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 announced $157.3M in new contracts across Quebec and the western US, including a four-year hydroelectric master contract at Groupe LAR’s Metabetchouan facility.</li>
<li>Other contracts include transportation infrastructure and commercial building projects in the western US, utilizing Great Falls and Terrebonne.</li>
<li>On a pro-forma basis, today’s contracts lift ADF’s order backlog to $718.4M, from $561.1M reported at the end of January.</li>
</ul>


What you need to know: • ADF announced $157.3M in new contracts across Quebec and the western US, including a four-year hydroelectric master contract at Groupe LAR’s Metabetchouan facility.
Other contracts include transportation infrastructure and commercial building projects in the western US, utilizing Great Falls and Terrebonne.
On a pro-forma basis, today’s contracts lift ADF’s order backlog to $718.4M, from $561.1M reported at the end of January.


DRX: Executing on Growth; $157.3M in New Contracts

<ul>
<li>ADF announced $140M in new contracts across Quebec, Ontario, and the U.S. West Coast, diversified amongst various industries including public transportation, commercial, industrial, manufacturing, and hydroelectricity.</li>
<li>Fabrication is expected to begin in June 2026 and extend through 2027.</li>
<li>Today’s announcement builds further credibility and trust with management as they stated new contracts would be coming during their Q3 conference call.</li>
</ul>


ADF announced $140M in new contracts across Quebec, Ontario, and the U.S. West Coast, diversified amongst various industries including public transportation, commercial, industrial, manufacturing, and hydroelectricity.
Fabrication is expected to begin in June 2026 and extend through 2027.
Today’s announcement builds further credibility and trust with management as they stated new contracts would be coming during their Q3 conference call.


DRX: Increasing Target Price on $140M in New Contracts

<ul>
<li>ADF reported Q3 financials that beat our expectations, driven by stronger project execution, margin recovery, and early contributions from LAR.</li>
<li>Revenue came in at $71.4M vs. our estimate of $68.4M while EBITDA of $18.4M meaningfully outperformed our $10.2M estimate.</li>
<li>Backlog increased to $497.1M (+6% QoQ), supported by a stronger mix of Canadian projects (now 57% of the backlog), while integration progress at LAR is setting up ADF for a strong Q4 and FY27.</li>
</ul>


ADF reported Q3 financials that beat our expectations, driven by stronger project execution, margin recovery, and early contributions from LAR.
Revenue came in at $71.4M vs. our estimate of $68.4M while EBITDA of $18.4M meaningfully outperformed our $10.2M estimate.
Backlog increased to $497.1M (+6% QoQ), supported by a stronger mix of Canadian projects (now 57% of the backlog), while integration progress at LAR is setting up ADF for a strong Q4 and FY27.


DRX: Q3 Financials Beat Expectations; Diversified Away from Tariffs

<ul>
<li>ADF provided an update and hosted a conference call to discuss the acquisition of Groupe LAR.</li>
<li>ADF plans to double LAR’s backlog by January 2027, benefitting from hydroelectric dam renovation and construction projects across Canada.</li>
<li>Management will invest $35M over the next 24 months to increase LAR’s capacity and modernize its equipment.</li>
</ul>


ADF provided an update and hosted a conference call to discuss the acquisition of Groupe LAR.
ADF plans to double LAR’s backlog by January 2027, benefitting from hydroelectric dam renovation and construction projects across Canada.
Management will invest $35M over the next 24 months to increase LAR’s capacity and modernize its equipment.


DRX: Increasing Estimates on Groupe LAR Acquisition

<ul><li>Quarterly Coverage Update Q3/26 marked a return to outperformance for our coverage universe.</li><li>Our covered companies rose 7.1% on average during the quarter, ahead of the S&P 500 (+2.2%), the TSX (+1.1%), and the TSXV, which declined 1.6%, generating ~6% of alpha over our benchmark (the TSX).</li><li>Our coverage universe has now outperformed its benchmark in seven of the nine quarters since we began tracking it (see Figure 1 below).</li></ul>

Quarterly Coverage Update Q3/26 marked a return to outperformance for our coverage universe.Our covered companies rose 7.1% on average during the quarter, ahead of the S&P 500 (+2.2%), the TSX (+1.1%), and the TSXV, which declined 1.6%, generating ~6% of alpha over our benchmark (the TSX).Our coverage universe has now outperformed its benchmark in seven of the nine quarters since we began tracking it (see Figure 1 below).

Mayfair Gold Corp - Q3/26 Recap: All Our Research in One Place!

Canada

ADF Group Inc. manufactures and erects structural steel for complex structures and miscellaneous metal work. The Company offers Standard Structural Steel, Complex Steel Structures, and Trial Assemblies. ADF Group serves clients throughout North America and Canada.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ADF Group (DRX CN)

DRX: Executing on Growth; $157.3M in New Contracts

What you need to know: • ADF announced $157.3M in new contracts across Quebec and the western US, including a four-year hydroelectric master...

Atrium Research

DRX: Increasing Target Price on $140M in New Contracts

ADF announced $140M in new contracts across Quebec, Ontario, and the U.S. West Coast, diversified amongst various industries including public...

Atrium Research

DRX: Q3 Financials Beat Expectations; Diversified Away from Tariffs

ADF reported Q3 financials that beat our expectations, driven by stronger project execution, margin recovery, and early contributions from LAR.

Atrium Research

DRX: Increasing Estimates on Groupe LAR Acquisition

ADF plans to double LAR’s backlog by January 2027, benefitting from hydroelectric dam renovation and construction projects across Canada.

Atrium Research

Mayfair Gold Corp - Q3/26 Recap: All Our Research in One Place!

Quarterly Coverage Update Q3/26 marked a return to outperformance for our coverage universe. Our covered companies rose 7.1% on average during the...

Atrium Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)