Research on Trans Balkan Investments Ltd. (TBI) from Sidoti & Company
We estimate EPS of $0.21 per share in 3Q:26, up from $0.03 in the prior year period, supported by revenue gains led by energy and healthcare client verticals. Management provided guidance for 3Q:26 in August on select line items including revenue of $461-$481 million (versus our $464.8 million estimate). We maintain our EPS estimates of $0.06 in 2026 and $0.88 in 2027. We maintain our free cash flow (excluding the add back of stock-based compensation expense) per share estimate of $0.65 in 2026 and $1.89 in 2027, which imply respective FCF yields of 7.3% and 21.1%. Our $10 price target is based on 10x our 2027 EPS estimate of $0.88, plus our projected 2027 year-end net cash per share of $0.80. On a P/E-only basis, our price target implies an 11.4x multiple to our 2027 EPS estimate. Our multiple is a discount to the average forward P/E multiple of 13.0x over the prior decade and our five-year EPS CAGR of 14%. Free cash flow generation and a solid balance sheet support our valuation and moderate risk rating, in our view. TrueBlue will participate in virtual 1x1 meetings with Sidoti on November 19.
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