reports
- Nicholas Cortellucci
- CFA
DRX: Another Quarter, Another Beat; Increasing Target Price
What you need to know: • ADF Group reported Q4 & FY24 financial results this morning that beat our expectations across the board. • For Q4, revenue came in at $88.4M (+72% YoY) vs. our estimate of $77.1M and EBITDA came in at $15.5M (+164% YoY) vs. our estimate of $13.6M. • FY24 marked another stellar year for ADF as it benefits from infrastructure spending across North America and the automation capex program at its Terrebonne facility. Management expects this cycle to extend 3-5 years. ADF Gr...
- Nicholas Cortellucci
- CFA
DRX: Q4 Financials Preview
What you need to know: • ADF Group will be reporting Q4 & FY24 financial results on April 11th before market open. • For Q4, we are expecting revenue of $77.1M (+50% YoY), gross margin of 22% (vs. 18% last year), and adjusted EBITDA of $13.6M (+132% YoY). • We view the recent pullback in DRX stock as a major buying opportunity ahead of another record year ahead while valuation remains cheap at 4.5x FY25E EBITDA. ADF Group (DRX:TSX, ADFJF:OTC) announced that it will be reporting Q4 & FY24 financ...
- Nicholas Cortellucci
- CFA
DRX: Increasing Target Price on Improved Outlook
What you need to know: • We are revisiting the assumptions in our model for ADF following strong industry data and positive conversations with management. • We are increasing our revenue and profitability estimates from Q4 onward to reflect the more bullish outlook. • We have increased our target multiple to 6.5x FY25 EBITDA (previously 6.0x), leading to a new $13.00/share target price (previously $10.00/share). • Watch our recently published management interview here. We are revisiting our m...
- Nicholas Cortellucci
- CFA
DRX: New Contracts Announced; Increasing Target Price (Again)
What you need to know: • ADF announced the signing of a series of new contracts totalling $234M, adding to its backlog of $339M reported for Q3. • This demonstrates ADF’s increased throughput and ability to take on larger projects due to its automation equipment and working capital position. • We are increasing our target to $10.00/share based on increased estimates. This morning, ADF Group (DRX:TSX, ADFJF:OTC) announced the signing of a series of new orders totalling $234M. We view the relea...
- Nicholas Cortellucci
- CFA
DRX: Q3 Financials Smash Expectations; Increasing Target Price
What you need to know: • ADF reported stellar Q3 financials that largely beat our estimates. Once again, the robotic fabrication line led the major improvements. • Revenue came in at $82.1M (+26% YoY) vs. our estimate of $73.0M and EBITDA came in at $17.8M (+146% YoY) vs. our estimate of $7.7M. • ADF continues to only trade at 3.6x FY24E EBITDA and 1.1x BV. This morning, ADF Group (DRX:TSX, ADFJF:OTC) reported Q3/24 financial results that largely beat our estimates across the board. The beat wa...
Adf Group Inc: 1 director
A director at Adf Group Inc maiden bought 20,000 shares at 4.997CAD and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...
- Nicholas Cortellucci
- CFA
DRX: Value Stock Entering Multi-Year Growth Cycle
What you need to know: • ADF is entering a multi-year growth phase due to major tailwinds in infrastructure spending and non-residential construction. • ADF spent the last two years adding a robotic fabrication line to its Terrebonne, Quebec facility, which has significantly expanded margins. • The Company has largely improved its balance sheet over the last year. • ADF currently trades at 3.6x FY25E EBITDA compared to steel fabricators at 7.0x and Canadian industrials at 8.3x. ADF Group Inc. (...
- Nicholas Cortellucci
- CFA
Small-Caps with Torque to Infrastructure Spending
What you need to know: • Due to decades of underinvestment, North American infrastructure has aged and deteriorated significantly to a point where governments are beginning to rapidly increase spending in the sector. • The declining stability of the electrical grid as well as electrification trends only exacerbate the issues at hand. • This report highlights five small-cap Canadian equities with torque to thematic trends in infrastructure spending. Investment Thesis Aging Infrastructure It is...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Reason For Caution Various market dynamics have deteriorated recently which leads us to a more neutral outlook for the weeks ahead. For now we do not expect to see a significant correction, however we have reason to believe that this current consolidation period could go on longer than initially expected. Below we explain updates to our outlook. · Deteriorating Market Dynamics: US Dollar & EM Equities. The 92 level has been our key line in the sand on the US dollar (DXY); we have sugge...
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01210 CHRISTINE INTERNATIONAL HOLDINGS
STG STG INTERNATIONAL LTD.
CVU COMPANIA CERVECERIAS UNIDAS S.A.
JBSS3 JBS S.A.
ADANIGREEN ADANI GREEN ENERGY LIMITED
2809 GLOBAL X CHINA CLEAN ENERGY ETF
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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