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

Hawkins, Inc. formulates, manufactures, blends, distributes, and sells reagent grade laboratory chemicals and industrial chemicals.  The Company also provides water treatment equipment and chemicals to commercial and industrial entities. Hawkins services customers located in the Midwest United States.

<ul>
<li>HWKN is entering fiscal 2025 (March) with a business model that is changing from its historical norms. The revenue mix is changing in fiscal 2025.</li>
<li>This change should lead to HWKN receiving a higher valuation in the market than it has historically received since the water treatment business is very different from HWKN’s industrial business</li>
<li>A higher earnings profile for HWKN and earnings continuing to grow in fiscals 2025 and 2026 leads us to raise our price target to $96 from $74</li>
</ul>


HWKN is entering fiscal 2025 (March) with a business model that is changing from its historical norms. The revenue mix is changing in fiscal 2025.
This change should lead to HWKN receiving a higher valuation in the market than it has historically received since the water treatment business is very different from HWKN’s industrial business
A higher earnings profile for HWKN and earnings continuing to grow in fiscals 2025 and 2026 leads us to raise our price target to $96 from $74


HWKN: Sales Mix Change Is a PT Change, Now $96

NET Lease Office Properties / Equity Bottom-Up

NET Lease Office Properties operates as a real estate investment trust. The Company owns and manages office properties and certain other assets. NET Lease Office Properties serves customers in the United States.

<ul>
<li>NLOP has continued to reduce the number of properties it owns through further dispositions during the first quarter and so far through the second quarter. </li>
<li>The pace of selling is likely to continue until NLOP has reduced its mezzanine and senior secured mortgage debt to zero. </li>
<li>AFFO was $20.0 million, in the first quarter, which was more than we were expecting.</li>
</ul>


NLOP has continued to reduce the number of properties it owns through further dispositions during the first quarter and so far through the second quarter. 
The pace of selling is likely to continue until NLOP has reduced its mezzanine and senior secured mortgage debt to zero. 
AFFO was $20.0 million, in the first quarter, which was more than we were expecting.


Seadrill Limited operates as an oil and gas field service company. The Company offers drilling contracting services to unlock oil and gas resources for clients across harsh and benign locations. Seadrill serves customers worldwide.

<ul>
<li>SDRL reported first quarter results updating investors on the state of offshore drilling market that has shown little signs of change. Day rates have slowly climbed since last year</li>
<li>SDRL disclosed a new contract for Sevan Louisiana. There was a considerable amount of time spent on the earnings call for the vessel and it's 45-day contract.</li>
<li>SDRL has entered a definitive contract to sell its three jack-up rigs and the joint venture stake that operates them for $338 million.</li>
</ul>


SDRL reported first quarter results updating investors on the state of offshore drilling market that has shown little signs of change. Day rates have slowly climbed since last year
SDRL disclosed a new contract for Sevan Louisiana. There was a considerable amount of time spent on the earnings call for the vessel and it's 45-day contract.
SDRL has entered a definitive contract to sell its three jack-up rigs and the joint venture stake that operates them for $338 million.


Talen Energy Corporation provides utility services. The Company generates, distributes, transmits, and markets electricity, as well as produces and supplies natural gas and other renewable energy products for residential and commercial users. Talen Energy serves customers in the United States.

<ul>
<li>TLNE reported Q1 results benefiting from its hedging program to offset the warmer winter in parts of the country. The Q1 results confirmed the commentary management had previously provided</li>
<li>TLNE sold its power plants in Texas subsequent to the first quarter ending. This should remove a large portion of volatility from TLNE’s operations</li>
<li>Spark spreads have continued to move in TLNE’s favor implying quarterly results this year could remain above expectations</li>
</ul>


TLNE reported Q1 results benefiting from its hedging program to offset the warmer winter in parts of the country. The Q1 results confirmed the commentary management had previously provided
TLNE sold its power plants in Texas subsequent to the first quarter ending. This should remove a large portion of volatility from TLNE’s operations
Spark spreads have continued to move in TLNE’s favor implying quarterly results this year could remain above expectations


Immersion Corporation develops and licenses hardware and software technologies that enable users to interact with computers using their sense of touch.  The Company's patented TouchSense technologies enable computer peripheral devices to deliver tactile sensations that correspond to on-screen events.

<ul>
<li>IMMR boosted its cash per share and book value in the first quarter of 2024 by reporting significantly higher revenue and earnings in the period</li>
<li>IMMR had previously disclosed its shareholders equity leading us to expect a slight beat to our estimates, but not to the magnitude of performance</li>
<li>IMMR’s per unit revenue segment did experience revenue increase related to automobile customers. We continue to believe haptics within automobiles is a large market opportunity </li>
</ul>


IMMR boosted its cash per share and book value in the first quarter of 2024 by reporting significantly higher revenue and earnings in the period
IMMR had previously disclosed its shareholders equity leading us to expect a slight beat to our estimates, but not to the magnitude of performance
IMMR’s per unit revenue segment did experience revenue increase related to automobile customers. We continue to believe haptics within automobiles is a large market opportunity 
