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 reported fiscal fourth quarter results that at first glance were better than expected, but really included several accounting events that seem to hide how SYM had a poor quarter.</li>
<li>Along with the quarterly results, SYM disclosed a restatement of prior quarterly results where $39.1 million of high-margin revenue was transferred to the fourth quarter. </li>
<li>When we initiated coverage of SYM we were worried about the timing of revenue associated with Walmart (WMT) and not anticipating an accounting mess.</li>
</ul>


SYM reported fiscal fourth quarter results that at first glance were better than expected, but really included several accounting events that seem to hide how SYM had a poor quarter.
Along with the quarterly results, SYM disclosed a restatement of prior quarterly results where $39.1 million of high-margin revenue was transferred to the fourth quarter. 
When we initiated coverage of SYM we were worried about the timing of revenue associated with Walmart (WMT) and not anticipating an accounting mess.


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>SOC reported third quarter results were the Company’s operations used cash of approximately $31.6 million and are now stuck in disagreement with the California Coastal Commission since September.   </li>
<li>SOC’s latest update with the Coastal Commission implies this could be a protracted process as SOC is now disclosing it would close the open excavations until there is an agreement</li>
<li>We believe SOC is not likely to achieve meaningful success in getting the work done in a timely manner. </li>
</ul>


SOC reported third quarter results were the Company’s operations used cash of approximately $31.6 million and are now stuck in disagreement with the California Coastal Commission since September.   
SOC’s latest update with the Coastal Commission implies this could be a protracted process as SOC is now disclosing it would close the open excavations until there is an agreement
We believe SOC is not likely to achieve meaningful success in getting the work done in a timely manner. 


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 reaffirmed contract activity remained sluggish even though the Company is 70 percent contracted through the end of 2025. Day rates have not compressed. </li>
<li>SDRL has managed through 2024 with less of its fleet operating than desired due to special surveys and mobilization of two rigs to Brazil.</li>
<li>For 2025, SDRL should have two rigs (West Auriga and West Polaris) operating in Brazil giving the Company the ability to grow adjusted EBITDA. </li>
</ul>


SDRL reaffirmed contract activity remained sluggish even though the Company is 70 percent contracted through the end of 2025. Day rates have not compressed. 
SDRL has managed through 2024 with less of its fleet operating than desired due to special surveys and mobilization of two rigs to Brazil.
For 2025, SDRL should have two rigs (West Auriga and West Polaris) operating in Brazil giving the Company the ability to grow adjusted EBITDA. 


NET Lease Office Properties / Equity Bottom-Up

NET Lease Office Properties operates as a real estate investment trust. The Company owns and manages office properties and certain other assets. NET Lease Office Properties serves customers in the United States.

<ul>
<li>NLOP reported two small property sales since the $71.5 million raised from the sale of the Scottsdale, Arizona building in August 2024. </li>
<li>The asset sales have contributed to NLOP reducing its debt burden from mortgage and mezzanine loans that carry interest rates of 9.8 percent and 14.5 percent, respectively.   </li>
<li>Cash flow from operations resulted in further reduction of debt in the third quarter.  </li>
</ul>


NLOP reported two small property sales since the $71.5 million raised from the sale of the Scottsdale, Arizona building in August 2024. 
The asset sales have contributed to NLOP reducing its debt burden from mortgage and mezzanine loans that carry interest rates of 9.8 percent and 14.5 percent, respectively.   
Cash flow from operations resulted in further reduction of debt in the third quarter.  


NLOP: Debt Reduction Supports Price Target

Shenandoah Telecommunications Company / Equity Bottom-Up

Shenandoah Telecommunications Company provides telecommunications services through its subsidiaries.  The Company offers integrated, full service telecommunications products and services in the Northern Shenandoah Valley and surrounding areas.  Shenandoah Telecommunications also holds paging and other radio telecommunications licenses.

Shenandoah Telecommunications Company (SHEN US)

<ul>
<li>SHEN grew the number of Glo Fiber subscribers by approximately 6 thousand in Q3. Glo Fiber subscribers have routinely opted for faster speed tiers resulting in ARPU rising.   </li>
<li>The growth SHEN should continue to experience within Glo Fiber remains the underlying reason why we moved back to a Buy Rating. </li>
<li>An optimized operation in the second half of 2025 along with continued Glo Fiber subscriber additions should lead to adjusted EBITDA being higher than the current run rate.</li>
</ul>


SHEN grew the number of Glo Fiber subscribers by approximately 6 thousand in Q3. Glo Fiber subscribers have routinely opted for faster speed tiers resulting in ARPU rising.   
The growth SHEN should continue to experience within Glo Fiber remains the underlying reason why we moved back to a Buy Rating. 
An optimized operation in the second half of 2025 along with continued Glo Fiber subscriber additions should lead to adjusted EBITDA being higher than the current run rate.
