Two awards for ~$38 million. An award of $28.5 million was announced to demo and construct a habitat for salmon in Washington. Work should run into 2Q2023. Another smaller award of ~$9 million was announced for design work and construction of a private marine facility near Tampa. Work should run into mid-2022.Maintaining 2021 EBITDA estimate of $47.0 million, including asset sales of $1.6 million. There are tough comps ahead, but Marine results should pick up over rest of year and Concrete represents upside potential. 1Q2021 backlog of $365 million dropped due to lower Marine and Concrete backlogs, but low bids pending award of $134 million increased $38 million so potential backlog remains high at $499 million. Industry fundamentals remain positive, and bids outstanding total $1.9 billion, with ~75% in Concrete.Tampa sale progressing. At a May 6th meeting, the Tampa City Council approved the second reading and adoption of REZ-20-92 for the rezoning the West Tyson property from IH (industrial heavy) to PD (planned development, multi-family residential, etc.). The motion carried by a vote of 4-1 with two abstentions, which was slightly different than the initial vote of 4-2 and two abstentions due to the late recusal of another council member. There is a 30-day appeal window, and we expect the sale to close by the end of June.Asset sales will increase flexibility to an already strong capital structure. Absent acquisitions, a stock buyback program seems likely in 2H2021, if not sooner, since ~$28.7 million of idle/non-core assets could be monetized in 2Q/3Q2021. We believe that there is a strong preference for growth-oriented investments given that the potential impact on the small asset base. Absent acquisitions, a dividend and/or stock buyback seem possible.Maintain Outperform and price target of $8.25/share. We believe that the current stock price doesn't fairly reflect improved execution and higher profitability triggered by the ISG restructuring. Strong 2020 operating performance set the bar high and 2021 comps are challenging, but improved profitability, lower financial leverage and attractive valuation of 4.6x 2021E EBITDA supports our view that the risk/reward profile remains compelling. Potential catalysts include added awards, 2Q2021 operating results, infrastructure legislation and closing asset sales (Tampa in 2Q2021 and Port Lavaca in 3Q2021). Read More >>