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>ADEA announced semiconductor licenses covering nearly all the remaining NAND memory market the Company has yet to sign. Both Western Digital (WDC) and Kioxia signed long term hybrid bonding licenses</li>
<li>ADEA has been targeting a change in their license approach and these two licenses would be the first of such a change. The licenses are variable in nature </li>
<li>ADEA was already assuming WDC and Kioxia would sign licenses this year when management provided 2023 revenue guidance.</li>
</ul>


ADEA announced semiconductor licenses covering nearly all the remaining NAND memory market the Company has yet to sign. Both Western Digital (WDC) and Kioxia signed long term hybrid bonding licenses
ADEA has been targeting a change in their license approach and these two licenses would be the first of such a change. The licenses are variable in nature 
ADEA was already assuming WDC and Kioxia would sign licenses this year when management provided 2023 revenue guidance.


<ul>
<li>ADEA managed to sign ten license agreements in the fourth quarter resulting in revenue growing. ADEA had indicated there were two deals that had spilled over into the fourth quarter</li>
<li>ADEA's management has yet to reach the comfort level of moving the annual baseline revenue higher, but the ongoing pipeline of potential license deal could push 2023 revenue above guidance</li>
<li>ADEA reported fourth quarter revenue of $103.3 million compared to our estimate of $99.1 million. The increase in revenue resulted in adjusted EBITDA of $74.9 million</li>
</ul>


ADEA managed to sign ten license agreements in the fourth quarter resulting in revenue growing. ADEA had indicated there were two deals that had spilled over into the fourth quarter
ADEA's management has yet to reach the comfort level of moving the annual baseline revenue higher, but the ongoing pipeline of potential license deal could push 2023 revenue above guidance
ADEA reported fourth quarter revenue of $103.3 million compared to our estimate of $99.1 million. The increase in revenue resulted in adjusted EBITDA of $74.9 million


<ul>
<li>We are initiating coverage of Immersion (IMMR) with a Buy Rating and $11 target</li>
<li>IMMR is a haptics technology developer that has undergone a management change that could further result in a series of material developments</li>
<li>IMMR naming Eric Singer as its CEO suggests there is more to come from IMMR than the cost cuts IMMR undertook two years ago when Mr. Singer joined the Board</li>
</ul>


We are initiating coverage of Immersion (IMMR) with a Buy Rating and $11 target
IMMR is a haptics technology developer that has undergone a management change that could further result in a series of material developments
IMMR naming Eric Singer as its CEO suggests there is more to come from IMMR than the cost cuts IMMR undertook two years ago when Mr. Singer joined the Board


IMMR: Rumbles of a Special Sit, Initiating

<ul>
<li>ADEA reported third quarter results that still included the financial results of its products business prior to the spin-off. ADEA generates revenue from IP licenses, creating a steady revenue stream</li>
<li>ADEA expanding its base of licensees over the next year should set a pathway to ADEA reaching baseline revenue of $500 million a year from $375 million currently</li>
<li>ADEA applying free cash flow to reducing its debt balance should yield a higher valuation for the stock price</li>
</ul>


ADEA reported third quarter results that still included the financial results of its products business prior to the spin-off. ADEA generates revenue from IP licenses, creating a steady revenue stream
ADEA expanding its base of licensees over the next year should set a pathway to ADEA reaching baseline revenue of $500 million a year from $375 million currently
ADEA applying free cash flow to reducing its debt balance should yield a higher valuation for the stock price


United States

Adeia Inc. operates as a consumer and entertainment product and intellectual property licensing company. The Company media solutions for use with traditional linear television in connection with OTT, direct-to-consumer, and social media services that provide access to entertainment inside and outside the home on a broad array of devices. Adeia serves customers worldwide.

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Adeia (ADEA US)

ADEA: More Deals Less Problems

ADEA announced IP licensing deals with WDC and Kioxia. The two combined have more than 30% share of the NAND memory market and bring ADEA's signed...

BWS Financial Inc

ADEA: Signing Deals and Generating Cash

ADEA signed 10 license deals in the quarter. We continue to expect large license deals related to streaming content sometime this year

BWS Financial Inc

IMMR: Rumbles of a Special Sit, Initiating

Our interest in IMMR is centered on the Company selecting its Board member Eric Singer as CEO. We have covered several names in the past with Mr....

BWS Financial Inc

ADEA: Free Cash Flow & Valuation

ADEA expanding the number of licensees in the coming year should lead to higher annual baseline revenue, which we believe is currently discounted...

BWS Financial Inc

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