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Argan, Inc.
3-Year Revenue CAGR 22.02% Argan has an experienced management team that knows how to make
strategic acquisitions that fuel their growth.
Trading Statistics
Their recent acquisitions of Atlantic Projects Company Limited and The
Diluted Shares Outstanding (M)
16,096 Roberts Company will allow Argan to penetrate international markets and
Average Volume (3-Month) diversify their current holdings.
232,542
Institutional Ownership 81.30% One-Year Stock Chart
$70.00 900000
Insider Ownership 13.08%
800000
$60.00
EV/EBITDA 2017E 6.11x
700000
$50.00
Margins and Ratios 600000
$40.00 500000
Gross Margin (2017E) 24.55%
$30.00 400000
EBITDA Margin (2017E) 19.69%
300000
$20.00
Net Margin (2017E) 14.07% 200000
$10.00
Debt to Enterprise Value - 100000
$0.00 0
Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16
Covering Analyst:
Covering Volume Adjusted Close 50-Day Avg 200-Day Avg
Nick Miller Analysts: Name
nmiller9@uoregon.edu
1 University of Oregon Investment Group
University of Oregon Investment Group December 2, 2016
Overview
Argan, Inc. (Argan) is a holdings company that was incorporated in 1961 in
Figure 1: Revenue Growth Projections Delaware. Argan currently conducts operations through its subsidiaries Gemma
Power Systems, LLC and affiliates (GPS), Atlantic Projects Company Limited
(APC), Southern Maryland Cable, Inc. (SMC) and The Roberts Company
(TRC). Argan has approximately 1,188 employees and currently trades on the
New York Stock Exchange under the ticker AGX. Their headquarters are in
1200000 Rockville, MD and they conduct operations in over thirty countries across the
world. In order to expand their business, Argan uses strategic acquisitions and
investments in other companies that match their goals for future growth.
1000000
Business Segments
800000
Thousands($)
GPS recently completed and commissioned two major projects, the Panda
Liberty Power Project and the Panda Patriot Power Project. These Pennsylvania
projects began in 2013 and are each capable of generating 829 MW of power.
GPS has five projects that are all scheduled to be completed in 2018. These
Figure 2: Subsidiaries projects are the Caithness Moxie Freedom Generating Station, the CPV
Towantic Energy Center, the NTE Middletown Energy Center, the NTE Kings
Mountain Energy Center, and the Excelon West Medway II Facility. GPS
receives revenues based on various completion stages of projects, and then
receives the remainder when the projects are completed. Contract backlog is
currently $1.3 billion.
On May 29, 2015, Argan acquired Atlantic Projects Company Limited, (APC)
a private company formed in Dublin in the Republic of Ireland over 40 years
ago, and its affiliated companies. APC provides turbine, boiler and large rotating
equipment installation, commissioning and outage services to original
equipment manufacturers, global construction firms and plant owners
worldwide. APC has successfully completed projects in more than 30 countries
on six continents. APC has allowed Argan to expand into international markets,
as they have a strong presence in Ireland, Hong Kong, and Singapore.
Source: Subsidiary Websites
UOIG 2
University of Oregon Investment Group December 2, 2016
Industrial Fabrication and Field Services 12.9%
Argan acquired The Roberts Company (TRC) on December 4, 2015 and this
company comprises all of Argans revenues in this segment. TRC was founded
in 1977 and is headquartered near Greenville, North Carolina. TRC is an
industrial fabricator, and constructor serving both light and heavy industrial
organizations primarily in the southern United States. Their clients include pulp
and paper, petrochemical and power companies, among others. Argan paid
Figure 3: Revenues by Subsidiary $500,000 to acquire TRC and assumed $16 million in debts, which they paid off
upon the acquisition closing date. TRC has historically been a very profitable
company but reported a net loss in the eleven month and four-day period ended
December 4, 2015. This was due to the company taking on large contracts that
1.20% resulted in significant losses. In order to get the company back on track, Argan
2.30% has reengaged the companys founder, John Roberts, and has substantially
12.90% completed the loss contracts. Argan management believes that TRC is in a
GPS position to succeed in the future with profitable operations. Management also
believes that TRC can provide fabrication of piping and pressure vessels for
APC
other subsidiaries, including GPS and APC.
SMC
Telecommunications Infrastructure Services 1.2%
TRC 83.60%
Through Southern Maryland Cable, Inc. (SMC), Argan is able to provide
comprehensive technology wiring and utility construction solutions to customers
in the mid-Atlantic region. SMC performs both outside plant and inside plant
cabling. Services provided to outside premises customers include trench-less
directional boring and excavation for underground communication and power
Source: Argan Investor Presentation networks, aerial cabling services, and the installation of buried cable, high and
low voltage electric lines, and private area outdoor lighting systems. The outside
premises services are primarily provided to state and local government agencies,
regional communications service providers, electric utilities and other
commercial customers.
Figure 4: SMC Revenues vs. Cost of Revenues The wide range of inside premises wiring services that SMC provides to
customers includes the structuring, cabling, terminations and connectivity that
provide the physical transport for high speed data, voice, video and security
networks. These services are provided primarily to federal government facilities,
20000 including cleared facilities, on a direct and subcontract basis. Such facilities
18000 typically require regular upgrades to their wiring systems in order to
16000 accommodate improvements in security, telecommunications and network
14000 capabilities. Some of SMCs major past customers have included Maryland
Thousands($)
UOIG 3
University of Oregon Investment Group December 2, 2016
Over the past five years the industry has fared well due to federal government
Figure 5: U.S. Natural Gas Consumption assistance and increased private investment. Though, the federal government has
3500000 been spending lower amounts of money on the industry than usual and, as a
result, businesses in the industry have relied more heavily on private investment.
The industry is in the mature stage of its economic life cycle and its growth is
3000000 typically in line with the overall economy.
Consumption (MMcf)
2500000 Competition in this industry is moderate because the operations these business
partake in are extensive and complicated. The success of a project is determined
by the companys ability to procure the necessary materials and complete
2000000 projects in a timely manner within the outlined budget. Most businesses receive
project revenues at various stages throughout the project, with a large portion of
1500000 the total revenues being received upon project competition. This means that
firms in the industry obtain future projects if they have proven that they can
finish their work on time. Acquisitions are popular in this industry because these
1000000 businesses are very specialized and the simplest way to expand and grow
organically is to acquire other specialized companies.
8000
edges.
0 Macro Factors
2000 2002 2004 2006 2008 2010 2012 2014
Renewable Biomass Energy Consumption in the U.S.
The demand for energy in the United States influences Argans business
Source: U.S. Energy Information Administration operations, specifically through GPS. For the past five years, energy
consumption demand has steadily increased and analysts from the U.S. Energy
Figure 7: U.S. Economic Growth Information Agency expect this trend to continue for the foreseeable future. As
20000 demand for energy increases, the demand for power plants increases
simultaneously which means that there will be increased demand for projects
18000
from GPS and its competitors.
16000
Firms are significantly more inclined to purchase the services of any of Argans
14000 subsidiaries when the economy is growing well. This is because the firms that
employ Argans subsidiaries will pay for these services when they see potential
12000 growth in their businesses, and if the economy is not expected to grow well then
they will likely not expect their businesses to grow either. Currently the U.S. is
10000 expected to maintain its current healthy levels of economic growth which is a
8000
UOIG 4
Source: U.S. Bureau of Economic Analysis
University of Oregon Investment Group December 2, 2016
good sign for Argan because the vast majority of Argans operations are in the
Figure 8: U.S. Natural Gas Spot Prices U.S. Global economic conditions are not as certain which makes it difficult to
project the success of APC who operates in several different countries across the
globe.
The recent election has sparked an increase in demand for oil and natural gas
3
companies due to Trumps promises to increase the exploration of these
Dollars per Million Btu
The overall competition for Argans three segments is moderate. In the Power
Industry Services segment there are four main competitors: Skanska AB, Fluor
Corp., Bechtel Corp., and Kiewet Corp. These firms all provide energy facility
engineering and design services and all four companies are well capitalized.
Argan obtains sufficient amounts of contracts because they consistently have a
reputation for being a cost effective and time efficient firm. Clients rarely cancel
Source: Argan Investor Presentation projects and almost all projects are completed in a timely manner, which
provides the basis for their positive reputation in the industry.
Strategic Positioning
Figure 10: Panda Patriot Power Project
Argan has seen huge amounts of growth in the last twelve months primarily due
to its projects in the Power Industry Services segment. GPS recognized revenues
for two substantial projects, Panda Liberty Power Project and Panda Patriot
Power Project, during this time period and these projects accounted for a great
amount of their overall revenues. GPS is basing its revenue growth on
aggressively searching for projects and they have seen the benefits from this
strategy this past year. Management believes that this will be a successful long
term strategy, as they have five major projects in progress that can be seen in
their current $1.3 billion contract backlog.
UOIG 5
Source: Gemma Power Systems Website
University of Oregon Investment Group December 2, 2016
Through Argans recent acquisition of APC they are positioning themselves to
broaden their operations beyond the United States. Since APC operates in over
30 countries, they are gaining exposure to international markets which has
shown to assist in their growth. Through Argans acquisition of TRC they are
expanding their business segments into fabrication and field services which is
likely to assist in their top line growth.
Figure 11: Acquisitions Projections
Business Growth Strategies
17500 Acquisitions are the key to Argans growth strategy. They make acquisitions and
investments by identifying companies with significant potential for profitable
15000 growth. Although they are diversifying their holdings by acquiring companies
that are not only in the Power Industry Services segment, they maintain their
12500 focus on industrial acquisitions. Argan rarely finance their acquisitions with debt
Thousands($)
UOIG 6
University of Oregon Investment Group December 2, 2016
Management Guidance
Argans management does not provide guidance for their future financial
performance. They provide contract backlog at the end of every financial period
which provides a good indication of where the companys revenues are headed.
Currently, Argan is held in the Tall Firs portfolio and the Alumni Fund
10000 portfolio. In Tall Firs, 600 shares were purchased at a price of $30.78 a share on
February 12, 2016. In the Alumni Fund, 108 shares were purchased at a price of
$30.78 a share on February 12, 2016.
8000
Recent News
6000
Thousands($)
Catalysts
Source: UOIG Spreads Upside
With the recent election results, President-Elect Donald Trumps proposed
policies will increase the potential future revenues for energy companies
like Gemma Power Systems.
Argan will see more projects as old and outdated natural gas energy plants
Figure 14: Historical Contract Backlog are in need of remodel and repair.
There are five substantial projects that are expected to be completed in 2018
1000000 that will continue Argans revenue growth.
800000 After acquiring The Roberts Company and Atlantic Projects Company
Argan will be able to diversify their holdings and penetrate international
Thousands($)
markets.
600000
Downside
400000
Although contract backlog represents the total amount of revenues that they
200000 are firmly expected to receive, these revenues are not guaranteed as
cancellations and reductions can occur which would reduce the backlog and
thus future revenues that were expected to be received.
0
2010A 2011A 2012A 2013A 2014A 2015A 2016A
Source: Argan 10-K
UOIG 7
University of Oregon Investment Group December 2, 2016
Argan might not be able to consistently obtain projects which could prove
devastating to the company as a small number of projects represents a huge
amounts of the companys revenues.
Acquisitions that are attractively priced and match Argans needs are
difficult to find and, as a result, growth might stagnate in the future.
Comparable Analysis
Figure 15: MYR Group Logo Comparable companies in the Heavy Engineering Construction industry were
screened for growth rates, operating segments, risk, and market capitalization.
The five companies that were chosen best represent Argans services and goals.
Since Argan has experienced huge amounts of growth in the last twelve months,
this valuation was difficult. Argan is also virtually absent in the eyes of most
investors. For these reasons, in the final valuation comparable analysis was
given weighting of only 10%.
MYR Group Inc. was weighted 30% because it best represents Argans business
strategy. Like Argan, MYRG is a holding company and generates revenues
solely through its subsidiaries. Importantly, they are like Argan recently and do
not assume any debt when making acquisitions which makes MYRG a good fit
for comparable analysis.
EMCOR Group, Inc. was weighted 25% because they have a similar beta and
have similar growth metrics. Like Argan, the majority of EMEs operations are
the United States and they provide lighting systems procurement which is
similar to Southern Maryland Cable, Inc.
Aegion, Corp. was weighted 20% because their energy services segment is
similar to Argans power industry services segment and its beta is very close to
Argans as well. Their market capitalization is also similar.
MasTec was chosen because they offer both oil and gas services and
telecommunications services, like Argan. They were weighted the lowest of the
companies because of their low revenue growth projections for 2017E and the
Figure 20: Gross Margin Projections following years. Their beta is also considerably higher than Argans.
40000 5.00% Argans costs of revenues are comprised of the tools and labor costs that are
required for their projects and services across their three business segments. For
30000 4.00%
projections, percentages of revenues were used in most cases. Based on
3.00% historical figures and analyst expectations, Argan is likely to increase their
20000 margins by keeping costs from growing as fast as their revenues. This is
2.00% especially important in the Power Industry Services Segment, where costs have
10000 been historically high as a percentage of revenues and have been able to
1.00% decrease. However, there is potential for increased regulations that could lead to
higher costs, as regulations can affect efficiency. Argan will also have to assume
0 0.00%
higher costs for technological advancement to keep up with their competitors.
2010A
2012A
2014A
2016A
2018E
2020E
2022E
2024E
Beta
Figure 22: Beta Table
Argans estimated beta is 1.17. This was derived from three separate
regressions. The 1-year daily, 3-year daily, and 5-year daily adjusted closing
prices were regressed against the S&P 500. The 1-year daily beta was weighted
to accommodate the high growth that Argan experienced in this time period. The
3-year daily and 5-year daily betas were weighted because the standard error
values were low and those time periods reflect Argans historical growth as it
relates to its future growth well.
D&A was projected based off of the percentage of revenues. The last two
realized quarters of 2017A were high in comparison to historical averages. In
order to accommodate this, the percentages were smoothed into the terminal
year closer to the historical averages.
UOIG 11
University of Oregon Investment Group December 2, 2016
($ in thousands) Argan, Inc. MYR Group, Inc. EMCOR Group, Inc. Aegion Corp. Tutor Perini Corp. MasTec, Inc.
Stock Characteristics Max Min Median Weight Avg. 30.00% 25.00% 20.00% 15.00% 10.00%
Current Price $69.09 $24.24 $32.05 $29.84 $62.10 $38.32 $69.09 $24.24 $26.20 $37.90
Beta 1.60 0.87 1.41 0.91 1.17 0.87 1.05 1.30 1.60 1.52
Size
Short-Term Debt 108,897.00 0.00 44,607.50 31,612.85 0.00 888.00 18,848.00 17,648.00 108,897.00 70,367.00
Long-Term Debt 684,202.00 0.00 593,795.00 395,876.10 0.00 23,665.00 503,388.00 337,774.00 684,202.00 998,440.00
Cash and Cash Equivalent 504,585.00 584.00 217,259.00 202,952.20 383,182.00 584.00 504,585.00 215,049.00 219,469.00 8,758.00
Non-Controlling Interest 16,531.00 0.00 2,897.00 4,080.90 1,354.00 0.00 1,302.00 16,531.00 0.00 4,492.00
Preferred Stock - - - - - - - - - -
Diluted Basic Shares 61,002.75 15,658.70 55,337.27 37,648.41 15,658.70 16,456.55 61,002.75 33,488.32 49,671.79 82,492.85
Market Capitalization 4,214,680.18 630,615.14 2,213,939.95 1,723,879.47 972,405.52 630,615.14 4,214,680.18 811,756.98 1,301,400.84 3,126,479.07
Enterprise Value 4,233,633.18 590,577.52 3,033,025.45 1,952,497.12 590,577.52 654,584.14 4,233,633.18 968,660.98 1,875,030.84 4,191,020.07
Growth Expectations
% Revenue Growth 2017E 57.52% 3.04% 4.36% 2.90% 57.52% 5.56% 3.89% 4.84% 3.04% 5.00%
% Revenue Growth 2018E 14.94% 1.72% 3.63% 3.46% 14.94% 14.91% 1.72% 10.64% 3.55% 3.70%
% EBITDA Growth 2017E 56.84% (1.21%) 15.50% 9.86% 56.84% (1.21%) 5.66% 21.18% 21.52% 9.83%
% EBITDA Growth 2018E 17.76% (28.95%) 4.66% 2.64% (28.95%) 17.76% .73% 8.59% (1.11%) 9.06%
% EPS Growth 2017E 87.91% (12.50%) 12.44% 13.61% 63.95% .94% 2.88% (12.50%) 87.91% 22.00%
% EPS Growth 2018E 21.10% (38.54%) 6.53% 4.91% (38.54%) 21.10% 5.92% 7.14% 4.68% 13.00%
Profitability Margins
Gross Margin 25% 9.82% 13.86% 10.65% 24.55% 11.31% 14.20% 21.37% 9.82% 13.52%
EBIT Margin 19% 4.09% 5.38% 3.70% 19.14% 4.09% 4.61% 6.18% 4.69% 6.07%
EBITDA Margin 20% 5.35% 7.41% 5.12% 19.69% 6.32% 5.89% 9.77% 5.35% 8.92%
Net Margin 14% 1.12% 2.93% 1.85% 14.07% 2.32% 2.85% 3.36% 1.12% 3.01%
Credit Metrics
Interest Expense $40,000.00 - $27,250.00 $16,025.00 - $750.00 $9,100.00 $14,500.00 $40,000.00 $48,500.00
Debt/EV 0.42 - 0.31 0.19 - 0.04 0.12 0.37 0.42 0.26
Leverage Ratio 2.93 - 2.50 1.53 - 0.34 1.27 2.78 2.93 2.22
Interest Coverage Ratio 96.13 - 9.38 15.07 - 96.13 45.16 8.83 6.78 9.94
Operating Results
Revenue $6,980,000.00 $650,982.24 $5,235,000.00 $3,307,600.00 $650,982.24 $1,140,000.00 $6,980,000.00 $1,310,500.00 $5,070,000.00 $5,400,000.00
Gross Profit $991,000.00 $128,900.00 $614,000.00 $451,450.00 $159,823.59 $128,900.00 $991,000.00 $280,000.00 $498,000.00 $730,000.00
EBIT $322,000.00 $46,650.00 $280,000.00 $165,200.00 $124,613.13 $46,650.00 $322,000.00 $81,000.00 $238,000.00 $328,000.00
EBITDA $411,000.00 $72,098.00 $341,000.00 $217,190.00 $128,206.89 $72,098.00 $411,000.00 $128,000.00 $271,000.00 $481,900.00
Net Income $199,000.00 $26,500.00 $109,750.00 $83,350.00 $91,624.57 $26,500.00 $199,000.00 $44,000.00 $57,000.00 $162,500.00
Capital Expenditures $71,000.00 $5,112.77 $53,500.00 $39,550.00 $5,112.77 $49,000.00 $36,000.00 $32,000.00 $71,000.00 $135,000.00
Multiples
EV/Revenue 0.91x 0.37x 0.67x 0.43x 0.91x 0.57x 0.61x 0.74x 0.37x 0.78x
EV/Gross Profit 5.08x 3.46x 4.02x 2.90x 3.70x 5.08x 4.27x 3.46x 3.77x 5.74x
EV/EBIT 14.03x 4.74x 12.37x 8.14x 4.74x 14.03x 13.15x 11.96x 7.88x 12.78x
EV/EBITDA 10.30x 4.61x 8.13x 6.00x 4.61x 9.08x 10.30x 7.57x 6.92x 8.70x
EV/(EBITDA-Capex) 28.34x 4.80x 10.69x 7.45x 4.80x 28.34x 11.29x 10.09x 9.38x 12.08x
Market Cap/Net Income = P/E 23.80x 10.61x 20.21x 14.33x 10.61x 23.80x 21.18x 18.45x 22.83x 19.24x
UOIG 12
University of Oregon Investment Group December 2, 2016
UOIG 13
University of Oregon Investment Group December 2, 2016
UOIG 14
University of Oregon Investment Group December 2, 2016
Current Assets
Accounts Receivable 2,698.00 13,099.00 16,053.00 24,879.00 23,687.00 27,330.00 64,185.00 59,900.00 77,256.56 82,709.16 87,884.00 92,517.59 97,273.80 101,296.20 104,298.31 109,468.22
Days Sales Outstanding A/R 4.51 26.18 41.31 32.68 38.01 26.04 56.69 33.59 37.69 37.38 37.06 36.75 36.44 36.13 35.81 35.50
% of Revenue 1.24% 7.17% 11.32% 8.93% 10.41% 7.13% 15.53% 9.20% 10.33% 10.24% 10.15% 10.04% 9.98% 9.90% 9.81% 9.70%
Costs and Estimated Earnings in Excess of Billings 12,931.00 1,443.00 2,781.00 1,178.00 527.00 455.00 4,078.00 3,364.83 2,618.78 2,827.05 3,029.26 3,224.90 3,410.42 3,582.17 3,720.52 3,950.11
% of Revenue 5.92% 0.79% 1.96% 0.42% 0.23% 0.12% 0.99% 0.52% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35%
Prepaid Expenses 2,064.00 520.00 4,528.00 1,606.00 1,754.00 1,092.00 5,368.00 5,904.80 6,866.70 7,828.60 8,790.50 9,752.40 10,714.30 11,676.20 12,638.10 13,600.00
% of Revenue 0.95% 0.28% 3.19% 0.58% 0.77% 0.29% 1.30% 0.91% 0.92% 0.97% 1.02% 1.06% 1.10% 1.14% 1.19% 1.21%
Notes Receivable and Accrued Interest - - - - 204.00 1,786.00 1,974.00 - 1,870.56 2,019.32 2,163.75 2,303.50 2,436.02 2,558.69 2,657.51 2,821.50
% of Revenue - - - - 0.09% 0.47% 0.48% - 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Deferred Income Tax Assets 598.00 91.00 691.00 1,303.00 178.00 - 1,111.00 - 748.22 807.73 865.50 921.40 974.41 1,023.48 1,063.01 1,128.60
% of Revenue 0.27% 0.05% 0.49% 0.47% 0.08% - 0.27% - 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10%
Assets Held for Sale 5,785.00 6,354.00 - - - - - - - - - - - - - -
% of Revenue 2.65% 3.48% - - - - - - - - - - - - - -
Total Current Assets $24,076.00 $21,507.00 $24,053.00 $28,966.00 $26,350.00 $30,663.00 $76,716.00 $69,169.63 $89,360.82 $96,191.86 $102,733.01 $108,719.78 $114,808.94 $120,136.74 $124,377.45 $130,968.43
% of Revenue 11.03% 11.78% 16.96% 10.40% 11.58% 8.00% 18.56% 10.63% 11.94% 11.91% 11.87% 11.80% 11.78% 11.74% 11.70% 11.60%
Long Term Assets
Net PP&E Beginning 1,214.00 1,540.00 1,478.00 2,761.00 9,468.00 4,183.00 6,325.00 12,308.00 29,721.06 43,796.82 56,084.52 69,692.37 84,396.02 99,885.71 115,772.19 131,563.46
Capital Expenditures 190.00 487.00 1,738.00 7,263.00 1,136.00 2,936.00 3,118.00 5,112.77 5,876.49 6,343.84 6,797.59 7,236.61 7,652.92 8,038.32 8,348.77 8,863.96
Acquisitions 5,981.00 - - - - - 17,379.00 - 3,741.11 4,038.64 4,327.51 4,607.00 4,872.03 5,117.39 5,315.03 5,643.01
Depreciation and Amortization 971.00 992.00 789.00 765.00 792.00 794.00 1,310.00 3,593.76 4,458.16 5,943.85 6,810.26 7,467.04 7,836.77 7,848.16 7,442.50 6,578.17
Net PP&E Ending 1,540.00 1,478.00 2,761.00 9,468.00 4,183.00 6,325.00 12,308.00 21,014.53 43,796.82 56,084.52 69,692.37 84,396.02 99,885.71 115,772.19 131,563.46 147,005.59
Total Current Assets & Net PP&E $25,616.00 $22,985.00 $26,814.00 $38,434.00 $30,533.00 $36,988.00 $89,024.00 $90,184.16 $133,157.64 $152,276.37 $172,425.38 $193,115.80 $214,694.65 $235,908.93 $255,940.90 $277,974.02
% of Revenue 11.73% 12.59% 18.90% 13.79% 13.42% 9.65% 21.54% 13.85% 17.80% 18.85% 19.92% 20.96% 22.03% 23.05% 24.08% 24.63%
Current Liabilities
Accounts Payable 17,083.00 8,555.00 29,524.00 32,699.00 22,589.00 37,691.00 46,395.00 55,674.00 84,295.77 88,017.55 91,435.12 94,292.84 97,352.86 99,838.86 101,592.14 100,696.48
Days Payable Outstanding 32.03 20.48 91.36 52.55 55.78 46.05 55.26 50.50 49.57 48.64 47.72 46.79 45.86 44.93 44.00 41.00
% of Revenue 7.82% 4.69% 20.81% 11.74% 9.93% 9.84% 11.23% 8.55% 11.27% 10.90% 10.56% 10.23% 9.99% 9.75% 9.56% 8.92%
Accrued Expenses 9,609.00 13,035.00 6,751.00 9,488.00 7,912.00 15,976.00 35,454.00 35,733.98 40,614.17 43,350.21 45,921.58 48,323.91 50,508.02 52,425.67 53,800.35 56,430.09
% of Revenue 4.40% 7.14% 4.76% 3.41% 3.48% 4.17% 8.58% 5.49% 5.43% 5.37% 5.31% 5.24% 5.18% 5.12% 5.06% 5.00%
Billings in Excess of Costs and Estimated Earnings 1,874.00 9,916.00 68,004.00 73,359.00 134,736.00 161,564.00 105,863.00 133,545.83 145,530.79 148,507.97 149,918.49 149,794.30 148,041.01 144,603.28 138,874.37 135,432.23
% of Revenue 0.86% 5.43% 47.94% 26.33% 59.24% 42.17% 25.62% 20.51% 19.45% 18.39% 17.32% 16.26% 15.19% 14.13% 13.06% 12.00%
Deferred Income Tax Liabilities - - - - - 201.00 - - 748.22 959.18 1,190.06 1,439.69 1,705.21 1,982.99 2,258.89 2,821.50
% of Revenue - - - - - 0.05% - - 0.10% 0.12% 0.14% 0.16% 0.18% 0.19% 0.21% 0.25%
Other Current Liabilities 1,468.00 1,362.00 - - - - - - - - - - - - - -
% of Revenue 0.67% 0.75% - - - - - - - - - - - - - -
Total Current Liabilities $28,566.00 $31,506.00 $104,279.00 $115,546.00 $165,237.00 $215,432.00 $187,712.00 $224,953.81 $271,188.96 $280,834.90 $288,465.26 $293,850.73 $297,607.10 $298,850.80 $296,525.75 $295,380.31
% of Revenue 13.08% 17.25% 73.51% 41.47% 72.65% 56.23% 45.42% 34.56% 36.24% 34.77% 33.33% 31.89% 30.54% 29.20% 27.90% 26.17%
UOIG 15
University of Oregon Investment Group December 2, 2016
UOIG 16
University of Oregon Investment Group December 2, 2016
UOIG 17
University of Oregon Investment Group December 2, 2016
Appendix 7 Sources
Argan Investor Presentations
BusinessWire
FactSet
Google Finance
IBIS World
Morningstar
S&P Capital IQ
Company SEC Filings
U.S. Bureau of Economic Analysis
U.S. Energy Information Administration
Yahoo! Finance
UOIG 18