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>Mining royalties and streams are low-risk alternatives to investing directly in mining companies and commodities</li><li>Royalties and streams have vastly outperformed gold miners over the last 20 years since they are not exposed to exploration risk, capex inflation, or dilution risk while boasting high EBITDA margins and ROIC</li><li>Recent trends include a focus on battery metals, large-scale M&amp;A, and increasing popularity due to poor equity prices among miners Royalties are typically structured as a percentage of the total production or total sales (commodity agnostic).</li></ul>

Mining royalties and streams are low-risk alternatives to investing directly in mining companies and commoditiesRoyalties and streams have vastly outperformed gold miners over the last 20 years since they are not exposed to exploration risk, capex inflation, or dilution risk while boasting high EBITDA margins and ROICRecent trends include a focus on battery metals, large-scale M&amp;A, and increasing popularity due to poor equity prices among miners Royalties are typically structured as a percentage of the total production or total sales (commodity agnostic).

Mining Royalties & Streams: A Quick Primer

Research on International Stock Ideas, Value Punks

Value Punks

Research on International Stock Ideas

Value Punks’ mission is to deliver institutional-grade research on international stock ideas in a digestible, reader-friendly format.

At Value Punks, we blend our background in traditional value-investing with an openness to embrace a constantly and rapidly evolving investment and business landscape.

Institutional-Grade Research

Thematic (Sector/Industry)

<ul><li>If you dig deeper, Buffett is really saying that you can exchange your dollars for gold or you can exchange your dollars for a productive asset such as farmland or an operating business.</li><li>With the latter, you get some yield from the investment with which you can then buy more farmland or operating businesses and thus compound your capital. Snowball.</li><li>If you buy gold, it provides no income and instead you have to pay someone to store it for you so it, in essence, has a negative yield. Made perfect sense!</li></ul>

If you dig deeper, Buffett is really saying that you can exchange your dollars for gold or you can exchange your dollars for a productive asset such as farmland or an operating business.With the latter, you get some yield from the investment with which you can then buy more farmland or operating businesses and thus compound your capital. Snowball.If you buy gold, it provides no income and instead you have to pay someone to store it for you so it, in essence, has a negative yield. Made perfect sense!

Canada

Sandstorm Gold Ltd. acquires gold purchase agreements with companies that have advanced stage development projects or operating mines.  The Company makes an upfront cash payment to its partners and receives the right to purchase a percentage of the gold produced, for the life of the mine, at a fixed price per ounce.

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Sandstorm Gold (SSL CN)

Mining Royalties & Streams: A Quick Primer

Royalties and streams have vastly outperformed gold miners over the last 20 years since they are not exposed to exploration risk, capex inflation,...

Atrium Research

Thematic: Hedging with Gold

As investors, we constantly evolve. When I started my investing journey, I devoured everything written by Buffett and Munger.

Value Punks

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