Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>ATNI has grown the number of subscribers within its portfolio businesses resulting in revenue rising faster than expected</li>
<li>ATNI’s steady progress with its network expansion is expected to help cash flow from operations in future quarters</li>
<li>Each of the operating businesses are growing revenue and at a state where management believes there would be positive free cash flow if it was not for investing for growth</li>
</ul>


ATNI has grown the number of subscribers within its portfolio businesses resulting in revenue rising faster than expected
ATNI’s steady progress with its network expansion is expected to help cash flow from operations in future quarters
Each of the operating businesses are growing revenue and at a state where management believes there would be positive free cash flow if it was not for investing for growth


<ul>
<li>ATNI reported progress in growing its network size and subscriber base in the second quarter. ATNI reported a sequential increase in the number of high-speed data and mobile subscribers</li>
<li>ATNI’s steady progress with its network expansion is expected to help cash flow from operations in future quarters. </li>
<li>The addition of Sacred Wind is supposed to give ATNI a broader reach in New Mexico. Sacred Wind should end up being complimentary to ATNI</li>
</ul>


ATNI reported progress in growing its network size and subscriber base in the second quarter. ATNI reported a sequential increase in the number of high-speed data and mobile subscribers
ATNI’s steady progress with its network expansion is expected to help cash flow from operations in future quarters. 
The addition of Sacred Wind is supposed to give ATNI a broader reach in New Mexico. Sacred Wind should end up being complimentary to ATNI


<ul>
<li>ATNI reported first quarter results where a seasonal decline in managed services (low margin equipment) had an impact on revenue, but adjusted EBITDA remained on track with our estimates</li>
<li>ATNI is investing in its fiber network to grow the number of subscribers. ATNI’s Alaskan business should continue to maintain an uptrend in the number of subscribers throughout the year</li>
<li>ATNI is reiterating full year adjusted EBITDA of $165 million to $170 million. We have increased our forecast to $167 million from $166 million</li>
</ul>


ATNI reported first quarter results where a seasonal decline in managed services (low margin equipment) had an impact on revenue, but adjusted EBITDA remained on track with our estimates
ATNI is investing in its fiber network to grow the number of subscribers. ATNI’s Alaskan business should continue to maintain an uptrend in the number of subscribers throughout the year
ATNI is reiterating full year adjusted EBITDA of $165 million to $170 million. We have increased our forecast to $167 million from $166 million


ATNI: Sustaining Growth for Free Cash Flow

<ul>
<li>The cash flow approach ATNI takes with the ownership of its telecom assets has led to a wide disparity between ATNI’s stock valuation and the value of ATNI’s businesses</li>
<li>ATNI has always operated each of its business units separately and the current market environment is leading to investors inadequately pricing ATNI's stock</li>
<li>The return of the business generating free cash flow should solidify the deep value the shares are currently receiving.</li>
</ul>


The cash flow approach ATNI takes with the ownership of its telecom assets has led to a wide disparity between ATNI’s stock valuation and the value of ATNI’s businesses
ATNI has always operated each of its business units separately and the current market environment is leading to investors inadequately pricing ATNI's stock
The return of the business generating free cash flow should solidify the deep value the shares are currently receiving.


<ul type="disc"><li>
ATN International (ATNI) reported third quarter results including slightly more than two months contribution from newly acquired Alaska Communications (“ALSK”). The quarter was a net loss for ATNI due to transaction related expenses, but adjusted EBITDA surpassed third quarter 2019 levels.</li></ul> <ul type="disc"><li>ATNI has gone through a major overhaul of the business with focus on the US telecom market through its purchase of ALSK and continued investment in its rural fiber and wireless business.</li></ul> <ul type="disc"><li>ALSK generated $46.8 million in revenue and adjusted EBTIDA of $10.6 million. This would imply the business could generate revenue of $60.2 million and adjusted EBITDA of $17.4 million in the fourth quarter.</li></ul> <ul type="disc"><li>ATNI’s stock continues to trade at a discount to the growth of its operating businesses. The addition of ALSK should provide revenue growth and bolster ATNI’s adjusted EBITDA and free cash flow figures.</li></ul>


ATN International (ATNI) reported third quarter results including slightly more than two months contribution from newly acquired Alaska Communications (“ALSK”). The quarter was a net loss for ATNI due to transaction related expenses, but adjusted EBITDA surpassed third quarter 2019 levels. ATNI has gone through a major overhaul of the business with focus on the US telecom market through its purchase of ALSK and continued investment in its rural fiber and wireless business. ALSK generated $46.8 million in revenue and adjusted EBTIDA of $10.6 million. This would imply the business could generate revenue of $60.2 million and adjusted EBITDA of $17.4 million in the fourth quarter. ATNI’s stock continues to trade at a discount to the growth of its operating businesses. The addition of ALSK should provide revenue growth and bolster ATNI’s adjusted EBITDA and free cash flow figures.

United States

ATN International, Inc. provides telecommunications services to rural, niche, and other under-served markets and geographies.  The Company, through subsidiaries, provides both wireless and wireline connectivity to residential and business customers. ATN International also provides a range of mobile wireless solutions, local exchange services and broadband internet services.

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ATN International (ATNI US)

ATNI: The Treat from Growth

ATNI has been adding mobile and broadband customers at an accelerated rate, especially within its Alaska Communications business

BWS Financial Inc

ATNI: Network Expansion

ATNI's network expansion plans are resulting in a greater number of subscribers, which should help ATNI achieve positive free cash flow status next...

BWS Financial Inc

ATNI: Sustaining Growth for Free Cash Flow

The winter weather played a role in ATNI not growing revenue in Alaska. Growth should return with improved weather. ATNI is reiterating its...

BWS Financial Inc

ATNI: Trading Below Book Value

ATNI is trading below book value. We believe the year of investment associated to 2021 should translate into a year of free cash flow in 2022,...

BWS Financial Inc

ATNI: Free Cash Flow Story

The inclusion of Alaska Communications resulted in ATNI's revenue and adjusted EBITDA rising. To our dismay, the larger numbers did not garner the...

BWS Financial Inc

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