Thursday, February 14, 2019

DLH Holdings (DLHC)

10Q reveals solid 1Q19.

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.

RATING: OUTPERFORM

• Year Off to a Great Start. DLH Holdings filed its 10Q for the period ended 12/31/2018 last night. The filing reveals a solid start to the year. Revenue of $33.8M and diluted EPS of $0.13 was above our estimate of $32.5 million and $0.06, respectively, and beat consensus estimates of $32.1 million and $0.07, respectively.
• Solid Execution. The 11.7% year-over-year revenue increase was due to an expansion of workload volumes on both the VA and HHS contracts. An improved quality of revenue drove gross margin up to 23.1% from 21.6%, while SG&…     
  
  
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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. 

Wednesday, February 13, 2019

Albany International Corp. (AIN)

Grand finale to a stellar quarter.

Albany International
Corp. is a textiles and materials processing company. The Company operates
through two segments: Machine Clothing (MC) and Albany Engineered Composites
(AEC). Its MC segment supplies permeable and impermeable belts used in the
manufacture of paper, paperboard, nonwovens, fiber cement and various other
industrial applications. 

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

RATING: Market Perform

• Surpassed Guidance by Leaps and Bounds. AIN finished 2018 with full year revenue growth of 36% over 2017 in the AEC Segment and full year adjusted EBITDA of $212.1 in the MC segment. These results significantly exceeded the company’s original guidance ranges of 20%-30% revenue growth in AEC and adjusted EBITDA of $180-$195 in MC.
• AEC Improves Efficiency Ahead of Schedule. During Q4, AIN achieved adjusted EBITDA margins of 17.9% in the AEC Segment nearly achieving the company’s 2020 target. These margins may continue to gradually improve…
  
  
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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. 

Thursday, February 07, 2019

IEC Electronics (IEC)

Bookings momentum accelerates into 2019.

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. The
company also provides electronic manufacturing services primarily for wireless
communication systems, test diagnostic equipment, military and defense systems,
transportation products, and medical instrumentation.

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

RATING: OUTPERFORM

• Significant
  Top Line Beat. Fiscal Q1 revenue was $35.4 million beating our estimate of $34 million. On a sequential basis revenue grew 3.6% over Q4, which is a meaningful increase considering Q1 revenue typically experiences a seasonal drop. As the seasonally lowest sales quarter, these results imply strong year-over-year growth in 2019 assuming revenue can build sequentially throughout the year.
• Organic
  Growth Momentum. IEC continued to attract new work driving backlog up over 15% during the quarter. Industry-wide component shortages have created an obstacle to converting thi…
  
  
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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. 

Tuesday, February 05, 2019

Information Services Group Inc. (III)

NobleCon 15 presentation highlights digital, RPA business.

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.

RATING: OUTPERFORM

• NobleCon 15. ISG management’s presentation at NobleCon 15 highlighted the Company’s ongoing expansion in the digital and Robotics Process Automation (RPA) markets. With some 53% of surveyed firms reporting significant investments in RPA and 44% investing in the cloud to achieve operational cost savings goals, according to a 2018 study, we believe ISG is in the right place at the right time.
• Revenue Mix Continues To Trend Upwards. As we stated in prior reports, the rapid adoption of RPA services is continuing, with revenue now at a $25 million run rate. In addition, recurri…
  
  
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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. 

Tuesday, February 05, 2019

IEC Electronics (IEC)

NobleConXV Highlights and Earnings Preview.

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

Listen to the Analyst

RATING: OUTPERFORM

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Friday, February 1, 2019

Comtech (CMTL)

Management Upbeat at NobleCon 15.

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

Listen to the Analyst

RATING: OUTPERFORM

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Friday, February 1, 2019

The KEYW Holding Corporation (KEYW)

NobleCon15 Highlights Attractive Risk/Reward .

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

Listen to the Analyst

RATING: OUTPERFORM

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Is Trump right to withdraw from the Intermediate-Range
Nuclear Forces Agreement (INF)?

(Note: all the sources listed in the “Balanced” section)

End of an Era. At the end of October, 2018, National Security Adviser John Bolton  traveled to Russia to deliver Trump’s likely decision to pull out of the Intermediate-Range Nuclear
Forces agreement (INF). This was a landmark treaty brokered between President Ronald Reagan and Soviet leader Mikhail Gorbachev in 1987. This agreement banned the possession ground-launched missiles with ranges of between 300 and 3,500 miles. The treaty was successful in the destruction of thousands of missiles in both countries, however, in recent years Russia has been accused of breaking the agreement by testing and storing ground-launched cruise missiles. In a recent statement, President Trump expressed his frustration to reporters, “We’re the ones that have stayed in the
agreement and we’ve honored the agreement, but Russia has not unfortunately
honored the agreement, so we’re going to terminate the agreement, we’re going
to pull out.” ^{2, 5, 6}