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

3Q23; Adjusting Model for Earnings and Horizon Acquisition

4Q23: In Line Quarter — Fiber Targets, Horizon Deal Remain on Track

3Q23; Broadband Subs Up, Tower Tail Extended

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Equity Bottom-Up

Shenandoah Telecommunications Company / Equity Bottom-Up

Shenandoah Telecommunications Company (SHEN US)

<ul>
<li>SHEN continued to add Glo Fiber subscribers in the fourth quarter as the Company expanded the service’s network footprint. Glo Fiber now passes approximately 237 thousand homes</li>
<li>The network expansion is expected to continue in 2024 with SHEN remaining on target to 600 thousand passings in the next two years</li>
<li>SHEN ended 2023 with $299.9 million in debt and is likely to incur additional debt for the current capital expenditure plan</li>
</ul>


SHEN continued to add Glo Fiber subscribers in the fourth quarter as the Company expanded the service’s network footprint. Glo Fiber now passes approximately 237 thousand homes
The network expansion is expected to continue in 2024 with SHEN remaining on target to 600 thousand passings in the next two years
SHEN ended 2023 with $299.9 million in debt and is likely to incur additional debt for the current capital expenditure plan


Shenandoah Telecommunications Company

SHEN: The Wait for Free Cash Flow