BWS Financial Inc

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SHEN: Overvalued for Near-Term Headwinds, Sell

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Equity Bottom-Up

Shenandoah Telecommunications Company / Equity Bottom-Up

Shenandoah Telecommunications Company (SHEN US)

<ul type="disc"><li>
Shenandoah Telecommunications (SHEN) is progressing on its network buildout ambitions in reaching 700 thousand homes passed while simultaneously growing the number of broadband subscribers.</li></ul> <ul type="disc"><li>The profitability from the wireless business is helping the Company finance its capital expenditures this year before having to dip into debt. SHEN’s transition away from wireless puts pressure for growing its broadband businesses, Glo Fiber and Beam.</li></ul> <ul type="disc"><li>Glo Fiber is now available in five markets with two more being built out in the second quarter. SHEN plans to have Glo Fiber available in another six markets in the second half of 2021. That would give Glo Fiber a home passed rate of approximately 165 thousand.</li></ul> <ul type="disc"><li>SHEN is planning to spend $100 million on Glo Fiber and Beam this year with more investment in 2022 and 2023. The heavy nature of the capital expenditure plan puts SHEN in a negative free cash flow position for the next couple of years; since it takes approximately three years to begin generating a return on investment.</li></ul>


Shenandoah Telecommunications (SHEN) is progressing on its network buildout ambitions in reaching 700 thousand homes passed while simultaneously growing the number of broadband subscribers. The profitability from the wireless business is helping the Company finance its capital expenditures this year before having to dip into debt. SHEN’s transition away from wireless puts pressure for growing its broadband businesses, Glo Fiber and Beam. Glo Fiber is now available in five markets with two more being built out in the second quarter. SHEN plans to have Glo Fiber available in another six markets in the second half of 2021. That would give Glo Fiber a home passed rate of approximately 165 thousand. SHEN is planning to spend $100 million on Glo Fiber and Beam this year with more investment in 2022 and 2023. The heavy nature of the capital expenditure plan puts SHEN in a negative free cash flow position for the next couple of years; since it takes approximately three years to begin generating a return on investment.

Shenandoah Telecommunications Company

SHEN: Glo-Ing Expansion