Thursday, August 03, 2023
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
The Strategy is Working. We would reiterate what we have previously noted: the strategy is working. Once again, CVG posted record quarterly revenue and improved margins for the quarter. We believe CVG is at an inflection point for improved growth and margins. The Company is well on its way to achieving its 2027 goal of $1.5 billion in revenue and 9% adjusted EBITDA margin, in our view.
Continue to Add New Business. CVG recorded approximately $40 million of new business wins in the quarter, increasing the YTD number to $125 million, rapidly approaching the already upward revised 2023 goal of $150 million of new business wins. The majority of new business wins continue to be within the Electrical Systems segment.
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