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.

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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>
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.

ATN International

ATNI: Free Cash Flow Story