Argan Inc. (NYSE: AGX) $29.97
|
|
- Patricia Booker
- 5 years ago
- Views:
Transcription
1 Argan Inc. (NYSE: AGX) $29.97
2 Table of Contents Recommendation Business Overview Safe Valuation Catalysts Negatives Questions
3 Recommendation Purchase Argan Inc. s equity at $30.00 This would provide a 38.6% discount to going concern value This price would make the shares trading bellow their P/B of 1.8x (excluding Costs/Billings in Excess).
4 Business Overview Argan, Inc. ("Argan") conducts operations through its wholly- owned subsidiaries Gemma Power Systems, LLC ("GPS") Southern Maryland Cable, Inc. ("SMC )
5 Gemma Power Systems Provides a full range of development, consulting, engineering, procurement, construction, commissioning, operations and maintenance services to the power generation and renewable energy markets. Accounted for 98% of revenue in most recent 10-Q 95% of revenues in 2013 (December 8, 2006) Acquired for $31.1 million, consisting of $10.9 million in cash and $20.2 million in common stock
6 Gemma Power Systems Projects Type of System Number of Projects Total MWs Average MWs per System Type Combined Cycle Peaking of Simple Cycle Pollution Control Ethanol Bio-Diesel Biomass Wind Solar
7 Gemma Power Systems Current Projects Panda Liberty LLC Panda Patriot Power Project Both 800 MW Combined Cycle All of backlog amount of $520 (10/31/2014) East Texas Electric Cooperative Inc MW Biomass-fired power plant (Completed 3 months early)
8 Southern Maryland Cable Provides inside premise wiring services to the federal government as part of the federal government commitment to Homeland Security improvements. Provides underground and aerial construction services and splicing to major telecommunications and utilities customers. Generated 6.2% and 6.6% of revenues in 2013 and (July 17th, 2003) Acquired for $4 million in cash, plus approximately $971,000 in debt. Argan suffered an impairment loss of $1,942,000 after making the acquisition
9 Management Executive Officers Name and Principal Position Fiscal Year Salary Earned Bonus Earned Stock Option All Other Awards Compensation Rainer H. Bosselmann 2014 $225, $200, $83, $1, Chief Executive Officer , ,000 60,300 1, , ,000 49,000 1,200 Cynthia Flanders 2015* $225, $200, $67, $1, Senior Vice President, Chief Financial Officer and Corporate Secretary William F. Griffin, Jr 2014 $602, $2,500, $- $37, Vice Chairman and Chief , ,000 65,900 18,000 Executive Officer, Gemma , ,000-18,000 Daniel L. Martin 2014 $286, $500, $46, $37, President, Gemma , ,000 76,950 16, , , ,300 12,000 Bosselmann was CEO of Arguss, a telecommunica7on company from 1966 to 2002 before coming to Argan Inc. Arthur Trudel (former CFO) was replaced by Cynthia Flanders (Board Member) Trudel is going to stay and advise the CEO Cynthia Flanders had many different posi7ons within Bank of America from 1975 to 2009
10 Recent Events JP Morgan Asset Management Holdings reported to now owning 5.8% of the common outstanding Moxie Freedom Project (900 MW Natural Gas Plant) Loaned $6 million to Moxie for development Conditions are present for Gemma to do the EPC for project Projected start: 2016 (Panda Projects expected to be complete) Management and Boards have redeemed options. Increasing shares outstanding from 14,439,701 (Q2) to 14,529,201 (Q3) Their fiscal year ended January 31, 2015 (Have 75 days to file 10K)
11 Financials Income Statement (LTM) Revenue = $340.3 COGS = $257.7 Gross margin = 24.3% EBITDA margin = 19.3% Balance Sheet (7/31/2014)!(100)!!! PP&E = $5.6 million Total Assets = $414.4 million ($361 cash) Dollar!Amount!(Mil)!!400!!!300!!!200!!!100!!!0!! Cash!PosiAon! 2008! 2009! 2010! 2011! 2012! 2013! LTM! Cash! Fiscal!Year! Free!Cash!Flow!
12 Safe Argan has upside of $48.85 a share, on a going concern basis (Zero growth and 12% Cost of Equity) They have no debt Around $361 million in cash ($209.9 held by joint ventures) Management within Argan and Gemma Power Systems Gemma Management Name Position Years in Industry William F. Griffin Jr. CEO 37 Daniel L. Martin President 32 William G. Carter CDO 30+ Joel W. Canino Sr VP 25+ Bruce M. Davis Sr VP 35 John S. Gorzkow ski Jr. Sr VP 30 Ronald W. Polaske Sr VP 30+ Christopher J. Kollmer VP 30
13 Valuation According to our SDCF, Argan is currently trading at a 33% discount. At $30 it would be at a 38.6% discount LTM$(October$31,$2014) CAPEX&+&NWC $ 2.10 D&A $ 0.80 Sales $ EBITDA $ 65.8 EBIT $ Ajusted<&Debt $ - LT&Debt $ - Surplus&Cash $ Mkt&Cap $ EV $ Interest $ - Annual&Rent $ - Capitalized&Leases $ - EBITDAR&Analysis? No (Ebitda&G&Capex)/EV 58.94% WACC Estimated(Multiple(based(on(Growth(and(Unlevered( cost(of(equity(assumptions(below EBITDA*x Multiple(for(n(periods(((((((Term(I) 2.24x PV(of(Terminal(Multiple(((Term(II) 3.04x Leverage(Multiple(((((((((((((Term(III) 0.00x Estimated0Multiple:0M_ed 5.28x Price(per(share(at(M_ed((GC): $ Surplus(Cash(per(share((((RC): $ Total(value(per(share $ Discount((Premium) 33.8% Number0of0growth0years 5 Unlevered0cost0of0equity 12.00% Input0Growth0in0EBITDA 0.00%
14 Valuation On a public company comparable basis, AGX is trading slightly above its low of $27.38 Comparable Analysis EV#/#Revenues EV#/#EBITDA EV#/#EBIT P/E# MasTec, Inc. 0.6x 6.7x 10.5x 11.4x Primoris Services Corporation 0.7x 7.8x 11.0x 19.3x Chicago Bridge & Iron Company 0.5x 5.7x 6.8x 6.9x Argan#Inc. 0.4x 2.0x 2.0x 13.5x High 0.7x 7.8x 11.0x 19.3x Low 0.6x 6.7x 10.5x 11.4x Median 0.6x 7.2x 10.7x 12.5x Mean 0.5x 5.5x 7.6x 15.4x Share Price Based on Median Multiple $ $ $ $ High $ Low $ Current $ 31.61
15 Valuation Year Book value Dividends BV Growth BV+Div Growth BVPS BVPS Growth Argan Inc. BVPS + Div Growth Price/sh Share Price Growth Div/Sh Sh+Div Growth P/B Shares OUT $ - $ 3.8 $ x $ - 89% 89% $ % 57% $ % $ % 1.9x $ - 12% 12% $ % 10% $ % $ % 2.2x $ - 10% 10% $ % 10% $ % $ % 1.3x $ % 11% $ % 10% $ % $ % 2.0x $ % 28% $ % 25% $ % $ % 2.2x $ % 38% $ % 35% $ % $ % 2.6x 14.3 Average 2.16x ACGR 14.59% 19.22% 13.11% 17.68% 20.38% 22.58% TR 97.60% 85.16% % % EOY CE $ 79 $ 156 $ 60 $ 139 OIAIT $ 6 $ 10 $ 7 $ 24 $ 39 DIVs Paid in $ - $ - $ (7) $ (8) $ (11) #N/A Total Wealth Retained Wealth $ 86 GC $ 60 $ 17 RC $ 17 $ 103 TOTAL $ 77
16 Valuation Argan&Inc.&(Minus&Cost/Billings&in&Excess) Year Book(value Dividends BV(Growth BV+Div( BVPS( BVPS(+(Div( Share(Price(( Sh+Div( BVPS Price/sh Div/Sh Growth Growth Growth Growth Growth P/B Shares(OUT $((((((((( A $(((((((((( 3.8 $ x $((((((((( A -17% -17% $(((((((((( % 54% $ % $ % 1.9x $((((((((( A -1% -1% $(((((((((( % -2% $ % $ % 2.5x $((((((((( A 37% 37% $(((((((((( % 37% $ % $ % 1.2x $(((((((( % 63% $(((((((( % 62% $ % $ % 1.2x $(((((((( % 21% $(((((((( % 18% $ % $ % 1.4x $(((((( % 56% $(((((((( % 53% $ % $ % 1.4x 14.3 Average 1.80x ACGR 30.12% 33.24% 28.44% 31.52% 20.38% 22.58% TR % % % % EOY(CE $ 78 $ 291 $ 60 $ 138 OIAIT $ 6 $ 10 $ 7 $ 24 $ 39 DIVs(Paid(in $ - $ - $ (7) $ (8) $ (11) #N/A Total(Wealth Retained(Wealth $ 86 GC $ 60 $ 153 RC $ 153 $ 238 TOTAL $ 213 Costs and es7mated earnings in excess of billings Asset Billings in excess of costs and es7mated earnings Liability
17 Catalysts Panda Projects: 800MW combined cycle generating systems Accounts for $520 million of the company s backlog. Expected to be complete in middle and early Argan has paid special dividends: $.50, $.60, $.75 in 2011, 2012 and The recently announced a $.70 dividend payable to holders of record as of October 15 th. These dividends have provided a yield of around 2.00% Company Strategy: To make additional acquisitions and/or investments by identifying companies with significant potential for profitable growth. With so much cash on hand management can execute this strategy once prices start to deflate. Gemma Power System s Management New Moxie Freedom Project
18 Risks The company could go dark As of January 31, 2014 they only had 119 holders of record Company management and board members have an incentive to keep the company listed. The board and officer of the company own around 10.96% of the total dilutive shares outstanding. They do not hold quarterly calls on their earnings. Potentially dilutive company as they have issued shares to acquire companies. Southern Maryland Cable (SMC): 1,303,974 shares of common stock at $7.75 per share. Vitarich Laboratories (VLI): 825,000 shares and issued another 760,000 to pay Kevin Thomas, owner of VLI, on a subordinated note. Gemma Power Systems (GPS): 3,666,667 shares of common stock at $5.50 per share and issued 2,853,335 shares privately to raise the cash funds for the transaction. We believe they will slow down the issuing of shares for companies because the board and executives own 10.96% of shares outstanding.
19 Risks (cont.) Management s deal making ability: $5,810,000 impairment loss from Vitarich and another $1,942,000 impairment from Southern Maryland Cable Gemma is limited on the number of projects they can work on. Always have had a backlog of fewer than six projects. Their current backlog consists of two projects Both Panda Projects A new Financial Accounting Standard, ASU Argan will have to follow new revenue recognition standards Goes into effect December 15, 2016 There is one outstanding litigation against the company: Altra Matters a lawsuit that Gemma filed against ALTRA Nebraska to obtain money from the portion of the project that they completed before Altra went bankrupt. The lawsuit began in 2008 The lawsuit looks to be ending soon
20 Recommendation Purchase Argan Inc. s equity at $30.00 This would provide a 38.6% discount to going concern value This price would make the shares trading bellow their P/B of 1.8x (excluding Costs/Billings in Excess).
21
Coverage Andres Emmett Diz Senior Analyst
Argan Inc. Construction & Engineering Industry March 16 th, 2015 Argan Inc. Exchange: NYSE Coverage Andres Emmett Diz Senior Analyst Emmett.Diz@orangevaluefund.com Security Ticker: AGX Business Description
More informationArgan, Inc. Reports Fourth Quarter and Year End Results
Argan, Inc. Reports Fourth Quarter and Year End Results April 10, ROCKVILLE, MD Argan, Inc. (NYSE: AGX) today announced financial results for the three months and fiscal year ended. For the year ended,
More informationARGAN, INC. REPORTS THIRD QUARTER EARNINGS
ARGAN, INC. REPORTS THIRD QUARTER EARNINGS December 8, 2014 ROCKVILLE, MD Argan, Inc. (NYSE: AGX) today announced financial results for the three and nine months ended October 31, 2014. For the quarter
More informationArgan, Inc. Reports First Quarter Results
Argan, Inc. Reports First Quarter Results June 8, 2015 ROCKVILLE, MD Argan, Inc. (NYSE: AGX) today announced financial results for its first quarter ended April 30, 2015. First Quarter Highlights: Revenues
More informationArgan, Inc. Reports Second Quarter Results
Argan, Inc. Reports Second Quarter Results September 7, 2017 ROCKVILLE, MD Argan, Inc. (NYSE: AGX) ( Argan or the Company ) today announced financial results for its second quarter ended July 31, 2017.
More informationArgan, Inc. Reports Year-End and Fourth Quarter Results
Argan, Inc. Reports Year-End and Fourth Quarter Results Declares 1 st Quarterly Dividend of $0.25 Per Share April 11, 2018 ROCKVILLE, MD Argan, Inc. (NYSE: AGX) ( Argan or the Company ) today announced
More informationAGAN, INC. June June 2011
AGAN, INC. June 2010 June 2011 December 2018 Safe Harbor Statement All statements in this presentation that are not historical are forwardlooking statements within the meaning of Section 21E of the Securities
More informationSafe Harbor Statement
April 2019 Safe Harbor Statement All statements in this presentation that are not historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such
More informationAGAN, INC. June June 2011
AGAN, INC. June 2010 June 2011 September 2018 Safe Harbor Statement All statements in this presentation that are not historical are forwardlooking statements within the meaning of Section 21E of the Securities
More informationArgan, Inc. Reports Year-End and Fourth Quarter Results
Argan, Inc. Reports Year-End and Fourth Quarter Results Declares Quarterly Dividend of $0.25 Per Share April 10, 2019 ROCKVILLE, MD Argan, Inc. (NYSE: AGX) ( Argan or the Company ) today announced financial
More informationArgan, Inc. Reports First Quarter Results
Argan, Inc. Reports First Quarter Results June 11, 2018 ROCKVILLE, MD Argan, Inc. (NYSE: AGX) ( Argan or the Company ) today announced financial results for its first quarter ended April 30, 2018. For
More informationAGAN, INC. June June 2011
AGAN, INC. June 2010 June 2011 September 2017 Disclaimer All statements in this presentation that are not historical are forwardlooking statements within the meaning of Section 21E of the Securities Exchange
More informationAGAN, INC. June June 2011
AGAN, INC. June 2010 June 2011 April 2018 Disclaimer All statements in this presentation that are not historical are forwardlooking statements within the meaning of Section 21E of the Securities Exchange
More informationChina Renewable Energy Investment Ltd (987_HK)
Wednesday, March 21, 2018 www.evaluateresearch.com Target Price HK$ 0.50 Current Price HK$ 0.23 Upside Potential 117% Market Cap. Shares Outstanding HK$ 525 mn $ 66.90 mn 2,364.7 mn Free Float (FF %) 631.9
More informationLockheed Martin. Sector Manager: Daniel Curran. Senior Analyst: Kevin McDonnell. Team Analysts: Jason Flynn. Mike Havris. TJ O Sullivan.
Lockheed Martin T r i n i t y S M F Lockheed Martin Sector Manager: Daniel Curran Senior Analyst: Kevin McDonnell Team Analysts: Jason Flynn Mike Havris TJ O Sullivan Mark Perham T R I N I T Y S M F Investment
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10 Q
10 Q 1 a17 13089_110q.htm 10 Q (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10 Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
More informationBabcock & Wilcox Enterprises, Inc. Company Overview November 2016
Babcock & Wilcox Enterprises, Inc. Company Overview November 2016 Safe Harbor Statement Forward looking statements. Babcock & Wilcox Enterprises, Inc. ( B&W ) cautions that this presentation contains forward
More informationN E W S R E L E A S E
N E W S R E L E A S E FOR IMMEDIATE RELEASE Contact: Steven E. Nielsen, President and CEO H. Andrew DeFerrari, Senior Vice President and CFO (561) 627-7171 DYCOM INDUSTRIES, INC. ANNOUNCES FISCAL 2018
More informationChesapeake Financial Shares, Inc. Disclosure Statement Rule 15c2-11(5) and Rule 144(c)(2) Under the Securities Exchange Act of 1934
Chesapeake Financial Shares, Inc. Disclosure Statement Rule 15c2-11(5) and Rule 144(c)(2) Under the Securities Exchange Act of 1934 1. The exact name of the issuer and its predecessor (if any): The exact
More informationAnalyst: Spencer Rolfe. Assumptions
LONG Primoris Services Corporation (PRIM) Basic Data Scenario Analysis Price (6/12/15) $19.70 Bear Case 2 Bear Case Base Case Bull Case 3- Month Avg. Vol. 315,902 Market Cap $1.02B Equity Value per Share
More informationPrimoris Services Corporation Announces 2018 Third Quarter Financial Results
Primoris Services Corporation Announces 2018 Third Quarter Financial Results November 6, 2018 Board of Directors Declares $0.06 Per Share Cash Dividend Financial Highlights 2018 Q3 revenues of $908.9 million,
More informationInvestor Presentation First Quarter NASDAQ: HRZN
Investor Presentation First Quarter 2017 NASDAQ: HRZN www.horizontechfinance.com Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements which are based
More information2014 E 2015 E 2016 E 2017 E
Equity Research 4 December 2014 Interpump Group Hydraulics M&A may power growth Rating BUY Target price EUR13 Interpump is up 25% since the beginning of the year, bolstered by strong interim results and
More informationValuation Introduction & Price multiples
Valuation Introduction & Price multiples Mergers & Acquisitions The valuation spectrum Valuation methods Methods of valuation: Discounted dividends Discounted free cash flow Adjusted DCF model Discounted
More informationNovember 20 th, Company: Sonic Corp. (NASDAQ SONC) Action: Long Price Target: $34.00 Students: Peiheng Xu, Devon Pennington, Elise Radolf
November 20 th, 2015 Company: Sonic Corp. (NASDAQ SONC) Action: Long Price Target: $34.00 Students: Peiheng Xu, Devon Pennington, Elise Radolf Long: SONC Company Overview Domestic Drive-in Leader Market
More informationPower REIT Announces Results for Second Quarter 2013
PRESS RELEASE: August 15, 2013 Power Announces Results for Second Quarter 2013 Core Funds from Operations ( Core FFO ) per share up 300% to $0.10 per share compared to prior year quarter Revenue up 10%
More informationMarking twenty consecutive profitable years, AZZ incorporated achieved record financial performance in fiscal 2007.
2 0 0 7 A N N U A L R E P O R T BUILDING ON SUCCESS Marking twenty consecutive profitable years, AZZ incorporated achieved record financial performance in fiscal 2007. Today s achievements are the foundation
More informationMcDermott International, Inc. (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest
More informationEXELON REPORTS THIRD QUARTER 2017 RESULTS
Exhibit 99.1 News Release Contact: Dan Eggers Investor Relations 312-394-2345 Paul Adams Corporate Communications 410-470-4167 EXELON REPORTS THIRD QUARTER 2017 RESULTS Earnings Release Highlights GAAP
More informationPRIM Q Earnings Call February 28, 2019
PRIM Q4 2018 Earnings Call February 28, 2019 Disclosure Regarding Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation
More informationExelon Corporation NEUTRAL ZACKS CONSENSUS ESTIMATES (EXC-NYSE) SUMMARY
March 06, 2015 Exelon Corporation Current Recommendation Prior Recommendation NEUTRAL Underperform Date of Last Change 06/28/2009 Current Price (03/05/15) $32.97 Target Price $35.00 (EXC-NYSE) SUMMARY
More informationPRESS RELEASE OF NORTHWEST BANCSHARES, INC. EARNINGS RELEASE
PRESS RELEASE OF NORTHWEST BANCSHARES, INC. EARNINGS RELEASE FOR IMMEDIATE RELEASE Contact: William J. Wagner, Chairman and Chief Executive Officer (814) 726-2140 Ronald J. Seiffert, President and Chief
More informationBabcock & Wilcox Enterprises, Inc. Company Overview March 2018
Babcock & Wilcox Enterprises, Inc. Company Overview March 2018 Safe Harbor Statement B&W cautions that this presentation contains forward-looking statements, including, without limitation, statements relating
More informationProject Mountain Investor Presentation. AECOM Investor Presentation. World Trade Center Manhattan, New York, U.S.A.
Project Mountain Investor Presentation AECOM Investor Presentation World Trade Center Manhattan, New York, U.S.A. Safe Harbor Disclosures Cautionary Note Regarding Forward-Looking Statements All statements
More informationEnron Corp. (NYSE: ENE) is providing information to investors concerning several important matters:
ENRON CORP. Enron Corp. (NYSE: ENE) is providing information to investors concerning several important matters: o A required restatement of prior period financial statements to reflect: (1) recording the
More informationEFI Q Earnings Call. July 30, 2018
EFI Q2 2018 Earnings Call July 30, 2018 Safe Harbor For Forward-Looking Statements Certain statements in this presentation are forward-looking statements within the meaning of Section 27A of the Securities
More information2013 consolidated annual results
Regulated information 28 February 2014 08:00 2013 consolidated annual results Historically high booking level with a solid backlog to start 2014. EBITDA above last year thanks to the excellent performance
More informationALSK vs. IWM Feb. 2, Sept. 28, 2018
October 4, 2018 Alaska Communications Systems Group, Inc. 600 Telephone Avenue Anchorage, AK 99503 Attn: Board of Directors (the Board ) Dear Board members: I am writing on behalf of 22NW Fund, L.P. (
More informationKingspan Group Plc. Sector Manager: Daniel Curran. Senior Analyst: Kevin McDonnell. Team Analysts: Jack Kennedy. Ashley Duane.
Kingspan Group T r i n i t y S M F Kingspan Group Plc. Sector Manager: Daniel Curran Senior Analyst: Kevin McDonnell Team Analysts: Jack Kennedy Ashley Duane Dylan Murphy TJ O Sullivan Mark Perham Investment
More informationORMAT TECHNOLOGIES (NYSE:ORA) BY: Kelvin Li
ORMAT TECHNOLOGIES (NYSE:ORA) BY: Kelvin Li Company Overview Revenue Segmentation Details of Operations Product 42% Electricity 58% Other Foreign Countries 6% Kenya 20% United States 74% Ormat Technologies
More informationVSE: 5-Year Retrospective (March 2017)
VSE: 5-Year Retrospective (March 2017) Disclaimer This VSE 5-Year Retrospective is neither an offer or solicitation to anyone to purchase, sell or otherwise trade in VSE common stock or any other securities.
More information4 th Quarter 2018 Earnings Transcript
4 th Quarter 2018 Earnings Transcript February 20, 2019 CORPORATE PARTICIPANTS John Stroup Belden, Inc. President, CEO, and Chairman Henk Derksen Belden, Inc. CFO, SVP Finance Kevin Maczka Belden, Inc.
More informationTrevi Finanziaria. New investments to meet material intake. 12 May 2008 Capital Goods Update. Price: Target price: 16.
12 May 2008 Capital Goods Update Price: 16.44 Target price: 16.80 Outperform 17 16 15 14 13 12/5/08 2006 2007 2008E 2009E EPS Adj. ( ) 0.42 0.83 0.99 1.28 DPS ( ) 0.05 0.10 0.13 0.16 BVPS ( ) 1.91 2.23
More informationMANZ AG FINANCIAL FIGURES 3M/2018 ECKHARD HÖRNER-MARASS, CEO / HOLGER WANKO, VP FINANCE MAY 8, 2018
MANZ AG FINANCIAL FIGURES 3M/2018 ECKHARD HÖRNER-MARASS, CEO / HOLGER WANKO, VP FINANCE MAY 8, 2018 2 0 1 8 3M FINANCIAL FIGURES 2 INCOME STATEMENT in EUR million 3M/2018 3M/2017 Change in % Group Revenues
More informationSecond Quarter 2017 Conference Call Presentation August 3 rd, 2017
Second Quarter 2017 Conference Call Presentation August 3 rd, 2017 Agenda Forward-looking statements Denis Jasmin, Vice-President, Investor Relations CEO remarks Neil Bruce, President and Chief Executive
More informationTrevi Group Italy Capital goods
30 August 2013 Trevi Group Italy Capital goods Buy (Hold) Target price EUR6.90 Current price EUR6.22 Matteo Bonizzoni, CFA mbonizzoni@keplercheuvreux.com +39 02 80 62 83 43 Sound delivery and business
More informationNextEra Energy Inc. NEUTRAL ZACKS CONSENSUS ESTIMATES (NEE-NYSE)
March 10, 2015 NextEra Energy Inc. Current Recommendation Prior Recommendation NEUTRAL Outperform Date of Last Change 01/14/2010 Current Price (03/09/15) $98.93 Target Price $104.00 (NEE-NYSE) SUMMARY
More informationCalgon Carbon Corporation 6/25/2013 Comparables Analysis USD Millions
Comparables Analysis USD Millions Operating Statistics Enterprise Debt to 5 Yr LTM LTM LTM LTM Company Name Ticker Stock Price Market Cap Net Debt Value Capital Beta GM % NI % EBIT % EBITDA % Cabot Corp.
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event
More informationRajesh Exports (RJEX_IN) Earnings Update Report Consumer Discretionary: Gold Jewelry Manufacturer
Monday, February 4, 2019 www.evaluateresearch.com Target Price Rs. 900.00 Current Price Rs. 598.00 Upside Potential 50% Market Cap. Shares Outstanding Rs. 176,802 mn US$ 2.47 bn 295.3 mn Free Float (FF
More informationStrategic Stock Investment Opportunity Best World International Limited Analysts: Ai Xin, Charles Phan & Jeremy Liang
Strategic Stock Investment Opportunity Best World International Limited Analysts: Ai Xin, Charles Phan & Jeremy Liang Executive Summary S$3.66 Target Price BUY call 47.7% Potential Upside 1 Unique model
More informationHyundai Motor Company Pitch
Hyundai Motor Company Pitch Investment Thesis What you re buying 150,000) Summary of Investment Thesis Company Overview Introduction: Company Snapshot Recommendation BUY 3 Year Price v MSCI World *All
More informationStandard Motor Products, Inc. Annual Meeting of Shareholders May 20, 2010
Standard Motor Products, Inc. Annual Meeting of Shareholders May 20, 2010 2010 Annual Meeting of Shareholders Larry Sills, Chairman and CEO Jim Burke, VP Finance & CFO Forward Looking Statements You should
More informationIFMI REPORTS FOURTH QUARTER AND FULL YEAR 2012 FINANCIAL RESULTS
IFMI REPORTS FOURTH QUARTER AND FULL YEAR 2012 FINANCIAL RESULTS Full Year Adjusted Operating Income of $7.5 million, or $0.47 per Diluted Share Fourth Quarter Adjusted Operating Income of $4.3 million,
More information2016 Third Quarter Earnings Conference Call
November 1, 2016 NYSE: GLT 2016 Third Quarter Earnings Conference Call Dante C. Parrini, Chairman & CEO John P. Jacunski, EVP, CFO & President, Specialty Papers Forward-Looking Statements and Use of Non-GAAP
More informationAnnual Shareholders Meeting. May 21, 2018
Annual Shareholders Meeting May 21, 2018 Safe Harbor and Regulation G Statement This presentation contains information about Chemed s EBITDA, Adjusted EBITDA, EBIT, Adjusted EBIT, Adjusted Net Income and
More informationDAVID POPLAR. Second-Quarter 2014 Conference Call August 7, Vice President Investor Relations 8/7/2014 7:11:27 AM.
Second-Quarter 2014 Conference Call August 7, 2014 2013 Oldemark LLC DAVID POPLAR Vice President Investor Relations 2013 Oldemark LLC 2 1 Today s Agenda CEO Overview Financial Update Q&A Emil Brolick Todd
More informationThor Announces Record Results for Second Quarter and First Half of Fiscal 2018
NEWS RELEASE Thor Announces Record Results for Second Quarter and First Half of Fiscal 2018 3/7/2018 Fiscal 2018 financial results continue to demonstrate strong growth in both revenue and profitability,
More informationThird Quarter 2017 Conference Call Presentation November 2 nd, 2017
Third Quarter 2017 Conference Call Presentation November 2 nd, 2017 Agenda Forward-looking statements Denis Jasmin, Vice-President, Investor Relations CEO remarks Neil Bruce, President and Chief Executive
More informationValero Energy Reports Third Quarter 2016 Results
Valero Energy Reports Third Quarter 2016 Results Reported net income attributable to Valero stockholders of $613 million, or $1.33 per share. Reported adjusted net income attributable to Valero stockholders
More informationIndustry Update Heavy Construction Q4 2017
Industry Update Heavy Construction Q4 2017 New York Boston Chicago Orlando Philadelphia Princeton www.mpival.com Table of Contents * Industry Overview... 2 Key Indicators... 4 M&A Overview 1... 5 Public
More informationEFI Q Earnings Call. January 25, 2017
EFI Q4 2016 Earnings Call January 25, 2017 Safe Harbor For Forward-Looking Statements Certain statements in this presentation are forward-looking statements within the meaning of Section 27A of the Securities
More informationHOLD BUY. China Singyes Solar Technologies [0750.HK] Outlook improving but positives largely priced in after recent share price rally
September February 27, 1, 2015 2016 China Singyes Solar Technologies [0750.HK] Outlook improving but positives largely priced in after recent share price rally Singyes s 1H16 earnings growth of 42% YoY
More informationIntelsat Reports Fourth Quarter and Full Year 2014 Results
News Release 2015-06 Contact Dianne VanBeber Vice President, Investor Relations and Communications dianne.vanbeber@intelsat.com +1 703-559-7406 Intelsat Reports Fourth Quarter and Full Year 2014 Results
More informationCACI International Inc Third Quarter Fiscal Year 2016 Conference Call. April 28, 2016
CACI International Inc Third Quarter Fiscal Year 2016 Conference Call April 28, 2016 INFORMATION DEPLOYED. SOLUTIONS ADVANCED. MISSIONS ACCOMPLISHED. Forward-looking Statements There are statements made
More informationTATA POWER COMPANY LTD RESEARCH
RESULTS REVIEW Share Data Market Cap Rs. 239.30 bn Price Rs. 1080.50 BSE Sensex 13,769.15 Reuters TTPW.BO Bloomberg TPWR IN Avg. Volume (52 Week) 0.17 mn 52-Week High/Low Rs.1230 / 530.10 Shares Outstanding
More informationExcerpt from Quarterly Report (Consolidated Financial Statements) (January 1 to June 30, 2016)
Excerpt from Quarterly Report (Consolidated Financial Statements) (January 1 to ) Part 4. Financial Section 1. Preparation Method of Condensed Quarterly Consolidated Financial Statements (1) The condensed
More informationExamples = + = + = = = =
Examples = + = + = = = = Calculation of ratios an example Formula Year 1 Year 2 Year 3 Year 4 Year 5 Comments Adjusted Profit/Loss for the Period excl. Minorities 33.0 37.4 36.8 62.3 79.4 Adjusted
More informationBUY SHARE PRICE CASH EARNINGS ($M) COMPANY DATA & RATIOS
BUY 0.11 0.39 0.69 SHARE PRICE CASH EARNINGS ($M) COMPANY DATA & RATIOS CONTENTS Competitors Products Sales channels Pricing Model INVESTMENT THESIS COMPANY OVERVIEW INDUSTRY OVERVIEW COMPETITORS BOARD
More informationBuilding America's Infrastructure
Investor Presentation September 2017 Building America's Infrastructure Disclosure Regarding Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of
More informationFORM 8-K. CHICAGO BRIDGE & IRON COMPANY N.V. (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event
More informationPrimoris Services Corporation Investor Presentation January 2019
Primoris Services Corporation Investor Presentation January 2019 Disclosure Regarding Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of the
More informationMcDermott and CB&I Announce Conclusion of Competition Authority Reviews for Proposed Combination
FOR IMMEDIATE RELEASE McDermott and CB&I Announce Conclusion of Competition Authority Reviews for Proposed Combination HOUSTON and THE WOODLANDS, Texas March 14, 2018 McDermott International, Inc. (NYSE:MDR)
More informationRevenues Gross Profit EBITDA Net Profit after Minority. EGP 2,848.6 million 28% y-o-y
ELSEWEDY ELECTRIC Reports H1 2018 Results Posting Revenues of EGP 20.1 billion; Wires & Cables, Meters and Transformers Continue Double-Digit Expansion. H1 2018 Consolidated Financial Highlights Revenues
More informationRosehill Resources Inc. (Name of Issuer)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 4)* Rosehill Resources Inc. (Name of Issuer) CLASS A COMMON
More information2 nd Quarter 2017 Earnings Conference Call Transcript. August 2, 2017
2 nd Quarter 2017 Earnings Conference Call Transcript August 2, 2017 CORPORATE PARTICIPANTS John Stroup Belden, Inc. - President, CEO, and Chairman Henk Derksen Belden, Inc. - CFO, SVP-Finance Kevin Maczka
More informationFourth Quarter 2018 Conference Call February 14, 2019
Fourth Quarter 2018 Conference Call February 14, 2019 Forward Looking Information and Non GAAP Measures This presentation includes certain forward looking information, including future oriented financial
More informationSIRE LINE CAPITAL MANAGEMENT
SIRE LINE CAPITAL MANAGEMENT HOW TO TURN $10,000 INTO $10,000,000: INVEST LIKE WARREN BUFFETT 159 Madison Avenue, Suite 10i New York, NY 10016 Phone: 646.526.8403 www.sirelinecapital.com info@sirelinecapital.com
More informationFor personal use only
ASX Release 13 July 2011 Redbank Energy Limited ABN 67 116 665 608 Level 11, 20 Bridge Street, Sydney NSW 2000 T + 61 2 9372 2600 F + 61 2 9372 2610 APPOINTMENT OF DIRECTORS Redbank Energy Limited (ASX:AEJ)
More informationFluor Corporation. Fall Investor Meetings November 9-10, 2006
Fluor Corporation Fall Investor Meetings November 9-10, 2006 1 Safe Harbor Statement Any forward-looking statements made in this presentation represent management s best judgment as to what may occur in
More informationFirst Quarter 2017 Results. May 2, 2017
First Quarter 2017 Results May 2, 2017 Cautionary Statement Regarding Forward-Looking Statements This quarterly presentation includes forward-looking statements within the meaning of Section 27A of the
More informationDarden Restaurants, Inc.
Darden Restaurants, Inc. DRI: Reports Solid Performance; Expectations Were Pretty High Despite Evidence Segment Is Slowing Our View: We reiterate our OW rating following shares coming under pressure because
More informationLeifheit AG. Management Meeting confirms our positive view. Buy (Buy) EUR (60.00 EUR ) BANKHAUS LAMPE // 1 16/02/2016
BANKHAUS LAMPE // 1 Leifheit AG Management Meeting confirms our positive view 16/02/2016 Buy (Buy) 60.00 EUR (60.00 EUR ) Close 12/02/2016 45.00 EUR Bloomberg: LEI GY WKN: 646450 Sector Consumer Share
More informationJefferies Global Industrials Conference
Jefferies Global Industrials Conference August 14, 2014 Lee D. Rudow President and CEO John J. Zimmer Sr. Vice President of Finance and CFO Safe Harbor Statement This presentation contains forward-looking
More informationFourth Quarter And Year End 2014 Investor Call
Fourth Quarter And Year End 2014 Investor Call March 3, 2015 Forward Looking Statements This presentation contains forward-looking statements, which are subject to various risks and uncertainties. Discussion
More informationEXC Exelon Corporation Sector: Utilities HOLD
Analysts: Alexa Bowen, Blake Porter and Kennedy White Washburn University Applied Portfolio Management EXC Sector: Utilities HOLD Report Date: 4/18/2016 Market Cap (mm) $31,337 Annual Dividend $1.24 2
More informationSecond Quarter 2017 Earnings Call. August 2, 2017
Earnings Call August 2, 2017 Important Note to Investors This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding
More information2015 Fourth Quarter February 25, 2016
2015 Fourth Quarter February 25, 2016 Safe Harbor Disclaimer Forward-Looking Statements We have made statements in this document that are forward-looking statements within the meaning of the federal securities
More information2015 First Quarter Results. Maracay Homes Pardee Homes Quadrant Homes Trendmaker Homes TRI Pointe Homes Winchester Homes
2015 First Quarter Results Maracay Homes Pardee Homes Quadrant Homes Trendmaker Homes TRI Pointe Homes Winchester Homes Forward Looking Statement Various statements contained in this presentation, including
More informationWINA is currently among an exclusive group of 211 stocks awarded our highest average score of 10. Peers STMP 7 KIRK 6 BGFV 5 UNTD 4
- Updated September 10, 2013 WINMARK CORPORATION (-O) Retailers / Other Specialty Retailers / Other Specialty Retailers Indicator Description The Average Score combines the quantitative analysis of six
More informationSource: MorningStar. GROWTH RATES Sales EBITDA EPS Historical 1-year 88.0% 77.5% - 2-year CAGR Estimated 1-year 32.9% 28.1% 71.
FACEBOOK (FB) Sector: Information Technolgy Price: $20.04 (as of 08/02/2012) Overview Company Name FACEBOOK Shares outstanding 2,228,855,607.928 Ticker FB Enterprise value $34,872,266,382.9 Fiscal year
More informationLockheed Martin Reports Second Quarter 2014 Results
Lockheed Martin Reports Second Quarter 2014 Results Net sales decreased 1% to $11.3 billion Net earnings increased 3% to $889 million Earnings per diluted share increased 5% to $2.76 Generated cash from
More informationFAIR MARKET VALUE ANALYSIS (a) Valuation Method Exhibit Low High Low High. Fair Market Value of 100.0% Equity. Proposed Price $204 Million (c)
Sony Pictures Entertainment Inc. Exhibit 1 Summary of Values (currency in millions) - FAIR MARKET VALUE ANALYSIS (a) Fair Market Value of 100.0% Equity Interest (USD millions) (b) Valuation Method Exhibit
More informationALTEO MODEL UPDATE 8 FEBRUARY 2018
SUMMARY ALTEO Group is considered as a utility group regarding industry classification. The Group is a key player within the utility sector by offering Smart Energy Management solutions. The Group s activities
More informationSUBJECT: Texas Energy Center Energy Supply and Related Services RFP , Extension 2 of 4
TO: FROM: Texas Energy Center Members Lori Atwood Ramos, Purchasing Coordinator SUBJECT: Texas Energy Center Energy Supply and Related Services RFP 16-03-12, Extension 2 of 4 DATE: August 23, 2018 This
More informationNORTHLAND POWER INC. SECOND-QUARTER REPORT. Quarterly Report for the period ended June 30, 2014
NORTHLAND POWER INC. Q2 SECOND-QUARTER REPORT Quarterly Report for the period ended June 30, 2014 Management s Discussion and Analysis The purpose of this Management, Discussion & Analysis ( MD&A ) is
More informationPiper Jaffray M&A Monitor Analyzing M&A Activity October 18, 2007
Analyzing M&A Activity October 18, 27 Sections: Feature Transaction Domestic M&A Transactions LTM Transaction Multiples Public Company Premiums Deal Financing Buyout Fund Market M&A Group Contacts Visit
More informationFinancial Results Call Presentation. First Quarter 2018
Financial Results Call Presentation First Quarter 2018 May 8, 2018 NYSE: AWR Today s Presenters Robert J. Sprowls President & CEO Eva G. Tang SVP Finance & CFO 2 Forward-Looking Statement Certain matters
More informationJames C. Yardley. President & Chief Executive Officer El Paso Pipeline GP Company, L.L.C. IPAA MLP Conference
James C. Yardley President & Chief Executive Officer El Paso Pipeline GP Company, L.L.C. IPAA MLP Conference January 17, 2008 Forward Looking Statements This release includes forward-looking statements
More informationStandard Motor Products, Inc. Announces. Fourth Quarter and 2018 Year End Results
For Immediate Release For more information, contact: James J. Burke Standard Motor Products, Inc. (718) 392-0200 Standard Motor Products, Inc. Announces Fourth Quarter and 2018 Year End Results New York,
More information