Orion Group: 2Q Results: Margin Miss on Marine Ramp Slippage; OW Reiterated, PT Lowered to $16

研报英文原文证据摘录

Orion Group: 2Q Results: Margin Miss on Marine Ramp Slippage; OW Reiterated, PT Lowered to $16

Tomohiko Sano AC North America Equity Research

(1-212) 622-1099 30 July 2026 J P M O R G A N

tomohiko.sano@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

Orion Group Holdings (ORN) provides essential marine

construction, dredging, and large-scale concrete services,

positioning it as a key beneficiary of U.S. infrastructure and data

center construction cycles. Marine segment growth is expected

from multi-year federal port, waterway, and defense programs,

while improved bid discipline targets higher-margin coastal and

Navy projects. The Concrete segment should benefit from

robust data center and industrial demand. Enhanced backlog

quality and execution are supporting margin expansion. With

YTD 1m 3m 12m greater visibility through 2026 and into 2027 and operational

Abs -8.6% -47.0% -24.4% -3.4% improvements, we forecast sustained double-digit EPS growth

Rel -25.7% -43.6% -30.5% -33.0%

and see meaningful re-rating potential, offering an attractive

Company Data risk/reward profile.

Shares O/S (mn) 40

Valuation52-week range ($) 17.40-6.44

Market cap ($ mn) 367.55 Our $16 Dec. 2027 price target is based on an 8.0x EV/EBITDA

Exchange rate 1.00 multiple, above where the stock currently trades and roughly one

Free float (%) 94.3%

3M ADV (mn) 0.45 turn above its 3-year historical average. Our valuation multiple

3M ADV ($ mn) 6.5 reflects our confidence that the company is improving its

Volatility (90 Day) 71 operational efficiency while revenue benefits from multi-year

Index RUSSELL 2000

BBG ANR (Buy | Hold | Sell) 7|0|0 megatrend-related tailwinds, driving a structural re-rating of

shares higher.

Key Metrics (FYE Dec)