New PositionMissed this from last month. GLTA
Add New 1.5% Position in ADF Group (DRX)
Trade Rationale – ADF Group (DRX) was founded in 1956 as a blacksmith shop, and has since become a North American leader in the design and engineering of connections, fabrication, and installation of complex steel structures. Its products and services are intended for the non-residential construction of office towers and high-rises, commercial and recreational buildings, airport facilities, industrial complexes and transport infrastructure. Its earnings results have been strong, its free cash flow yield is 15%, profitability has improved meaningfully in recent years, and management has demonstrated a track record of execution. We like its momentum, and it continues to trade at a cheap valuation of 11X forward earnings. (5iResearch)