Morgan Joseph Starts Hill International (HIL) at Hold; Libya Overhang A Concern

Morgan Joseph initiates coverage on Hill International (NYSE: HIL) with a Hold.

Morgan analyst said, "With the stock currently trading at approximately 24x our 2012 EPS estimate of $0.19, we believe HIL shares are fairly valued. Although we think Hill International is operationally well positioned for growth in 2011 and 2012, we prefer the sidelines given our concerns about external factors, such as the impact of the conflict in Libya on Hill's operations in the region."

"We are estimating 2011 Consulting revenue of $384.5mm, gross profit of $166.1mm, EBITDA of $8.0mm, an operating loss of $2.6mm, and a net loss of $5.9mm, or ($0.15) per diluted share. For 2012, we are forecasting Consulting
revenue of $415.2mm, gross profit of $185.2mm, EBITDA of $23.6mm, operating income of $13.0mm, and net income of $7.5mm, or $0.19 per diluted share."

For more ratings news on Hill International click here and for the rating history of Hill International click here.

Shares of Hill International closed at $4.60 yesterday.

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