Research from Atrium Research, Atrium Research Corporation

Atrium Research

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.

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

Andean Precious Metals  / Equity Bottom-Up

<ul>
<li>Andean reported Q3 financial results that beat our estimates with revenue of $90.4M (+32% YoY) vs. our estimate of $89.1M and OCF (before WC) of $35.4M (+75% YoY) vs. our estimate of $27.4M.</li>
<li>GQ had strong financials with profitability largely beating our expectations, while SB’s profitability was affected by the ore-processing model.</li>
<li>APM ended the quarter with $70.8M in net cash, positioning the Company to pursue additional M&amp;A opportunities.</li>
</ul>


Andean reported Q3 financial results that beat our estimates with revenue of $90.4M (+32% YoY) vs. our estimate of $89.1M and OCF (before WC) of $35.4M (+75% YoY) vs. our estimate of $27.4M.
GQ had strong financials with profitability largely beating our expectations, while SB’s profitability was affected by the ore-processing model.
APM ended the quarter with $70.8M in net cash, positioning the Company to pursue additional M&amp;A opportunities.


Andean Precious Metals

APM: Another Quarter of Strong Cashflow