Tag: Industrial

DLH Holdings (DLHC) – Refined Model

Posted on by cpereira@noblefcm.com


Wednesday, May 14, 2025

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

Refined Model. We had an opportunity to dig deep into our model with DLH management. As a result of our discussion, we revised our model. While minor, the changes do impact quarterly EPS, so we believe a model revision is instructional for investors.

Changes. We increased our D&A expense in both the third and fourth quarters to $4.25 million from our prior $4 million. In addition, we increased our fourth quarter interest expense to $3.75 million from a prior $3.5 million. We kept our tax rate at 30%. As a result of the changes, our third quarter net income and EPS declined to $350,000 and $0.02, compared to $525,000 and $0.04, respectively, and our fourth quarter declines to $350,000 and $0.02 from $700,000 and $0.05, respectively. For the full year, EPS is now $0.19 versus a prior $0.22.


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*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. 

V2X, Inc. (VVX) – Announces $100 Million Share Repurchase Program

Posted on by cpereira@noblefcm.com


Tuesday, May 13, 2025

V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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

New Repurchase Program. Yesterday, V2X announced that its Board of Directors approved a share repurchase program under which the Company may purchase, from time to time, up to $100 million of the Company’s common stock for a three-year term ending on May 12, 2028.

Why? According to management, the share repurchase program reflects the strength of the business and management’s commitment to enhancing shareholder returns through a disciplined capital allocation strategy. As of yesterday’s close, the $100 million represents approximately 6.1% of the outstanding shares. To remind investors, private equity firm AIP owns about 45% of the outstanding shares.


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*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. 

Seanergy Maritime (SHIP) – Updating 2025 Estimates; Rating Remains an Outperform

Posted on by cpereira@noblefcm.com


Tuesday, May 13, 2025

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 18 vessels (1 Newcastlemax and 17 Capesize) with an average age of approximately 13.4 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. Upon completion of the delivery of the previously announced Capesize vessel acquisition, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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

Updating first quarter estimates. We are revising our first quarter 2025 adjusted EBITDA and EPS estimates to $6.1 million and a loss of $0.38, respectively, from $6.0 million and a loss of $0.39. The revisions are driven by fewer dry-docking days during the quarter and an increase in operating days to 1,716 from 1,691. We also expect lower general and administrative costs, though this benefit is partially offset by higher vessel expenses tied to an increase in estimated ownership days.

Full year 2025 estimates. We are lowering our adjusted EBITDA and EPS estimates to $68.1 million and $0.59, down from $79.6 million and $1.17, respectively. The downward revisions reflect lower time charter rates and fewer operating days of 7,241 compared to our previous estimate of 7,391 due to an increase in the number of dry-docking days during the year. We have lowered our total revenue forecast to $142.5 million from $154.9 million. We modestly lowered our operating expense estimate to $111.7 million from $113.2 million, driven by expectations for lower general and administrative costs.


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*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. 

NN, Inc. (NNBR) – Post Call Commentary – Transformation Progressing

Posted on by cpereira@noblefcm.com


Tuesday, May 13, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

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

Transformation Plan on Track. The enterprise transformation is now roughly 70% complete. Notably, the diversification is away from the automotive industry. Of the $160 million (peak value) of new wins over the past seven quarters, one-quarter are non-auto, and about half of the pipeline is now in non-auto verticals.

New Business. NN shifted the business development focus to closing and winning immediate ramp up sales, given the softness in certain end markets. The Company now has 120 programs that are ramping up this year worth $55 million in annualized sales, an increase over the 50 programs reported at the end of 4Q24.


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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. 

Sky Harbour Group (SKYH) – Initiation of Coverage: A Long Cashflow Growth Runway

Posted on by cpereira@noblefcm.com


Monday, May 12, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

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

Initiating coverage with an Outperform rating and $23 price target. Sky Harbour Group (NYSE: SKYH) is a specialized aviation infrastructure developer focused on private and business aviation hangar facilities. It develops premium-grade hangar campuses under long-term ground lease agreements. With low land costs, tax-exempt financing, and strong tenant demand, we believe SKYH is positioned to deliver robust rental revenue growth and long-term free cash flow generation.

High-margin leasing model. Sky Harbour leases airport land at favorable long-term rates that are often under $1 per square foot annually. While only a fraction (1/4-1/3) of the land footprint is usable as rentable hangar space, this space can command upwards of $40 per square foot in rent. This creates a significant spread for SKYH. Furthermore, the company owns a prefabricated steel manufacturer, allowing for cost controls and delivery reliability. 


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Kratos Defense & Security (KTOS) – Well Positioned to Benefit From Administration Priorities

Posted on by cpereira@noblefcm.com


Monday, May 12, 2025

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

1Q25. In the first quarter of 2025, revenue increased $25.4 million to $302.6 million from $277.2 million in 1Q24. We had forecast revenue of $290 million. Kratos reported adjusted EBITDA of $26.7 million, compared to $26 million in 1Q24 and our $22.5 million estimate. Diluted GAAP EPS was $0.03 versus breakeven last year. Adjusted EPS was $0.12 up from $0.11 last year.

Positioning. With expectations the Defense budget will soon exceed $1 trillion and a major emphasis from the government on increasing innovation, reducing cost, increasing efficiencies, receiving more for less, and rapidly fielding relevant hardware and systems now, we believe Kratos is extremely well positioned.


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This 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. 

Kelly Services (KELYA) – MRP Integration Drives Strong Results

Posted on by cpereira@noblefcm.com


Monday, May 12, 2025

Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Q1 Results. The Company recorded revenue of $1.16 billion, up 11.5% year-over-year, in line with our estimate of $1.16 billion. Adj. EBITDA came in at $34.9 million, up 4.8% over the prior year period and modestly lower than our estimate of $36.5 million. Adj. EBITDA margin decreased 20 basis points to 3.0%. Furthermore, Kelly reported net income of $0.16/sh. On an adjusted basis, EPS was $0.39/sh compared to $0.56/sh last year and our estimate of $0.60/sh.

MRP Integration. The majority of MRP operations were absorbed into the SET segment. However, MRP’s Sevenstep business, along with the OCG and P&I segments, have been combined into Enterprise Talent Management (ETM). In connection with the integration and realignment, Kelly took a $10.7 million charge in the quarter.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

CoreCivic, Inc. (CXW) – Riding the Wave

Posted on by cpereira@noblefcm.com


Monday, May 12, 2025

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

A Rising Tide. This is a significant moment of time in CoreCivic’s history, in our opinion. Never in the 42-year company history has there been so much activity and demand for CoreCivic’s services. As we have stated in prior reports, demand for the Company’s services could have a significant upside impact on operating results.

1Q25. First quarter revenue came in at $488.6 million, compared to $500.7 million last year and our $480 estimate, with the decline related to the absence of revenue from the Dilley and CalCity facilities in 1Q25. Adjusted EBITDA was $78.3 million versus $89.5 million. CoreCivic reported EPS of $0.23 compared to an adjusted $0.25 last year and our $0.12 estimate.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Kelly Services (KELYA) – First Look 1Q25

Posted on by cpereira@noblefcm.com


Friday, May 09, 2025

Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Q1 Results. The Company recorded revenue of $1.16 billion, up 11.5% year over year, in line with our estimate of $1.16 billion. Adj. EBITDA came in at $34.9 million, up 4.8% over the prior year period and modestly lower than our estimate of $36.5 million. Adj. EBITDA margin decreased 20 basis points to 3.0%. Furthermore,  Kelly reported net income of $0.16/sh. On an adjusted basis, EPS was $0.39/sh compared to $0.56/sh last year and our estimate of $0.60/sh.

Solid Results. The y-o-y revenue growth of 11.5% was largely driven by the Company’s May 2024 acquisition of Motion Recruitment Partners (MRP). On an organic basis, total revenue was only up 0.2%, which includes a 0.8% decrease in revenue from U.S. federal contractors and a 6.3% increase in Education segment revenue.


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*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. 

DLH Holdings (DLHC) – Post Call Commentary and Updated Models

Posted on by cpereira@noblefcm.com


Friday, May 09, 2025

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

Moving Forward. While the path forward has been more challenging than we had anticipated, we believe DLH remains on the right path to strong operating results. We believe the Company’s core competencies are well aligned with the Federal government’s goals.

New Business. Management expects some $1 billion of business to be awarded by the end of the fiscal year, providing a substantial opportunity for DLH to win its fair share and drive organic growth in 2026. Yesterday, the Company announced it had been awarded a five year task order valued at up to $37.7 million to continue delivering scientific research and development, modeling & simulation, artificial intelligence, machine learning, robotic process automation, biomedical engineering, and cloud-enabled big data analytic solutions for the Telemedicine and Advanced Technology Research Center.


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*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. 

Nicola Mining Inc. (NIM:CA) – Multiple Avenues for Value Creation Supported by Operational Cash Flow

Posted on by cpereira@noblefcm.com


Thursday, May 08, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Initiating coverage with an Outperform rating. Nicola Mining is a unique junior exploration company because it offers discovery potential through its ownership of its flagship New Craigmont Copper Project, ownership of the Treasure Mountain high-grade silver-lead-zinc mine, a 75% economic interest in the Dominion Creek gold project, along with 100% ownership of the only mill permitted to receive and process material from throughout British Columbia. The company’s Merritt Mill, along with a sand/gravel pit and rock quarry, generates cash flow to support Nicola’s operations and exploration programs, which minimizes the need for dilutive equity issuance.

New Craigmont Copper Project. New Craigmont is in the Quesnel Trough, one of Canada’s most prolific copper belts, and is surrounded by past and present producing copper mines and is adjacent to Teck Resources’ Highland Valley Copper Mine, the largest copper mine in Canada. New Craigmont derives its name from the historic Craigmont open pit and underground mine that operated on the property from 1961 to 1982. The Craigmont mine produced over 36.75 million tons of ore with an average grade of 1.28% copper, yielding 900 million pounds of copper. The mine ceased operations in 1982 due to low copper prices.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

CoreCivic, Inc. (CXW) – Exceeds 1Q25 Expectations; Raises Full Year Guidance

Posted on by cpereira@noblefcm.com


Thursday, May 08, 2025

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

Exceeds Expectations. Driven by an increase in occupancy to 77%, increased bed utilization, and cost management, CoreCivic exceeded internal expectations as well as our projections. Revenue was $488.6 million, better than our $480.1 million estimate. Adjusted EBITDA was $81 million compared to our $69.1 million estimate. FFO was $0.45/sh versus our $0.35/sh estimate, and EPS was $0.23 compared to our estimate of $0.12. In 1Q24, CoreCivic reported revenue of $500.7 million, adjusted EBITDA of $89.5 million, EPS of $0.08, and adjusted EPS of $0.25. The previous year benefited from contracts that were eventually lost during the year.

More Business. In addition to the 2,400 bed Dilley facility, CoreCivic has received letter agreements from ICE for the potential activation of the 1,033-bed Midwest Regional Reception Center in Leavenworth, Kansas and at the 2,560-bed California City Immigration Processing Center in California City, California. Management anticipates additional contracting activity as 2025 progresses.


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The GEO Group (GEO) – 1Q25 Results Lag Estimates; but Growth Story Remains Intact

Posted on by cpereira@noblefcm.com


Thursday, May 08, 2025

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

1Q25 Results. Revenue of $604.9 million, compared to $605.7 million in 1Q24 and our $608 million estimate. Adjusted EBITDA was $99.8 million, down from $117.6 million in 1Q24 and our $114 million estimate. GEO reported net income of $19.6 million, or EPS of $0.14, compared to $22.7 million, or $0.14/sh, in the same period last year.

Ready To Go. GEO remains poised to assist the Federal government in its immigration policies. We have previously discussed a number of new contracts for the Company, and we anticipate additional awards over the remainder of 2025. 


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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.