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

Diamond Estates Wines & Spirit / Equity Bottom-Up

<ul>
<li>LCBO’s interim CEO publicly committed to expanding VQA shelf space and noted Ontario VQA sales rose 63% YoY while overall liquor sales were flat.</li>
<li>Ontario’s 2026 Budget projects LCBO’s net income to fall to ~$1.9B in 2025-26, as sales shift into G&amp;C outlets where DWS has strong shelf space (#3 VQA supplier and #5 agency in G&amp;C).</li>
<li>DWS has made an amendment to its BMO credit agreement, removing the Lassonde guarantee and extending maturity to July 2026.</li>
</ul>


LCBO’s interim CEO publicly committed to expanding VQA shelf space and noted Ontario VQA sales rose 63% YoY while overall liquor sales were flat.
Ontario’s 2026 Budget projects LCBO’s net income to fall to ~$1.9B in 2025-26, as sales shift into G&amp;C outlets where DWS has strong shelf space (#3 VQA supplier and #5 agency in G&amp;C).
DWS has made an amendment to its BMO credit agreement, removing the Lassonde guarantee and extending maturity to July 2026.


<ul>
<li>DWS reported solid Q3/26 financial results, including revenue of $8.2M (+28% YoY) vs. our estimate of $7.1M and adjusted EBITDA of $0.7M, in line with our expectations.</li>
<li>This represented Diamond’s third consecutive quarter of positive YoY revenue growth as well as YoY gross margin expansion.</li>
<li>Management provided a bullish outlook for the year ahead, with the 2025 harvest being one of the largest in company history.</li>
</ul>


DWS reported solid Q3/26 financial results, including revenue of $8.2M (+28% YoY) vs. our estimate of $7.1M and adjusted EBITDA of $0.7M, in line with our expectations.
This represented Diamond’s third consecutive quarter of positive YoY revenue growth as well as YoY gross margin expansion.
Management provided a bullish outlook for the year ahead, with the 2025 harvest being one of the largest in company history.


DWS: Strong Q3 Financials & Bullish Outlook

<ul>
<li>DWS is expected to release Q3/26 financials in late February and we are projecting revenues of $7.1M (+10% YoY) and EBITDA margins of 10%.</li>
<li>This would be Diamond’s third consecutive quarter of positive YoY growth.</li>
<li>There has been significant insider buying on the stock from CEO Andrew Howard, CFO Basman Alias and Director Ronald McEachern.</li>
</ul>


DWS is expected to release Q3/26 financials in late February and we are projecting revenues of $7.1M (+10% YoY) and EBITDA margins of 10%.
This would be Diamond’s third consecutive quarter of positive YoY growth.
There has been significant insider buying on the stock from CEO Andrew Howard, CFO Basman Alias and Director Ronald McEachern.


<ul>
<li>DWS issued shares at a premium to market as part of the earnouts from its acquisition of Perigon Beverage Group.</li>
<li>This provides a new floor for the stock ($0.196/share and $0.21/share), and tells us that Perigon is performing well on gross margins.</li>
<li>There has also been some insider buying on the stock from CFO Basman Alias and Director Ronald MacEachern.</li>
</ul>


DWS issued shares at a premium to market as part of the earnouts from its acquisition of Perigon Beverage Group.
This provides a new floor for the stock ($0.196/share and $0.21/share), and tells us that Perigon is performing well on gross margins.
There has also been some insider buying on the stock from CFO Basman Alias and Director Ronald MacEachern.


DWS: Insider Buying & New Floor for Stock Price

<ul>
<li>DWS has completed the early stages of a turnaround, returning to profitability, with 1,800 bps of gross margin expansion since FY23, reaching positive EBITDA in FY25, and largely decreasing its debt.</li>
<li>DWS is now posting revenue growth due to acquisitions, new product initiatives, its strong position in grocery and convenience, enhanced VQA rebates, and cider pricing reform.</li>
<li>Diamond is supported strategically by Lassonde Industries (LAS.A:TSX, $1.6B mkt cap) as its largest shareholder (~50%).</li>
</ul>


DWS has completed the early stages of a turnaround, returning to profitability, with 1,800 bps of gross margin expansion since FY23, reaching positive EBITDA in FY25, and largely decreasing its debt.
DWS is now posting revenue growth due to acquisitions, new product initiatives, its strong position in grocery and convenience, enhanced VQA rebates, and cider pricing reform.
Diamond is supported strategically by Lassonde Industries (LAS.A:TSX, $1.6B mkt cap) as its largest shareholder (~50%).


DWS: Uncorking Value through Channel Expansion

Canada

Diamond Estates Wines & Spirits Ltd. produces wine and spirits. The Company serves in Canada.

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Diamond Estates Wines & Spirit (DWS CN)

DWS: Industry Tailwinds & Q4 Preview

LCBO’s interim CEO publicly committed to expanding VQA shelf space and noted Ontario VQA sales rose 63% YoY while overall liquor sales were flat.

Atrium Research

DWS: Strong Q3 Financials & Bullish Outlook

DWS reported solid Q3/26 financial results, including revenue of $8.2M (+28% YoY) vs. our estimate of $7.1M and adjusted EBITDA of $0.7M, in line...

Atrium Research

DWS: All Eyes on Q3 Financials

DWS is expected to release Q3/26 financials in late February and we are projecting revenues of $7.1M (+10% YoY) and EBITDA margins of 10%.

Atrium Research

DWS: Insider Buying & New Floor for Stock Price

What you need to know: • DWS issued shares at a premium to market as part of the earnouts from its acquisition of Perigon Beverage Group. • This...

Atrium Research

DWS: Uncorking Value through Channel Expansion

DWS is now posting revenue growth due to acquisitions, new product initiatives, its strong position in grocery and convenience, enhanced VQA...

Atrium Research

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