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Curaleaf Holdings Inc CURLF

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Stock PINX Rating as of
$5.50 0.00 (0.00%)
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Company Report

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Curaleaf Earnings: Few Surprises but Still Well-Positioned for Many Tailwinds; Shares Undervalued

Kristoffer Inton

No-moat Curaleaf reported steady first-quarter results that were within our expectations. Sequentially, net revenue shrank 2%, reflecting the seasonality in the business. Moreover, Curaleaf’s adjusted EBITDA margin of 23% remained within range of recent quarters. Management maintained full-year guidance for mid-single-digit revenue growth and adjusted EBITDA margin in the mid-20% range. This compares with our preresults forecasts of 6% and 25%, respectively. As such, we expect minimal changes to our USD 13/CAD 17.50 fair value estimates. We continue to see Curaleaf as one of the most attractively priced cannabis stocks.

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Price vs Fair Value

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CURLF is trading at a 752% premium.
Price
$5.50
Fair Value
$22.00
Uncertainty
Very High
1-Star Price
$11.32
5-Star Price
$2.70
Economic Moat
Lcj
Capital Allocation
Lcjrbtmg

Bulls Say, Bears Say

Bulls

Unique among US multistate operators, Curaleaf's acquisitions into Europe and Canada allow it to serve the growing European market as legalization expands.

Bears

Sales growth for legal sellers like Curaleaf are challenged by the lack of taxes in the illicit market.

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News

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Trading Information

Previous Close Price
$5.50
Day Range
$5.16–5.65
52-Week Range
$2.36–6.40
Bid/Ask
$5.16 / $5.69
Market Cap
$4.05 Bil
Volume/Avg
929,360 / 848,312

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
2.96
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Curaleaf is headquartered in Wakefield, Massachusetts, and cultivates and sells medicinal and recreational cannabis in the US. The company has operations in 17 states. Its brands include Curaleaf, Select, and Grassroots. The company has made acquisitions that give it exposure to the growing European market, a unique feature among US multistate operators.
Sector
Healthcare
Industry
Drug Manufacturers - Specialty & Generic
Stock Style Box
Small Core
Total Number of Employees
5,650
Website
https://www.curaleaf.com

Competitors

Valuation

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Metric
CURLF
TLRY
GTII
Price/Earnings (Normalized)
 ——45.92
Price/Book Value
 3.840.461.84
Price/Sales
 2.961.902.94
Price/Cash Flow
 69.75—11.97
Price/Earnings
CURLF
TLRY
GTII

Financial Strength

Metric
CURLF
TLRY
GTII
Quick Ratio
 0.310.961.58
Current Ratio
 0.851.922.40
Interest Coverage
 −0.24−4.398.44
Quick Ratio
CURLF
TLRY
GTII

Profitability

Metric
CURLF
TLRY
GTII
Return on Assets (Normalized)
 −3.72%−1.42%3.06%
Return on Equity (Normalized)
 −10.45%−1.82%4.55%
Return on Invested Capital (Normalized)
 −2.20%−0.92%3.80%
Return on Assets
CURLF
TLRY
GTII
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