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

Symbotic Inc operates as an automation technology company. The Company specializes in supply chain with its end-to-end, AI-powered robotic, and software platform. Symbotic serves the retail, wholesale, and food companies worldwide.

<ul>
<li>SYM) announced it would place automation system at two distribution centers being built by Walmex. Mexico would be brand new market for SYM, but the relationship with WMT is not. </li>
<li>The distribution centers SYM is poised to initially go into were announced in 2022. The 2022 news includes timing of the distribution centers in Tlaxcala and El Bajio.</li>
<li>The rate of systems being accepted slowed in the third quarter. We continue to believe this could become the primary headwind for SYM’s quarterly report and stock price. </li>
</ul>


SYM) announced it would place automation system at two distribution centers being built by Walmex. Mexico would be brand new market for SYM, but the relationship with WMT is not. 
The distribution centers SYM is poised to initially go into were announced in 2022. The 2022 news includes timing of the distribution centers in Tlaxcala and El Bajio.
The rate of systems being accepted slowed in the third quarter. We continue to believe this could become the primary headwind for SYM’s quarterly report and stock price. 


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.

<ul>
<li>TRS has three operating segments where the smallest has already been going through a sales restructuring period and we are now expecting a slowdown in TRS’s aerospace business.  </li>
<li>Aerospace had been growing at double-digit rates in recent years, but in recent months the two largest aerospace customers have been going through their own ordeals</li>
<li>TRS’s current valuation gives little value for what each segment could be worth. There have been two aerospace IPOs with similar businesses to TRS’s aerospace business. </li>
</ul>


TRS has three operating segments where the smallest has already been going through a sales restructuring period and we are now expecting a slowdown in TRS’s aerospace business.  
Aerospace had been growing at double-digit rates in recent years, but in recent months the two largest aerospace customers have been going through their own ordeals
TRS’s current valuation gives little value for what each segment could be worth. There have been two aerospace IPOs with similar businesses to TRS’s aerospace business. 


Sable Offshore Corp. operates as an oil and gas company. The Company focuses on developing the prolific Santa Ynez Unit in federal waters offshore. Sable Offshore Sable Offshore conducts its business in the United States.

<ul>
<li>We are initiating coverage of Sable Offshore (SOC) with a Sell Rating and $6 target.   </li>
<li>SOC is attempting to restart oil production off the coast of Santa Barbara, California that is unlikely to gain the necessary regulatory approvals to move forward.   </li>
<li>The offshore oil platforms, previously owned by XOM, have been shut down since 2015. SOC acquired the assets on the expectation it could win approval to restart production. </li>
</ul>


We are initiating coverage of Sable Offshore (SOC) with a Sell Rating and $6 target.   
SOC is attempting to restart oil production off the coast of Santa Barbara, California that is unlikely to gain the necessary regulatory approvals to move forward.   
The offshore oil platforms, previously owned by XOM, have been shut down since 2015. SOC acquired the assets on the expectation it could win approval to restart production. 


Eventbrite, Inc. operates as a platform as a service company. The Company offers a platform that allows users to provide online event planning services, as well as publishes, promotes, and sells tickets through social networks and e-mails. Evenbrite operates in the United States.

<ul>
<li>The third quarter was the first time EB generated traffic from its relationship with TikTok. </li>
<li>EB's traffic has remained elevated, and the attention turns to how many event creators EB was able to generate through the increase in traffic.   </li>
<li>The number of event creators has declined over the past year due to EB charging for all events posted. The pricing model has changed with EB reintroducing a free option. </li>
</ul>


The third quarter was the first time EB generated traffic from its relationship with TikTok. 
EB's traffic has remained elevated, and the attention turns to how many event creators EB was able to generate through the increase in traffic.   
The number of event creators has declined over the past year due to EB charging for all events posted. The pricing model has changed with EB reintroducing a free option. 


Seadrill Limited operates as an oil and gas field service company. The Company offers drilling contracting services to unlock oil and gas resources for clients across harsh and benign locations. Seadrill serves customers worldwide.

<ul>
<li>SDRL ends third quarter 2024 with focus turned on timing of acceptance for West Auriga and West Polaris to begin work in Brazil. </li>
<li>The latest Marine Traffic data suggests West Auriga has arrived in Brazil while West Polaris is setting sail for Brazil now.</li>
<li>The offshore drill ship owners have been wrestling with timing of new contracts after a series of delays in contract activity. </li>
</ul>


SDRL ends third quarter 2024 with focus turned on timing of acceptance for West Auriga and West Polaris to begin work in Brazil. 
The latest Marine Traffic data suggests West Auriga has arrived in Brazil while West Polaris is setting sail for Brazil now.
The offshore drill ship owners have been wrestling with timing of new contracts after a series of delays in contract activity. 


Founded BWS Financial in 2000. Has been generating long/short investment ideas focused on catalyst driven value stocks since 2003.

Hamed Khorsand
Founder
• BWS Financial Inc

SYM: The Optics from 2022 News in 2024

SYM announced expansion into Mexico with Walmex. The news of the distribution centers was first announced in 2022. We contend that using SYM is not...

BWS Financial Inc

TRS: Bent Aero

TRS's aerospace segment could experience a slowdown due to operating issues at Boeing (BA) and Airbus (EADSY). We are adjusting our fourth quarter...

BWS Financial Inc

SOC: Pipe to Nowhere, Initiating W/Sell

SOC will be unable to restart the Santa Ynez Unit SOC acquired from XOM. SOC is likely to spend much of the cash it has raised and end up giving...

BWS Financial Inc

EB: A Brite Preview

The simplified fee structure and higher website traffic should have positive implications for 2025. Higher count of event creators due to the lower...

BWS Financial Inc

SDRL: A Brazilian Voyage

We are updating our earnings numbers after the latest Marine Traffic report put West Auriga in Brazil while West Polaris is setting sail for Brazil...

BWS Financial Inc