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

<ul>
<li>A10 Networks (ATEN) not warning about missing consensus estimates is a positive, but not enough for a victory lap after a volatile 2023</li>
<li>The fourth quarter was of particular importance since the Company had reported third quarter revenue materially below estimates</li>
<li>Service providers represented 50 percent of ATEN’s third quarter revenue compared to 67 percent in prior years. Throughout 2023 this customer base was not consistent with their purchasing</li>
</ul>


A10 Networks (ATEN) not warning about missing consensus estimates is a positive, but not enough for a victory lap after a volatile 2023
The fourth quarter was of particular importance since the Company had reported third quarter revenue materially below estimates
Service providers represented 50 percent of ATEN’s third quarter revenue compared to 67 percent in prior years. Throughout 2023 this customer base was not consistent with their purchasing


<ul>
<li>ATEN reported third quarter results after having already warned there were order push outs towards the end of the period.</li>
<li>ATEN has been trying to diversify the revenue stream to reduce the volatility order flow disruptions could have on the business</li>
<li>ATEN managed to maintain gross margin above 80 percent, a feat that does not get much recognition from investors. ATEN should continue to achieve gross margin above 80 percent</li>
</ul>


ATEN reported third quarter results after having already warned there were order push outs towards the end of the period.
ATEN has been trying to diversify the revenue stream to reduce the volatility order flow disruptions could have on the business
ATEN managed to maintain gross margin above 80 percent, a feat that does not get much recognition from investors. ATEN should continue to achieve gross margin above 80 percent


<ul>
<li>ATEN continues to experience challenges with order timing from some of its largest customers. ATEN lowered Q3 revenue forecast after North American service providers delayed their purchases in the quarter</li>
<li>ATEN has spent the entire year trying to add more enterprise customers to offset this volatility and, while successful, it was not enough in the third quarter.</li>
<li>ATEN is projecting third quarter revenue between $56.5 million and $58.5 million compared to our estimate of $75.3 million.</li>
</ul>


ATEN continues to experience challenges with order timing from some of its largest customers. ATEN lowered Q3 revenue forecast after North American service providers delayed their purchases in the quarter
ATEN has spent the entire year trying to add more enterprise customers to offset this volatility and, while successful, it was not enough in the third quarter.
ATEN is projecting third quarter revenue between $56.5 million and $58.5 million compared to our estimate of $75.3 million.


<ul>
<li>ATEN reported higher revenue and earnings in the second quarter signaling improved business environment compared to the first quarter</li>
<li>ATEN reported second quarter revenue of $65.8 million compared to our forecast of $62.4 million</li>
<li>In North America large enterprise and tier-one service providers are reassessing their purchasing activity is not new</li>
</ul>


ATEN reported higher revenue and earnings in the second quarter signaling improved business environment compared to the first quarter
ATEN reported second quarter revenue of $65.8 million compared to our forecast of $62.4 million
In North America large enterprise and tier-one service providers are reassessing their purchasing activity is not new


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent Ltd (TNT AU)</a> has entered into a scheme implementation deed with <a href="https://www.smartkarma.com/entities/thales-sa" target="_blank" data-smartkarma-citation="entities:21483:1" rel="noopener">Thales SA (HO FP)</a> at A$0.13 per share, a juicy 165.3% premium to the undisturbed price (9 June).</li>
<li>The offer is subject to several conditions such as shareholder, FIRB and OIO approval. FIRB approval is likely due to Australia and France being part of the Nine Eyes alliance.</li>
<li>Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the gross spread is 8.3%.</li>
</ul>



Tesserent Ltd (TNT AU) has entered into a scheme implementation deed with Thales SA (HO FP) at A$0.13 per share, a juicy 165.3% premium to the undisturbed price (9 June).
The offer is subject to several conditions such as shareholder, FIRB and OIO approval. FIRB approval is likely due to Australia and France being part of the Nine Eyes alliance.
Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the gross spread is 8.3%.


Tesserent (TNT AU): Thales’s A$0.13 Offer

United States

A10 Networks Inc. provides computer networking products and security solutions. The Company offers application networking platforms and security products to streamline technology operations, including cloud and service providers and application delivery solutions. A10 serves customers in various industries worldwide.

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A10 Networks (ATEN US)

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ATEN: Gradual Improvement

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BWS Financial Inc

Tesserent (TNT AU): Thales’s A$0.13 Offer

Despite the substantial premium, shareholders' acceptance of the offer could be a risk due to their higher buy-in prices. At the last close, the...

Arun George

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