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

SHEN: Overvalued for Near-Term Headwinds, Sell

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Equity Bottom-Up

Shenandoah Telecommunications Company / Equity Bottom-Up

Shenandoah Telecommunications Company (SHEN US)

<ul>
<li>SHEN reported an unexpected loss for the first quarter due to new system upgrades and the cost structure could remain elevated for the next 20 months</li>
<li>SHEN’s revenue is pacing ahead of expectations on higher Glo Fiber subscription numbers. SHEN’s business plan requires additional capital expenditure spending to expand the fiber network for Glo Fiber</li>
<li>The higher expenses in the quarter reflect SHEN implementing upgrades to multiple systems companywide. The new software would save $2 million annually after the 20-month phase-in process is concluded</li>
</ul>


SHEN reported an unexpected loss for the first quarter due to new system upgrades and the cost structure could remain elevated for the next 20 months
SHEN’s revenue is pacing ahead of expectations on higher Glo Fiber subscription numbers. SHEN’s business plan requires additional capital expenditure spending to expand the fiber network for Glo Fiber
The higher expenses in the quarter reflect SHEN implementing upgrades to multiple systems companywide. The new software would save $2 million annually after the 20-month phase-in process is concluded


Shenandoah Telecommunications Company

SHEN: Rising Costs, Declining Cash