Category: Industrials

Research – Great Lakes Dredge & Dock (GLDD): Backlog rebounded and set up for strong finish to year

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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

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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?

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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.

Research – Orion Group Holdings (ORN) – Rebound Appears Underway Sooner Than Expected

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Thursday, August 1, 2019

Orion Group Holdings (ORN)

Rebound Appears Underway Sooner Than Expected

Orion Group Holdings Inc is a US-based company which provides solutions in marine construction, design and specialty services both on and off the water in the continental US, Alaska, Canada, and the Caribbean Basin.

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

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

  • Transition quarter was surprisingly strong. 2Q2019 revenue of $166.0 million and adjusted EBITDA of $9.0 million were well ahead of expectations. 2Q2019 EBITDA margin of 5.4% was well ahead of our forecast of 2.9% and up from 1.7% in 1Q2019.
  • Call with management today (August 1st) at 10:00 am ET. The number is 201-493-6739 and code is Orion. Looking for color in three key areas:…



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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 – Orion Group (ORN) –

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Thursday, May 9, 2019

Orion Group Holdings (ORN)

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Orion Group Holdings Inc is a US-based company which provides solutions in marine construction, design and specialty services both on and off the water in the continental US, Alaska, Canada, and the Caribbean Basin.

Poe Fratt, 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. 

Research – ACCO Brands (ACCO) – Long -term strategy in play; difficult quarter

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Thursday February 14, 2019

ACCO Brands (ACCO)

A Tough Ending to a Difficult Year.

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. 

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

RATING: OUTPERFORM

  • A Tough End to the Year. ACCO reported 4Q18 revenue of $529.3 million and adjusted net income of $42.9 million, or $0.41 per share, below our forecast of $558.1 million and $0.43, respectively, and consensus of $553 million and $0.43, respectively. For the full year, revenue came in at $1,941.2 million and adjusted EPS at $1.14.
  • A Confluence of Events. 2018 top line was impacted by reduced sales to North American wholesalers, reduced calendar sales and lower Australia and Mexico sales, among others. Margins were negatively impacted by unfavorable product and cust…


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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. 

Research – Greak Lakes Dredge & Dock (GLDD) – NobleCon15 Highlights

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Monday, February 04, 2019

Great Lakes Dredge & Dock (GLDD)

NobleCon XV Presentation Reinforces Positive 2019 Outlook.

Great Lakes Dredge & Dock Corp is a
provider of dredging services in the United States. The Company operates in two
operating segments namely Dredging and Environmental, and Infrastructure.

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

RATING: OUTPERFORM

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