Launching coverage on Energy Services of America (ESOA), a small cap idea in the construction services industry with an energy focus. ESOA helps energy and utility companies build out and maintain distribution networks.End to FY2019 should be solid. After two uneven years and delays on a large project, we expect FY2019 to finish on a solid note. Our EBITDA estimate of $6.6 million compares to $8.1 million in FY2018 and $3.6 million in FY 2017.FY2020 operating results poised to rebound. While the outlook for overall infrastructure activity is more muted versus the past five years due to lower energy prices, the risk profile has improved with less large projects. Assuming there are no weather and/or operating miscues, we expect results to improve and forecast that FY 2020 EBITDA will move up to $8.5 million.Read More >>