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

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.


Diamond Estates Wines & Spirit

DWS: Industry Tailwinds & Q4 Preview