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>Santacruz reported Q3 revenue of $80.0M (+2% YoY) vs. our estimate of $78.8M, representing 2% growth YoY.</li>
<li>Cash costs and AISC came in above our expectations due to higher ore purchasing costs for San Lucas, flooding at Bolivar, and plant improvements at Zimapan.</li>
<li>We believe these are all transitional.</li>
</ul>


Santacruz reported Q3 revenue of $80.0M (+2% YoY) vs. our estimate of $78.8M, representing 2% growth YoY.
Cash costs and AISC came in above our expectations due to higher ore purchasing costs for San Lucas, flooding at Bolivar, and plant improvements at Zimapan.
We believe these are all transitional.


SCZ: Soft Q3 Financials; Still Too Cheap Relative to Cashflow