Wednesday, May 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.
A Proposed Sale. On April 26th, Orion entered into a contract to sell the East and West Jones properties for $35.978 million. The transaction is expected to close before the end of September 2023. The sale of these properties has been a long time coming but are a significant positive for Orion, in our opinion.
Use of Proceeds. Historically, management has stated any proceeds from property sales would be used to repay/pay down debt. At year-end, total debt outstanding stood at $35.7 million, suggesting the Company could pay down a significant portion of the outstanding debt, depending on the net after-tax proceeds from the sale.
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