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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.2x - 0.3x | 0.2x |
| Selected Fwd Ps Multiple | 0.1x - 0.1x | 0.1x |
| Fair Value | C$0.27 - C$0.30 | C$0.28 |
| Upside | 57.2% - 73.7% | 65.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Cresco Labs Inc. | - | OTCPK:CRLB.F |
| Curaleaf Holdings, Inc. | - | OTCPK:CURL.F |
| 4Front Ventures Corp. | - | OTCPK:FFNT.F |
| Ayr Wellness Inc. | - | OTCPK:AYRW.F |
| Verano Holdings Corp. | - | OTCPK:VRNO.F |
| The Cannabist Company Holdings Inc. | - | NEOE:CBST |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| CRLB.F | CURL.F | FFNT.F | AYRW.F | VRNO.F | CBST | |||
| OTCPK:CRLB.F | OTCPK:CURL.F | OTCPK:FFNT.F | OTCPK:AYRW.F | OTCPK:VRNO.F | NEOE:CBST | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 41.9% | 43.5% | 91.7% | 43.9% | 67.8% | 42.7% | ||
| 3Y CAGR | -3.9% | 3.9% | 19.1% | 9.0% | 6.0% | -0.1% | ||
| Latest Twelve Months | -7.8% | -5.4% | -27.5% | 0.0% | -8.0% | -23.9% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -22.9% | -19.1% | -170.4% | -39.4% | -12.8% | -46.7% | ||
| Prior Fiscal Year | -23.2% | -17.1% | -19.8% | -18.6% | -12.5% | -34.4% | ||
| Latest Fiscal Year | -10.4% | -17.3% | -45.9% | -77.5% | -38.9% | -23.1% | ||
| Latest Twelve Months | -6.7% | -20.7% | -46.6% | -77.5% | -40.8% | -43.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 5.1x | 12.7x | -13.3x | 15.0x | 4.0x | -171.4x | ||
| Price / LTM Sales | 0.6x | 1.6x | 0.0x | 0.0x | 0.5x | 0.2x | ||
| LTM P/E Ratio | -7.5x | -7.6x | -0.1x | 0.0x | -1.3x | -0.4x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.0x | 0.5x | 1.6x | |||||
| Historical LTM P/S Ratio | 0.1x | 0.6x | 13.9x | |||||
| Selected Price / Sales Multiple | 0.2x | 0.2x | 0.3x | |||||
| (x) LTM Sales | 385 | 385 | 385 | |||||
| (=) Equity Value | 91 | 95 | 100 | |||||
| (/) Shares Outstanding | 499.1 | 499.1 | 499.1 | |||||
| Implied Value Range | 0.18 | 0.19 | 0.20 | |||||
| FX Rate: USD/CAD | 0.7 | 0.7 | 0.7 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.25 | 0.26 | 0.28 | 0.17 | ||||
| Upside / (Downside) | 47.6% | 55.3% | 63.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CRLB.F | CURL.F | FFNT.F | AYRW.F | VRNO.F | CBST | |
| Value of Common Equity | 350 | 2,032 | 1 | 5 | 438 | 61 | |
| (/) Shares Outstanding | 356.2 | 764.6 | 916.4 | 116.8 | 361.8 | 499.1 | |
| Implied Stock Price | 0.98 | 2.66 | 0.00 | 0.04 | 1.21 | 0.12 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.72 | |
| Implied Stock Price (Trading Cur) | 0.98 | 2.66 | 0.00 | 0.04 | 1.21 | 0.17 | |
| Trading Currency | USD | USD | USD | USD | USD | CAD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.72 | |