Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
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Nicholas Cortellucci ... (+2)
- Nicholas Cortellucci
- CFA
BQE: Excellent Q4 Financials; Increasing Target Price
What you need to know: • BQE reported Q4 & 2023 financial results yesterday that came in largely ahead of our expectations on revenue. • Proportional revenue was $5.4M compared to our estimate of $4.2M and adjusted EBITDA was $0.5M compared to our estimate of $0.6M. • BQE remains well positioned for another record year in 2024, we are expecting 8% revenue growth and 36% EBITDA growth. • We are increasing our target to $71/share based on 11.0x 2025E EBITDA. BQE Water (BQE:TSXV, BTQNF:OTC) repor...
Ben Pirie ... (+3)
- Ben Pirie
- Nicholas Cortellucci
- CFA
JEV: Exploring Spin-off for Hydrogen Assets
What you need to know: • JEV announced that it has commenced a strategic process to explore the spin-off of its hydrogen portfolio. We view this as a strong positive for shareholders. • Over the past month, JEV also closed a $2.2M private placement and amended the terms on its debentures, setting up the Company for this transaction. Yesterday after market close, Jericho Energy Ventures Inc. (JEV:TSXV, JROOF:OTC) announced that it has commenced a strategic process to explore the spin-off and s...
Ben Pirie
- Ben Pirie
EDG: 2024 Exploration Plans; Work Commencing in May
What you need to know: • EDG announced its 2024 exploration program at the Reliance Gold Project. • Plans include up to 10,000m of diamond drilling, Geochemical sampling, and geotechnical, structural, mineralogical and metallurgical studies, as well as other initiatives. • Work is expected to commence in early May, well ahead of Golden Triangle peers. • We view the pullback in EDG stock as a buying opportunity. On April 8th, Endurance Gold Corp. (EDG:TSXV) announced plans to commence 2024 exp...
Ben Pirie
- Ben Pirie
ETU: Company Update & 2024 Exploration Program
What you need to know: • ETU’s land package remains one of the largest (681km2) and most prospective in Ontario, sitting in a top mining jurisdiction in the world spanning 80km along the Porcupine-Destor Fault hosting >100Moz Au. • The Company has laid out its 2024 exploration plans, highlighting a new focus to high-grade gold showings along the eastern extent of the Hawkins zone – a high probability target for resource growth. • ETU remains to be one of the cheapest stocks and hosts one of the ...
Nicholas Cortellucci ... (+2)
- Nicholas Cortellucci
- CFA
DRX: Another Quarter, Another Beat; Increasing Target Price
What you need to know: • ADF Group reported Q4 & FY24 financial results this morning that beat our expectations across the board. • For Q4, revenue came in at $88.4M (+72% YoY) vs. our estimate of $77.1M and EBITDA came in at $15.5M (+164% YoY) vs. our estimate of $13.6M. • FY24 marked another stellar year for ADF as it benefits from infrastructure spending across North America and the automation capex program at its Terrebonne facility. Management expects this cycle to extend 3-5 years. ADF Gr...
Nicholas Cortellucci ... (+2)
- Nicholas Cortellucci
- CFA
Energy Storage: The Missing Piece for the Energy Transition
What you need to know: • Due to the fluctuating levels of energy produced on an hourly basis by renewable energy sources, energy storage is required to smooth out supply and demand • The grid is becoming increasingly unstable due to its old age and extreme weather conditions, and is not set up to accommodate a net-zero system • Small and mid-cap players in the space are down over 60% since 2021, making today’s valuations a great entry point Why Do We Need Energy Storage? Intermittent Supply fro...
Nicholas Cortellucci ... (+2)
- Nicholas Cortellucci
- CFA
Oilfield Services: Another Great Year Ahead
What you need to know: • We expect oilfield service stocks to continue to outperform in 2023 and beyond based on supportive oil price fundamentals, rising capex levels amongst E&Ps, and pricing power leading to margin expansion • Despite the sector’s strong fundamental tailwinds and the probability for a multi-year commodity supercycle, oilfield service companies are still trading at trough-level multiples Investment Thesis Supportive Oil Prices While we will not go in-depth on oil price funda...
TOT.N
TOTAL SE
PRE PRECISION DRILLING CORPORATION
5CF CALFRAC WELL SERVICES LTD.
CET. CATHEDRAL ENERGY SERVICES LTD.
CMG. COMPUTER MODELLING GROUP LTD.
ESN ESSENTIAL ENERGY SERVICES LTD.
TCW TRICAN WELL SERVICE LTD.
SES SECURE ENERGY SERVICES INC.
CFW SHAWCOR LTD.
SCL CES ENERGY SOLUTIONS CORP.
PD ENSIGN ENERGY SERVICES INC.
CEU MCCOY GLOBAL INC.
ESI PHX ENERGY SERVICES CORP.
MCB STEP ENERGY SERVICES LTD.
PHX WESTERN ENERGY SERVICES CORP.
PRE PRECISION DRILLING CORPORATION
5CF CALFRAC WELL SERVICES LTD.
CET. CATHEDRAL ENERGY SERVICES LTD.
CMG. COMPUTER MODELLING GROUP LTD.
ESN ESSENTIAL ENERGY SERVICES LTD.
TCW TRICAN WELL SERVICE LTD.
SES SECURE ENERGY SERVICES INC.
CFW SHAWCOR LTD.
SCL CES ENERGY SOLUTIONS CORP.
PD ENSIGN ENERGY SERVICES INC.
CEU MCCOY GLOBAL INC.
ESI PHX ENERGY SERVICES CORP.
MCB STEP ENERGY SERVICES LTD.
PHX WESTERN ENERGY SERVICES CORP.
Ben Pirie
- Ben Pirie
Mining Monthly: March Edition
What you need to know: • Following a long period of consolidation, gold broke out in March, hitting record highs, and continuing to push higher as we enter April. • Silver and copper also had strong months up 10% and 4%, respectively. • More notably, we are finally seeing the equities outperform their underlying metal price with the GDX, SIL, and COPX up 22.7%, 21.1% and 19.4%, respectively, significantly outperforming broader markets. • With precious metals taking the limelight, the rest of the...
Ben Pirie
- Ben Pirie
Mining Monthly: February Edition
What you need to know: • Gold held flat in February, continuing a long period of consolidation, and most other metals were down modestly. • The precious metal equities further sold off in February, compounding the losses in January, highlighting to the market this industry is still out of favour. • We had several significant updates from companies within our coverage. Sentiment Update Gold and PMs had another flat-to-down month, starting the year off poorly. Gold closed the month of Februar...
Ben Pirie
- Ben Pirie
Mining Monthly: January Edition
What you need to know: • Gold held flat in January following a big monthly gain of 13% and reaching all-time highs in December, while mining equities lagged. • Besides gold, other precious metals, commodities, and battery metals had a mixed month, while uranium’s strong performance accelerated, up 16% in January and hitting its highest price in more than 16 years. • We attended a busy Vancouver Resource Investment Conference in January. Find our top picks from the conference here. Following a...
Ben Pirie
- Ben Pirie
Top Ideas from VRIC 2024
What you need to know: • Earlier this week, we visited the Vancouver Resource Investment Conference to explore new ideas in the mining space given the deeply depressed valuations across the sector. • This report gives a brief introduction to eight companies that we found to be the most promising, including, Dolly Varden Silver (DV:TSXV), Amarc Resources (AHR:TSXV), West Red Lake Gold Mines (WRLG:TSXV), Idaho Strategic Resources (IDR:NYSE), Nevada Lithium (NVLH:CSE), Alaska Energy Metals (AEMC:TS...
Ben Pirie
- Ben Pirie
Mining Monthly: December Edition
What you need to know: • Gold continued to rise in December, gaining 1.3% on the month and closed out 2023 up 13% to $2,062/oz. Notably, gold hit an all-time high, reaching $2,135/oz, rising above the previous record of $2,072 in August 2020. • Besides gold, other precious metals and commodities had a mixed month, while battery metals continued to underperform. • The mining equities slightly underperformed broader markets as capital flowed into the TSX & S&P500 on the back of a more defined Fe...