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

Q3 Disappoints, But Consumer Demand Shifts to Affordable Competitors

This report provides an in-depth analysis of Zepp Health Corporation's (NYSE: ZEPP) Q3-2024 performance, highlighting a 4% QoQ revenue increase but a 49% YoY decline due to lower unit sales and product discontinuations. The report examines the launch of the T-Rex 3 smartwatch, supply chain constraints, and Zepp's competitive positioning in the global smartwatch market. It also discusses management's optimistic Q4 guidance, industry trends, and the valuation discrepancy between Zepp's market cap ...

Sid Rajeev
  • Sid Rajeev

Production Growth in Uzbek Gas Fields Signals Strong 2025 Outlook

CDR, one of our top picks, has gained 28% since we initiated coverage in early October 2024. In Q3-2024, production, revenue, and operating netback remained flat QoQ, aligning with our estimates. The company’s 20-year contract with the Government of Uzbekistan to operate eight gas fields provides stability, supported by regulated natural gas pricing. While EBITDA declined 4% QoQ due to higher G&A expenses, production techniques proved effective, offsetting natural decline rates. Current producti...

Sid Rajeev
  • Sid Rajeev

Dividend Delight in a Challenging Market

Atrium Mortgage Investment Corporation (TSX: AI), one of our top picks, reported record mortgage receivables of $926M in Q3 2024, despite sluggish sector activity and a 50% YoY decline in loan advancements. Revenue dipped 3% YoY due to declining lending rates, but EPS rose 4% on lower loan loss provisions. The company is reducing portfolio risk by focusing on lower-risk property types like single-family residential and income-producing commercial properties. With expected BoC rate cuts and risin...

High-Potential Gold Projects with Proven Leadership – Initiating Cover...

Austin Gold has assembled three early-stage gold projects across Nevada and Oregon, targeting promising mineral-rich areas. Key projects include the Lone Mountain and Kelly Creek sites in Nevada, one of the world's most mining-friendly jurisdictions, and the Stockade Mountain project in Oregon, which has shown high-grade gold and silver potential. The company is led by a team with a 50% ownership stake and extensive experience in mining, exploration, and high-profile acquisitions, with notable p...

Sid Rajeev
  • Sid Rajeev

Anticipating Significant Resource Expansion / Raising Our Fair Value E...

Western Exploration Inc. (TSXV: WEX / OTC: WEXPF) has made substantial progress at its Aura gold-silver project in Nevada, which includes three deposits: Doby George, Wood Gulch, and Gravel Creek. The project currently hosts indicated resources of 652 Koz gold equivalent (AuEq) and inferred resources of 665 Koz AuEq. Notably, Doby George's near-surface oxide resources are amenable to heap leach processing, offering potential for lower operational and capital expenses, with recent tests showing i...

Sid Rajeev
  • Sid Rajeev

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