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

Shenandoah Telecommunications Company / Equity Bottom-Up

Shenandoah Telecommunications Company (SHEN US)

<ul>
<li>SHEN grew the number of Glo Fiber subscribers by approximately 6 thousand in Q3. Glo Fiber subscribers have routinely opted for faster speed tiers resulting in ARPU rising.   </li>
<li>The growth SHEN should continue to experience within Glo Fiber remains the underlying reason why we moved back to a Buy Rating. </li>
<li>An optimized operation in the second half of 2025 along with continued Glo Fiber subscriber additions should lead to adjusted EBITDA being higher than the current run rate.</li>
</ul>


SHEN grew the number of Glo Fiber subscribers by approximately 6 thousand in Q3. Glo Fiber subscribers have routinely opted for faster speed tiers resulting in ARPU rising.   
The growth SHEN should continue to experience within Glo Fiber remains the underlying reason why we moved back to a Buy Rating. 
An optimized operation in the second half of 2025 along with continued Glo Fiber subscriber additions should lead to adjusted EBITDA being higher than the current run rate.


Shenandoah Telecommunications Company

SHEN: Fiber of Growth