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 experienced a recovery in its order trends from all segments in the third quarter leading to the Company reporting sales exceeding our expectations</li>
<li>GTX reported third quarter sales of $945 million compared to our lowered forecast of $908 million</li>
<li>GTX’s foray into EVs should have a positive impact on GTX’s sales and stock valuation. Investors have not been valuing GTX on the basis for having exposure to EVs</li>
</ul>


GTX experienced a recovery in its order trends from all segments in the third quarter leading to the Company reporting sales exceeding our expectations
GTX reported third quarter sales of $945 million compared to our lowered forecast of $908 million
GTX’s foray into EVs should have a positive impact on GTX’s sales and stock valuation. Investors have not been valuing GTX on the basis for having exposure to EVs


<ul>
<li>Continued improvement in automobile inventory levels should benefit Garrett Motion (GTX)</li>
<li>GTX has experienced a decline in turbochargers sold over the past year due to supply chain issues causing carmakers to have lumpy ordering rates. </li>
<li>Ahead of the second quarter results, we had highlighted the foreign exchange headwind the weaker Euro could play. The Euro continued to depreciate versus the US Dollar in the third quarter</li>
</ul>


Continued improvement in automobile inventory levels should benefit Garrett Motion (GTX)
GTX has experienced a decline in turbochargers sold over the past year due to supply chain issues causing carmakers to have lumpy ordering rates. 
Ahead of the second quarter results, we had highlighted the foreign exchange headwind the weaker Euro could play. The Euro continued to depreciate versus the US Dollar in the third quarter


<ul>
<li>Garrett Motion (GTX) has elected to pay its quarterly dividend on its Series A Preferred shares in cash in lieu of stock.</li>
<li>We believe this is a signal to investors on how the business has performed in the Q3 after GTX affirmed its full year adjusted free cash flow guidance in August</li>
<li>The use of cash removes the compounding effect through issuing more shares, which would nullify the share buyback program GTX has in place</li>
</ul>


Garrett Motion (GTX) has elected to pay its quarterly dividend on its Series A Preferred shares in cash in lieu of stock.
We believe this is a signal to investors on how the business has performed in the Q3 after GTX affirmed its full year adjusted free cash flow guidance in August
The use of cash removes the compounding effect through issuing more shares, which would nullify the share buyback program GTX has in place


<ul>
<li>GTX has started to see order trends stabilize after renewed volatility earlier in the year. GTX reported second quarter results with adjusted EBITDA slightly better than our expectations</li>
<li>There has been growing overhang on to the impact the stronger Dollar would have on the business. The decline in the Euro resulted in lower sales than we had projected.</li>
<li>GTX used the second quarter earnings call to bring attention to its work with several automakers on turbochargers for H2 engines which use hydrogen</li>
</ul>


GTX has started to see order trends stabilize after renewed volatility earlier in the year. GTX reported second quarter results with adjusted EBITDA slightly better than our expectations
There has been growing overhang on to the impact the stronger Dollar would have on the business. The decline in the Euro resulted in lower sales than we had projected.
GTX used the second quarter earnings call to bring attention to its work with several automakers on turbochargers for H2 engines which use hydrogen


<ul>
<li>In the first quarter, automakers have been back to stops and starts with segments of their production runs due to parts availability</li>
<li>GTX’s product mix makes the Company vulnerable to the ongoing supply chain issues arising from the war in Ukraine</li>
<li>In March 2022 there was a 7.2 magnitude earthquake in Japan that resulted in power loss and infrastructure damages</li>
</ul>


In the first quarter, automakers have been back to stops and starts with segments of their production runs due to parts availability
GTX’s product mix makes the Company vulnerable to the ongoing supply chain issues arising from the war in Ukraine
In March 2022 there was a 7.2 magnitude earthquake in Japan that resulted in power loss and infrastructure damages


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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Garrett Motion (GTX US)

GTX: Free Cash Flow and Win Rate

The catalyst for the stock remains GTX returning to growth, which is looking like it would be in 2023. Additionally, an increasing portion of the...

BWS Financial Inc

GTX: The Macro Adjustment

North American auto sales and inventory data suggest order rates have continued to favor GTX in Q3. New car registrations in Europe suggest sales...

BWS Financial Inc

GTX: Turbocharged Free Cash Flow

GTX elected to pay the quarterly dividend on its Series A Preferred shares in cash versus stock. The action removes the dilution an in-kind payment...

BWS Financial Inc

GTX: Forex Vs Steady Order Trends

GTX is experiencing an improvement in ordering treads that should help offset the impact from the strong US Dollar. The Company is expanding its...

BWS Financial Inc

GTX: The Macro Factor

Macro developments in March and April could result in GTX reporting full year 2022 results towards the lower end of the guidance range. We have...

BWS Financial Inc

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