Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Equity Bottom-Up

ATN International, Inc. provides telecommunications services to rural, niche, and other under-served markets and geographies.  The Company, through subsidiaries, provides both wireless and wireline connectivity to residential and business customers. ATN International also provides a range of mobile wireless solutions, local exchange services and broadband internet services.

<ul>
<li>ATNI progressed in adding more high-speed broadband customers in the second quarter, helping to offset the revenue headwind from the expiration of ECF program.   </li>
<li>There were concerns when ATNI reported first quarter results that management was suggesting revenue would decline materially and that was not the case in the second quarter. </li>
<li>ATNI report revenue of $183.3 million in the quarter. The biggest driver for the quarter was more services revenue than we were anticipating. </li>
</ul>


ATNI progressed in adding more high-speed broadband customers in the second quarter, helping to offset the revenue headwind from the expiration of ECF program.   
There were concerns when ATNI reported first quarter results that management was suggesting revenue would decline materially and that was not the case in the second quarter. 
ATNI report revenue of $183.3 million in the quarter. The biggest driver for the quarter was more services revenue than we were anticipating. 


Garrett Motion Inc. operates as an automobile technology provider. The Company offers turbocharging, electric boosting, and automotive software solutions. Garrett Motion serves customers worldwide.

<ul>
<li>GTX reported Q2 results missing our estimates as demand for turbochargers softened in quarter. The magnitude of the sales miss was amplified by deflationary cost pass throughs.  </li>
<li>GTX was successful in maneuvering its cost structure at the beginning 2024 resulting in gross margin exceeding our estimate and adjusted EBITDA declining by a significantly smaller amount than sales. </li>
<li>We were already towards the low end of GTX’s previous guidance range anticipating uncertainty. Our adjustments to 2024 and 2025 adjusted EBITDA estimates are minimal.</li>
</ul>


GTX reported Q2 results missing our estimates as demand for turbochargers softened in quarter. The magnitude of the sales miss was amplified by deflationary cost pass throughs.  
GTX was successful in maneuvering its cost structure at the beginning 2024 resulting in gross margin exceeding our estimate and adjusted EBITDA declining by a significantly smaller amount than sales. 
We were already towards the low end of GTX’s previous guidance range anticipating uncertainty. Our adjustments to 2024 and 2025 adjusted EBITDA estimates are minimal.


Iridium Communications / Equity Bottom-Up

Iridium Communications, Inc. offers mobile satellite communications services. The Company's satellites operate in a low-earth orbit and provide 100% global coverage.  Iridium Holdings offers voice and data communications services to the United States and foreign governments; businesses; non-governmental organizations; and consumers.

<ul>
<li>IRDM reported second quarter results where an increase in IOT subscribers was paired with the Company buying back more stock.  </li>
<li>IOT has been a core underpinning for IRDM’s growth with the number of subscribers ramping this past quarter. IOT subscribers grew by 71 thousand in the quarter from Q1.</li>
<li>IRDM reported second quarter revenue of $201.1 million compared to our estimate of $205.3 million. We had been expecting a higher engineering revenue estimate than IRDM generated.</li>
</ul>


IRDM reported second quarter results where an increase in IOT subscribers was paired with the Company buying back more stock.  
IOT has been a core underpinning for IRDM’s growth with the number of subscribers ramping this past quarter. IOT subscribers grew by 71 thousand in the quarter from Q1.
IRDM reported second quarter revenue of $201.1 million compared to our estimate of $205.3 million. We had been expecting a higher engineering revenue estimate than IRDM generated.


Symbotic Inc operates as an automation technology company. The Company specializes in supply chain with its end-to-end, AI-powered robotic, and software platform. Symbotic serves the retail, wholesale, and food companies worldwide.

<ul>
<li>We are initiating coverage of Symbotic (SYM) with a Sell Rating and $10 target. </li>
<li>The latest quarterly report from SYM suggests there could be little in the form of catalysts with the biggest news being related to a business owned by the CEO</li>
<li>We believe investors are putting too much reliance on SYM generating revenue from Wal-Mart (WMT) even though WMT is also using SYM’s competition for warehouse automation. </li>
</ul>


We are initiating coverage of Symbotic (SYM) with a Sell Rating and $10 target. 
The latest quarterly report from SYM suggests there could be little in the form of catalysts with the biggest news being related to a business owned by the CEO
We believe investors are putting too much reliance on SYM generating revenue from Wal-Mart (WMT) even though WMT is also using SYM’s competition for warehouse automation. 


Eventbrite, Inc. operates as a platform as a service company. The Company offers a platform that allows users to provide online event planning services, as well as publishes, promotes, and sells tickets through social networks and e-mails. Evenbrite operates in the United States.

<ul>
<li>EB has teamed up with TikTok in an integration that could lead to a sharp increase in new creators and overall traffic on EB’s marketplace.</li>
<li>TikTok announced on its blog that EB has been integrated to allow content creators to manage and promote events within their TikTok content.</li>
<li>The integration would enable followers to purchase tickets to creators’ events straight from TikTok without having to leave the platform.</li>
</ul>


EB has teamed up with TikTok in an integration that could lead to a sharp increase in new creators and overall traffic on EB’s marketplace.
TikTok announced on its blog that EB has been integrated to allow content creators to manage and promote events within their TikTok content.
The integration would enable followers to purchase tickets to creators’ events straight from TikTok without having to leave the platform.


BWS Financial Inc
Independent Stock Specific Research

ATNI: Connecting Story to Free Cash Flow

ATNI demonstrated additional high-speed data customer additions during a quarter when investors were worried ATNI would not generate positive free...

BWS Financial Inc

GTX: Value from Impatience

We had already been on the low end of the guidance range anticipating uncertainty. GTX's ability to gross margin is being penalized due to investor...

BWS Financial Inc

IRDM: IOT Driven Quarter

IRDM continued to grow the number of IOT subscribers in the quarter resulting in service revenue slightly outpacing our forecast. IRDM's leverage...

BWS Financial Inc

SYM: Symbolic Overvaluation, Sell

We believe the market has put too much value on SYM's relationship with Wal-Mart (WMT) even though WMT is using SYM's competitor and in-house...

BWS Financial Inc

EB: TikTok a New Momentum

EB and TikTok is a significant relationship as it would help boost awareness of EB's marketplace by generating traffic and more paid ticket sales.

BWS Financial Inc