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>ADF reported mixed Q2 financials that missed our revenue estimate due project delays but largely beat our profitability estimates.</li>
<li>Revenue came in at $74.9M vs. our $92.6M (due to $35M in delays) while EBITDA came in at $24.9M (33% margin) vs. our estimate of $17.9M.</li>
<li>Management remained bullish on the long-term growth of the sector and ended the quarter in large net cash position.</li>
</ul>


ADF reported mixed Q2 financials that missed our revenue estimate due project delays but largely beat our profitability estimates.
Revenue came in at $74.9M vs. our $92.6M (due to $35M in delays) while EBITDA came in at $24.9M (33% margin) vs. our estimate of $17.9M.
Management remained bullish on the long-term growth of the sector and ended the quarter in large net cash position.


DRX: Revenue Misses Due to Delays but Margins Smash Expectations

ADF Group

DRX: Revenue Misses Due to Delays but Margins Smash Expectations