Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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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>ACCO reported third quarter results without the expected back to school benefit. Instead, ACCO focused on profitable sales helping to lift gross margin and report higher earnings results</li>
<li>Retailers continue to tightly manage their inventory levels and the trend is expected to remain in the fourth quarter. </li>
<li>ACCO remains a free cash flow investment story. We are not expecting growth in 2024 putting greater pressure on how much free cash flow ACCO can generate </li>
</ul>


ACCO reported third quarter results without the expected back to school benefit. Instead, ACCO focused on profitable sales helping to lift gross margin and report higher earnings results
Retailers continue to tightly manage their inventory levels and the trend is expected to remain in the fourth quarter. 
ACCO remains a free cash flow investment story. We are not expecting growth in 2024 putting greater pressure on how much free cash flow ACCO can generate 


<ul>
<li>ACCO reported second quarter results with a greater pull-in of back-to-school related sales, but management took a cautious stance on outlook for the rest of the year</li>
<li>The second quarter is seasonally one of the stronger periods of the year due to the timing of retailers taking inventory for the back-to-school season</li>
<li>Without a stable back to school shopping season ACCO would be dependent on the holiday season in fourth quarter to achieve its free cash flow guidance for the year</li>
</ul>


ACCO reported second quarter results with a greater pull-in of back-to-school related sales, but management took a cautious stance on outlook for the rest of the year
The second quarter is seasonally one of the stronger periods of the year due to the timing of retailers taking inventory for the back-to-school season
Without a stable back to school shopping season ACCO would be dependent on the holiday season in fourth quarter to achieve its free cash flow guidance for the year


<ul>
<li>ACCO reported first quarter results reaffirming the outlook provided three months ago where the business should begin to see gradual increase in orders from retailers later this year</li>
<li>Retailers have reverted to their prior ordering patterns where much of the inventory carried is for the back-to-school shopping season</li>
<li>ACCO reporting quarterly sales above $400 million did little to squash the concern related to sales declining in the first half of the year</li>
</ul>


ACCO reported first quarter results reaffirming the outlook provided three months ago where the business should begin to see gradual increase in orders from retailers later this year
Retailers have reverted to their prior ordering patterns where much of the inventory carried is for the back-to-school shopping season
ACCO reporting quarterly sales above $400 million did little to squash the concern related to sales declining in the first half of the year


Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

<ul>
<li>ACCO Brands Corporation's stock is relatively undervalued and presents a lucrative dividend yield worth more than 6%.</li>
<li>The company's recent woes were a consequence of elevated raw material costs.</li>
<li>However, key metrics imply that ACCO's cost base is set to improve.</li>
</ul>


ACCO Brands Corporation's stock is relatively undervalued and presents a lucrative dividend yield worth more than 6%.
The company's recent woes were a consequence of elevated raw material costs.
However, key metrics imply that ACCO's cost base is set to improve.


<ul>
<li>ACCO affirmed our industry concerns when it reported fourth quarter results that were lower than consensus estimates and resulted in free cash flow falling shy of the Company's forecasts.</li>
<li>ACCO has a business that can generate significant amount of free cash flow the second half of each year depending on how much volume it can sell</li>
<li>ACCO is undertaking a restructuring effort to improve efficiencies to generate greater free cash flow from a tougher retail environment.</li>
</ul>


ACCO affirmed our industry concerns when it reported fourth quarter results that were lower than consensus estimates and resulted in free cash flow falling shy of the Company's forecasts.
ACCO has a business that can generate significant amount of free cash flow the second half of each year depending on how much volume it can sell
ACCO is undertaking a restructuring effort to improve efficiencies to generate greater free cash flow from a tougher retail environment.


United States

Acco Brands Corporation manufactures office products. The Company produces staplers, daily scheduling diaries, shredders, laminating equipment, and presentation boards.

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ACCO Brands (ACCO US)

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