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>Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again led by silver equities.</li><li>Our coverage universe climbed 27% on average during the quarter and is up 80% over the last year, compared to the TSX which rose 7% and 23%, respectively.</li><li>This builds on the 13% gain from our coverage in Q1/25.</li></ul>

Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again led by silver equities.Our coverage universe climbed 27% on average during the quarter and is up 80% over the last year, compared to the TSX which rose 7% and 23%, respectively.This builds on the 13% gain from our coverage in Q1/25.

Kobo Resources Inc - Q2/25 Recap: All Our Research in One Place!

<ul><li>Quarterly Coverage Update Q1/25 represented another excellent quarter for our firm, with strong performance from our coverage universe.</li><li>This mainly came from our exposure to precious metals, notably silver.</li><li>Our coverage universe was up 13% during the quarter and 40% over the last year, compared to the TSX, which was up 0.1% and 12%, respectively.</li></ul>

Quarterly Coverage Update Q1/25 represented another excellent quarter for our firm, with strong performance from our coverage universe.This mainly came from our exposure to precious metals, notably silver.Our coverage universe was up 13% during the quarter and 40% over the last year, compared to the TSX, which was up 0.1% and 12%, respectively.

BQE Water Inc - Q1/25 Recap: All Our Research in One Place!

<ul><li>What you need to know: • Since our last note in September, there have been 11 new takeouts in Canadian small-caps.</li><li>This has accelerated in recent weeks with the acquisitions of Softchoice, Quisitive, and Carebook.</li><li>• Our potential takeouts portfolio is up 61% since inception (November 2023) and 13% since our last note, compared to the TSX up 28% and 9% respectively.</li></ul>

What you need to know: • Since our last note in September, there have been 11 new takeouts in Canadian small-caps.This has accelerated in recent weeks with the acquisitions of Softchoice, Quisitive, and Carebook.• Our potential takeouts portfolio is up 61% since inception (November 2023) and 13% since our last note, compared to the TSX up 28% and 9% respectively.

Finding the Next Takeout in Canadian Small-Caps - Part Four

<ul>
<li>ADF reported Q3 financial results that were in line with our expectations on revenue and beat our expectations on EBITDA.</li>
<li>Revenue came in at $80.0M (-3% YoY) vs. our $80.4M and EBITDA came in at $24.0M (+35% YoY) vs. our $19.0M.</li>
<li>While the impact of the Trump victory and tariffs is still uncertain, management remains positive on its end markets and backlog.</li>
</ul>


ADF reported Q3 financial results that were in line with our expectations on revenue and beat our expectations on EBITDA.
Revenue came in at $80.0M (-3% YoY) vs. our $80.4M and EBITDA came in at $24.0M (+35% YoY) vs. our $19.0M.
While the impact of the Trump victory and tariffs is still uncertain, management remains positive on its end markets and backlog.


DRX: Solid Q3 Financials; Margins Remain Strong

<ul>
<li>Our team visited the Terrebonne facility earlier this week, where we toured the plant and met with management.</li>
<li>The Trump victory has mixed implications, with general support for infrastructure spending but potential to defund spending packages and implement tariffs on imported steel.</li>
<li>Earlier this week, we had the pleasure of visiting ADF Group’s (DRX:TSX, ADFJF:OTC) Terrebonne facility.</li>
</ul>


Our team visited the Terrebonne facility earlier this week, where we toured the plant and met with management.
The Trump victory has mixed implications, with general support for infrastructure spending but potential to defund spending packages and implement tariffs on imported steel.
Earlier this week, we had the pleasure of visiting ADF Group’s (DRX:TSX, ADFJF:OTC) Terrebonne facility.


DRX: Facility Visit & Updates; Staying Bullish

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.

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ADF Group (DRX CN)

Kobo Resources Inc - Q2/25 Recap: All Our Research in One Place!

Quarterly Coverage Update Q2/25 was another strong quarter for Atrium, with continued outperformance from the precious metals space, once again...

Atrium Research

BQE Water Inc - Q1/25 Recap: All Our Research in One Place!

Quarterly Coverage Update Q1/25 represented another excellent quarter for our firm, with strong performance from our coverage universe. This...

Atrium Research

Finding the Next Takeout in Canadian Small-Caps - Part Four

What you need to know: • Since our last note in September, there have been 11 new takeouts in Canadian small-caps. This has accelerated in recent...

Atrium Research

DRX: Solid Q3 Financials; Margins Remain Strong

ADF reported Q3 financial results that were in line with our expectations on revenue and beat our expectations on EBITDA.

Atrium Research

DRX: Facility Visit & Updates; Staying Bullish

The Trump victory has mixed implications, with general support for infrastructure spending but potential to defund spending packages and implement...

Atrium Research

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