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>GTX reported better than expected second quarter results with improvement in the overall marketplace for light-weight vehicle production.</li>
<li>GTX reported sales of $1.0 billion compared to our forecast of $982 million. The higher revenue figure resulted in GTX generating adjusted EBITDA of $170 million</li>
<li>Current business conditions remain supportive of GTX operating at an efficient manner to generate optimal operating margin resulting in greater free cash flow</li>
</ul>


GTX reported better than expected second quarter results with improvement in the overall marketplace for light-weight vehicle production.
GTX reported sales of $1.0 billion compared to our forecast of $982 million. The higher revenue figure resulted in GTX generating adjusted EBITDA of $170 million
Current business conditions remain supportive of GTX operating at an efficient manner to generate optimal operating margin resulting in greater free cash flow


<ul>
<li>GTX benefited from steady order rates and product mix in the first quarter allowing the Company to surpass initial expectations. Automakers have increased production levels as semiconductor availability has improved.</li>
<li>For GTX, an expanded product offering beyond purely turbochargers is fueling revenue growth</li>
<li>GTX reported sales of $970 million in the first quarter of 2023 compared to $898 million in the fourth quarter of 2022. The improvement in results was related to demand </li>
</ul>


GTX benefited from steady order rates and product mix in the first quarter allowing the Company to surpass initial expectations. Automakers have increased production levels as semiconductor availability has improved.
For GTX, an expanded product offering beyond purely turbochargers is fueling revenue growth
GTX reported sales of $970 million in the first quarter of 2023 compared to $898 million in the fourth quarter of 2022. The improvement in results was related to demand 


<ul>
<li>GTX has entered into an agreement with its two largest shareholders to force the conversion of its Series A Preferred stock into common stock</li>
<li>The agreement with Centerbridge Partners and Oaktree Capital Management calls for GTX to repurchase shares $570 million of Series A Preferred stock and pay dividends owed</li>
<li>GTX had already claimed it would have reached the adjusted EBITDA requirement for the forced conversion. The transaction is accretive to GTX’s earnings.</li>
</ul>


GTX has entered into an agreement with its two largest shareholders to force the conversion of its Series A Preferred stock into common stock
The agreement with Centerbridge Partners and Oaktree Capital Management calls for GTX to repurchase shares $570 million of Series A Preferred stock and pay dividends owed
GTX had already claimed it would have reached the adjusted EBITDA requirement for the forced conversion. The transaction is accretive to GTX’s earnings.


<ul>
<li>GTX updated its annual outlook by forecasting results would be towards the high end of the previous guidance range.</li>
<li>GTX also highlighted the opportunity to force the conversion of the Series A Preferred stock by the middle of the year.</li>
<li>GTX had previously issued a sales outlook of $3.55 billion to $3.85 billion and adjusted EBITDA of $555 million to $615 million</li>
</ul>


GTX updated its annual outlook by forecasting results would be towards the high end of the previous guidance range.
GTX also highlighted the opportunity to force the conversion of the Series A Preferred stock by the middle of the year.
GTX had previously issued a sales outlook of $3.55 billion to $3.85 billion and adjusted EBITDA of $555 million to $615 million


<ul>
<li>GTX used its fourth quarter earnings report to update investors on its efforts to broaden its product portfolio beyond turbo chargers</li>
<li>Q4 results highlighted how the business continues to generate free cash flow even though orders can be lumpy. GTX reported Q4 at the midpoint of their guidance </li>
<li>In 2023, GTX should benefit from an increase in the number of turbochargers sold. New products should become a larger source of sales in 2024</li>
</ul>


GTX used its fourth quarter earnings report to update investors on its efforts to broaden its product portfolio beyond turbo chargers
Q4 results highlighted how the business continues to generate free cash flow even though orders can be lumpy. GTX reported Q4 at the midpoint of their guidance 
In 2023, GTX should benefit from an increase in the number of turbochargers sold. New products should become a larger source of sales in 2024


Switzerland

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

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