Fundamental Research

Since 2003, Fundamental Research Corp has provided the highest institutional quality equity research coverage on over 250 small and micro cap public companies through our extensive distribution network. Since 2009, we have also issued over 80 reports on exempt market (private) securities. Our research is being used by some of the largest institutional investors in the world who access it through channels such as Reuters, Capital IQ, the Globe and Mail, and by subscription. Our goal from the beginning was to provide high quality research to a broad audience, while adhering to high ethical standards and a strong foundation of integrity. These principles are evident in everything we do.

Our firm was created when we noticed that all equity research is paid for in one way or another, traditionally through corporate finance relationships. In 2003, it came to light that many investors were not aware that the research they were reading had potential conflicts between research and corporate finance. This led to large fines being levied on some large U.S. investment banks.

However, on the debt side, research relied upon by investors, and produced by firms such as Moodys is paid for, directly by the issuer to the research provider. The model is also used by auditors who are paid to provide an independent opinion to investors.

That brings us to today. To ensure high quality, continuous, and thorough research coverage, we employ full time in house analysts and industry specialists (such as a geologist). Because our analysts are in house, they are readily available to respond to investor inquiries, calls from institutions, and speak to management. We have invested in institutional platforms, such as Reuters Knowledge and Capital IQ, so that our analysts have access to the same high caliber information as the largest money managers in the world.

To ensure ethical behavior throughout our firm, we have, and continue to adopt CFA Institute Standards.

Our analysts are sought after by the media and at conferences to give their opinion on the markets, current topics of interest such as the direction of commodity prices, and top stock picks.

In the end, we are first and foremost a premier research firm that markets its research. A truly solid research firm is one that has full time analysts, access to the same information as large institutional investors, is ranked and adopts ethical and professional standards. The hard work we have done to establish our research is paying off. We have ranked in the Top Ten in independent third party evaluations of our research, and have developed a reputation for producing high quality research.


Sid Rajeev
  • Sid Rajeev

Delivra Health Brands Inc. (TSXV: DHB / OTCQB: DHBUF) - Positive EPS T...

DHB’s share price is up 93% YTD, significantly outperforming the S&P Personal Care Index, which is down 11%. Q1-FY2026 revenue grew 1% YoY, slightly below expectations due to softer LivRelief Infused sales, though management expects a rebound in H2 with a new distributor. EPS turned positive—beating expectations—and FY2026 EPS is now projected to finish in the black. Management is not concerned about the modest revenue miss given historical quarterly volatility, and remains confident in achievin...

Sid Rajeev
  • Sid Rajeev

Olympia Financial Group Inc. (TSX: OLY) - Mixed Results with Services ...

Q3 results were weaker than expected, with revenue down 6% YoY and missing forecasts by 3% due to lower interest earned on unallocated client capital. Client assets grew 1% QoQ to $12.97B. EPS fell 26% YoY—worse than the (7%) decline in H1—and missed estimates by 11%, driven mainly by softer revenue. The quarterly dividend remained steady at $1.80, yielding 6.32%. Despite the miss, core services revenue rose 10% YoY on higher transaction volumes, and continued growth is expected as demand for al...

Sid Rajeev
  • Sid Rajeev

DLP Resources Inc. (TSXV: DLP / OTCQB: DLPRF / FSE: J8C) - Catalysts A...

DLP’s initial drilling at the Aurora copper-molybdenum project in Peru returned strong results—such as 130 m at 0.50% CuEq within a 927 m run at 0.31% CuEq—supporting resource expansion 180 m southwest and 300 m southeast. Aurora currently hosts a large inferred open-pittable resource of 10.2 Blbs CuEq at 0.44% across copper-silver and copper-molybdenum zones, with mineralization open in several directions. A resource update and PEA are planned for Q1-2026, which is expected to show robust proje...

Sid Rajeev
  • Sid Rajeev

Enterprise Group Inc. (TSX: E / OTCQB: ETOLF) - Solid Q3 Revenue Growt...

Q3 revenue grew 35% YoY—reversing H1 declines—and met expectations, while EPS turned positive but missed estimates due to weaker margins. Seasonality suggests stronger performance ahead in Q4 and Q1. The company maintains a solid balance sheet with below-average leverage, and despite strong fundamentals and attractive valuation multiples, its share price continues to lag peers. Sector CAPEX in North American oil & gas is down ~4% this year, but is expected to rebound 5–7% in 2026 amid anticipate...

Sid Rajeev
  • Sid Rajeev

Atrium Mortgage Investment Corporation (TSX: AI) - Stable Q3 Results; ...

Q3 results were broadly in line, with revenue meeting expectations and EPS slightly ahead. Mortgage receivables dipped 0.42% QoQ due to higher repayments, while lower lending rates—following multiple BoC cuts—drove a 14% YoY revenue decline. EPS fell only 4% YoY, supported by reduced loan loss provisions. Portfolio risk remained stable, backed by 96% first mortgages and a 61% LTV. Management is shifting toward lower-risk property types amid weak development activity. Impaired mortgages rose to $...

Sid Rajeev
  • Sid Rajeev

ResearchPool Subscriptions

Get the most out of your insights

Get in touch