My article from Nov 2019, “Great Lakes Dredge & Dock: Underfollowed Civil Construction Firm With Multiple Long-Term Tailwinds” outlines in more detail the attributes of the dredging industry. This includes harbor and waterway maintenance, coastline restoration, and offshore construction projects. What is dredging? It is the process of moving the seabed from one location to another. Investor Walter Thornton trying to sell his Chrysler Imperial “75” Roadster for $100. Most importantly, much like utilities, the dredging marketplace is a protected industry. These include a very dominant market position, utility-like market support, an improving balance sheet, and a laser-focused management. Trading at a P/E of just 10x, GLDD has many unique attributes that should attract more investor attention, especially once the portfolio rebuilding stage begins. Little known Great Lakes Dredge & Dock ( NASDAQ: GLDD) is a small-cap growth company that is so far under most investors' radar that it goes mostly unnoticed. Looking for a “port in the storm”? Aren’t we all? I have found what I believe is an interesting place to put a bit of my larger-than-usual hoard of cash to work.
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