reports
- Nicholas Cortellucci
- CFA
GEC: Pure-Play Student Housing Pivot Complete
What you need to know: • GEC has completed the divestiture of its remaining Canadian educational assets, becoming a pure-play student housing developer and operator. • The Company will retain its Global Education Alliance recruitment subsidiary, ensuring a direct student pipeline into its growing portfolio. • GEC’s three flagship development projects (GEC Oakridge, GEC Langara, and the Education Mega Center) are progressing well and are expected to generate gross annual rental revenue exceedin...
- Sid Rajeev
Global Education Communities Corp. (TSX: GEC) - Strategic Student Hous...
In Q1 FY2026 (ended November 2025), EPS beat expectations, supported by stronger student housing revenue, improved margins, and lower G&A expenses. Revenue rose 2% YoY but fell 3% short of estimates, with rental growth (+14% YoY) offsetting weaker education revenue from lower international enrollments. Gross margin expanded 2.7 pp to 63%, and reduced G&A following the Sprott Shaw College sale helped lift EPS from ($0.07) to $0.01, exceeding estimates by 7%.
- Nicholas Cortellucci
- CFA
GEC: Strong Q1 Financials; Profitability Improving
What you need to know: • GEC reported Q1 financial results, including $7.6M in revenue (+2% YoY), below our estimate of $8.4M and adjusted EBITDA of $2.5M (33% margin), above our estimate of $1.3M. • The strong profitability was driven by 63% gross margins (vs. 60% expected), a $1.8M YoY decline in G&A, and a $2.2M YoY decline in finance costs (due to the lower debt levels). • 67% of revenue came in from the rental segment, signifying the shift in focus away from education and into student housi...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q4/25 Recap: All Our Research in One Place!
Q4/25 capped off a strong finish to the year for Atrium Research, as supportive commodity price trends and improving small-cap sentiment continued to drive performance across our coverage universe. Our covered stocks increased 21% on average during Q4/25 and are now up 170% over the past year, materially outperforming the TSX and TSXV, which gained 6% and 45% during the quarter, respectively, and 28% and 61% on a YoY basis. Performance was broad-based, with several names delivering outsized retu...
WAB. WABI EXPLORATION INC
LIO LION ONE METALS LTD.
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
RGLSF REGULUS RESOURCE
ROMJ RUBICON ORGANICS
APM ANDEAN PRECIOUS METALS CORP
MTT MAGNA TERRA MINERALS INC
OMG OMAI GOLD MINES CORP
FCLI FULL CIRCLE LITHIUM CORP
BQE BQE WATER INC.
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
SBIO SABIO HOLDINGS
KRI INC. (SBIO)
TSXV:NIM KOBO RESOURCES INC.
FRG NICOLA MINING INC.
NAMM FORGE RESOURCES CORP.
GEC NAMIB MINERALS
NFLD GLOBAL EDUCATION COMMUNITIES CORP
TSXV:DWS EXPLOITS DISCOVERY CORP.
NKG DIAMOND ESTATES WINES & SPIRITS INC.
RIO NEVADA KING GOLD CORP.
RIO2 LIMITED
- Sid Rajeev
Tailwinds from Robust Affordable Housing Demand and Falling Rates
The company has completed its shift into a pure-play student housing operator after selling Sprott Shaw College for $35 M. Student housing typically outperforms traditional multifamily with higher rents per square foot and stronger investor yields. Recent market activity supports the sector’s strength: Morgan Stanley Investment Management and its partner acquired an eight-property, 6,200-unit U.S. student-housing portfolio for $1.4 B, valuing beds at roughly $162k—close to the $165k per-bed valu...
- Nicholas Cortellucci
- CFA
GEC: Strong Progress with Development Assets
What you need to know: • GEC reported FY25 and Q4 financial results yesterday with Q4 revenue of $8.4M (flat YoY). Q4 Adjusted EBITDA was ($3.9M) as the quarter represented a transition for the Company with the sale of SSC. • GEC continues to advance its development assets, with GEC Oakridge expected to be completed in early 2027, adding ~450 beds (+35%). • GEC Langara and the EMC are also progressing as scheduled. Yesterday, after market close, Global Education Communities Corp. (GEC:TSX, GECS...
- Ben Pirie
- Nicholas Cortellucci
- CFA
Q3/25 Recap: All Our Research in One Place!
Q3/25 marked a particularly strong quarter for Atrium, as precious metal prices continued to rise rapidly, driving notable outperformance across our coverage. Our covered stocks increased 46% on average in Q3/25 and are up 227% over the past year, outperforming the TSX, which gained 12% during the quarter and 37% YoY, and TSXV, which gained 29% and 67%, respectively. This builds on the 27% increase from our coverage universe in Q2/25. Top performers from our coverage this quarter include Andean ...
DRX ADF GROUP INC.
ARG. AMERIGO RESOURCES LTD.
CUU COPPER FOX METALS INC.
MINEROS MINEROS
EDG. ENDURANCE GOLD
SCZ. SANTACRUZ SILVER MINING
SPA.. SPANISH MOUNTAIN GOLD LTD
KNR. KONTROL ENERGY CORP
RTP. RIO TINTO PLC CEDEAR
GIGA GIGA METALS
APM ANDEAN PRECIOUS METALS CORP
PNTZF TRIGON METALS INC.
OMG OMAI GOLD MINES CORP
BQE BQE WATER INC.
DNG DYNACOR GROUP INC.
MOO MOON RIVER MOLY LTD
AUAU ALLEGIANT GOLD
FISH SAILFISH ROYALTY CORP.
CAPT CAPITAN SILVER CORP
SBIO SABIO HOLDINGS
KRI INC. (SBIO)
TSXV:NIM KOBO RESOURCES INC.
TSXV:RIO NICOLA MINING INC.
CEAD RIO2 LIMITED
FRG CEA INDUSTRIES INC
NAMM FORGE RESOURCES CORP.
GEC NAMIB MINERALS
NFLD GLOBAL EDUCATION COMMUNITIES CORP
EXPLOITS DISCOVERY CORP.
- Nicholas Cortellucci
- CFA
GEC: Making Solid Advancements
What you need to know: • GEC provided a corporate update on its achievements in FY25 including the sale of SSCC, record performance in its student housing portfolio, and successful project financing and development progress. • GEC remains well positioned to transition to a student housing pure-play and take advantage of the supply shortage in British Columbia. • The Company has a large cash balance following the divestiture and strong development plans with a group of elite partners. This morni...
- Nicholas Cortellucci
- CFA
GEC: Pioneering Integrated Student Housing Solutions
What you need to know: • GEC has over 33 years of operating history with deep education roots, offering student housing and academic services across 24 locations. • GEC has a proven track record of value creation with a 3x return on the sale of SSCC and strong gains on multiple real estate assets; GEC will now focus on transitioning to a student housing pure play company. • The Company has a development pipeline of ~2,900 beds and over $40M in revenue coming online over the next five years, sup...
- Sid Rajeev
GEC’s Pure-Play Pivot: Exits Education, Doubles Down on Student Housin...
Fundamental Research resumes coverage on GEC after a two-year pause. GEC divested Sprott Shaw College for $35M, achieving a 517% ROI, and is now a pure-play student housing company. With a $30M+ revenue run rate, its portfolio includes 14 Vancouver buildings (4,200 beds, $1.4B value). Operating projects generate ~$14M NOI; development projects could add $48M NOI. Despite immigration challenges, low vacancies (
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