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>The industry headwinds TriMas Corp. (TRS) experienced in 2023 are showing signs of abating and should result in TRS growing earnings in 2024</li>
<li>TRS spent 2023 restructuring its packaging business after customers began to change their ordering habits in 2022.</li>
<li>Recent quarterly results from Proctor &amp; Gamble (PG) and preliminary sales from Inter Parfums (IPAR) shed positive light on unit volume growth in consumer packaging</li>
</ul>


The industry headwinds TriMas Corp. (TRS) experienced in 2023 are showing signs of abating and should result in TRS growing earnings in 2024
TRS spent 2023 restructuring its packaging business after customers began to change their ordering habits in 2022.
Recent quarterly results from Proctor &amp; Gamble (PG) and preliminary sales from Inter Parfums (IPAR) shed positive light on unit volume growth in consumer packaging


<ul>
<li>TRS reported third quarter results where the packaging business continues to stabilize from inventory destocking while the aerospace segment continues to grow as fast as possible</li>
<li>The packaging business has gone through restructuring that should lead to higher profit margin as customers begin to increase their order activity</li>
<li>Improved supply chains are aiding the sales growth in aerospace. The growth in aerospace should help push cash flow higher and offset the softness in packaging</li>
</ul>


TRS reported third quarter results where the packaging business continues to stabilize from inventory destocking while the aerospace segment continues to grow as fast as possible
The packaging business has gone through restructuring that should lead to higher profit margin as customers begin to increase their order activity
Improved supply chains are aiding the sales growth in aerospace. The growth in aerospace should help push cash flow higher and offset the softness in packaging


<ul>
<li>TRS continues to grow in its two smaller business segments while the packaging segment continues to experience a moderated recovery</li>
<li>Predominantly consumer staples. Inventory management has been the main culprit for the packaging segment not recovering as fast as expected</li>
<li>We believe the softness in packaging has created an investment opportunity in TRS’s stock as the Company streamlines its operations</li>
</ul>


TRS continues to grow in its two smaller business segments while the packaging segment continues to experience a moderated recovery
Predominantly consumer staples. Inventory management has been the main culprit for the packaging segment not recovering as fast as expected
We believe the softness in packaging has created an investment opportunity in TRS’s stock as the Company streamlines its operations


<ul>
<li>We are initiating coverage of TriMas Corp. (TRS) with a Buy Rating and $40 target.</li>
<li>TRS is an underfollowed industrial company with the ability to grow from multiple product lines with free cash flow that supports debt reduction and the purchase of tuck-in acquisitions</li>
<li>TRS’s largest segment is packaging, which has faced severe reduction in order volume over the past three quarters, but quoting activity is rising</li>
</ul>


We are initiating coverage of TriMas Corp. (TRS) with a Buy Rating and $40 target.
TRS is an underfollowed industrial company with the ability to grow from multiple product lines with free cash flow that supports debt reduction and the purchase of tuck-in acquisitions
TRS’s largest segment is packaging, which has faced severe reduction in order volume over the past three quarters, but quoting activity is rising


TRS: Package of Catalysts, Initiating with Buy

United States

TriMas Corporation is a diversified manufacturer of proprietary products. The Company manufactures trailer products, recreational accessories, packaging systems, energy products and industrial specialty products for the commercial, manufacturing, and consumer markets.

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TRS: Package of Catalysts, Initiating with Buy

TRS experienced a slowdown in its largest business segment, packaging, three quarters ago and is now starting to see an increase in quoting activity.

BWS Financial Inc

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