Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Equity Bottom-Up

<ul><li>Management has indicated that the pipeline for new leases, renewals is robust as ICE & multiple government entities seek capacity.</li><li>Company is engaged in multiple discussions.</li><li>In addition, the recent debt issuance extended maturities & CXW was able to maintain the cost of capital despite the uncertain rate, economic outlook.</li></ul>

Management has indicated that the pipeline for new leases, renewals is robust as ICE & multiple government entities seek capacity.Company is engaged in multiple discussions.In addition, the recent debt issuance extended maturities & CXW was able to maintain the cost of capital despite the uncertain rate, economic outlook.

CXW: 1Q24 Beat Highlights Operating Leverage, Improving Occupancies

<ul><li>We are optimistic about operating improvements going forward and expect occupancies at CXW facilities to continue to increase as ICE & multiple government entities seek capacity.</li><li>CXW also continues to strengthen its balance sheet, with a 1Q24 debt offering concurrent with a tender offer for 2026 8.25% notes.</li><li>As a result, the company pushed debt maturities out roughly three years & has no major debt maturities before 2029 other than some $262M 4.75% notes that mature in 2027.</li></ul>

We are optimistic about operating improvements going forward and expect occupancies at CXW facilities to continue to increase as ICE & multiple government entities seek capacity.CXW also continues to strengthen its balance sheet, with a 1Q24 debt offering concurrent with a tender offer for 2026 8.25% notes.As a result, the company pushed debt maturities out roughly three years & has no major debt maturities before 2029 other than some $262M 4.75% notes that mature in 2027.

CXW: Preview 1Q24 Results  Expect Recent Positive Trends Continue

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-shieldus-co-ltd" target="_blank" data-smartkarma-citation="entities:35799:1" rel="noopener">SK Shieldus (ABFHIZ KS)</a> is a leading South Korean security provider. It is seeking a KRX IPO to raise up to US$0.9 billion. </li>
<li>The primary change in the updated prospectus is the syndicate's valuation methodology which results in a 10% lower value per share. The IPO price range of KRW31,000-38,800 is unchanged.</li>
<li>Sentiment on IPOs remains poor. For investors willing to look at IPOs, our valuation analysis suggests that the IPO price range remains reasonable.  </li>
</ul>



SK Shieldus (ABFHIZ KS) is a leading South Korean security provider. It is seeking a KRX IPO to raise up to US$0.9 billion. 
The primary change in the updated prospectus is the syndicate's valuation methodology which results in a 10% lower value per share. The IPO price range of KRW31,000-38,800 is unchanged.
Sentiment on IPOs remains poor. For investors willing to look at IPOs, our valuation analysis suggests that the IPO price range remains reasonable.  


SK Shieldus IPO: The Syndicate's Revised Methodology

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-shieldus-co-ltd" target="_blank" data-smartkarma-citation="entities:35799:1" rel="noopener">SK Shieldus (ABFHIZ KS)</a> is a leading South Korean security provider. It is pre-marketing a KRX IPO to raise up to US$0.9 billion.  </li>
<li>In <a href="https://www.smartkarma.com/insights/sk-shieldus-ipo-initiation-track-and-shield" target="_blank" data-smartkarma-citation="insights:67989" rel="noopener">SK Shieldus IPO Initiation: Track and Shield</a>, we noted that SK shieldus has attractive fundamentals with healthy growth and margins. The leverage is manageable due to good cash generation.  </li>
<li>In this note, we look at the syndicate's valuation methodology and present our valuation methodology. Our valuation analysis suggests that the IPO price range is attractive.</li>
</ul>



SK Shieldus (ABFHIZ KS) is a leading South Korean security provider. It is pre-marketing a KRX IPO to raise up to US$0.9 billion.  
In SK Shieldus IPO Initiation: Track and Shield, we noted that SK shieldus has attractive fundamentals with healthy growth and margins. The leverage is manageable due to good cash generation.  
In this note, we look at the syndicate's valuation methodology and present our valuation methodology. Our valuation analysis suggests that the IPO price range is attractive.


United States

CoreCivic, Inc. provides detention and corrections services to governmental agencies. The Company designs, constructs, owns, manages, and renovates jails, prisons, government agencies, and inmate transportation companies. CoreCivic operates throughout the United States.

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CoreCivic (CXW US)

CXW: 1Q24 Beat Highlights Operating Leverage, Improving Occupancies

Management has indicated that the pipeline for new leases, renewals is robust as ICE & multiple government entities seek capacity. Company is...

Zacks Small Cap Research

CXW: 1Q24 Beat Highlights Operating Leverage, Improving Occupancies

Management has indicated that the pipeline for new leases, renewals is robust as ICE & multiple government entities seek capacity. Company is...

Zacks Small Cap Research

CXW: Preview 1Q24 Results Expect Recent Positive Trends Continue

We are optimistic about operating improvements going forward and expect occupancies at CXW facilities to continue to increase as ICE &...

Zacks Small Cap Research

SK Shieldus IPO: The Syndicate's Revised Methodology

The primary change in the updated prospectus is the syndicate's valuation methodology which results in a 10% lower value per share. The unchanged...

Arun George

SK Shieldus IPO: Valuation Insights

SK shieldus is pre-marketing a KRX IPO to raise up to US$0.9 billion. Our valuation analysis suggests that the IPO price range is attractive.

Arun George

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