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1. Company Snapshot

1.a. Company Description

The Westaim Corporation is a private equity firm specializing in direct and indirect investments through acquisitions, joint ventures, secondary investments both direct and indirect, fund of fund investments, and other arrangements.For direct investments, the firm invests in early venture, mid venture, late venture, middle market, later stage, mature, emerging growth, PIPEs, and buyout transactions.For fund of fund investments, it seeks to invest in private equity funds, venture capital funds, and hedge funds.


The firm seeks to provide long term capital to businesses operating in the global financial services industry.It typically acquires controlling interests in businesses.The firm seeks to acquire debt, equity, or derivative securities of both public and private companies.


It invests with the objective of providing its shareholders with capital appreciation and real wealth preservation.The firm seeks to provide its portfolio companies with advisory services including, but not limited to, advice on capital allocation, financing strategy, performance measurement and merger and acquisition support.It also seeks to partner with like-minded providers of third party capital to help supplement the firm's own capital, when completing acquisitions.


The firm generally seeks to hold its investments for seven to 15 years.The Westaim Corporation was founded in 1996 and is based in Toronto, Canada.

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1.b. Last Insights on WED

The Westaim Corporation's recent performance was negatively impacted by a significant net loss of $11.7 million ($0.35 diluted loss per share) in Q3 2025, compared to a net loss of $1.2 million ($0.05 diluted earnings per share) in Q3 2024. The substantial loss was a major drag on the company's financials. Additionally, the departure of Andrew Rabinowitz, who joined Arena Investors Group Holdings as President and General Counsel, may be perceived as a loss of talent. These developments likely contributed to the company's underperformance.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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The Westaim Corporation Announces Andrew Rabinowitz Has Joined Arena Investors Group Holdings as President and General Counsel

Nov -24

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Westaim Reports Q3 2025 Results for the Quarter Ended September 30, 2025

Nov -13

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Westaim: Q3 Earnings Snapshot

Nov -13

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Empire Asset Finance Launches with $100 million Backing from Arena Investors to Deliver Capital-Efficient, Technology-Driven Equipment Financing Solutions

Sep -18

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Westaim Reports Q2 2025 Results for the Quarter Ended June 30, 2025

Aug -21

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Westaim: Q2 Earnings Snapshot

Aug -21

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Westaim to Invest AUS$154 Million to Finance AUS$3.9 Billion Insignia Acquisition

Jul -22

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AM Best Assigns Credit Ratings to Ceres Life Insurance Company

Jul -15

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.10%)

6. Segments

Investment and Related Activities

Expected Growth: 15.1%

Growing demand for clean technology and increasing investments in early-stage businesses drive growth in The Westaim Corporation's Investment and Related Activities segment.

7. Detailed Products

iGXTM

iGXTM is a cloud-based, AI-powered medical imaging platform that enables healthcare professionals to analyze medical images and diagnose diseases more accurately and efficiently.

Imaging IT Solutions

Imaging IT Solutions provides healthcare organizations with tailored IT solutions to manage medical imaging data, streamline workflows, and improve patient care.

Analytics and AI

Analytics and AI solutions provide healthcare organizations with advanced analytics and AI capabilities to gain insights from medical imaging data and improve patient outcomes.

Medical Imaging Software

Medical Imaging Software provides healthcare professionals with advanced software solutions to analyze, interpret, and diagnose medical images.

8. The Westaim Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for The Westaim Corporation is moderate, as there are some alternatives available in the market, but they are not very attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for The Westaim Corporation is low, as customers have limited options and the company has a strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers for The Westaim Corporation is moderate, as suppliers have some negotiating power, but the company has a diversified supply chain.

Threat Of New Entrants

The threat of new entrants for The Westaim Corporation is high, as the industry has low barriers to entry and new companies can easily enter the market.

Intensity Of Rivalry

The intensity of rivalry for The Westaim Corporation is high, as the industry is highly competitive and companies are constantly competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 0.02%
Debt Cost 5.79%
Equity Weight 99.98%
Equity Cost 5.79%
WACC 5.79%
Leverage 0.02%

11. Quality Control: The Westaim Corporation passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Patria Investments

A-Score: 7.3/10

Value: 3.8

Growth: 6.2

Quality: 8.2

Yield: 9.0

Momentum: 8.0

Volatility: 8.3

1-Year Total Return ->

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Gladstone Capital

A-Score: 7.2/10

Value: 6.9

Growth: 6.1

Quality: 8.0

Yield: 10.0

Momentum: 3.0

Volatility: 9.3

1-Year Total Return ->

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CGI

A-Score: 7.1/10

Value: 7.2

Growth: 6.0

Quality: 8.9

Yield: 4.0

Momentum: 7.0

Volatility: 9.3

1-Year Total Return ->

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Fiera Capital

A-Score: 5.8/10

Value: 6.3

Growth: 3.6

Quality: 6.3

Yield: 10.0

Momentum: 1.5

Volatility: 7.3

1-Year Total Return ->

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Portman Ridge Finance

A-Score: 5.7/10

Value: 6.0

Growth: 4.7

Quality: 3.2

Yield: 10.0

Momentum: 0.5

Volatility: 10.0

1-Year Total Return ->

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Westaim

A-Score: 4.4/10

Value: 7.4

Growth: 2.1

Quality: 4.2

Yield: 0.0

Momentum: 3.5

Volatility: 9.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

26.2$

Current Price

26.2$

Potential

-0.00%

Expected Cash-Flows