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 record Q1 financial results with robust silver and gold prices driving impressive margin expansion.</li>
<li>Q1 results were in line with our forecast including revenue of $163.1M (+163% YoY), adj. EBITDA of $71.0M, and FCF of $39.6M.</li>
<li>Margins at San Bartolome outperformed guidance, while costs at Golden Queen came in at the low end.</li>
</ul>


Andean reported record Q1 financial results with robust silver and gold prices driving impressive margin expansion.
Q1 results were in line with our forecast including revenue of $163.1M (+163% YoY), adj. EBITDA of $71.0M, and FCF of $39.6M.
Margins at San Bartolome outperformed guidance, while costs at Golden Queen came in at the low end.


APM: 마진 확대 및 현금 흐름 개선으로 재무 부문 실적 강화