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

ATNI: Sustaining Growth for Free Cash Flow

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Equity Bottom-Up

<ul type="disc"><li>The third quarter marks the first time ATN International (ATNI) would be reporting quarterly results that include the purchase of Alaska Communications (“Alaska”). When ATNI reported second quarter results, the Company included guidance on what Alaska could contribute for the rest of the year. However, ATNI’s stock has continued to discount the contribution with the shares trading relatively flat since the beginning of the year.</li></ul> <ul type="disc"><li>Until the purchase of Alaska, ATNI’s revenue growth was dependent on its FirstNet contract that included no-margin construction revenue. Free cash flow has been minimal given the capital outlay required for the different projects ATNI has undertaken this year.</li></ul> <ul type="disc"><li>ATNI should begin to generate a return on its Alaska purchase immediately while it invests in revenue synergies for next year.</li></ul> <ul type="disc"><li>ATNI’s stock is trading near book value even though the business should begin to show an increase in free cash flow in the second half of 2021.</li></ul>

The third quarter marks the first time ATN International (ATNI) would be reporting quarterly results that include the purchase of Alaska Communications (“Alaska”). When ATNI reported second quarter results, the Company included guidance on what Alaska could contribute for the rest of the year. However, ATNI’s stock has continued to discount the contribution with the shares trading relatively flat since the beginning of the year. Until the purchase of Alaska, ATNI’s revenue growth was dependent on its FirstNet contract that included no-margin construction revenue. Free cash flow has been minimal given the capital outlay required for the different projects ATNI has undertaken this year. ATNI should begin to generate a return on its Alaska purchase immediately while it invests in revenue synergies for next year. ATNI’s stock is trading near book value even though the business should begin to show an increase in free cash flow in the second half of 2021.

ATN International

ATNI: A Catalyst of an Operator