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: • PesoRama reported record Q2/27 revenue of $9.7M (+59% YoY, +29% QoQ), in line with our $10.0M estimate.</li><li>Adjusted EBITDA was ($0.3M), also in line with our estimate of ($0.4M).</li><li> • Gross margin was 44% vs. our 45% estimate.</li></ul>

What you need to know: • PesoRama reported record Q2/27 revenue of $9.7M (+59% YoY, +29% QoQ), in line with our $10.0M estimate.Adjusted EBITDA was ($0.3M), also in line with our estimate of ($0.4M). • Gross margin was 44% vs. our 45% estimate.

PESO: Solid Q2 Financials; Scaling as Expected

<ul><li>What you need to know: • PesoRama operates 45 dollar stores in Mexico and is targeting ~500 stores over the next five years.</li><li>Mexico remains highly underpenetrated by dollar stores, creating a significant first-mover opportunity for PESO.</li><li>• The store economics are compelling, with a 2-3 year payback period and a path to self-funded growth at scale.</li></ul>

What you need to know: • PesoRama operates 45 dollar stores in Mexico and is targeting ~500 stores over the next five years.Mexico remains highly underpenetrated by dollar stores, creating a significant first-mover opportunity for PESO.• The store economics are compelling, with a 2-3 year payback period and a path to self-funded growth at scale.

PESO: Scaling from 45 to 500 Stores: The Next Dollarama

<ul>
<li>PesoRama operates 45 dollar stores in Mexico and is targeting ~500 stores over the next five years.</li>
<li>Mexico remains highly underpenetrated by dollar stores, creating a significant first-mover opportunity for PESO.</li>
<li>The store economics are compelling, with a 2-3 year payback period and a path to self-funded growth at scale.</li>
</ul>


PesoRama operates 45 dollar stores in Mexico and is targeting ~500 stores over the next five years.
Mexico remains highly underpenetrated by dollar stores, creating a significant first-mover opportunity for PESO.
The store economics are compelling, with a 2-3 year payback period and a path to self-funded growth at scale.


<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

PesoRama Inc. operates as a single price-point dollar store retailer. The Company offers household goods, pet supplies, seasonal products, party supplies, health and beauty, snack food items, and confectionery products.

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PesoRama (PESO CN)

PESO: Solid Q2 Financials; Scaling as Expected

What you need to know: • PesoRama reported record Q2/27 revenue of $9.7M (+59% YoY, +29% QoQ), in line with our $10.0M estimate. Adjusted EBITDA...

Atrium Research

PESO: Scaling from 45 to 500 Stores: The Next Dollarama

What you need to know: • PesoRama operates 45 dollar stores in Mexico and is targeting ~500 stores over the next five years. Mexico remains highly...

Atrium Research

PESO: Scaling from 45 to 500 Stores: The Next Dollarama

PesoRama operates 45 dollar stores in Mexico and is targeting ~500 stores over the next five years.Mexico remains highly underpenetrated by dollar...

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

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