Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

Diamond Estates Wines & Spirit / Equity Bottom-Up

<ul><li>What you need to know: • DWS issued shares at a premium to market as part of the earnouts from its acquisition of Perigon Beverage Group.</li><li> • This provides a new floor for the stock ($0.196/share and $0.21/share), and tells us that Perigon is performing well on gross margins.</li><li>• There has also been some insider buying on the stock from CFO Basman Alias and Director Ronald MacEachern.</li></ul>

What you need to know: • DWS issued shares at a premium to market as part of the earnouts from its acquisition of Perigon Beverage Group. • This provides a new floor for the stock ($0.196/share and $0.21/share), and tells us that Perigon is performing well on gross margins.• There has also been some insider buying on the stock from CFO Basman Alias and Director Ronald MacEachern.

DWS: Insider Buying & New Floor for Stock Price

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Andersen Group launches a $14–$16 IPO, offering 11 million shares with an estimated $1.55–$1.75 billion valuation.</li>
<li>IPO proceeds primarily fund AT Umbrella LLC and support technology, infrastructure, and potential strategic acquisitions.</li>
<li>Strong long-term growth and a controlled company structure shape the offering amid uncertain late-year IPO market conditions.</li>
</ul>


Andersen Group launches a $14–$16 IPO, offering 11 million shares with an estimated $1.55–$1.75 billion valuation.
IPO proceeds primarily fund AT Umbrella LLC and support technology, infrastructure, and potential strategic acquisitions.
Strong long-term growth and a controlled company structure shape the offering amid uncertain late-year IPO market conditions.


Andersen Group Inc. (ANDG):Tax & Financial Solutions Provider Sets Terms for End of Year IPO

<ul><li>What you need to know: • Full Circle has developed FCL-X, a proprietary fire-extinguishing agent for lithium-ion battery (LIB) fires.</li><li>The product has shown strong performance in independent testing and is now being commercialized.</li><li>• FCLI is building out various sales channels, including fire departments, OEMs, and energy storage systems, and we expect it to start hitting its stride in FY26, offering rapid sales growth.</li></ul>

What you need to know: • Full Circle has developed FCL-X, a proprietary fire-extinguishing agent for lithium-ion battery (LIB) fires.The product has shown strong performance in independent testing and is now being commercialized.• FCLI is building out various sales channels, including fire departments, OEMs, and energy storage systems, and we expect it to start hitting its stride in FY26, offering rapid sales growth.

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>CRL is a fast-growing domestic-focused Indian pharma company that focuses on chronic therapies related to Women's healthcare and cardio-diabetics. It has a diversified portfolio of 550+ products across 71 brands</li>
<li>It follows a roll-up growth model, acquiring brands from global MNCs that are complementary to its existing infrastructure. It has successfully scaled 7 brands  from ~1-2cr to 50+ crores</li>
<li>We estimate the company to deliver high teens earnings growth in the medium term and hence find the IPO attractive at ~30x FY27 earnings relative to peers trading at 25-40x</li>
</ul>


CRL is a fast-growing domestic-focused Indian pharma company that focuses on chronic therapies related to Women's healthcare and cardio-diabetics. It has a diversified portfolio of 550+ products across 71 brands
It follows a roll-up growth model, acquiring brands from global MNCs that are complementary to its existing infrastructure. It has successfully scaled 7 brands  from ~1-2cr to 50+ crores
We estimate the company to deliver high teens earnings growth in the medium term and hence find the IPO attractive at ~30x FY27 earnings relative to peers trading at 25-40x


Corona Remedies IPO Review: Rolling up Growth

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>Global gas prices often diverge sharply as Henry Hub and TTF respond to regional conditions, unlike WTI and Brent, which move together due to seamless global crude market integration.</li>
<li>Recently, Henry Hub surged while TTF declined, highlighting how contrasting storage conditions, weather patterns, and demand fundamentals create major regional price disconnects in global natural gas markets.</li>
<li>Although LNG links regions, slow arbitrage, infrastructure limits, policy differences, and contrasting demand mixes prevent price alignment, leaving Henry Hub and TTF shaped by distinct regional fundamentals.</li>
</ul>


Global gas prices often diverge sharply as Henry Hub and TTF respond to regional conditions, unlike WTI and Brent, which move together due to seamless global crude market integration.
Recently, Henry Hub surged while TTF declined, highlighting how contrasting storage conditions, weather patterns, and demand fundamentals create major regional price disconnects in global natural gas markets.
Although LNG links regions, slow arbitrage, infrastructure limits, policy differences, and contrasting demand mixes prevent price alignment, leaving Henry Hub and TTF shaped by distinct regional fundamentals.


Why Global Gas Prices Keep Breaking Apart Despite an LNG-Connected World

DWS: Insider Buying & New Floor for Stock Price

What you need to know: • DWS issued shares at a premium to market as part of the earnouts from its acquisition of Perigon Beverage Group. • This...

Atrium Research

Andersen Group Inc. (ANDG):Tax & Financial Solutions Provider Sets Terms for End of Year IPO

Andersen Group launches $14-$16 IPO for 11 million shares, aiming to fund AT Umbrella LLC and future growth amidst challenging IPO market conditions.

IPO Boutique

FCLI: Rapid Sales Ramp Ahead

What you need to know: • Full Circle has developed FCL-X, a proprietary fire-extinguishing agent for lithium-ion battery (LIB) fires. The product...

Atrium Research

Corona Remedies IPO Review: Rolling up Growth

CRL focuses on chronic therapies for Women's healthcare and cardio-diabetics, with a diverse portfolio of 550+ products. It follows a roll-up...

Himanshu Dugar

Why Global Gas Prices Keep Breaking Apart Despite an LNG-Connected World

Global gas prices diverge due to regional conditions, with Henry Hub and TTF responding differently. Despite LNG links, factors like storage,...

Mint Finance

DWS: Insider Buying & New Floor for Stock Price

What you need to know: • DWS issued shares at a premium to market as part of the earnouts from its acquisition of Perigon Beverage Group. • This...

Atrium Research

Andersen Group Inc. (ANDG):Tax & Financial Solutions Provider Sets Terms for End of Year IPO

​Andersen Group launches $14-$16 IPO for 11 million shares, aiming to fund AT Umbrella LLC and future growth amidst challenging IPO market conditions.

IPO Boutique

FCLI: Rapid Sales Ramp Ahead

What you need to know: • Full Circle has developed FCL-X, a proprietary fire-extinguishing agent for lithium-ion battery (LIB) fires. The product...

Atrium Research

Corona Remedies IPO Review: Rolling up Growth

CRL focuses on chronic therapies for Women's healthcare and cardio-diabetics, with a diverse portfolio of 550+ products. It follows a roll-up...

Himanshu Dugar

Why Global Gas Prices Keep Breaking Apart Despite an LNG-Connected World

​Global gas prices diverge due to regional conditions, with Henry Hub and TTF responding differently. Despite LNG links, factors like storage,...

Mint Finance

Andersen Group launches $14-$16 IPO for 11 million shares, aiming to fund AT Umbrella LLC and future growth amidst challenging IPO market conditions.

Global gas prices diverge due to regional conditions, with Henry Hub and TTF responding differently. Despite LNG links, factors like storage,...