Tag: Industrial

Release – CVG Announces First Quarter 2023 Earnings Call

Posted on by aweinsoff@channelchek.com

Research News and Market Data on CVGI

APRIL, 21, 2023

NEW ALBANY, Ohio, April 21, 2023 (GLOBE NEWSWIRE) — CVG (NASDAQ: CVGI) will hold its quarterly conference call on Wednesday, May 3, 2023, at 10:00 a.m. ET, to discuss first quarter 2023 financial results. CVG will issue a press release and presentation prior to the conference call.

Toll-free participants dial (888) 886-7786 using conference code 74688048. International participants dial (416) 764-8658 using conference code 74688048. This call is being webcast and can be accessed through the “Investors” section of CVG’s website at ir.cvgrp.com where it will be archived for one year.

A telephonic replay of the conference call will be available until May 17, 2023. To access the replay, toll-free callers can dial (877) 674-7070 using access code 688048.

About CVG

At CVG, we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.

Investor Relations Contact:
Ross Collins or Stephen Poe
Alpha IR Group
CVGI@alpha-ir.com

Source: Commercial Vehicle Group, Inc.

Release – Orion Group Holdings, Inc. to Report First Quarter Financial Results on Monday, May 8

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ORN

Apr 17, 2023

Conference Call to be held Tuesday, May 9 at 8:00 a.m. Central Time

HOUSTON, April 17, 2023 (GLOBE NEWSWIRE) — Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”), a leading specialty construction company, today announced that it will issue its financial results for the first quarter ended March 31, 2023 on Monday, May 8, 2023, after the close of the stock market.

A conference call and audio webcast with analysts and investors will be held the next day, May 9, at 8:00 a.m. Central Time to discuss the results and answer questions.

Live conference call: 800-715-9871

Live and archived webcast: https://edge.media-server.com/mmc/p/7kn5kim4 or the Company’s website at Orion Group Holdings, Inc. – Investor Relations & Shareholder Contact (oriongroupholdingsinc.com)

About Orion Group Holdings, Inc.

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including place and finish, site prep, layout, forming, and rebar placement for large commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas.

Contacts:

Financial Profiles, Inc.
Margaret Boyce 310-622-8247
ORN@finprofiles.com

Kratos Defense & Security (KTOS) – Another Award

Posted on by cpereira@noblefcm.com


Monday, April 10, 2023

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, Managing Director – Generalist Analyst, 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.

New Award. On Friday, the Department of Defense, through its daily contract award release, announced Kratos Unmanned Aerial Systems has been awarded a shared $400 million ceiling, indefinite-delivery/indefinite-quantity contract for research and development for the Advanced Aerospace Systems Technology Research (AASTR) program. This contract has multiple awardees to be awarded at different dates. Work under the contract is expected to be complete by April 7, 2030.

What is AASTR? The primary objective of the program is to conduct research toward the development, demonstration, integration, and transition of new aerospace vehicle technologies, designs, and integrated systems that will provide advanced capabilities to the Department of the Air Force. The program will support the Aerospace Systems Directorate’s core competency areas of Aerospace Vehicles; Control Sciences; High Speed Systems; Turbine Engines; and Systems Integration and Flight Test.


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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. 

Great Lakes Dredge & Dock (GLDD) – Recent Dredging Award Activity

Posted on by cpereira@noblefcm.com


Wednesday, March 22, 2023

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Joe Gomes, Managing Director – Generalist Analyst, 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.

Recent Dredging Awards. Great Lakes Dredge & Dock Corporation received several major dredging awards totaling $138.8 million. The awarded work includes coastal protection and maintenance work. There is still a lack of higher margin capital projects as the Army Corps of Engineers continues to be slow in making major capital project awards, in our view.

Trujillo Alto. The major award is Trujillo Alto Design and Build for the Lago Loiza (Carraízo) Dredging Project (Maintenance, Puerto Rico, $93.1 million). The project includes dredging in the reservoir area, preparation and construction of the work area, and storage and handling of materials. Work is expected to commence in the Spring of 2023 with estimated completion in the Spring of 2025.


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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. 

Orion Group Holdings (ORN) – Fourth Quarter First Look

Posted on by cpereira@noblefcm.com


Wednesday, March 15, 2023

Joe Gomes, Managing Director – Generalist Analyst, 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.

4Q22 Results. Contract revenues were at $196.2 million from $162.3 million last year. We estimated revenue of $165 million. Operating loss was reported at $3.5 million versus a loss of $8.2 million last year, with a net loss of $4.9 million, or $0.15 per share, compared to a loss of $8.8 million, or $0.29 per share, in the prior year. Adjusted EPS loss was $0.12 versus $0.17. Adjusted EBITDA was at $3.2 million from a negative $0.8 million last year.

A Strategic Plan. Orion showed a three point strategic plan in regards to the overall business that the Company will follow in 2023. The plan consists of improving the profitability in the Company’s concrete segment, strengthening the business to drive growth, and investing resources into the Company to realize its full potential. Among the actions in these plans are refocusing on core Texas markets in the concrete business, building on successful sales efforts and capitalizing on favorable industry dynamics, and strengthen the balance sheet. We believe the plan provides a pathway towards efficiency and growth for Orion.


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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. 

Orion Group Holdings (ORN) – Major New Contract

Posted on by cpereira@noblefcm.com


Tuesday, March 14, 2023

Joe Gomes, Managing Director – Generalist Analyst, 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.

Major New Award. On Friday, the Department of Defense announced the Dragados/Hawaiian Dredging/Orion JV was awarded a $2.84 billion firm-fixed-price task order for the construction of a concrete dry dock at Pearl Harbor Naval Shipyard. The Orion in the JV is Orion Group Holdings. This is a significant win for the Company, in our view.

Contract Details. Work will be performed in Hawaii and is expected to be completed by September 2027. This contract is part of the Shipyard Infrastructure Optimization Program (SIOP). The contract is incrementally funded with $463 million being allocated at the time of award. Subsequent contractual increments will be funded yearly from fiscal 2024 through fiscal 2026 in the amounts of: $1.267 billion; $613 million; and $496.9 million. The contract also contains three unexercised options, which if exercised, would increase cumulative contract value to $3.4 billion.


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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. 

Orion Group Holdings (ORN) – New Contract Awards

Posted on by cpereira@noblefcm.com


Monday, March 13, 2023

Joe Gomes, Managing Director – Generalist Analyst, 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.

New Awards. On Friday, Orion announced multiple contract awards since the beginning of 2023. Totaling $134 million across both businesses, the majority of the work is expected to be completed in 2023. Since the beginning of the year, the Concrete segment has been awarded $100 million across several contracts including $25 million for a 22-story high-rise building in Houston, $12 million for a Dallas hospital, and $10 million for a Dallas packaging center. The Marine segment was awarded the Company’s largest diving services contract of $20 million by a private client. The project is in support of the US Army Corps of Engineers’ ongoing deepening and widening of Gulf Coast shipping channels. The contract award is the largest diving contract in Orion’s history and will be completed by the end of 2023.

Executive Chairman Transition. Former CEO Austin J. Shanfelter transitioned from Executive Chairman to Chairman of the Board of Directors, effective March 2, 2023. Recall, from April to September 2022, Mr. Shanfelter assumed the roles of Interim Chief Executive Officer and Interim Chief Financial Officer until Travis Boone, Chief Executive Officer, and Scott Thanisch, Chief Financial Officer, were appointed in September 2022.


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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. 

V2X, Inc. (VVX) – A Promising Future, Solid End to 2022

Posted on by cpereira@noblefcm.com


Monday, March 06, 2023

For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

Joe Gomes, Managing Director – Generalist Analyst, 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.

4Q22 Operating Results. In 4Q22, V2X grew revenue 20% on a pro forma basis to $978.2 million driven by new business wins, successful re-competes, and expansion of core programs. The Company reported a GAAP net loss of $10.6 million, or a loss of $0.35 per share, driven by costs related to the merger. On an adjusted basis, net income totaled $28.9 million, or EPS of $0.92. Adjusted EBITDA totaled $79.3 million for an 8.1% margin.

INDOPACOM Strong. Revenue in INDOPACOM grew sevenfold in the fourth quarter to $54 million from continued expansion and growth at Kwajalein and the Philippines. With an expanded presence in the region and increased funding to support the Pacific Deterrence Initiative, we expect revenues from INDOPACOM to continue to grow.


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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. 

Eagle Bulk Shipping (EGLE) – Financial Results Weighed Down By Low Shipping Rates

Posted on by cpereira@noblefcm.com


Monday, March 06, 2023

Eagle Bulk Shipping Inc. (“Eagle”) is a US-based drybulk owner-operator focused on the Supramax/Ultramax mid-size asset class, which ranges from 50,000 and 65,000 deadweight tons in size; these vessels are equipped with onboard cranes allowing for the self-loading and unloading of cargoes, a feature which distinguishes them from the larger classes of drybulk vessels and provides for greatly enhanced flexibility and versatility- both with respect to cargo diversity and port accessibility. The Company transports a broad range of major and minor bulk cargoes around the world, including coal, grain, ore, pet coke, cement, and fertilizer. Eagle operates out of three offices, Stamford (headquarters), Singapore, and Hamburg, and performs all aspects of vessel management in-house including: commercial, operational, technical, and strategic.

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

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

Revenues decline despite the addition of ships as shipping rates decline. Eagle reported an 18% quarterly decline in revenues. A ship addition in September increased Eagle’s operating days. Average TCE rate declined 25% quarterly. The decline in revenues would have been much sharper had it not been for an $11 million realized gain from derivatives.

Operating costs continue to rise. Operating costs have risen steadily in recent quarters. Management again cited increased costs associated with transporting and housing Ukrainian employees. Management believes operating costs per ship will decline in upcoming quarters. Cash breakeven per ship days reached a level above $12,000 in the most recent quarter, close to Eagle’s fixed TCE rate in the upcoming 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 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. 

Release – Austin J. Shanfelter to Transition Back to Chairman of the Board of Directors of Orion Group Holdings, Inc.

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ORN

.

Mar 02, 2023

HOUSTON, March 02, 2023 (GLOBE NEWSWIRE) — Orion Group Holdings, Inc. (NYSE: ORN) (“Company”), a leading specialty construction company, today announced that Austin J. Shanfelter will transition from Executive Chairman to Chairman of the Board of Directors, effective March 2, 2023.

Mr. Shanfelter has served on Orion Group’s Board of Directors since 2007 and was named Chairman in January 2021. From April to September 2022, he assumed the roles of Interim Chief Executive Officer and Interim Chief Financial Officer until Travis Boone, Chief Executive Officer and Scott Thanisch, Chief Financial Officer were appointed in September 2022. Since then, Mr. Shanfelter served as Executive Chairman to ensure a smooth leadership transition. His transition back to Chairman of the Board marks the completion of this successful transition period.

“Orion has been a trusted provider of mission-critical specialty construction services for nearly thirty years,” said Austin J. Shanfelter, Chairman of the Board. “As we look forward to our next chapter, our Board has complete confidence that Travis Boone and Scott Thanisch are the right leadership team with the right experience to unlock the value of our assets by leveraging our distinctive capabilities and long-term customer relationships. Orion Group Holdings is well positioned to benefit from the greater public attention and funding that is now being focused on our country’s critical infrastructure needs. In my sixteen years as a director of our Company, we have never had a more talented and experienced management team and a more engaged board, who are singularly focused on positioning Orion to create sustainable value for all our stakeholders.”

Travis Boone, Chief Executive Officer of Orion Group Holdings said, “I want to thank Austin for his invaluable leadership as Executive Chair during this transition. Since becoming CEO, I have received the full support of a very dedicated and far-sighted Board and I look forward to their continued guidance as we execute our strategic plan to drive sustainable growth and profitability over time.”

Concurrent with Mr. Shanfelter becoming independent Chairman of the Board, Richard L. Daerr, Jr. stepped down as Lead Independent Director to remain as an independent board member. Orion Group Holding’s Board now consists of eight members, seven of whom are independent.

About Orion Group Holdings, Inc.

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design, and specialty services. Its concrete segment provides turnkey concrete construction services including place and finish, site prep, layout, forming, and rebar placement for large commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas. Orion Group Holdings, Inc. – Specialty Construction Company (oriongroupholdingsinc.com)

Investor and Media Relations Contacts:
Financial Profiles, Inc.
Margaret Boyce 310-622-8247
Jack Drapacz 310-622-8230
orn@finprofiles.com

DLH Holdings (DLHC) – Selected for a New Contract

Posted on by cpereira@noblefcm.com


Thursday, March 02, 2023

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, Managing Director – Generalist Analyst, 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.

More Work. On Tuesday, DLH’s subsidiary Grove Resource Solutions LLC (“GRSi”) was awarded a multiple-award blanket purchase agreement to provide IT services to the National Cancer Institute’s (“NCI”) Center for Biomedical Informatics and Information Technology. The award is for a five-year period with an aggregate ceiling totaling $1.7 billion, and DLH will join seven other awardees in the contract.

Specifics. DLH will be acting as a prime vendor on the contract and provide NCI with the specialized professional IT support required to accomplish their goals. Other orders under call in the contract could include operations and maintenance, information systems security, service desk, engineering, cloud platform management and support, enterprise Software as a Service (“SaaS”) platform management, data management, etc.


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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) – Building Momentum

Posted on by cpereira@noblefcm.com


Monday, February 27, 2023

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, Managing Director – Generalist Analyst, 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.

4Q22 Results. Revenue totaled $249.3 million, up 17.8% y-o-y, and at the upper end of the $231-$251 million guidance. Organic growth was 4.1%. Adjusted EBITDA came in at $19.2 million, at the lower end of guidance, versus $23.4 million a year ago. GAAP EPS loss was $0.07 and adjusted EPS net income was $0.08, compared to a net loss of $0.02 and adjusted EPS of $0.11, respectively, a year ago.

Building Momentum. We believe 2023 will be a transformative year for Kratos as programs will be transitioning from development RDT&E or LRIP to funded programs, contracts, or full rate production, driving greater revenue and cash flow.


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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 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. 

Seanergy Maritime (SHIP) – Estimates and Price Target Adjusted for 10-1 Reverse Split and Continued Shipping Rate Weakness

Posted on by cpereira@noblefcm.com


Tuesday, February 21, 2023

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 17 Capesize vessels with an average age of approximately 12 years and aggregate cargo carrying capacity of approximately 3,011,083 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” and its Class B warrants under “SHIPZ”.

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

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

Seanergy completes a 10-1 reverse stock split effective February 16, 2023.  With the reverse split, the number of outstanding shares is reduced to 18,191,647 from 181,918,471 and then adjusted for the cancellation of fractional shares. We are raising our earnings per share estimates to reflect the change, essentially raising our numbers by ten fold with some adjustment for recent shipping rate weakness.

Our price target increases slightly less than ten fold. We are adjusting our price target to $10 from $1.50 to reflect the reverse stock split. Our PO was increased less than ten times as we have adjusted our models to reflect weaker current shipping rates. In addition, we have changed our valuation methodology from a multiple of next year’s ebitda to a discounted cash flow model. Our new methodology projects out cash flow generation for five years so that long-term valuations will be based on mid-cycle shipping rates (in this case $20,000/day) instead of basing stock valuation on peak or valley shipping rates.


Get the Full Report

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 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.