income for the Company was at $8.7 million, or $0.26 per diluted share, versus $4.0 million, or $0.12, last year. Adjusted net income was $9.2 million, or $0.28 adjusted diluted EPS compared to $5.3 million in the previous year, or $0.16. Adjusted EBITDA was $19.8 million compared to $13.5 million.


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Largo Inc. ( LGO) – First Quarter Preview

Posted on by cpereira@noblefcm.com


Wednesday, May 03, 2023

Largo has a long and successful history as one of the world’s preferred vanadium companies through the supply of its VPURE™ and VPURE+™ products, which are sourced from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine in Brazil. Aiming to enhance value creation at Largo, the Company is in the process of implementing a titanium dioxide pigment plant using feedstock sourced from its existing operations in addition to advancing its U.S.-based clean energy division with its VCHARGE vanadium batteries. Largo’s VCHARGE vanadium batteries contain a variety of innovations, enabling an efficient, safe and ESG-aligned long duration solution that is fully recyclable at the end of its 25+ year lifespan. Producing some of the world’s highest quality vanadium, Largo’s strategic business plan is based on two pillars: 1.) leading vanadium supplier with an outlined growth plan and 2.) U.S.-based energy storage business support a low carbon future.

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.

Largo, Inc. will release 2023-1Q financial results on May 10th and hold a conference call to discuss results on May 11th. The company has previously (4/18/23) disclosed quarterly V2O5 production of 2,111 tonnes and sales of 2,849 tonnes. Sales were significantly above previous guidance of 2,300-2,500 tonnes. Consequently, we expect result to show improvement over the first quarter of last year when Largo sold 2,232 tonnes. We would note that 2023-1Q sales include 245 tonnes of purchased material, which we assume was done at a higher cost than produced V2O5.

Management’s guidance for the second quarter shows a build back of inventory. Management projects 2023-2Q production of 3,000-3,200 tonnes and sales of 2,300-2,500 tonnes. The reduction in sales and increase in production versus the first quarter could mean second quarter results will be below that reported in the first quarter. Importantly, some cost incurred during any quarter’s production may carry over into the next quarter when sales are completed. This will partially offset the impact of rising production and falling sales.


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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. 

ChitogenX Inc. (CHNXF) – Third Time’s the Charm? Non-Brokered Private Placement Terms Amended Again

Posted on by cpereira@noblefcm.com


Wednesday, May 03, 2023

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

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

Offering increased to $5 million from $2.5 million. The new amended offering terms adjust the number of share units for a lower price and increased shares being offered for gross proceeds of $5 million (currencies in Canadian $). The original terms were priced at $0.225/unit.  The 1st amendment from early April was priced at $0.20/unit, consisting of a share of common and a purchase warrant excercisable at $0.35 with a 5 year expiration, for expected gross proceeds of $2.5 million.

New terms increase share count.  The new 2nd amended offering prices the share units at $0.15/unit, consisting of one share of common stock and a purchase warrant exercisable at $0.35. The warrants terminate 36 months from the closing date (now expected May 3, 2023). For the maximum $5 million in gross proceeds, the new amended offering consists of 33,333,333 units.


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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. 

Indonesia Energy Corp. (INDO) – 2022 Results Are In, Nothing New to Discuss Operationally, PT Reduced to Reflect Higher Share Count

Posted on by cpereira@noblefcm.com


Tuesday, May 02, 2023

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.

Indonesia Energy Filed Its 20-F (Foreign) Document with the SEC Providing Financial Data. Due to drilling and production delays, revenue growth has been slower than projected. The company continues to report negative cash flow and earnings as limited revenues are hard pressed to cover G&A costs. The result was a $4.5 million loss from operations for the year, an EBITDA loss of $3.5 million, and negative net income of $3.1 million ($0.35 per share). The results were below our expectations, although the Indo story is really one of operating developments, not near-term results.

Operations are quiet. The filing largely repeated previously stated plans for drilling in the Kruh Block (4 in 2024, 6 in 2025, and 4 in 2026). INDO has drilled four wells in the Kruh Block, the last of which is still awaiting final flow test results but expected to be put in production mid 2023. After the last well, the company put new drilling on hold to complete additional seismic studies.  Importantly, limited production has meant that it may not be able to fully recover costs spent under the revenue sharing agreement (INDO has filed for an extension). 


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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. 

Newegg Commerce, Inc. (NEGG) – Compelling Valuation For An Early Cycle Stock

Posted on by cpereira@noblefcm.com


Tuesday, May 02, 2023

Newegg Commerce, Inc. (NASDAQ: NEGG), founded in 2001 and based in the City of Industry, Calif., near Los Angeles, is a leading global online retailer for PC hardware, consumer electronics, gaming peripherals, home appliances, automotive and lifestyle technology. Newegg also serves businesses’ e-commerce needs with marketing, supply chain and technical solutions in a single platform. For more information, please visit Newegg.com.

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

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Solid Q4 results. The company reported better-than-expected Q4 results. Total revenue of $480.6 million beat our estimate of $439.2 million by 9%, and adj. EBITDA of $5.1 million was significantly better than our forecast of $0.1 million.

Still a challenging sales environment. Following a difficult 2022, persistent macroeconomic concerns appear to be putting pressure on the consumer electronics market. As such, management noted that 2023 could face similar challenges to 2022. The company initiated cost-cutting measures with the aim of offsetting some of the adverse revenue impacts on cash flow.


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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. 

FAT Brands Inc. (FAT) – Staying In-House

Posted on by cpereira@noblefcm.com


Tuesday, May 02, 2023

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, 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.

Co-CEOs. FAT Brands announced Ken Kuick and Rob Rosen as Co-CEOs, effective May 5, 2023. As previously announced, Andy Wiederhorn will step down as CEO and continue in his role as Chairman of the Board, where he will focus on the strategic direction of the company, the allocation of capital, and ensuring the management team executes the Company’s business plan while maintaining quality restaurant operations.

Staying In-House. Currently, Mr. Kuick is Chief Financial Officer of the Company and Mr. Rosen holds the position of Executive Vice President of Capital Markets. Both played an integral role alongside Mr. Wiederhorn in driving the growth of FAT Brands. Both will continue in their current roles as well as assuming the Co-CEO role. With their in-depth knowledge and contribution to the growth of FAT Brands, we believe the choice of Mr. Kuick and Mr. Rosen to be a win for the Company.


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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. 

Baudax Bio (BXRX) – Offering Closed; Adjusting Estimates for Expected Higher R&D Expenses

Posted on by cpereira@noblefcm.com


Tuesday, May 02, 2023

Baudax Bio is a pharmaceutical company focused on innovative products for acute care settings. ANJESO is the first and only 24-hour, intravenous (IV) COX-2 preferential non-steroidal anti-inflammatory (NSAID) for the management of moderate to severe pain. In addition to ANJESO, Baudax Bio has a pipeline of other innovative pharmaceutical assets including two novel neuromuscular blocking agents (NMBs) and a proprietary chemical reversal agent specific to these NMBs. For more information, please visit www.baudaxbio.com.

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

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

$4 million gross proceeds.   Baudax Bio closed its public offering of 3,478,262 common shares (or pre-funded warrants) at $1.15 per share. Each share was accompanied by a Series A-5 warrant to purchase one share and a Series A-6 warrant to purchase one share, both exercisable at $1.15.  The Series A-5 warrant is exercisable immediately and expires five years from issuance.  The Series A-6 warrant is also exercisable immediately and expires 18 months from issuance. The offering was pursuant to an S-1 filing effective April 26, 2023.

Funding needs.  As part of the restructured credit agreement, the Company needed capital for upcoming debt payments and related minimum liquidity requirements. The proceeds will also be used for advancing the NMB pipeline. We expect continued funding needs and have incorporated a higher share count into our outlook.


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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. 

MustGrow Biologics Corp. (c) – Reports 4Q22 and FY22 Results

Posted on by cpereira@noblefcm.com


Monday, May 01, 2023

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.

4Q22 Operational Update. MustGrow released 4Q22 and full year 2022 operating results at the end of last week. As we have just provided an update on the Company following management’s webinar presentation, we will just highlight key elements of the results here.

Financial Results. Zero revenue and a loss of $1.0 million, or a loss of $0.02/sh for the fourth quarter., similar to the 4Q21 loss, although EPS loss last year was $0.03 due to fewer outstanding shares. The 4Q22 loss was about 1/2 of the 3Q22 loss due to lower stock comp expense and professional fees expense. For the full year, MustGrow reported revenue of $6,479 and a net loss of $5.6 million, or a loss of $0.11/sh, compared to a loss of $3.1 million, or a loss of $0.07/sh in 2021.


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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. 

Maple Gold Mines (MGMLF) – Anticipation Builds Following First Phase of Deep Drilling at Douay and Joutel

Posted on by cpereira@noblefcm.com


Friday, April 28, 2023

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.

First phase of deep drilling completed. Maple Gold announced first phase completion of deep drilling at the Douay and Joutel gold projects which are held by a 50/50 joint venture (JV) between Maple and Agnico Eagle Mines Limited. The JV completed more than 13,100 meters of drilling across both projects. Early indications from the joint venture’s first phase of deep drilling are encouraging, particularly at Telbel. At Douay, management is most excited by what has been observed in the drill core beneath the Porphyry Zone. Assay results are expected in the second quarter of 2023 and will be reported once received and interpreted.

100% success rate at Telbel. In the Telbel mine area at Joutel, the joint venture drilled a total of 7,343 meters in three master drill holes and four wedge drill holes. All Telbel drill holes intersected broad zones of semi-massive to massive sulfide mineralization. Hole TB-22-003 and its associated wedges intersected three mineralized zones and bottomed in mineralization. Importantly, upper mineralized zones intersected by the hole were well north of the main mine horizon.


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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. 

Comstock Inc. (LODE) – Asset Optimization Provides Influx of Cash and Enhanced Financial Flexibility

Posted on by cpereira@noblefcm.com


Friday, April 28, 2023

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

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.

Battery recycling facility sale. Recall that Comstock’s LINICO subsidiary agreed to sell its battery recycling facility in the Tahoe Reno Industrial Center and associated assets to American Battery Technology Corporation (OTCQX: ABML). LINICO had leased the facility with an option to purchase for $15.25 million, of which $3.25 million was paid. Comstock recently made the remaining $12.0 million payment to Aqua Metals, Inc. (Nasdaq: AQMS) to purchase the facility prior to closing its transaction with ABML.

Sale results in net cash inflows.  As of April 21, Comstock has received $18 million in cash and 10 million restricted shares of American Battery Technology Corporation stock with the guarantee that Comstock will receive additional cash and/or shares if the proceeds for the shares are less than $6.6 million. Based on the April 27 closing price, the ABML shares are worth over $7.7 million. Comstock expects to receive an additional $3.0 million in cash on or before May 12, 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) – Flies Around The Storm Clouds

Posted on by cpereira@noblefcm.com


Friday, April 28, 2023

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.

Strong Q1 results. The company reported Q1 revenue of $21.6 million, an increase of 17% from the prior year period, beating our estimate of $20.5 million by 5.4%. Adj. EBITDA  of $5.6 million beat our estimate of $3.9 million by 44%. The quarter was driven by strong operating results in North America, with 26% revenue growth and strong 31% operating margins. 

Favorable margins. The quarter demonstrated favorable 87.5% gross margins and record breaking total company operating margins of 22%, substantially higher than pre-pandemic levels. Management highlighted the transition of Asia Pacific to a licensing model as a major contributor to the record margins. 


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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. 

Cumulus Media (CMLS) – Still Looking For The Advertising Trough

Posted on by cpereira@noblefcm.com


Friday, April 28, 2023

Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

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

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Meets Q1 expectations. The company reported Q1 revenue of $205.7 million, in line with our previously lowered estimate of $206.4 million. National advertising revenues remained weak in the quarter, largely attributed to persistent macro economic headwinds. Adj. EBITDA of $10.3 million beat our estimate, which we believe was the lowest on the Street, a result of the company’s cost cutting initiatives and healthy growth of digital revenues.

Weak Q2 pacings. Q2 revenues are expected to be impacted by weakening Local advertising, down 4% in Q1 and pacing down 7% in Q2, in addition to double digit declines in National. A bright spot is digital marketing services (DMS), pacing up double digits in Q2. Total company revenue pacings are down low double digits for Q2.


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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.