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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -0.2x - -0.2x | -0.2x |
Selected Fwd EBIT Multiple | 0.0x - 0.0x | 0.0x |
Fair Value | €2.28 - €2.34 | €2.31 |
Upside | 23.2% - 26.5% | 24.9% |
Benchmarks | Ticker | Full Ticker |
Simply Better Brands Corp. | SBBC.F | OTCPK:SBBC.F |
Tilray Brands, Inc. | TLRY | NasdaqGS:TLRY |
CannaPharmaRX, Inc. | CPMD | OTCPK:CPMD |
InnoCan Pharma Corporation | INNP.F | OTCPK:INNP.F |
IntelGenx Technologies Corp. | IGXT | OTCPK:IGXT |
InMed Pharmaceuticals Inc. | MWG | DB:MWG |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
SBBC.F | TLRY | CPMD | INNP.F | IGXT | MWG | ||
OTCPK:SBBC.F | NasdaqGS:TLRY | OTCPK:CPMD | OTCPK:INNP.F | OTCPK:IGXT | DB:MWG | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
Latest Twelve Months | -0.5% | 39.6% | 74.8% | 71.7% | -4.0% | -11.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -11.3% | -20.9% | -4035.7% | -5536.6% | -913.0% | -934.2% | |
Prior Fiscal Year | -14.8% | -27.7% | NA | -244.9% | -990.8% | -202.6% | |
Latest Fiscal Year | -13.3% | -12.2% | NA | -27.8% | -913.5% | -176.9% | |
Latest Twelve Months | -8.4% | -12.0% | -408.2% | -4.2% | -961.7% | -160.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.78x | 0.86x | 38.84x | 1.36x | 42.68x | 0.00x | |
EV / LTM EBITDA | -14.7x | 22.7x | -10.2x | -33.3x | -4.8x | 0.0x | |
EV / LTM EBIT | -9.4x | -7.2x | -9.5x | -32.3x | -4.4x | 0.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -32.3x | -9.4x | -4.4x | ||||
Historical EV / LTM EBIT | -2.4x | -0.3x | 0.6x | ||||
Selected EV / LTM EBIT | -0.2x | -0.2x | -0.2x | ||||
(x) LTM EBIT | (8) | (8) | (8) | ||||
(=) Implied Enterprise Value | 1 | 1 | 1 | ||||
(-) Non-shareholder Claims * | 3 | 3 | 3 | ||||
(=) Equity Value | 4 | 4 | 4 | ||||
(/) Shares Outstanding | 1.4 | 1.4 | 1.4 | ||||
Implied Value Range | 2.79 | 2.84 | 2.89 | ||||
FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
Implied Value Range (Trading Cur) | 2.58 | 2.63 | 2.67 | 1.85 | |||
Upside / (Downside) | 39.4% | 41.9% | 44.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SBBC.F | TLRY | CPMD | INNP.F | IGXT | MWG | |
Enterprise Value | 67 | 711 | 13 | 31 | 45 | 0 | |
(+) Cash & Short Term Investments | 4 | 252 | 0 | 5 | 1 | 3 | |
(+) Investments & Other | 0 | 7 | 5 | 0 | 0 | 0 | |
(-) Debt | (6) | (374) | (14) | (0) | (16) | (1) | |
(-) Other Liabilities | 0 | 19 | 0 | (2) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | (1) | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 65 | 617 | 3 | 34 | 29 | 3 | |
(/) Shares Outstanding | 107.2 | 937.7 | 656.3 | 260.4 | 174.7 | 1.4 | |
Implied Stock Price | 0.61 | 0.66 | 0.00 | 0.13 | 0.17 | 2.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |
Implied Stock Price (Trading Cur) | 0.61 | 0.66 | 0.00 | 0.13 | 0.17 | 1.85 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 |