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

<ul><li>What you need to know: • ADF secured a five-year Québec energy contract for $35M-$40M annually, with a five-year extension option, totalling nearly $400M.</li><li> • The deal diversifies revenue outside the U.S. and adds long-term, recurring income, reducing exposure to market cyclicality.</li><li> • Q2 financials will be released in September, we are expecting revenue of $58.2M, 22% gross margin, and EBITDA of $10.0M.</li></ul>

What you need to know: • ADF secured a five-year Québec energy contract for $35M-$40M annually, with a five-year extension option, totalling nearly $400M. • The deal diversifies revenue outside the U.S. and adds long-term, recurring income, reducing exposure to market cyclicality. • Q2 financials will be released in September, we are expecting revenue of $58.2M, 22% gross margin, and EBITDA of $10.0M.

DRX: Signs Five-Year Contract for $35-40M Annually

Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

<ul><li>We are reiterating our Buy rating, $23 price target and projections for Guess?</li><li>after visiting stores in the Metropolitan New York City region and Long Island.</li><li>With hotter temperatures incoming, Guess?</li></ul>

We are reiterating our Buy rating, $23 price target and projections for Guess?after visiting stores in the Metropolitan New York City region and Long Island.With hotter temperatures incoming, Guess?

GES: Snapping the Store: Hot Summer Trends at Guess?; Reiterate Buy, $23 PT

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

Venture Global LNG / Equity Capital Markets

<ul>
<li>Venture Global, Inc.’s IPO was one of the largest capital raises of the year, pulling in $1.75 billion through the sale of 70 million shares at $25.00 per share.</li>
<li>In the months following the IPO, the performance worsened. By April, Venture Global shares had plunged to a low of $6.75, marking a staggering 73% decline from its IPO price.</li>
<li>Regaining credibility will require not only strong quarterly results but also a sustained effort to rebuild institutional confidence.</li>
</ul>


Venture Global, Inc.’s IPO was one of the largest capital raises of the year, pulling in $1.75 billion through the sale of 70 million shares at $25.00 per share.
In the months following the IPO, the performance worsened. By April, Venture Global shares had plunged to a low of $6.75, marking a staggering 73% decline from its IPO price.
Regaining credibility will require not only strong quarterly results but also a sustained effort to rebuild institutional confidence.


Venture Global (VG) Six Month Summary: Failed IPO Shows How Fast Wall Street Love Can Fade

External broker reports(aggregated public sources), CardinalStone

CardinalStone

External broker reports(aggregated public sources)

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing. Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

<ul><li>Lafarge Africa Plc (NGX: WAPCO, TP - UR) reported an earnings growth of 352.1% YoY, which was largely supported by robust topline growth and notable easing in cost pressures, particularly in Q2'25.</li><li>Revenue grew by 74.9% YoY to N517.0 billion, reflecting the combined impact of sustained price growth and decent volume turnout.</li><li>For context, average revenue per tonne increased by 45.4% YoY to N162,265 for H1'25, while volumes increased by 20.3% YoY to 3.19Mt. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lafarge Africa Plc (NGX: WAPCO, TP - UR) reported an earnings growth of 352.1% YoY, which was largely supported by robust topline growth and notable easing in cost pressures, particularly in Q2'25.Revenue grew by 74.9% YoY to N517.0 billion, reflecting the combined impact of sustained price growth and decent volume turnout.For context, average revenue per tonne increased by 45.4% YoY to N162,265 for H1'25, while volumes increased by 20.3% YoY to 3.19Mt. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lafarge Africa Plc - H1’25 - Earnings Expansion on Moderating Cost Pressures

External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li>We raise our target price (TP) for HVN to VND37,100/share and upgrade our rating to OUTPERFORM from MARKET PERFORM.</li><li>Our higher TP reflects (1) our 28x/10x higher 2025F/2026F NPAT-MI forecasts, following an earlier-than-expected earnings turnaround in 2024 (vs our previous expectation of 2025) and stronger-than-expected Q1 2025 results, supported by stronger-than-expected demand and lower-than-expected oil prices, and (2) the effect of rolling our TP horizon to mid-2026.</li><li>We forecast 2025F NPAT-MI to grow 24.6% YoY</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We raise our target price (TP) for HVN to VND37,100/share and upgrade our rating to OUTPERFORM from MARKET PERFORM.Our higher TP reflects (1) our 28x/10x higher 2025F/2026F NPAT-MI forecasts, following an earlier-than-expected earnings turnaround in 2024 (vs our previous expectation of 2025) and stronger-than-expected Q1 2025 results, supported by stronger-than-expected demand and lower-than-expected oil prices, and (2) the effect of rolling our TP horizon to mid-2026.We forecast 2025F NPAT-MI to grow 24.6% YoYContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HVN - Strong 2025F Earnings on High Pax Yields, Low Fuel Prices

Delta Electronics (Thailand) - Strongest Outlook but the Most Expensive Valuation

We acknowledge that DELTA should experience outstanding growth and is likely to have the most stable outlook in the sector, as it is the only...

Krungthai XSpring

Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi & WFE Sales All Looking Good

Global semi sales were up 20% YoY in May while SEMI now expects YoY growth in WFE spending of 7.5% in 2025 and a further 10% in 2026

William Keating

ASML: An Insight Into Its Recent Technological Advancements In EUV & High NA Lithography!

ASML Holding recently reported its financial results for the second quarter of 2025, demonstrating strong performance amidst a backdrop of...

Baptista Research

GCL Tech (3800): Why Wait?

Chinese government policy to consolidate the solar industry benefits company suffering from overcapacity, making it a bargain at 0.6x PBR and HKD...

Henry Soediarko

Hybridan Small Cap Feast: 14/07/2025

Beeks continued to achieve a positive free cash flow position over the year with unaudited net cash of £6.96m at the period end (30 June 2024 net...

Hybridan