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Research – Cumulus Media (CMLS) – Building Value Through Aggressive Debt Reduction

Posted on by Admin

Tuesday, November 12, 2019

Cumulus Media Inc. (CMLS)

Building Value Through Aggressive Debt Reduction

CUMULUS MEDIA, Inc. (NASDAQ: CMLS) is a leading audio-first media and entertainment 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 428 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYS, the American Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with local impact and national reach through on-air, digital, mobile, and voice-activated media solutions, as well as access to integrated digital marketing services, powerful influencers, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

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

  • Overachieves Q3 estimates.  Q3 revenues of $280.8 million was better than our $276.1 million estimate. Cash flow, Adj. EBITDA, was better than expected as well ($58.7 million versus our $51.9 million estimate). The better than expected results were largely due to stronger Digital advertising.
  • Q4 pacings appear soft, but  Q4 was anticipated to be a difficult comp given the absence of year earlier Political, but pacings are soft. Despite the lackluster Q4 revenue outlook, management anticipates achieving $204 million to $205 million in…


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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 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. 

Research – Pangaea Logistics Solutions (PANL) – Unique Business Model Delivers Solid Results

Posted on by Admin

Monday, November 11, 2019

Pangaea Logistics Solutions Ltd. (PANL)

Unique Business Model Delivers Solid Results

Pangaea Logistics Solutions Ltd and its subsidiaries provide seaborne drybulk transportation services. It transports drybulk cargos including grains, coal, iron, ore, pig, iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The firm’s services include cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management. The company derives all of its revenues from contracts of affreightment, voyage charters and time charters. Its strategy depends on focusing on increasing strategic contracts of affreightment, expanding capacity and flexibility by increasing its owned fleet and increasing backhaul focus and fleet efficiency.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

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

  • Lower-than-expected 3Q2019 numbers but consistent business model delivered solid results amid market volatility.  While short of our estimate, 3Q2019 EBITDA of $17.7 million was higher than 2Q2019 EBITDA of $11.3 million and TCE rates of $15,915/day were the highest in several years and well above $14,360/day in 3Q2018.
  • To reflect the 3Q2019 variance, we updated our 2019 EBITDA estimate  to $50.5 million based on shipping days of…


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This Company Sponored 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 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. 

Research – Information Services Group Inc. (III) – Additional 3Q19 Comments; Updated Projections

Posted on by Admin

Monday, November 11, 2019

Information Services Group Inc. (III)

Additional 3Q19 Comments; Updated Projections

Information Services Group (ISG) (III) is a leading technology insights, market intelligence and advisory services company, serving more than 500 clients around the world to help them achieve operational excellence. ISG supports private and public sector organizations to transform and optimize their operational environments through research, benchmarking, consulting and managed services, with a focus on information technology, business process transformation, program management services and enterprise resource planning.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

  • Continue to Develop ISG Platform.  The ISG Platform is a suite of more profitable products and services and should help drive recurring revenues to $100 million by the end of 2021. In the third quarter, III added 6,000 contract documents and $4 billion of contract value under management just in its GovernX product.
  • Client Base Continues to Expand.  Through the first nine months of 2019, Information Services has served 614 clients, including more than…


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This Company Sponored 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 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. 

Research – E.W. Scripps Company (SSP) – What Is At The Core Of Q3 Results?

Posted on by Admin

Monday, November 11, 2019

E.W. Scripps Company (SSP)

What Is At The Core Of Q3 Results?

The E.W. Scripps Co. (www.scripps.com) serves audiences and businesses through a growing portfolio of television, print and digital media brands. After approval of its acquisition of two Granite Broadcasting stations later this year, Scripps will own 21 local television stations as well as daily newspapers in 13 markets across the United States. It also runs an expanding collection of local and national digital journalism and information businesses including digital video news service Newsy. Scripps also produces television programming, runs an award-winning investigative reporting newsroom in Washington, D.C., and serves as the longtime steward of one of the nation�s largest, most successful and longest-running educational programs, Scripps National Spelling Bee. Founded in 1879, Scripps is focused on the stories of tomorrow.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

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

  • Exceeds Q3 expectations. Q3 revenues were $350.1 million, better than our $343.1 million estimate, with the largest variance due to stronger than expected core advertising. Operating cash flow (adj. EBITDA) was better than expected at $39.0 million versus our $37.8 million estimate.
  • Q4 guidance a little better.  The favorable core advertising trends appear to be continuing into Q4, along with better than expected Poltical advertising. As such, we are raising our Q4 revenue and…


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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 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. 

Research – Trovagene (TROV) – Q3 2019 Results: Trovagene Continues Progressing

Posted on by Admin

Monday, November 11, 2019

Trovagene (TROV)

Q3 2019 Results: Trovagene Continues Progressing

Trovagene, Inc. is a clinical stage biotechnology company focused on the development of new therapeutics for hematology and oncology. The company’s clinical programs of Onvansertib (PLK1 inhibitor) include Phase 1b/2 study in AML, Phase 1b/2 study in mCRPC and Phase 1b/2 trial in KRAS-mutant colorectal cancer.

Ahu Demir, Ph.D., Biotechnology Research Analyst, Noble Capital Markets, Inc.

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

  • Progress Made in Three Clinical Programs. Trovagene has made progress in multiple clinical programs including; initiation of Phase 2 study in acute myeloid leukemia (AML) assessing onvansertib in combination with decitabine, multiple data readouts from three clinical programs including AML, metastatic castration-resistant prostate cancer (mCRPC) and KRAS-mutated metastatic colorectal cancer (mCRC)..

  • Third Quarter Results.  The company reported total operating expenses of $4.3 million; $2.8 million of R&D expenses and $1.5 million in SG&A expenses. Trovagene has $9.0 million of cash and cash equivalents, as of September 30, 2019. We have updated our model incorporating reported numbers and …


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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 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. 

Research – Eagle Bulk Shipping (EGLE) – Stock Price Weakness Spells Opportunity

Posted on by Admin

Friday November 8, 2019

Eagle Bulk Shipping (EGLE)

Stock Price Weakness Spells Opportunity

Eagle Bulk Shipping Inc. 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.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

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

  • TCE rate underperformance surprise and quarter light of expectations. Adjusted 3Q2019 EBITDA of $13.1 million was below our $18.1 million estimate due to lower TCE revenue and lower TCE rates.

  • Shortfall and scrubber program update pushes 2019 EBITDA estimate down to $58.4 million from $66.6 million.  Higher off-hire days for scrubbers and lower TCE rate estimates of $10,666/day, down from…


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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 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. 

Research – Entravision Communications Corporation (EVC) – What It Can Do To Change The Narrative?

Posted on by Admin

Friday, November 8, 2019

Entravision Communications Corporation (EVC)

What It Can Do To Change The Narrative?

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, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

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

  • Q3 results disappoint. Total company revenues of $68.8 million was 2% below our $70.3 million estimate and cash flow at $9.1 million was 27% below our $12.5 million estimate. The biggest variance to our cash flow estimate was in the company’s Digital businesses.
  • Difficult Q4 ahead.  Lackluster core advertising and the absence of Political is likely to weigh on Q4 results. We are lowering our Q4 and …


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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 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. 

Research – Gray Television (GTN) – Does Q3 Political Indicate a Windfall for 2020

Posted on by Admin

Friday, November 8, 2019

Gray Television Inc. (GTN)

Does Q3 Political Indicate a Windfall for 2020

Gray Television, Inc. operates as a television broadcast company in the United States. As of April 6, 2010, it operated 36 television stations in 30 markets, including 17 affiliated with CBS Inc.; 10 affiliated with the National Broadcasting Company, Inc.; 8 affiliated with the American Broadcasting Company (ABC); and 1 affiliated with FOX Entertainment Group, Inc. (FOX). The company also operated 39 digital second channels comprising 1 affiliated with ABC, 4 affiliated with FOX, 7 affiliated with CW Network, LLC, 18 affiliated with Twentieth Television, Inc., 2 affiliated with Universal Sports Network, and 7 local news/weather channels. Gray Television, Inc. was founded in 1897 and is headquartered in Atlanta, Georgia.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

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

  • Third quarter results overachieve. Revenues of $517 million was better than our $512 million estimate, with the upside variance Political advertising ($22 million versus our $11 million estimate). Adjusted EBITDA was better than expected at $177 million versus our $158 million estimate.
  • FRetrans miss.  One of the key revenue and cash flow growth drivers, Retransmission and Net Retransmission, missed our Q3 expectations. The company’s Q4 guidance for Retrans and …


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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 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. 

Research – One Stop Systems Inc. (OSS) – Strong 3Q19 Sets Stage for Excellent Full Year 2019

Posted on by Admin

Friday, November 8, 2019

One Stop Systems Inc. (OSS)

Strong 3Q19 Sets Stage for Excellent Full Year 2019

One Stop Systems Inc is US-based company which is principally engaged in designing, manufacturing, marketing high-end systems for high performance computing (HPC) applications. The company offers custom servers, compute accelerators, solid-state storage arrays and system expansion systems. The product line of the company includes GPU Appliances, GPU Expansion, GPUs and co-processors, Flash storage arrays, Flash storage expansion, Servers, Disk Arrays, Desktop computing appliances, accessories and parts. The company delivers high-end technology to customers through the sale of equipment and software for use on their premises or through remote cloud access to secure data centres housing technology.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

  • Strong 3Q19.  One Stop Systems reported record revenue of $14.9 million in the third quarter, up 55% y-o-y. GAAP EPS came in at $0.03, versus $0.09 in the year ago period, while non-GAAP adjusted EPS was $0.05 compared to $0.11. Excluding a unique tax benefit in 3Q18, GAAP and non-GAAP EPS actually improved by $0.04 year-over-year. We had forecast $15 million of revenue and GAAP EPS of $0.04.

  • Acquisitions the Driver. OSS’s Bressner and CDI units drove the quarter’s performance as the legacy OSS business revenue was down 2% reflecting the lumpiness of the military contracts. Bressner set a new quarterly revenue record at…


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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 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. 

Research – Tribune Publishing Company (TPCO) – Why This Quarter Reflects The Quality Of Its Cash Flow

Posted on by Admin

Friday November 8, 2019

Tribune Publishing Company (TPCO)

Why This Quarter Reflects The Quality Of Its Cash Flow

Tribune Publishing Co is a print and online media company that publishes various newspapers and websites. It creates and distribute content across its media portfolio, offering integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities. The company manages its business as two distinct segments, M and X. Segment M is comprised of the company’s media groups excluding their digital revenues and related digital expenses, except digital subscription revenues when bundled with a print subscription. Segment X includes the company’s digital revenues and related digital expenses from local Tribune websites, third party websites, mobile applications, digital only subscriptions, Tribune Content Agency and BestReviews.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

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

  • Beats cash flow expectations. Q3 cash flow (adj. EBITDA) of $24.8 million was better than our $22.1 million estimate, on in line revenues of $236.0 million. Notably, print advertising was stable from previous quarters and its Digital content business revenues were strong, up 50%.

  • Q4 and full year guidance largely in line. Management anticipates Q4 revenue in the range of $250 million to $254 million and reiterated cash flow (adj. EBITDA) guidance of $102 million to $106 million. We are moving our …


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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 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. 

Research – Genco Shipping (GNK) – Improving Financials and Asset Sales Trigger Special and Regular Dividends

Posted on by Admin

Thrusday, November 7, 2019

Genco Shipping & Trading Limited (GNK)

Improving Financials and Asset Sales Trigger Special and Regular Dividends

Genco Shipping & Trading Limited, incorporated on September 27, 2004, transports iron ore, coal, grain, steel products and other drybulk cargoes along shipping routes through the ownership and operation of drybulk carrier vessels. The Company is engaged in the ocean transportation of drybulk cargoes around the world through the ownership and operation of drybulk carrier vessels. As of December 31, 2016, its fleet consisted of 61 drybulk carriers, including 13 Capesize, six Panamax, four Ultramax, 21 Supramax, two Handymax and 15 Handysize drybulk carriers, with an aggregate carrying capacity of approximately 4,735,000 deadweight tons (dwt). Of the vessels in its fleet, 15 are on spot market-related time charters, and 27 are on fixed-rate time charter contracts. As of December 31, 2016, additionally, 19 of the vessels in its fleet were operating in vessel pools.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

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

  • Adjusted 3Q2019 EBITDA of $22.7 million and TCE rate of $11,687/day in line with expectations. Despite high shipyard activity, operating results improved and 1H2019
    weakness is clearly in rear view miror. More color expected on today’s call at 8:30 am EST. Number is 800-479-1004 and code is 3702137.

  • Increasing 2019 EBITDA estimate to $79.3 million. 4Q2019 EBITDA of $33.7 million and TCE rates of $13,500/day look reasonable given forward cover with 64% of available days booked at $14,041/day. Lowering 2020 EBITDA estimate to $150.7 million based on…


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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 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. 

Research – Information Services Group (III) – Mixed Third Quarter Results, But Record Adjusted EBITDA and Strong Cash Generation

Posted on by Admin

Thrusday, November 7, 2019

Information Services Group Inc. (III)

Mixed Third Quarter Results, But Record Adjusted EBITDA and Strong Cash Generation

Information Services Group (ISG) (III) is a leading technology insights, market intelligence and advisory services company, serving more than 500 clients around the world to help them achieve operational excellence. ISG supports private and public sector organizations to transform and optimize their operational environments through research, benchmarking, consulting and managed services, with a focus on information technology, business process transformation, program management services and enterprise resource planning.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

  • 3Q19 Results. ISG reported third quarter revenue of $68.1 million, adjusted EPS of $0.09, and record adjusted EBITDA of $10.3 million. We had forecast revenue of $72 million, adjusted EPS of $0.08, and adjusted EBITDA of $10.2 million. Consensus was $71.1 million of revenue and EPS of $0.07.
  • Highlights. Americas region has its strongest quarterly revenue growth since 2017, highest quarterly adjusted EBITDA ever, and…


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This Company Sponored 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 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. 

Research – Kelly Services Inc. (KELYA) – What Was Behind the Disappointing 3Q19 Results?

Posted on by Admin

Thursday, November 7, 2019

Kelly Services Inc. (KELYA)

What Was Behind the Disappointing 3Q19 Results?

Kelly Services Inc is a provider of workforce solutions and consulting and staffing services. The company’s operations are divided into three business segments namely Americas Staffing, Global Talent Solutions (“GTS”) and International Staffing. It provides staffing solutions through its branch networks in Americas and International operations and also provides a suite of innovative talent fulfilment and outcome-based solutions through GTS segment. Americas Staffing generates maximum revenue from its operations.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

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

  • Miss on top and bottom lines. Kelly Services reported 3Q19 revenue of $1,267.7 million and adjusted EPS of $0.37, this compares to $1,342.4 million and $0.56, respectively, last year. We forecast $1,345 million and $0.51, respectively. The miss was due to revenue declines across all three operating segments.
  • Challenging Quarter. U.S. top line was negatively impacted by a slow uptick in the restructured branch operations network and a…


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This Company Sponored 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 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.