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

<ul>
<li>Mineros reported Q3 financial and operational results that beat our estimates across the board.</li>
<li>Revenue came in at $196.0M (+39% YoY) vs. our estimate of $175.6M while operating cashflow (after WC) came in at $77.3M vs. our estimate of $42.5M, led by the increased gold price.</li>
<li>MSA maintained its production and cost guidance for 2025.</li>
</ul>


Mineros reported Q3 financial and operational results that beat our estimates across the board.
Revenue came in at $196.0M (+39% YoY) vs. our estimate of $175.6M while operating cashflow (after WC) came in at $77.3M vs. our estimate of $42.5M, led by the increased gold price.
MSA maintained its production and cost guidance for 2025.


MSA: Massive Q3 including $77M in OCF; Increasing Target Price

Mineros SA

MSA: Massive Q3 including $77M in OCF; Increasing Target Price