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>TLNE announced the sale of three power plants in Texas for a higher figure than we were expecting. TLNE is selling 1.7GW of power in Texas for $785 million</li>
<li>The Texas power plants decrease TLNE’s footprint to thirteen sites and a total of 10.7 GW owned capacity.</li>
<li>After the Texas assets are sold TLNE would have thirteen power plants mostly in Pennsylvania with several across other states. Three of which are minority ownerships.</li>
</ul>


TLNE announced the sale of three power plants in Texas for a higher figure than we were expecting. TLNE is selling 1.7GW of power in Texas for $785 million
The Texas power plants decrease TLNE’s footprint to thirteen sites and a total of 10.7 GW owned capacity.
After the Texas assets are sold TLNE would have thirteen power plants mostly in Pennsylvania with several across other states. Three of which are minority ownerships.


<ul>
<li>TLNE reported fourth quarter results impacted by two unplanned maintenance issues and yet managed to report operating income and adjusted EBITDA for the period.</li>
<li>TLNE reported revenue of $527 million in the quarter compared to our forecast of $507 million. Energy related revenue dropped in the quarter due to two maintenance issues and seasonality.</li>
<li>TLNE’s stock has started to inch closer to our original target of $96, but we believe there is upside from there if TLNE is valued closer to other nuclear peers.</li>
</ul>


TLNE reported fourth quarter results impacted by two unplanned maintenance issues and yet managed to report operating income and adjusted EBITDA for the period.
TLNE reported revenue of $527 million in the quarter compared to our forecast of $507 million. Energy related revenue dropped in the quarter due to two maintenance issues and seasonality.
TLNE’s stock has started to inch closer to our original target of $96, but we believe there is upside from there if TLNE is valued closer to other nuclear peers.


<ul>
<li>TLNE announced the sale of Cumulus Data for a valuation higher than we were expecting and includes a long-term power purchasing agreement</li>
<li>TLNE’s management has also mentioned an ongoing sales process for TLNE’s assets in Texas, which could generate additional value.</li>
<li>TLNE sold Cumulus Data for $650 million to Amazon Web Services (“AWS”). TLNE sold the assets the Company had situated adjacent to Susquehanna nuclear power plant</li>
</ul>


TLNE announced the sale of Cumulus Data for a valuation higher than we were expecting and includes a long-term power purchasing agreement
TLNE’s management has also mentioned an ongoing sales process for TLNE’s assets in Texas, which could generate additional value.
TLNE sold Cumulus Data for $650 million to Amazon Web Services (“AWS”). TLNE sold the assets the Company had situated adjacent to Susquehanna nuclear power plant


<ul>
<li>TLNE is an independent power producer that has emerged from bankruptcy as a public company with the stock not reflecting the intrinsic value of the assets the Company owns</li>
<li>The reduced leverage profile creates a valuation appeal. However, it is the catalyst from what TLNE could achieve at its Susquehanna nuclear plant that could enhance shareholder value</li>
<li>TLNE has been private for more than six years and is now trading on the OTC Markets making it likely that many investors have yet to hear about the Company</li>
</ul>


TLNE is an independent power producer that has emerged from bankruptcy as a public company with the stock not reflecting the intrinsic value of the assets the Company owns
The reduced leverage profile creates a valuation appeal. However, it is the catalyst from what TLNE could achieve at its Susquehanna nuclear plant that could enhance shareholder value
TLNE has been private for more than six years and is now trading on the OTC Markets making it likely that many investors have yet to hear about the Company


TLNE: Powered to Run, Initiating with Buy

United States

Talen Energy Corporation provides utility services. The Company generates, distributes, transmits, and markets electricity, as well as produces and supplies natural gas and other renewable energy products for residential and commercial users. Talen Energy serves customers in the United States.

Talen Energy (TLNE US)

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