NobleCon 18. DLH Holding CFO Kathryn Johnbull presented at NobleCon18. The Company highlighted growth of their end markets and potential for expansion in the future, in our view. A rebroadcast is available at https://noble.mediasite.com/mediasite/Catalog/Full/4ec6170801b441318e66ea53d53540a421.Budget Growth. Continued budget growth in government programs sets up DLH for the future, as their top three customers by revenue-DOD, HHS, and VA-have seen 1.8%, 8,5%, and 9.2% CAGRs, respectively, in their budgets from fiscal year 2019 to the 2022 presidential budget request. DLH's pipeline exceeds $2 billion, with $800 million of proposals in process.Focus on Government. Management reiterated their focus on government programs as part of their growth strategy, with possible expansion into adjacent end markets, including the Department of Justice and Department of Homeland Security as they have health components and tech applications. We believe this end market expansion can prove beneficial to DLH, providing the Company with more exposure to government budget increases and a higher chance of contract wins.Renewed Award. The Company announced it has been awarded a contract to continue providing epidemiologic and public health support to the National Institute of Diabetes and Digestive and Kidney Diseases. The contract includes a base period of one year with four one-year options, for a total value of approximately $14 million. Under this award, DLH will support NIDDK led research into diabetes, digestive, kidney, and other chronic diseases through epidemiological research and biostatistical consultation, data management, statistical programming, data analysis, cloud computing, machine learning, and natural language processing.Maintaining Outperform and $21 PT. We are maintaining our Outperform rating and $21.00 twelve month price target, given the ongoing strength of the business and solid future growth opportunities. We believe DLHC shares represent a favorable risk/reward opportunity. Read More >>