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

Santacruz Silver Mining / Equity Bottom-Up

<ul>
<li>SCZ reported Q4 and 2024 financial results that beat our estimates due to the increased silver price.</li>
<li>Santacruz reported Q4 revenue of $81.7M (+42% YoY) vs. our estimate of $77.0M and adjusted EBITDA of $23.0M (+300% YoY) beating our estimate of $20.0M.</li>
<li>Despite rallying 150% YTD, SCZ still only trades at 3.3x 2025E OCF and remains set up for another record year in 2025.</li>
</ul>


SCZ reported Q4 and 2024 financial results that beat our estimates due to the increased silver price.
Santacruz reported Q4 revenue of $81.7M (+42% YoY) vs. our estimate of $77.0M and adjusted EBITDA of $23.0M (+300% YoY) beating our estimate of $20.0M.
Despite rallying 150% YTD, SCZ still only trades at 3.3x 2025E OCF and remains set up for another record year in 2025.


SCZ: Demonstrating its Leverage to the Silver Price