Thomas Finser
Hedge fund manager, deep value, small-cap, family office

Dredging For Dollars: The Value Case For Orion Marine Group

Although the long-term growth prospects for Orion Marine Group (NYSE:ORN) never looked brighter, temporary macro factors have pushed this niche construction company into deep-value territory. With an EV of $198 million, disciplined investors may purchase real estate and long-lived equipment assets at a 20% discount to liquidation value-while receiving Orion's core contracting business for free. For patient investors with a multi-year time horizon, this overlooked stock offers triple-digit total shareholder return potential and minimal downside risk.

  • A conservatively capitalized treasure trove of assets with exceptional operating leverage from mean-reversion in port and inland waterway CAPEX.
  • A second derivative of North American natural resources mobilization and globalization (LNG, oil, coal and petrochemicals export).
  • A relatively under-followed pure-play on environmental
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