Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
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Thematic (Sector/Industry)

<ul><li>Each week, I’ll share five intriguing investment ideas that recently caught my attention.</li><li>These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.</li><li>Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.</li></ul>

Each week, I’ll share five intriguing investment ideas that recently caught my attention.These ideas are meant to spark your research and help you kickstart the week ahead with fresh insights.Because these ideas are the result of my first-level idea generation process, they require more in depth research. Therefore, the ideas will often be concise, with occasional references to valuable work from other practitioners that I encourage you to explore.

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>ACCO reported third quarter results without the expected back to school benefit. Instead, ACCO focused on profitable sales helping to lift gross margin and report higher earnings results</li>
<li>Retailers continue to tightly manage their inventory levels and the trend is expected to remain in the fourth quarter. </li>
<li>ACCO remains a free cash flow investment story. We are not expecting growth in 2024 putting greater pressure on how much free cash flow ACCO can generate </li>
</ul>


ACCO reported third quarter results without the expected back to school benefit. Instead, ACCO focused on profitable sales helping to lift gross margin and report higher earnings results
Retailers continue to tightly manage their inventory levels and the trend is expected to remain in the fourth quarter. 
ACCO remains a free cash flow investment story. We are not expecting growth in 2024 putting greater pressure on how much free cash flow ACCO can generate 


<ul>
<li>ACCO reported second quarter results with a greater pull-in of back-to-school related sales, but management took a cautious stance on outlook for the rest of the year</li>
<li>The second quarter is seasonally one of the stronger periods of the year due to the timing of retailers taking inventory for the back-to-school season</li>
<li>Without a stable back to school shopping season ACCO would be dependent on the holiday season in fourth quarter to achieve its free cash flow guidance for the year</li>
</ul>


ACCO reported second quarter results with a greater pull-in of back-to-school related sales, but management took a cautious stance on outlook for the rest of the year
The second quarter is seasonally one of the stronger periods of the year due to the timing of retailers taking inventory for the back-to-school season
Without a stable back to school shopping season ACCO would be dependent on the holiday season in fourth quarter to achieve its free cash flow guidance for the year


<ul>
<li>ACCO reported first quarter results reaffirming the outlook provided three months ago where the business should begin to see gradual increase in orders from retailers later this year</li>
<li>Retailers have reverted to their prior ordering patterns where much of the inventory carried is for the back-to-school shopping season</li>
<li>ACCO reporting quarterly sales above $400 million did little to squash the concern related to sales declining in the first half of the year</li>
</ul>


ACCO reported first quarter results reaffirming the outlook provided three months ago where the business should begin to see gradual increase in orders from retailers later this year
Retailers have reverted to their prior ordering patterns where much of the inventory carried is for the back-to-school shopping season
ACCO reporting quarterly sales above $400 million did little to squash the concern related to sales declining in the first half of the year


Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

<ul>
<li>ACCO Brands Corporation's stock is relatively undervalued and presents a lucrative dividend yield worth more than 6%.</li>
<li>The company's recent woes were a consequence of elevated raw material costs.</li>
<li>However, key metrics imply that ACCO's cost base is set to improve.</li>
</ul>


ACCO Brands Corporation's stock is relatively undervalued and presents a lucrative dividend yield worth more than 6%.
The company's recent woes were a consequence of elevated raw material costs.
However, key metrics imply that ACCO's cost base is set to improve.


United States

Acco Brands Corporation manufactures office products. The Company produces staplers, daily scheduling diaries, shredders, laminating equipment, and presentation boards.

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ACCO Brands (ACCO US)

Monday Delight: 23/02/2026

Each week, I’ll share five intriguing investment ideas that recently caught my attention. These ideas are meant to spark your research and help...

Contrarian Cashflows

ACCO: Sales Retraction Creates Headwinds

Sales remain under pressure while ACCO has managed to raise prices to help generate free cash flow. The current circumstances could create...

BWS Financial Inc

ACCO: Caution Reigns Supreme

ACCO reported Q2 results and updated its full year outlook. The lack of clarity in retailers’ willingness to stock inventory could create...

BWS Financial Inc

ACCO: Notes for Free Cash Flow

ACCO reported first quarter sales above our forecast, but the full year remains weighed down by the timing of back-to-school shopping and unit...

BWS Financial Inc

ACCO Brands Is At A Cyclical Discount

ACCO Brands Corporation's stock is relatively undervalued and presents a lucrative dividend yield worth more than 6%. The company's recent woes...

Pearl Gray Equity and Research

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