Research – Sierra Metals (SMTS) – Reports first quarter loss

Posted on May 15, 2019 by Admin

Wednesday, May 15, 2019

Sierra Metals (SMTS)

Will Sierra Regain Momentum Following a Slow Start to the Year?

Sierra Metals Inc is a precious and base metals producer in Latin America. The company acquires, explores, extracts, and produces mineral concentrates consisting of silver, copper, lead, zinc and gold in Mexico and Peru. Its activity includes the operation of the Yauricocha Mine in Peru, and the Bolivar and Cusi mines in Mexico.

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

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SMTS reports first quarter loss. SMTS reported a first quarter loss of ($0.01) per share versus earnings of $0.05 per share during the prior year period and our estimate of $0.02 per share. Adjusted EBITDA amounted to $12.0 million versus $27.4 million during the prior year period and our estimate of $15.4 million. First quarter results reflected a 14% reduction in throughput at the Yauricocha mine due to a worker’s strike that resulted in 12 days of lost production and slower than expected ramp up of throughput at the Bolivar and Cusi mines.
Updating estimates. Management reaffirmed its 2019 production guidance and we think there may be opportunities for Sierra to regain some lost ground during the remainder of the year. While we are making no changes to our respective 2020 EPS and EBITDA estimates of $0.30 and $138.7 million, we are trimm…

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Research – ProMIS Neurosciences (PMN:CA) – First quarter 2019 progression

Posted on May 15, 2019 by Admin

Wednesday, May 15, 2019

ProMIS Neurosciences (PMN:CA)

Progress in Q1 Bodes Well For Partnership Opportunities.

ProMIS Neurosciences, Inc., a development stage biotech company, discovers and develops precision medicine therapeutics for the treatment of neurodegenerative diseases, primarily Alzheimer’s disease (AD) and amyotrophic lateral sclerosis (ALS).

Cosme Ordoñez, M.D., Ph. D. , Life Sciences Analyst, Noble Capital Markets, Inc.

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Antibody drug
candidates identified. In Q1/2019, ProMIS Neurosciences identified several antibody drug candidates for the treatment of Parkinson’s disease. These antibodies target toxic forms of alpha synuclein, which play a critical role on the development and progression of this illness.
Parkinson’s program update. The progress made in Parkinson’s program was presented at “The 14^th International Conference on Alzheimer’s & Parkinson’s Diseases” held in Lisbon, Portugal, from March 26-31, 2019. ProMIS was able to showcase results demonstrating the selectivity of anti-alpha synuclein antibodies, which selectively bind to tox…

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Research – Sierra Metals (SMTS) –

Posted on May 15, 2019 by Admin

Wednesday, May 15, 2019

Sierra Metals (SMTS)

SMTS reports first quarter loss. ?

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

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

SMTS reports first quarter loss. SMTS reported a first quarter loss of ($0.01) per share versus earnings of $0.05 per share during the prior year period and our estimate of $0.02 per share. Adjusted EBITDA amounted to $12.0 million versus $27.4 million during the prior year period and our estimate of $15.4 million. First quarter results reflected a 14% reduction in throughput at the Yauricocha mine due to a worker’s strike that resulted in 12 days of lost production and slower than expected ramp up of throughput at the Bolivar and Cusi mines.
Updating estimates. Management reaffirmed its 2019 production guidance and we think there may be opportunities for Sierra to regain some lost ground during the remainder of the year. While we are making no changes to our respective 2020 EPS and EBITDA estimates of $0.30 and $138.7 mill…

EQUITY RESE

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Research – Genco Shipping (GNK) – Adjusting estimates; weak market environment

Posted on May 14, 2019May 4, 2022 by Admin

Tuesday, May 14, 2019

Genco Shipping (GNK)

Weathering the Storm From a Position of Strength.

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.

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

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1Q2019 EBITDA below expectations
due to weak market environment. 1Q2019 EBITDA of $17.0 million was well below our expectations of $22.8 million. The negative variance to our estimate was a combination of lower TCE revenue of $5.8 million and lower opex expenses of $0.6 million, which offset higher G&A expense of $0.6 million.
Adjusting estimates to reflect 1Q2019 negative
variance, 2Q2019 forward cover, market volatility and updated dry
dock data. To include the 1Q2019 shortfall, market volatility, forward booking da…

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Research – E.W. Scripps (SSP) – Lowering price target

Posted on May 14, 2019 by Admin

Tuesday, May 14, 2019

E.W. Scripps (SSP)

Resetting Expectations.

The E.W. Scripps Co. 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.

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

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First quarter results below
expectations. We chocked up much of the miss to the timing of acquisitions and the confusion over proforma results, something which the company tried to clarify with the recent release of proforma numbers for its Local Media division. Based on our read, expenses seem to be higher than we expected even after adjusting for the timing of acquisitions.
Second quarter guidance. Proforma second quarter revenues are expected to be slightly lower than our expectations and expenses are expected to be higher. As such, we are lowering our second quarter revenue estimate from $345.5 million to $339.7 million and our adjusted EBITDA estimate from $50.2 mil…

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Research – Avino Silver & Gold (ASM) – First quarter results, updating estimates

Posted on May 13, 2019 by Admin

Monday, May 13, 2019

Avino Silver & Gold Mines Ltd. (ASM)

Resilience In A Challenging Operating Environment.

Avino Silver & Gold Mines Ltd. engages in the acquisition, exploration, development, production, and sale of mineral properties in Canada and Mexico. It primarily explores for gold, silver, copper, zinc, and lead deposits.

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

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

ASM reports first quarter loss. Avino Silver & Gold Mines Ltd. reported a first quarter 2019 loss of $610 thousand, or ($0.01) per share, compared to earnings of $818 thousand, or $0.02 per share during the prior year period and our estimate of $0.00 per share. First quarter results were negatively impacted by lower grades, declining recoveries at the San Gonzalo mine and seven days of lost production while upgrades to the crushing circuit were completed at the Avino mill. First quarter EBITDA were $0.0 million, compared to $1.5 million generated during the first quarter of 2018.
Updating estimates. We are lowering our 2019 EBITDA and EPS estimates to $0.03 and $7.5 million from $0.07 and $11.6 million, respectively. Revisions to our estimates reflect lower commodity gra…

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News – Will Green Dreams Turn Into Coal’s Nightmare?

Posted on May 13, 2019 by Admin

Will the Era of the New Green Deal Spell Doom for the Coal Industry?

(Note: companies that could be impacted by the content of this article are listed at the base of the story (desktop version). This article uses third-party references to provide a bullish, bearish and balanced point of view; sources listed in the “Balanced” section)

In the run-up to the 2020 Presidential election, ample discussion has centered on efforts to combat climate change. Democratic candidate Jay Inslee proposed phasing coal out completely over the next 11 years. Another Democratic candidate, Beto O’Rourke, proposed a $5.1 trillion plan to achieve net-zero greenhouse gas emissions by 2050 by investing in infrastructure, clean power and energy efficiency to combat climate change. While the coal industry’s share of supplying fuel to electric power plants has fallen due to the increased use of natural gas, the emphasis on green energy has increasingly put coal in the crosshairs of new environmental policy proposals.

Research – Information Services (III) – First quarter 2019 results

Posted on May 13, 2019 by Admin

Monday, May 13, 2019

Information Services Group (III)

Are Brighter Days Ahead?

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.

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1Q19 Results. 1Q19 results were negatively impacted by a number of items, including currency headwinds and a push out of certain business. As a results, revenues came in at $64.8 million, down 6% year-over-year, and the GAAP loss was $0.02 per share, versus breakeven a year ago. Adjusted EPS came in at $0.03, versus $0.05.
Digital Still the Growth Driver. III continued to grow its digital services business, which represented more than 40% of 1Q19 revenue. ISG Automation was up…

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Research – Ducommun (DCO) – Rating changed to Market Perform

Posted on May 13, 2019 by Admin

Monday, May 13, 2019

Ducommun Incorporated (DCO)

Markets Respond to a Surprisingly a Good Quarter.

Ducommun Inc is a leading global provider of engineering & manufacturing services for high-performance products & high-cost-of failure applications used primarily in the aerospace and defense, industrial, medical & other industries.

Christian Herbosa, Research Analyst, Noble Capital Markets, Inc.

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Meaningful Upside Surprise. Markets responded positively to the surprisingly strong revenue growth and margin expansion reported in the Q1 earnings release last week. Revenue and diluted EPS for the quarter were $172.6 million and $0.64 representing an upside surprise of 8.65% and 44.8% above consensus estimates, respectively.
We’ve Come a Long Way. On a year-over-year basis first quarter revenue grew 14.7%. This top line growth reflects the strong execution of organic and inorganic growth initiatives in an expansionary industry environment. Gross, adjusted EBITDA, and operating profit margins of 20.7%, 12.6%, and 7.4% were also an improvement over last year’s Q1 margins of 17.8%, 9.6%, and 3.5%, respectively. This enhanced…

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Research – Energy Fuels (UUUU) – Weaker than expected first quarter results

Posted on May 13, 2019 by Admin

Monday, May 13, 2019

Energy Fuels, Inc. (UUUU)

Lowering Rating on Uncertain Outlook.

Energy Fuels Inc together with its subsidiary is engaged in the extraction and recovery of uranium properties in the United States. The company operates in two segments, ISR Uranium and Conventional Uranium. It conducts its ISR activities through its Nichols Ranch Project, located in northeast Wyoming.

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

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

Weaker than expected first quarter results. Energy Fuels reported a first quarter loss of $12.1 million, or ($0.13) per share, compared to a loss of $11.5 million, or ($0.14) per share during the prior year period. We had forecast a loss of $2.4 million, or ($0.03) per share. The variance to our estimate is attributed to lower sales.
Updating estimates. We now project a 2019 loss of ($0.20) compared to our prior EPS estimate of $0.03. We have also lowered our 2020 EPS and EBITDA estimates to $0.06 and $14.8 million, from $0.12 and $26.6 million, respectively. Revisions to our estimates are driven by lower sales of uranium and vanadium and a reduc…

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Research – Seanergy (SHIP) – Rating updated to Market Perform

Posted on May 13, 2019 by Admin

Monday, May 13, 2019

Seanergy Maritime Holding Corp. (SHIP)

Lower to Market Perform Following Significant Equity Offering.

Seanergy Maritime Holdings Corp., an international shipping
company, provides marine dry bulk transportation services through the ownership
and operation of dry bulk vessels. The company owns a modern fleet of 10
Capesize dry bulk vessels with a combined cargo-carrying capacity of
approximately 1,748,581 dwt and an average fleet age of 9.8 years. The company
was formerly known as Seanergy Maritime Corp. and changed its name to Seanergy
Maritime Holdings Corp. in January 2009.

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

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Significant equity offering, but
number of shares issued could increase materially over the next six months if
the stock does not recover. The shares issued, including shares issued to Jelco for waived interest, totals 6.02 million shares and includes Class B and C warrants that are unique.
Class C warrants are uniquely structured to
protect new shareholders, not existing shareholders. Class C warrants expire in six months, but a cashless exercise feature could trigger issuance of up to 16.5 million addition…

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Research – Salem Media (SALM) – First quarter comes in as expected

Posted on May 13, 2019 by Admin

Monday, May 13, 2019

Salem Media (SALM)

Revenue Pacings Appear To Improve.

Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally.

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

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First quarter comes in as expected. First quarter 2019 revenues and cash flow (Adj. EBITDA) of $60.5 million and $7.6 million, respectively, were in line with our expectations of $61.0 million and $7.3 million, respectively.
Second quarter revenue trends improve. Following favorable management guidance for the 2Q19, we are upwardly revising our revenue estimate and maintaining our second quarter cash flow estimate. We are raising our Q2 revenue estimates from $64.8 million to $65.9 million, and maintaining our adjusted EBITDA estimate at $11.2 milli…

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Research – Cumulus Media (CMLS) – First quarter over delivers

Posted on May 10, 2019 by Admin

Friday, May 10, 2019

Cumulus Media (CMLS)

It’s Expected To Get A Little Noisy.

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

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First quarter over delivers. The company over delivered on first quarter 2019 results. Revenues and adjusted EBITDA were better than expected, at $267.5 million and $41.8 million, respectively, compared with our revenue and adjusted EBITDA estimates of $264.1 million and $36.7 million, respectively. The favorable growth in revenue was driven primarily on the strength of its digital business.
Q2 Likely Will Be Noisy. The company indicated that pacings are down slightly in the second quarter in line with our expectations. Notably, the earlier announced radio transact…

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