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Research – Trovagene (TROV) – First quarter 2019 update

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Friday, May 10, 2019

Trovagene Inc. (TROV)

Data Rich Year Ahead.

TrovaGene Inc is a US-based life science company which focuses on the development and commercialization of a proprietary molecular genetic detection technology for use in pharmaceutical development, clinical research and medical testing across a variety of clinical disciplines, including oncology and virology. 

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

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

  • Demonstrated Clinical Activity in
    AML.     Trovagene is making progress in a Phase 1b/2 study of onvansertib in combination with standard-of-care chemotherapy in acute myeloid leukemia (AML). The company’s most recent presentation at the American Association for Cancer Research (AACR) demonstrated an 89% disease control rate (DCR) including one complete response (CR), and one incomplete blood recovery (iCR) in 12 AML patients. 
  • Progressing in Other Indications. The company continues advancement in other indications, including i) Phase 2 study in metastatic castration-Resistant Prostate Cancer (mCRPC); second arm is set to be initiated with reduced dosing sche… 






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NOTE: investment decisions should not be based upon the content of
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Research – Tegna (TGNA) – Raising price target

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Friday, May 10, 2019

Tegna, Inc. (TGNA)

Eye on 2020.

TEGNA Inc., a media company, operates a portfolio of broadcast stations and digital sites; and provides marketing service solutions for businesses. The company operates 46 television stations in 38 markets that produce local programming, such as news, sports, and entertainment. Its marketing services business provides solutions for clients on multiple channels, including broadcast, online, and OTT. 

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

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

  • First quarter results better than
    expected.     Revenues were in line with expectations, $516.7 million versus our estimate of $514.7 million, while cash flow (EBITDA) was better than expected at $149.2 million versus our $143.6 million estimate. The results benefited from stronger than expected Subscription revenue, up a strong 17.5% to $241.6 million. 
  • Q2 guidance better than expected. Total company revenue is expected to increase low single digits with total company expenses to be up mid single digits. We are raisin… 




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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 – Dyadic (DYAI) – More deals appear likely.

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Friday, May 10, 2019

Dyadic International (DYAI)

Putting Recent Developments Into Perspective.

Dyadic International Inc. is a biotechnology company developing a proprietary C1 expression platform to express and manufacture biologic products. The C1 technology is part of a fungi expression system, which utilizes inexpensive substrates yielding a high level of production. Dyadic is currently improving and optimizing the production of biological products in a C1 expression system. 

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

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

  • Positioned in a rapidly growing market. The biologics market remains one of the most rapidly growing segments of the pharmaceutical industry, expected to grow to $1.2 billion in sales in 2022. Dyadic has expanded its collaboration and licensing portfolio to assess C1’s potential to manufacture vaccines, gene therapy, monoclonal antibodies and others in human disease and in animal health.  
  • More deals appear likely. Following two recently announced licensing agreements for its C1 technology, management indicated on an investor call that more licensing agreements and research collaborations are likely. These agreements will potentially generate re… 




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NOTE: investment decisions should not be based upon the content of
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making any investment decision. 

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

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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.

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

  • 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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NOTE: investment decisions should not be based upon the content of
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making any investment decision. 

Research – One Stop Systems (OSS) – First quarter revenue miss

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Friday, May 10, 2019

One Stop Systems (OSS)

Can OSS Make Up for the First Quarter Miss?

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.

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

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

  • 1Q19 Miss. Revenue of $10.1 million was below management’s expectation and our $12.3 million estimate. A push out of two contracts was behind the miss, although this was partially offset by about $1 million of revenue from customers that exceeded expectations. OSS reported a net loss of $0.07 per share, above our $0.04 per share loss estimate. 
  • Pushed Out, Not Lost. The $3.2 million of revenue that slipped from 1Q is expected to be all captured by the end of this month. If we add the slipped reven… 




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NOTE: investment decisions should not be based upon the content of
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Research – Gray Television (GTN) – Exceeds Q1 Expectations

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Thursday, May 9, 2019

Gray Television (GTN)

Why Didn’t The Stock Go Up?

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).  

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

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

  • Exceeds Q1 Expectations. The company exceeded our revenue and cash flow expectation by 4.7% and 8.0% respectively, but the results were clouded by one-time items. Retransmission revenue was the largest upside variance, benefiting from some true-ups and OTT platform subscriber growth.
  • Q2 Outlook Disappoints. While Q2 revenue and expense guidance is in line with our expectations, we believe that it was lower than current Street consensus. Our Q2 revenue estimate is $504 million in line with the company’s guidance range of $502 million to $512 million, but bel… 

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NOTE: investment decisions should not be based upon the content of
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making any investment decision. 

Research – Eagle Bulk Shipping (EGLE) – Another solid quarter of outperformance

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Thursday, May 9, 2019

Eagle Bulk Shipping (EGLE)

Another Solid Quarter Navigating the Downturn.

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.

    

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

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

  • Another solid quarter of
    outperformance…    1Q2019 EBITDA of $15.4 million was above our estimate, but well below 4Q2018 EBITDA of $23.5 million. The positive variance to our estimate of $11.2 million was driven by a $2.4 million gain on hedging, higher TCE rates and available days, which more than offset higher opex and G&A expenses.
  • …but adjusting estimates to reflect current
    market outlook and higher downtime associated with the expanded scrubber
    program.     While the 1Q2019 variance was positive, we are lowering our 2019 EBITDA estimate to $75.8 million fr… 

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NOTE: investment decisions should not be based upon the content of
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making any investment decision. 

Research – DLH (DLHC) – Tweaking estimates slightly

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Thursday, May 9, 2019

DLH Holdings Corp. (DLHC)

Will Recent Business Trends Continue to be Favorable?

DLH Holdings Corp is a provider of technology-enabled business process outsourcing and program management solutions in the United States. The company offer services to several government agencies which include the Department of veteran affairs, Department of health and human services, Department of defense and other government agencies.    

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

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

  • Update on 2H19. 1H19 results were somewhat constrained by a delay in RFPs as a result of the government shutdown. The pace of RFPs is picking up but it is unlikely any awards will have a material impact on 2019 results. Management remains upbeat about new awards in the second half of the year.
  • Multiple Organic Growth Opportunities. DLH stands to benefit from strong budget and growth opportunities, such as a greater focus on leveraging data analysis to improve he… 

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NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
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Research – IEC Electronics (IEC) – Delivering Consistent Organic Growth

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Thursday, May 9, 2019

IEC Electronics (IEC)

Can margins keep up with this organic growth machine?

IEC Electronics Corp. provides electronic manufacturing services (EMS) to technology companies in the United States. It involves in the custom manufacture of circuit cards, system level assemblies, and an array of custom cable/wire harness assemblies.




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

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

  • Delivering Consistent Organic
    Growth.     During Q2, IEC generated $37.3 million of revenue for a third consecutive quarter of sequential organic growth. Revenue for the quarter modestly beat our expectations of $37.0 million and was a 17.4% increase over Q2 last year. This consistent top line growth can be attributed to the successful business development efforts initiated two years ago when the then new management team began to rebuild the sales funnel.
  • Temporary Headwinds Impact Margins. Quarterly gross margins decreased to 12.3% down from 15.1% last year. Factors contributing to this decrease included: unusual tariff related costs, product mix, increased staffing, and costs related to electronic component sho… 

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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 – Harte-Hanks (HHS) – First quarter 2019 update

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Thursday, May 9, 2019

Harte-Hanks (HHS)

Not Good, But Not Bad Either.

Harte-Hanks is a marketing services company that
provides multichannel marketing solutions as well as consulting, data
analytics, and strategic assessment. The company’s offerings focus on
business-to-business, retail, finance, and automotive segments through digital,
social, mobile, and print media offerings.      

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

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

  • Q1 Results Within The Zip Code. The first quarter revenues were $59.2 million versus our $57.5 million estimate. Operating cash flow, excluding one time charges, was a negative $4.7 million, in line with our $4.6 million loss estimate. 
  • Revising vendor agreements. Management indicated that it is revising vendor agreements, which we view is an important step toward returning the company to positive cash flow and to profitability. In addition, the 

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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 (TPCO) – First quarter better than expected

Posted on by Admin

Thursday, May 9, 2019

Tribune Publishing Company (TPCO)

Closing The Valuation Gap.

Tribune Publishing Co, formerly Tronc Inc is a print and online media company that publishes various newspapers and websites, such as The Chicago Tribune, Los Angeles Times, Baltimore Sun, San Diego Union-Tribune, and the Orlando Sentinel. The company 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.

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

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

  • First quarter better than expected. Revenues of $244.5 million came in higher than our $235.4 million estimate, with better than expected print advertising. Notably, print advertising declines moderated from Q4. Cash flow (adj. EBITDA) of $21.3 million also surpassed our $18.3 million expectations. 
  • Underlying trends better than expected. Management provided Q2 and full year 2019 guidance that is better than expected. Q2 revenue guidance is $240 million to $245 million, better than our $231.5 million estimate. Adjusted EBITDA guidance is $20 mill…



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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 – Kratos Defense (KTOS) – 1Q19 Above Expectations

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Thursday, May 9, 2019

Kratos Defense & Security Solutions (KTOS)

Can the Beat Go On?

Kratos Defense & Security Solutions, Inc. provides engineering, information technology (IT) services, and warfighter solutions primarily in the United States. It operates in two segments, Kratos Government Solutions (KGS) and Public Safety and Security (PSS). 

   

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

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

  • 1Q19 Above Expectations.  Revenue came in at $160.4 million above our $150 million estimate and management’s upper end $157 million guidance. Adjusted EBITDA totaled $17.5 million, compared to our $11.5 million estimate and management’s $11 million upper end. EPS totaled $0.03, versus our estimate of $0.01.
  • Hitting on all Cylinders. Every Kratos business unit exceeded its financial forecast in the quarter. Unmanned Systems had a very successful quarter culminating in the initial Valkyrie flight. The Target drone business continu… 




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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 – McClatchy (MNI) –

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Thursday, May 9, 2019

The McClatchy Company (MNI)

.

The McClatchy Company publishes news and information in the United States. Its publications include the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News and Observer, the (Fort Worth) Star-Telegram, and The (Durham, NC) Herald-Sun. 

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

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

…





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*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.