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: Calling to Sidelines, Neutral Rating

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 better than expected fourth quarter revenue as more customers subscribe to faster broadband speeds</li>
<li>Our focus is on the seasonally low number of customer additions in the quarter even though SHEN was building out its optical fiber network.</li>
<li>Our negative bias has been built on SHEN's capital expenditure plans requiring the Company to build debt and the timing of when SHEN would reach free cash flow positive</li>
</ul>


SHEN reported better than expected fourth quarter revenue as more customers subscribe to faster broadband speeds
Our focus is on the seasonally low number of customer additions in the quarter even though SHEN was building out its optical fiber network.
Our negative bias has been built on SHEN's capital expenditure plans requiring the Company to build debt and the timing of when SHEN would reach free cash flow positive


Shenandoah Telecommunications Company

SHEN: Slower Adds from a Larger Network