Research from Atrium Research, Atrium Research Corporation

Atrium Research

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>BQE will be reporting Q4 &amp; 2023 financial results in ~2 weeks, we are expecting proportional revenue of $4.2M, gross margin of 45%, and adj. EBITDA of $0.6M (14% margin).</li>
<li>Metals prices have been rising steadily over the last month with copper up 9%.</li>
<li>BQE’s China JV has leverage to the copper price as it sells recovered metals.</li>
</ul>


BQE will be reporting Q4 &amp; 2023 financial results in ~2 weeks, we are expecting proportional revenue of $4.2M, gross margin of 45%, and adj. EBITDA of $0.6M (14% margin).
Metals prices have been rising steadily over the last month with copper up 9%.
BQE’s China JV has leverage to the copper price as it sells recovered metals.


Thematic (Sector/Industry)

<ul>
<li>Since our last note in November, there have been 9 more acquisitions in Canadian small-caps, all at significant premiums.</li>
<li>In this report, we analyze how the 9 newly acquired firms fit into our 6-part framework for identifying takeout candidates.</li>
<li>Our potential takeouts watchlist was up 22% vs. the TSX up 14% and XCS up 15% since November.</li>
</ul>


Since our last note in November, there have been 9 more acquisitions in Canadian small-caps, all at significant premiums.
In this report, we analyze how the 9 newly acquired firms fit into our 6-part framework for identifying takeout candidates.
Our potential takeouts watchlist was up 22% vs. the TSX up 14% and XCS up 15% since November.


Finding the Next Takeout in Canadian Small-Caps - Part Two

<ul><li>Quarterly Coverage Update As we enter the final quarter of the year, we are excited to release our quarterly recap report to update our readers on all the research content we have published in the last three months.</li><li> This quarter included substantial momentum across several sectors, with strong performance from the companies we cover.</li><li>Omai Gold Mines (+55%) led the way, followed by Allegiant Gold (+27%), Moon River Moly (+11%), and BQE Water (+10%).</li></ul>

Quarterly Coverage Update As we enter the final quarter of the year, we are excited to release our quarterly recap report to update our readers on all the research content we have published in the last three months. This quarter included substantial momentum across several sectors, with strong performance from the companies we cover.Omai Gold Mines (+55%) led the way, followed by Allegiant Gold (+27%), Moon River Moly (+11%), and BQE Water (+10%).

Sailfish Royalty Corp - Q3/24 Recap: All Our Research in One Place!

<ul>
<li>Since our last note in May, there have been 10 additional takeouts in Canadian small-caps, most of which coming in a significant premiums.</li>
<li>The new acquisitions largely fit within the framework outlined in previous reports.</li>
<li>Our potential takeouts portfolio is up 43% since inception (November 2023) and 17% since our last note, compared to the TSX up 18% and 3% respectively.</li>
</ul>


Since our last note in May, there have been 10 additional takeouts in Canadian small-caps, most of which coming in a significant premiums.
The new acquisitions largely fit within the framework outlined in previous reports.
Our potential takeouts portfolio is up 43% since inception (November 2023) and 17% since our last note, compared to the TSX up 18% and 3% respectively.


Finding the Next Takeout in Canadian Small-Caps - Part Three

<ul>
<li>As we conclude Q2/24, we are excited to release our inaugural quarterly recap report to update our readers on all the research content we have published in the last three months.</li>
<li>This period has been marked by dynamic performance across various sectors, with notable highlights in the companies we cover.</li>
<li>The best performers from our coverage universe include, ADF Group (+74%), Trigon Metals (+39%), BQE Water (+29%), and Dynacor Group (+12%).</li>
</ul>


As we conclude Q2/24, we are excited to release our inaugural quarterly recap report to update our readers on all the research content we have published in the last three months.
This period has been marked by dynamic performance across various sectors, with notable highlights in the companies we cover.
The best performers from our coverage universe include, ADF Group (+74%), Trigon Metals (+39%), BQE Water (+29%), and Dynacor Group (+12%).


Omai Gold Mines Corp - Q4/24 Recap: All Our Research in One Place!

Canada

BQE Water Inc. operates as a water treatment company. The Company specializes in providing wastewater treatment solutions to mining industry. BQE Water offers its services worldwide.

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BQE Water (BQE CN)

BQE: Q4 Financials Preview

BQE will be reporting Q4 & 2023 financial results in ~2 weeks, we are expecting proportional revenue of $4.2M, gross margin of 45%, and adj. EBITDA...

Atrium Research

Finding the Next Takeout in Canadian Small-Caps - Part Two

Since our last note in November, there have been 9 more acquisitions in Canadian small-caps, all at significant premiums.

Atrium Research

Sailfish Royalty Corp - Q3/24 Recap: All Our Research in One Place!

Quarterly Coverage Update As we enter the final quarter of the year, we are excited to release our quarterly recap report to update our readers on...

Atrium Research

Finding the Next Takeout in Canadian Small-Caps - Part Three

Since our last note in May, there have been 10 additional takeouts in Canadian small-caps, most of which coming in a significant premiums.

Atrium Research

Omai Gold Mines Corp - Q4/24 Recap: All Our Research in One Place!

As we conclude Q2/24, we are excited to release our inaugural quarterly recap report to update our readers on all the research content we have...

Atrium Research

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