Great Lakes Dredge and Dock Corporation

Thesis

I recommend purchasing shares of Great Lakes Dredge and Dock Corporation (GLDD) with a price target of $6.55. GLDD has an 80% margin of safety on an asset reproduction basis at current price levels, a conservative valuation on earnings power value, and significant barriers to entry that support its dominant market position. The company also has a demonstrated ability to make acquisitions at attractive prices, which enhances its growth potential.

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