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>BQE posted excellent Q3 financials that beat our expectations across the board as operations services continued its growth trajectory and the technical services and China JV segments reverted to historical levels.</li>
<li>Proportional revenue came in at $10.2M (+28% YoY) vs. our estimate of $8.6M and Adj. EBITDA came in at $4.6M (+67% YoY) vs. our $2.7M.</li>
<li>Management expects continued strong performance from the technical services segment through Q4/24 and Q1/25.</li>
</ul>


BQE posted excellent Q3 financials that beat our expectations across the board as operations services continued its growth trajectory and the technical services and China JV segments reverted to historical levels.
Proportional revenue came in at $10.2M (+28% YoY) vs. our estimate of $8.6M and Adj. EBITDA came in at $4.6M (+67% YoY) vs. our $2.7M.
Management expects continued strong performance from the technical services segment through Q4/24 and Q1/25.


BQE: Q3 Largely Surpasses Expectations; Increasing Target Price

<ul><li>Quarterly Coverage Update As we enter the final quarter of the year, we are excited to release our quarterly recap report to update our readers on all the research content we have published in the last three months.</li><li> This quarter included substantial momentum across several sectors, with strong performance from the companies we cover.</li><li>Omai Gold Mines (+55%) led the way, followed by Allegiant Gold (+27%), Moon River Moly (+11%), and BQE Water (+10%).</li></ul>

Quarterly Coverage Update As we enter the final quarter of the year, we are excited to release our quarterly recap report to update our readers on all the research content we have published in the last three months. This quarter included substantial momentum across several sectors, with strong performance from the companies we cover.Omai Gold Mines (+55%) led the way, followed by Allegiant Gold (+27%), Moon River Moly (+11%), and BQE Water (+10%).

Sailfish Royalty Corp - Q3/24 Recap: All Our Research in One Place!

<ul>
<li>Since our last note in May, there have been 10 additional takeouts in Canadian small-caps, most of which coming in a significant premiums.</li>
<li>The new acquisitions largely fit within the framework outlined in previous reports.</li>
<li>Our potential takeouts portfolio is up 43% since inception (November 2023) and 17% since our last note, compared to the TSX up 18% and 3% respectively.</li>
</ul>


Since our last note in May, there have been 10 additional takeouts in Canadian small-caps, most of which coming in a significant premiums.
The new acquisitions largely fit within the framework outlined in previous reports.
Our potential takeouts portfolio is up 43% since inception (November 2023) and 17% since our last note, compared to the TSX up 18% and 3% respectively.


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

<ul>
<li>BQE announced that it has been contracted for a new water treatment plant for the closure of the legacy Valley Tailings Facility in the Yukon.</li>
<li>This continues the rapid growth that BQE has posted in its recurring operations segment which grew 79% YoY and 43% QoQ in Q2.</li>
<li>The plant is expected to be completed in Q2/25 and operate for six years.</li>
</ul>


BQE announced that it has been contracted for a new water treatment plant for the closure of the legacy Valley Tailings Facility in the Yukon.
This continues the rapid growth that BQE has posted in its recurring operations segment which grew 79% YoY and 43% QoQ in Q2.
The plant is expected to be completed in Q2/25 and operate for six years.


<ul>
<li>BQE reported Q2 financial results that beat our expectations on revenue and were in line on EBITDA.</li>
<li>The quarter was once again led by the recurring operations segment which grew 79% YoY and 43% QoQ.</li>
<li>Technical services revenue was soft again, but management expects a rebound in H2 as larger projects have been initiated in Q3.</li>
</ul>


BQE reported Q2 financial results that beat our expectations on revenue and were in line on EBITDA.
The quarter was once again led by the recurring operations segment which grew 79% YoY and 43% QoQ.
Technical services revenue was soft again, but management expects a rebound in H2 as larger projects have been initiated in Q3.


BQE: Strong Q2; Recurring Segment Grows 79% YoY & 43% QoQ

Canada

BQE Water Inc. operates as a water treatment company. The Company specializes in providing wastewater treatment solutions to mining industry. BQE Water offers its services worldwide.

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BQE Water (BQE CN)

BQE: Q3 Largely Surpasses Expectations; Increasing Target Price

BQE posted excellent Q3 financials that beat our expectations across the board as operations services continued its growth trajectory and the...

Atrium Research

Sailfish Royalty Corp - Q3/24 Recap: All Our Research in One Place!

Quarterly Coverage Update As we enter the final quarter of the year, we are excited to release our quarterly recap report to update our readers on...

Atrium Research

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

Since our last note in May, there have been 10 additional takeouts in Canadian small-caps, most of which coming in a significant premiums.

Atrium Research

BQE: New Water Treatment Plant Contract

BQE announced that it has been contracted for a new water treatment plant for the closure of the legacy Valley Tailings Facility in the Yukon.

Atrium Research

BQE: Strong Q2; Recurring Segment Grows 79% YoY & 43% QoQ

BQE reported Q2 financial results that beat our expectations on revenue and were in line on EBITDA.The quarter was once again led by the recurring...

Atrium Research

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