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.

Independent Stock Specific Research

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Equity Bottom-Up

<ul type="disc"><li>
Acco Brands (ACCO) reported third quarter results benefiting from stronger back to school sell through and offices reopening leading to commercial product sales. The return to in-person learning/working helped drive sales in the quarter, but with some softness as a result of supply chain constraints in being able to get product to market.</li></ul> <ul type="disc"><li>ACCO reported sales of $526.7 million and net income of $20.2 million, or $0.21 per share. We had been forecasting sales closer to $540 million on the expectation the return of in-person learning would drive retailers to replenish their inventory levels. While the sell through did occur, retailers were more conservative to carry inventory due to the increase of COVID-19 cases late in the shopping season.</li></ul> <ul type="disc"><li>In the third quarter, Australia and Mexico were mostly under lockdowns or restrictions and Europe was slowly beginning to recovery from COVID-19 delta variant. We would expect sell through in these regions to improve in the fourth quarter. New price increases should result in sales rising in the fourth quarter and more so in the first quarter.</li></ul> <ul type="disc"><li>ACCO returning to higher level of free cash flow after working capital requirements is being discounted in ACCO’s stock valuation.</li></ul>


Acco Brands (ACCO) reported third quarter results benefiting from stronger back to school sell through and offices reopening leading to commercial product sales. The return to in-person learning/working helped drive sales in the quarter, but with some softness as a result of supply chain constraints in being able to get product to market. ACCO reported sales of $526.7 million and net income of $20.2 million, or $0.21 per share. We had been forecasting sales closer to $540 million on the expectation the return of in-person learning would drive retailers to replenish their inventory levels. While the sell through did occur, retailers were more conservative to carry inventory due to the increase of COVID-19 cases late in the shopping season. In the third quarter, Australia and Mexico were mostly under lockdowns or restrictions and Europe was slowly beginning to recovery from COVID-19 delta variant. We would expect sell through in these regions to improve in the fourth quarter. New price increases should result in sales rising in the fourth quarter and more so in the first quarter. ACCO returning to higher level of free cash flow after working capital requirements is being discounted in ACCO’s stock valuation.

ACCO Brands

ACCO: Supplying Rising Free Cash Flow