Goldman Small Cap Research Raises Six Month Price Target On Solar Integrated Roofing Corp. (OTC PINK: SIRC) Stock By 40% To $1.05 And Projects SIRC Could Reach $1.50+ Within A Year; Goldman Predicts Initial Up List In Second Half Of 2021 With A Potential Move To NASDAQ Next Year
Goldman Small Cap Research raises its six month target price on Solar Integrated Roofing Corp. (OTC PINK: SIRC) stock by 40% to $1.05 and projects that SIRC can reach $1.50+ per share within a year. The bullish newest Update ‘Opportunity Research’ report believes SIRC will continue to grow by acquisition and predicts that its initial up list will take place in the second half of 2021 and a potential move to NASDAQ, which would enhance liquidity and shareholder value, could take place next year. The company “appears to be on track to file for an up listing to the OTCQB in the second half of 2021, to be followed by a proposed up-list to NASDAQ,” Goldman said. See the complete Goldman Report here.
stockmarketpress.com features specialized coverage of related stocks in the solar, roofing, EV charging stations and battery charging energy industry such as Solar Integrated Roofing Corp. (OTC PINK: SIRC), Sunrun, Inc. (NASDAQ: RUN), Blink Charging Co. (NASDAQ: BLNK), Tesla, Inc. (NASDAQ: TSLA), GM (NYSE: GM), SolarEdge Technologies, Inc. (NASDAQ: SEDG), First Solar, Inc. (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), Gibraltar Industries, Inc. (NASDAQ: ROCK), Spartan Acquisition Corp. II (NYSE: SPRQ). and Canadian Solar Inc. (NASDAQ: CSIQ).
Goldman Small Cap Research Raises Six Month Price Target On Solar Integrated Roofing Corp. (OTC PINK: SIRC) Stock By 40% To $1.05 And Projects SIRC Could Reach $1.50+ Within A Year; Goldman Predicts Initial Up List In Second Half Of 2021 With A Potential Move To NASDAQ Next Year
Goldman had set a previous price target on SIRC at $0.75 in December last year when the stock was trading at only $0.063, and was more than vindicated when the company’s stock reached $3 early in 2021. The only difference of fiscal opinion is that this Goldman report sees SIRC volume reaching $75 million this fiscal year, a 341% jump from its $17.1 million in FY2021. The company has given 12 month guidance of $100 million by May 31, 2022.
Goldman believes that “hockey stick type growth” will result from the company’s continued aggressive M&A strategy and its move into lucrative markets and exciting new industry spaces. Overall, Goldman says that SIRC “is still grossly undervalued in our view.” It adds, “Even at the $1.05 level, SIRC trades at a big discount to Sunrun (NASDAQ: RUN), despite the expectation of a substantially greater revenue growth rate.” Goldman Small Cap Research Raises Six Month Price Target On Solar Integrated Roofing Corp. (OTC PINK: SIRC) Stock By 40% To $1.05 And Projects SIRC Could Reach $1.50+ Within A Year; Goldman Predicts Initial Up List In Second Half Of 2021 With A Potential Move To NASDAQ Next Year.
Rob Goldman, Senior Analyst and founder of the research firm, estimated in a pro forma that SIRC would hit volume of $75 million in FY 2022 with a $900,000 net income — its first profit. In FY 2023, he said, SIRC would hit $135 million — an 80% spike from the comparable period the prior year — and record a net income after taxes of $4,776,000. He expects the company, which has grown substantially as it rolls up solar, roofing, battery and EV Charging Station firms, would see “the full fruits of its labor” the second half of 2021 — and achieve dynamic growth as its impact is felt from its bi-coastal expansion and its developing national footprint. The only concern for Goldman: margins “could be materially higher.” He termed the Future Home Power (FHP) acquisition “immediately accretive” with incremental sales of $1 million per week at a robust 45% gross margin profile. In the future, FHP sales could reach $2 million in weekly revenue, the report says.
Personnel, he said, is also a positive for SIRC. The company is adding high-ranking industry executives to its expanding ranks as it grows, Goldman observed, “ensuring future integration success and the ability to meet financial and operational objectives.” Goldman Small Cap Research Raises Six Month Price Target On Solar Integrated Roofing Corp. (OTC PINK: SIRC) Stock By 40% To $1.05 And Projects SIRC Could Reach $1.50+ Within A Year; Goldman Predicts Initial Up List In Second Half Of 2021 With A Potential Move To NASDAQ Next Year.
Goldman had cited in this report Solar Integrated Roofing Corp.’s (OTC PINK: SIRC) reporting of sharply higher volume of 87% to $17.1 million for its FY 2021 ended February 28, 2021. That compares to $9.1 million the prior year. Gross profits increased by 144% for the 2021 FY To $3.5 million — representing 20% of total revenues — compared to $2.4 million the prior year, or 26% of revenues in FY2020. SIRC continued its acquisition spree during the year and reaffirmed its guidance figure of at least $100 million in sales in the 12 months ended May 31, 2022. It also “expects” to reach profitability in FY 2022, it said.
David Massey, CEO of SIRC, said, “Fiscal 2021 was a record year for Solar Integrated Roofing and we believe we have positioned the Company for an even more exciting fiscal 2022. Over the course of the year our team has worked tirelessly to integrate our acquisitions and continues to seek new opportunities for growth. The solar, roofing and battery market continues to grow, and our brands are capturing additional market share. With our exceptional portfolio of companies and ongoing organic growth, we look forward to sharing our future achievements with our shareholders.”
He added, “The acquisitions drove annual revenues to a record $17.1 million and set us on a course to achieve at least $100 million in the twelve months ended May 31, 2022. Our focus on rapidly growing, high margin acquisitions has significantly grown sales, allowed us to now capture the full lifecycle of our customers, and brought new synergies and efficiencies across the SIRC family of companies. Due to this, we expect to achieve profitability in FY 2022.”
Massey noted that this accelerated pace of acquisitions has grown SIRC into a national firm: “Our success has transformed our company into a national brand with services now spanning solar, battery backup, EV charging, roofing installation, HVAC work, electrical contracting and back-office technology support.”
Net loss for SIRC for FY2021 was $5.9 million compared to $4.6 million in FY2020. Goldman Small Cap Research Raises Six Month Price Target On Solar Integrated Roofing Corp. (OTC PINK: SIRC) Stock By 40% To $1.05 And Projects SIRC Could Reach $1.50+ Within A Year; Goldman Predicts Initial Up List In Second Half Of 2021 With A Potential Move To NASDAQ Next Year.
Massey said SIRC reaffirms its $100 million revenue guidance for the 12 months ended May 31, 2022. Earlier Massey said, “We accelerated our rapid pace of acquisitions in 2021, rolling up roofers as well as solar and battery installers — creating a true platform company with the back office and sales capabilities to scale nationwide. When taking into account our recently acquired companies, we’ve built a significant customer base across the SIRC family of companies. While there is seasonality inherent to our business and the revenue will not be divided evenly month to month, we expect that we will generate at least $100 million of revenue over the next 12 months with the acquisitions we have announced to date.”
Learn more about SIRC at https://www.solarintegratedroofing.com/corporate-governance/leadership/.
Source: Stock Market Press
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