Founder, BWS Financial Inc

Hamed Khorsand

Founder

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Equity Bottom-Up

Shenandoah Telecommunications Company / Equity Bottom-Up

<ul>
<li>SHEN added a record number of Glo Fiber subscribers in the first quarter as growing number of markets served begins to run through the subscriber and revenue figures</li>
<li>SHEN’s ability to add over 5,000 Glo Fiber customers in Q1 sets our expectations for approximately 5,500 in Q3 when net adds are seasonally the highest of the year</li>
<li>Our timing to flip to a Buy after four years of negative bias has been anything but perfect. Our focus is on SHEN’s growth rate as Glo Fiber customers rise.</li>
</ul>


SHEN added a record number of Glo Fiber subscribers in the first quarter as growing number of markets served begins to run through the subscriber and revenue figures
SHEN’s ability to add over 5,000 Glo Fiber customers in Q1 sets our expectations for approximately 5,500 in Q3 when net adds are seasonally the highest of the year
Our timing to flip to a Buy after four years of negative bias has been anything but perfect. Our focus is on SHEN’s growth rate as Glo Fiber customers rise.


<ul>
<li>SHEN announced the sale of its tower assets for a price that would equivalently pay for the purchase of Horizon Telecom, effectively creating an asset trade that creates considerably value.</li>
<li>SHEN has unlocked value by selling assets that are expected to experience a decline in revenue after this year for assets that should realize revenue and adjusted EBITDA growth</li>
<li>The growth SHEN is purchasing without the need of cash financing should have a positive impact on SHEN’s valuation.</li>
</ul>


SHEN announced the sale of its tower assets for a price that would equivalently pay for the purchase of Horizon Telecom, effectively creating an asset trade that creates considerably value.
SHEN has unlocked value by selling assets that are expected to experience a decline in revenue after this year for assets that should realize revenue and adjusted EBITDA growth
The growth SHEN is purchasing without the need of cash financing should have a positive impact on SHEN’s valuation.


<ul>
<li>SHEN continued to add Glo Fiber subscribers in the fourth quarter as the Company expanded the service’s network footprint. Glo Fiber now passes approximately 237 thousand homes</li>
<li>The network expansion is expected to continue in 2024 with SHEN remaining on target to 600 thousand passings in the next two years</li>
<li>SHEN ended 2023 with $299.9 million in debt and is likely to incur additional debt for the current capital expenditure plan</li>
</ul>


SHEN continued to add Glo Fiber subscribers in the fourth quarter as the Company expanded the service’s network footprint. Glo Fiber now passes approximately 237 thousand homes
The network expansion is expected to continue in 2024 with SHEN remaining on target to 600 thousand passings in the next two years
SHEN ended 2023 with $299.9 million in debt and is likely to incur additional debt for the current capital expenditure plan


<ul>
<li>SHEN is expanding its network footprint with the acquisition of Horizon Telecom for $385 million in cash and stock.</li>
<li>SHEN is purchasing Horizon for the network footprint and the sales ability to capture commercial customers compared to the majority of SHEN’s customers being residential</li>
<li>The valuation becomes financially reasonable to understand when considering SHEN is paying approximately $51 thousand per fiber miles</li>
</ul>


SHEN is expanding its network footprint with the acquisition of Horizon Telecom for $385 million in cash and stock.
SHEN is purchasing Horizon for the network footprint and the sales ability to capture commercial customers compared to the majority of SHEN’s customers being residential
The valuation becomes financially reasonable to understand when considering SHEN is paying approximately $51 thousand per fiber miles


<ul>
<li>SHEN Continued to add subscribers to the Glo Fiber service. The rate of subscriber growth has steadily increased with the expansion in the number of homes passed</li>
<li>We are upgrading our rating to Neutral in reflection of the progress SHEN has made </li>
<li>SHEN is planning to reach approximately 500 thousand homes passed by 2026 from approximately 183 thousand currently</li>
</ul>


SHEN Continued to add subscribers to the Glo Fiber service. The rate of subscriber growth has steadily increased with the expansion in the number of homes passed
We are upgrading our rating to Neutral in reflection of the progress SHEN has made 
SHEN is planning to reach approximately 500 thousand homes passed by 2026 from approximately 183 thousand currently


SHEN: Calling to Sidelines, Neutral Rating

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Shenandoah Telecommunications Company (SHEN US)

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Shenandoah Telecommunications Company (SHEN US)

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SHEN continues to grow the number of Glo Fiber subscribers. While this was expected we were valuing SHEN on the basis of an increase in debt...

BWS Financial Inc

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