Backlog should continue to rebound with recent low bids. High bidding activity portends additional awards. 2Q2021 backlog of $394 million rebounded from $365 million in 1Q2021 due to higher Marine backlog of $170 million and Concrete backlog of $224 million. Recent low bids pending awards exceed $40 million. More good news should be on the horizon and high bidding activity, including bids on several large multi-year projects, such as the NASA causeway in Florida, portends additional award announcements.Updating 2021 EBITDA estimate following lingering weather impact. We are lowering our 2021 EBITDA estimate to $31.4 million from $43.2 million to reflect the lingering impact of poor weather. In addition to tough comps versus last year, poor weather likely has had a dampening impact on operating results. While Marine results should pick up and Concrete represents upside potential, we are taking a conservative approach to the 2H2021 outlook.Introducing 2022 EBITDA estimate of $43.0 million with a return to normal. After a challenging 2021 due to Covid-19 issues and poor weather, we believe that next year should be a year of recovery.Free cash flow remains positive and asset sales will increase flexibility to an already strong capital structure. Absent acquisitions, a stock buyback program seems likely by yearend 2021, if not sooner. With the closing of the Tampa sale in 2Q2021 and other potential substantial asset sales over the next several years, the capital allocation stance has already shifted. We believe that there is a strong preference for growth-oriented investments. In the absence of an acquisition, other shareholder friendly moves, like a dividend and/or stock buyback, seem possible.Maintain Outperform and price target of $9.00/share due to compelling risk/reward profile. Due to losses of 5% in 2Q2021 and 8% in 3Q2021, the stock is up only 7% this year and the lackluster stock price performance doesn't fairly reflect the structural improvement in execution and profitability triggered by the ISG restructuring. A combination of improving backlog, rebounding profitability, moderating financial leverage and attractive valuation supports our view that the risk/reward profile remains compelling. Potential catalysts include added awards, infrastructure legislation and the closing of added real estate sales. Read More >>