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>ADF announced the signing of a series of new contracts totalling $234M, adding to its backlog of $339M reported for Q3.</li>
<li>This morning, ADF Group (DRX:TSX, ADFJF:OTC) announced the signing of a series of new orders totalling $234M.</li>
<li>Contract Announcement In May 2023, ADF announced the signing of a large-scale contract for the first phase of a major project in the pharmaceutical sector in the Midwest.</li>
</ul>


ADF announced the signing of a series of new contracts totalling $234M, adding to its backlog of $339M reported for Q3.
This morning, ADF Group (DRX:TSX, ADFJF:OTC) announced the signing of a series of new orders totalling $234M.
Contract Announcement In May 2023, ADF announced the signing of a large-scale contract for the first phase of a major project in the pharmaceutical sector in the Midwest.


DRX: New Contracts Announced; Increasing Target Price (Again)

<ul>
<li>ADF is entering a multi-year growth phase due to major tailwinds in infrastructure spending and non-residential construction.</li>
<li>ADF Group Inc. (DRX:TSX, ADFJF:OTC) is a North American leader in the design, engineering, fabrication, and installation of complex steel structures for non-residential construction.</li>
<li>ADF has posted a long-term track record of growing revenue and EBITDA, but we believe it has entered a multi-year growth cycle where it can post consistent growth and FCF generation.</li>
</ul>


ADF is entering a multi-year growth phase due to major tailwinds in infrastructure spending and non-residential construction.
ADF Group Inc. (DRX:TSX, ADFJF:OTC) is a North American leader in the design, engineering, fabrication, and installation of complex steel structures for non-residential construction.
ADF has posted a long-term track record of growing revenue and EBITDA, but we believe it has entered a multi-year growth cycle where it can post consistent growth and FCF generation.


ADF Group - Value Stock Entering Multi-Year Growth Cycle

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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