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

<ul>
<li>We are revisiting the assumptions in our model for ADF following strong industry data and positive conversations with management. </li>
<li>We are increasing our revenue and profitability estimates from Q4 onward to reflect the more bullish outlook.</li>
<li>We have increased our target multiple to 6.5x FY25 EBITDA (previously 6.0x), leading to a new $13.00/share target price (previously $10.00/share).</li>
</ul>


We are revisiting the assumptions in our model for ADF following strong industry data and positive conversations with management. 
We are increasing our revenue and profitability estimates from Q4 onward to reflect the more bullish outlook.
We have increased our target multiple to 6.5x FY25 EBITDA (previously 6.0x), leading to a new $13.00/share target price (previously $10.00/share).


DRX: Increasing Target Price on Improved Outlook

ADF Group

DRX: Increasing Target Price on Improved Outlook