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    David Cohen

    Senior Analyst at Minerva

    David Cohen is a Senior Analyst at Minerva, specializing in equity research focused on the biotechnology and pharmaceuticals sector. He covers key companies such as Minerva Neurosciences and has delivered notable investment recommendations, highlighted by Minerva Neurosciences’ significant 67% stock gain following key regulatory developments. Cohen began his analytical career in the early 2010s, previously holding analyst roles at leading financial institutions before joining Minerva in 2018. He holds FINRA Series 7 and 63 securities licenses and has been recognized for his accurate market forecasts and strong risk-adjusted returns within the biotech space.

    David Cohen's questions to ESCALADE (ESCA) leadership

    David Cohen's questions to ESCALADE (ESCA) leadership • Q4 2024

    Question

    David Cohen asked for quantification of the non-recurring expenses incurred in 2023 and 2024 to better understand the company's normalized profitability. He also questioned if the recent reduction in balance sheet leverage has altered the company's perspective on capital allocation priorities.

    Answer

    An executive, likely CEO Walt Laser, indicated that the one-time costs absorbed in 2024 were roughly comparable to the reported $3.9 million gain on sale. He also confirmed that with debt reduced, the company's capital allocation strategy has broadened to include share repurchases, having bought back $2.2 million in the quarter, in addition to its dividend, core business investment, and potential selective M&A.

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    David Cohen's questions to ESCALADE (ESCA) leadership • Q3 2024

    Question

    David Cohen asked about Escalade's capital allocation priorities, noting that the company's net leverage is now below its stated target range. He questioned whether this might trigger a reconsideration of strategies like share repurchases or acquisitions.

    Answer

    CEO Walter Glazer acknowledged that net leverage is below the target 1.5x to 2.5x range and confirmed the immediate priority is to continue repaying high-cost variable rate debt. He stated that all capital allocation levers, including dividends, share repurchases, and opportunistic M&A, remain under consideration depending on available opportunities, though there are no immediate acquisition needs.

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