Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, projections and $8 price target as we look forward to 2024 for urban-gro.</li><li>Further, urban-gro's shift to industrial, medical and education segments will remain a key driver for the company.</li><li>As such, we remain optimistic on the company's potential and reiterate our Buy rating and $8 price target.</li></ul>

We are reiterating our Buy rating, projections and $8 price target as we look forward to 2024 for urban-gro.Further, urban-gro's shift to industrial, medical and education segments will remain a key driver for the company.As such, we remain optimistic on the company's potential and reiterate our Buy rating and $8 price target.

UGRO: 2024 Signposts: Time to Show the Model Works; Reiterate Buy & $8 PT

<ul><li>We are reiterating our Buy rating, projections and $8 price target after meeting with urban-gro management at the MJBizCon show in Las Vegas.</li><li>As such, we remain excited over the potential for urban-gro to continue to materially grow and to begin registering positive EBITDA going forward.</li><li>As such, we reiterate our Buy rating and $8 price target for UGRO.</li></ul>

We are reiterating our Buy rating, projections and $8 price target after meeting with urban-gro management at the MJBizCon show in Las Vegas.As such, we remain excited over the potential for urban-gro to continue to materially grow and to begin registering positive EBITDA going forward.As such, we reiterate our Buy rating and $8 price target for UGRO.

UGRO: MJBiz Update: The Metamorphosis Continues; Reiterate Buy Rating & $8 PT

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

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<li><span style="font-size: var(--content-font-size);">WTR Sustainable Index: During the week ended July 7, 2023, the WTR Sustainable Index outperformed the broader market, rising 3.3% W/W versus the S&amp;P 500 Index (down 1.2%), the Russell 2000 Index (down 1.3%), and the Nasdaq Composite Index (down 0.9%).</span></li>
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<p>Advanced Transportation Solutions (75.2% of the index) contributed to the index’s outperformance, rising 4.7%, while Energy Technology (6.5% of the index) was up 0.4% and Industrial Climate and Ag Technology was down 0.8%.</p>
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<p>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.3x versus 20.5x for the S&amp;P 500.</p>
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WTR Sustainable Index: During the week ended July 7, 2023, the WTR Sustainable Index outperformed the broader market, rising 3.3% W/W versus the S&amp;P 500 Index (down 1.2%), the Russell 2000 Index (down 1.3%), and the Nasdaq Composite Index (down 0.9%).







Advanced Transportation Solutions (75.2% of the index) contributed to the index’s outperformance, rising 4.7%, while Energy Technology (6.5% of the index) was up 0.4% and Industrial Climate and Ag Technology was down 0.8%.


Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.3x versus 20.5x for the S&amp;P 500.



Weekly Sustainable Investing Surveyor Week Ended July 7, 2023

<div><ul><li>WTR Sustainable Index: During the week ended April 14, 2023, the WTR Sustainable Index performed in line with the broader market, rising 1.0% W/W versus the S&amp;P 500 Index (up 0.8%), the Russell 2000 Index (up 1.5%), and the Nasdaq Composite Index (up 0.3%).</li><li>Energy Technology (8.0% of the index) drove the index performance, rising 4.7%, while Advanced Transportation Solutions (69.3% of the index) was up 0.1% and Industrial Climate and Ag Technology was up 2.7%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 28.5x versus 18.9x for the S&amp;P 500.</li></ul></div>

WTR Sustainable Index: During the week ended April 14, 2023, the WTR Sustainable Index performed in line with the broader market, rising 1.0% W/W versus the S&amp;P 500 Index (up 0.8%), the Russell 2000 Index (up 1.5%), and the Nasdaq Composite Index (up 0.3%).Energy Technology (8.0% of the index) drove the index performance, rising 4.7%, while Advanced Transportation Solutions (69.3% of the index) was up 0.1% and Industrial Climate and Ag Technology was up 2.7%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 28.5x versus 18.9x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor : Week Ended April 14, 2023

United States

FreightCar America Inc. designs and manufactures aluminum and steel bodied railroad freight cars.  The Company also refurbishes and sells replacement parts for railcars.  FreightCar America's primary customers are leasing companies, utilities and railroads.

Hurco Companies, Inc. designs and produces interactive computer controls, software, and computerized machine systems for the worldwide metal cutting and metal forming industry.  The Company's customers include independent job shops and short-run manufacturing operations within large corporations.  Hurco's products are sold in the United States, Europe, and Asia.

Commercial Vehicle Group, Inc. supplies interior systems, vision safety solutions and other cab-related products for the heavy-duty truck market, the construction market, and other specialized transportation markets.  The products include suspension seat systems, interior trim systems, mirrors, wiper systems, controls and switches specifically designed for applications in cabs.

NN, Inc., a diversified industrial company, combines advanced engineering and production capabilities with in-depth materials science expertise, to design and manufacture high-precision components and assemblies for a variety of markets on a global basis.

Twin Disc, Incorporated designs, manufactures, and sells heavy duty off-highway power transmission equipment.  The Company's products include marine transmissions and surface drives, power-shift transmissions, power take-offs and reduction gears, industrial clutches, and control systems.  Twin Disc sells its products to customers in the marine, energy, government, and other markets.

L.B. Foster Company manufactures, fabricates, and distributes rail and trackwork piling, highway products, earth wall systems, and tubular products.  The Company supplies its products to railroads, and to the mining and construction industries.  L.B. Foster also sells and rents steel piling and H-bearing pile for foundation and earth retention requirements.

Somero Enterprises, Inc., together with its subsidiaries, designs, assembles, refurbishes, sells, and distributes concrete leveling, contouring, and placing equipment. It also offers related parts and accessories, as well as provides training services The company?s proprietary products include the S-22E Laser Screed, CopperHead, Mini Screed C, S-840 Laser Screed, S-15R Laser Screed, STS-11m Spreader, S-485 Laser Screed, S-940 Laser Screed, and S-10A Laser Screed machines, as well as 3-D Profiler Systems and Somero Floor Levelness Systems, which employ laser guided proprietary technology to achieve a level of precision in concrete surface flatness. It also provides STS-132 Topping Spreader; SP-80 Concrete Placer; SXP Laser Screed; SiteShape, a machine-controlling software package for fine subgrade machines; Mini Screed C concrete leveling equipment; and PowerRake 3.0 for placing concrete or grading fine-granular materials. The company markets and sells its products primarily to concrete contractors through direct sales force, external sales representatives, and dealers in North America, Europe, India, the Middle East, South Africa, and internationally. Somero Enterprises, Inc. was founded in 1985 and is headquartered in Fort Myers, Florida.

DMC Global Inc. operates as a technology company. The Company offers collaboration, research, development, and other services. DMC Global conducts its business worldwide.

Gencor Industries Inc. manufactures asphalt plants, soil remediation plants, combustion systems, and screening equipment for the construction industry. The Company is a global manufacturer serving North America, Europe, the Middle East, and Asia.

Graham Corporation designs and builds vacuum and heat transfer equipment for process industries around the world. The Company markets to chemical, petrochemical, petroleum refining, and electric power generating industries, including cogeneration and geothermal plants. Graham's products include ejectors, liquid ring vacuum pumps, condensers, and heat exchangers.

Renheng Enterprise Holdings Ltd is principally engaged in the manufacture, sale and provision of maintenance, overhaul and modification services in respect of tobacco machinery products in the PRC. The Company specializes in casing and flavouring systems, pneumatic feeding systems (PF systems), and pre-pressing packing machines (PP systems).

TAKEDA MACHINERY CO., LTD. manufactures and wholesales steel related machinery. The Company's products include frame processors, benders, cutters, and surface treatment machines.  Takeda Machinery also produces environmental equipment such as paper compactors.

S&W Corporation manufactures bolts and nuts used for shipbuilding, nuclear power plant, and construction.  The company also produces inlet & exhaust valve spindles and cam shafts for a marine engine.

NAVITAS CO., LTD. manufactures decorative printing machinery used for stamping plastic products including consumer electronics and office equipment.  The Company's product line consists of hot stamp machines, roll-on machines, pad printers, ink jet systems, silk screen printers, and dry offset printers.

NIKKO COMPANY manufactures pottery and porcelain products including ceramic tableware.  The Company also produces electronic ceramics used in the communications industry and housing-environment equipments such as bathroom fixtures and water treatment systems.

Wong Engineering Corporation Berhad is an investment holding company.  The Company, through its subsidiaries, manufactures and trades high precision metal components.  Wong Engineering also manufactures automated equipment and provides transportation services.

Kumpulan H & L High-Tech Berhad is an investment holding company. The Company, through its subsidiaries, manufactures and sells precision moulds, dies, jigs, fixtures, tools, and other precision machine parts. Kumpulan H & L also manufactures customized precision plastic injection molding thermoplastic and has operation in leasing of properties and property investment.

Zhejiang Tengy Environmental Technology Co Limited is an atmospheric pollution control solutions provider. The Company provides precipitators & installations.

Zhejiang Tengy Environmental Tech (1527 HK)

Eureka Design PCL designs and manufacturing machines for the automotive industry. The Company products include machines for machining, assembling and testing car and motorcycle's components.

Nitin Fire Protection Industries Limited designs, supplies, installs engineers and maintain fire protection systems. The Company services systems located in India, UAE and South East Asia.

urban-gro, Inc. operates as an agricultural technology systems integrator. The Company designs irrigation and water treatment systems, inventory monitoring, cultivation equipment, and pest management solutions for cannabis growing industry. urban-gro serves customers in the United States and Canada.

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Urban-Gro (UGRO US)

UGRO: 2024 Signposts: Time to Show the Model Works; Reiterate Buy & $8 PT

We are reiterating our Buy rating, projections and $8 price target as we look forward to 2024 for urban-gro. Further, urban-gro's shift to...

Small Cap Consumer Research

UGRO: MJBiz Update: The Metamorphosis Continues; Reiterate Buy Rating & $8 PT

We are reiterating our Buy rating, projections and $8 price target after meeting with urban-gro management at the MJBizCon show in Las Vegas. As...

Small Cap Consumer Research

Weekly Sustainable Investing Surveyor Week Ended July 7, 2023

Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.3x versus 20.5x for the S&P 500.

Water Tower Research

Weekly Sustainable Investing Surveyor : Week Ended April 14, 2023

WTR Sustainable Index: During the week ended April 14, 2023, the WTR Sustainable Index performed in line with the broader market, rising 1.0% W/W...

Water Tower Research

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