ORN - Orion Group Holdings: The Perfect Activist Target

• Orion Group has guided the Street to roughly $35 million in FY 2022 Adj. EBITDA. The stock is trading at less than 2X EV/ pro-forma FY 2022 Adj. EBITDA.
• The company has two commercial real estate properties under contract that should fetch $35 million of net proceeds, should the deals get finalized.
• The company's Marine segment is valuable and has a great backlog. Its Concrete segment should be sold, even at a low price, as it has destroyed so much equity value.

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