Category: Industrials

Monday, February 24, 2020

Kelly Services Inc. (KELYA)

NobleCon 16 Review

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

NobleCon 16 Presentation. Kelly management presented at NobleCon 16 with the presentation focused on the new strategy, end markets, implementation, and what’s next for Kelly.

Highlights.  Over the past 120 days management set a operating strategy designed to accelerate specialty growth and improve profitability. Through both an organic and more aggressive inorganic expansion, we believe Kelly has the right model to…

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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 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. 

Thursday, February 13, 2020

ACCO Brands Corporation (ACCO)

Post 4Q Call Review: Basic Blocking & Tackling

ACCO Brands Corporation designs, manufactures, sources, markets, and sells office products, academic supplies, and calendar products primarily in the United States, Canada, Northern Europe, Brazil, Australia, and Mexico. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers office products, such as stapling, binding and laminating equipment, and related consumable supplies, as well as shredders and whiteboards; and academic products, including notebooks, folders, decorative calendars, and stationery products. It also provides private label products, as well as business machine maintenance and repair services. The company offers its business, academic, and calendar product lines under the Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra, Wilson Jones, and other brand names. In addition, it designs, sources, distributes, markets, and sells accessories for laptop and desktop computers, and tablets comprising security products; input devices, such as presenters, mice, and trackballs; ergonomic aids, including foot and wrist rests; docking stations; and other personal computers and tablet accessories under the Kensington, Microsaver, and ClickSafe brand names. The company sells its products to consumers and commercial end-users primarily through resellers, including traditional office supply resellers, wholesalers, mass merchandisers, and retailers, as well as directly to consumers through on-line and direct mail. ACCO Brands Corporation is headquartered in Lake Zurich, Illinois.

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

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

Blocking & Tackling. ACCO continues to do the basic blocking and tackling. The Company’s strategy of focusing on growing channels, strong brands, innovative products, and productivity improvements, complemented by accretive acquisitions is working, in our view.

New Product Introductions a Positive. New product revenue grew substantially in the fourth quarter, a positive development. With new product introductions normally taking at least 3 years to hit peak revenue, we are encouraged these higher margin products will become…

Get the full report on Channelchek desktop.

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 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. 

Thursday, February 13, 2020

ACCO Brands Corporation (ACCO)

Post 4Q Call Review: Basic Blocking & Tackling

ACCO Brands Corporation designs, manufactures, sources, markets, and sells office products, academic supplies, and calendar products primarily in the United States, Canada, Northern Europe, Brazil, Australia, and Mexico. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers office products, such as stapling, binding and laminating equipment, and related consumable supplies, as well as shredders and whiteboards; and academic products, including notebooks, folders, decorative calendars, and stationery products. It also provides private label products, as well as business machine maintenance and repair services. The company offers its business, academic, and calendar product lines under the Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra, Wilson Jones, and other brand names. In addition, it designs, sources, distributes, markets, and sells accessories for laptop and desktop computers, and tablets comprising security products; input devices, such as presenters, mice, and trackballs; ergonomic aids, including foot and wrist rests; docking stations; and other personal computers and tablet accessories under the Kensington, Microsaver, and ClickSafe brand names. The company sells its products to consumers and commercial end-users primarily through resellers, including traditional office supply resellers, wholesalers, mass merchandisers, and retailers, as well as directly to consumers through on-line and direct mail. ACCO Brands Corporation is headquartered in Lake Zurich, Illinois.

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

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

Blocking & Tackling. ACCO continues to do the basic blocking and tackling. The Company’s strategy of focusing on growing channels, strong brands, innovative products, and productivity improvements, complemented by accretive acquisitions is working, in our view.

New Product Introductions a Positive. New product revenue grew substantially in the fourth quarter, a positive development. With new product introductions normally taking at least 3 years to hit peak revenue, we are encouraged these higher margin products will become…

Get the full report on Channelchek desktop.

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 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. 

Wednesday, February 12, 2020

ACCO Brands Corporation (ACCO)

ACCO Reports Record Full Year Sales and Adjusted EPS

ACCO Brands Corporation designs, manufactures, sources, markets, and sells office products, academic supplies, and calendar products primarily in the United States, Canada, Northern Europe, Brazil, Australia, and Mexico. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers office products, such as stapling, binding and laminating equipment, and related consumable supplies, as well as shredders and whiteboards; and academic products, including notebooks, folders, decorative calendars, and stationery products. It also provides private label products, as well as business machine maintenance and repair services. The company offers its business, academic, and calendar product lines under the Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra, Wilson Jones, and other brand names. In addition, it designs, sources, distributes, markets, and sells accessories for laptop and desktop computers, and tablets comprising security products; input devices, such as presenters, mice, and trackballs; ergonomic aids, including foot and wrist rests; docking stations; and other personal computers and tablet accessories under the Kensington, Microsaver, and ClickSafe brand names. The company sells its products to consumers and commercial end-users primarily through resellers, including traditional office supply resellers, wholesalers, mass merchandisers, and retailers, as well as directly to consumers through on-line and direct mail. ACCO Brands Corporation is headquartered in Lake Zurich, Illinois.

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

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

Record 2019 Results. ACCO reported record net sales of $1.96 billion for 2019 and record adjusted EPS of $1.20. Full year revenues and comparable sales were both up 1%, Adjusted EPS benefited from a reduction in shares outstanding as adjusted net income of $121.6 million was flat with 2018’s $122.0 million.

North America the Driver Once Again. North American revenues were up 2.8% for the year and 3.1% on a comparable basis. EMEA sales were down 5.9%, mostly driven by foreign exchange, with comparable sales off 0.3%. International sales increased 6.1% due to acquisitions, while…

Get the full report on Channelchek desktop.

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 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. 

Wednesday, February 12, 2020

ACCO Brands Corporation (ACCO)

ACCO Reports Record Full Year Sales and Adjusted EPS

ACCO Brands Corporation designs, manufactures, sources, markets, and sells office products, academic supplies, and calendar products primarily in the United States, Canada, Northern Europe, Brazil, Australia, and Mexico. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers office products, such as stapling, binding and laminating equipment, and related consumable supplies, as well as shredders and whiteboards; and academic products, including notebooks, folders, decorative calendars, and stationery products. It also provides private label products, as well as business machine maintenance and repair services. The company offers its business, academic, and calendar product lines under the Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra, Wilson Jones, and other brand names. In addition, it designs, sources, distributes, markets, and sells accessories for laptop and desktop computers, and tablets comprising security products; input devices, such as presenters, mice, and trackballs; ergonomic aids, including foot and wrist rests; docking stations; and other personal computers and tablet accessories under the Kensington, Microsaver, and ClickSafe brand names. The company sells its products to consumers and commercial end-users primarily through resellers, including traditional office supply resellers, wholesalers, mass merchandisers, and retailers, as well as directly to consumers through on-line and direct mail. ACCO Brands Corporation is headquartered in Lake Zurich, Illinois.

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

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

Record 2019 Results. ACCO reported record net sales of $1.96 billion for 2019 and record adjusted EPS of $1.20. Full year revenues and comparable sales were both up 1%, Adjusted EPS benefited from a reduction in shares outstanding as adjusted net income of $121.6 million was flat with 2018’s $122.0 million.

North America the Driver Once Again. North American revenues were up 2.8% for the year and 3.1% on a comparable basis. EMEA sales were down 5.9%, mostly driven by foreign exchange, with comparable sales off 0.3%. International sales increased 6.1% due to acquisitions, while…

Get the full report on Channelchek desktop.

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 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. 

Monday, February 10, 2020

Energy Services of America (ESOA)

Mid-Quarter Update – On Track

Energy Services of America Corporation is engaged in providing contracting services for energy-related companies. The company is primarily engaged in the construction, replacement, and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. It services the gas, petroleum, power, chemical and automotive industries, and does incidental work such as water and sewer projects. Energy Service’s other services include liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installations, various maintenance and repair services and other services related to pipeline construction.

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

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

Maintaining FY2020 EBITDA after a positive finish to FY2019. After two uneven years and delays on a large project, the finish to FY2019 was solid and we expect more consistency going forward. Assuming no weather and/or operating miscues, we forecast that FY2020 EBITDA will move up to $8.6 million based on EBITDA margin of 5.6%.

September backlog of $63 million was $8 million above previous quarter. Infrastructure activity is more muted versus the recent past due to lower energy prices, but the risk profile should improve with…

Get the full report on Channelchek desktop.

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 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. 

Monday, February 10, 2020

Energy Services of America (ESOA)

Mid-Quarter Update – On Track

Energy Services of America Corporation is engaged in providing contracting services for energy-related companies. The company is primarily engaged in the construction, replacement, and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. It services the gas, petroleum, power, chemical and automotive industries, and does incidental work such as water and sewer projects. Energy Service’s other services include liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installations, various maintenance and repair services and other services related to pipeline construction.

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

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

Maintaining FY2020 EBITDA after a positive finish to FY2019. After two uneven years and delays on a large project, the finish to FY2019 was solid and we expect more consistency going forward. Assuming no weather and/or operating miscues, we forecast that FY2020 EBITDA will move up to $8.6 million based on EBITDA margin of 5.6%.

September backlog of $63 million was $8 million above previous quarter. Infrastructure activity is more muted versus the recent past due to lower energy prices, but the risk profile should improve with…

Get the full report on Channelchek desktop.

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 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. 

Monday, January 6, 2020

ACCO Brands Corporation (ACCO)

Risk/Reward Is Favorable

ACCO Brands Corporation designs, manufactures, sources, markets, and sells office products, academic supplies, and calendar products primarily in the United States, Canada, Northern Europe, Brazil, Australia, and Mexico. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers office products, such as stapling, binding and laminating equipment, and related consumable supplies, as well as shredders and whiteboards; and academic products, including notebooks, folders, decorative calendars, and stationery products. It also provides private label products, as well as business machine maintenance and repair services. The company offers its business, academic, and calendar product lines under the Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra, Wilson Jones, and other brand names. In addition, it designs, sources, distributes, markets, and sells accessories for laptop and desktop computers, and tablets comprising security products; input devices, such as presenters, mice, and trackballs; ergonomic aids, including foot and wrist rests; docking stations; and other personal computers and tablet accessories under the Kensington, Microsaver, and ClickSafe brand names. The company sells its products to consumers and commercial end-users primarily through resellers, including traditional office supply resellers, wholesalers, mass merchandisers, and retailers, as well as directly to consumers through on-line and direct mail. ACCO Brands Corporation is headquartered in Lake Zurich, Illinois.

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

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

Favorable Risk/Reward. At the current price, ACCO shares present a favorable risk/reward opportunity, in our view. ACCO remains a leading provider of consumer and end-user demanded brands used in businesses, schools, and homes with some 75% of sales from brands that occupy the number one or number two positions. Revenues are diversified both from a geographic and channel perspective.

Strong Cash Flows. ACCO generates substantial cash flow, both on an EBITDA basis as well as free cash flow. The cash flow enables management to pursue a diversification strategy while paying down debt and…

Get the full report on Channelchek desktop.

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 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. 

Monday, January 6, 2020

ACCO Brands Corporation (ACCO)

Risk/Reward Is Favorable

ACCO Brands Corporation designs, manufactures, sources, markets, and sells office products, academic supplies, and calendar products primarily in the United States, Canada, Northern Europe, Brazil, Australia, and Mexico. It operates through three segments: ACCO Brands North America, ACCO Brands EMEA, and ACCO Brands International. The company offers office products, such as stapling, binding and laminating equipment, and related consumable supplies, as well as shredders and whiteboards; and academic products, including notebooks, folders, decorative calendars, and stationery products. It also provides private label products, as well as business machine maintenance and repair services. The company offers its business, academic, and calendar product lines under the Artline, AT-A-GLANCE, Derwent, Esselte, Five Star, GBC, Hilroy, Leitz, Marbig, Mead, NOBO, Quartet, Rapid, Rexel, Swingline, Tilibra, Wilson Jones, and other brand names. In addition, it designs, sources, distributes, markets, and sells accessories for laptop and desktop computers, and tablets comprising security products; input devices, such as presenters, mice, and trackballs; ergonomic aids, including foot and wrist rests; docking stations; and other personal computers and tablet accessories under the Kensington, Microsaver, and ClickSafe brand names. The company sells its products to consumers and commercial end-users primarily through resellers, including traditional office supply resellers, wholesalers, mass merchandisers, and retailers, as well as directly to consumers through on-line and direct mail. ACCO Brands Corporation is headquartered in Lake Zurich, Illinois.

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

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

Favorable Risk/Reward. At the current price, ACCO shares present a favorable risk/reward opportunity, in our view. ACCO remains a leading provider of consumer and end-user demanded brands used in businesses, schools, and homes with some 75% of sales from brands that occupy the number one or number two positions. Revenues are diversified both from a geographic and channel perspective.

Strong Cash Flows. ACCO generates substantial cash flow, both on an EBITDA basis as well as free cash flow. The cash flow enables management to pursue a diversification strategy while paying down debt and…

Get the full report on Channelchek desktop.

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 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. 

Is Tesla’s Cybertruck a Turkey?

(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 are listed after the
Balanced section.)

One of the topics that is sure to make its way to dinner conversations across the U.S. this holiday season will be about Tesla’s Cybertruck.  Elon Musk unveiled and announced last week the car company, Tesla, would begin to take orders on their latest entry into the electric vehicle market. Musk’s presentation at the LA Auto Show created quite a buzz, both in the room and on most forms of news outlets. 

National news stations, business news, and bloggers with audiences as diverse as tech, hot rods, and even Congressman Thomas Massie, expressed strong opinions on both the vehicle and the announcement. Some of the reports raved about the design and the way the Cybertruck was revealed. Others made fun of the truck and aspects of his demonstration. Watercooler debates about both the style and delivery quickly ensued in workplaces throughout the country.

Should Tesla have tailored the design and presentation to be more in line with traditional car show announcements?

Wednesday, November 6, 2019

Great Lakes Dredge & Dock (GLDD)

Backlog rebounded and set up for strong finish to year

Great Lakes Dredge & Dock is a marine and environmental infrastructure contractor, and the largest dredging company in the United States. Headquartered in suburban Chicago, the company provides port expansion and maintenance, coastal restoration, river dredging and environmental restoration for public and private entities worldwide. In June 2019, the Environmental & industrial (E&I) business was sold for $17.5 million in cash and the company is now pure play on the dredging market.

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

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

• A down quarter due to equipment downtime, but rebound underway.  Revenue of $169.8 million and EBITDA of $27.1 million were below our estimates due to equipment downtime and two hurricanes (Barry/Dorian), but profitability was steady even with heavy drydock activity.
• Fine-tuning 2019 EBITDA estimate of $131 million with positive 4Q2019 outlook. Maintaining our 2020 EBITDA in the $140 million range. Current backlog is positive, plus the Clamshell 52 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. 

Cyclical Economic Shifts: Industrial Companies Could Feel the Effects

The Industrial sector provides numerous products and services that support many industries and companies. Industrial companies manufacture construction machinery and equipment, aircraft, and provide commercial and transportation services. Investing in industrial companies allows for diversified portfolios and long-term growth with a multi-trillion-dollar market cap. Many industrial companies are cyclical, so they are affected by economic shifts.

Can Germany Survive the Trade War?

(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) 

Germany’s economy has suffered due to declines in exports in the industry and automobile sectors. German manufacturers are presented with increasing struggles as the U.S.-China trade war over tariffs has led to a global economic slowdown and Britain’s exit from the EU leads to greater turmoil. Germany’s GDP declined by 0.1% overall, and the government is pressured with providing greater fiscal stimulus. The economy ministry stated that fiscal action is necessary to prevent Germany from falling into a technical recession. Germany, Europe’s biggest economy, is a necessary component to the economic growth and standing of its neighbors. Consumer demand and spending has been strong, helping to supplement the economy but is beginning to wane.