Village Farms International: Analyst Reduces Price Target But Maintains Overweight After Q4 Results
Village Farms International: Analyst Reduces Price Target But Maintains Overweight After Q4 Results
According to Zuanic, if Canada's recreational market "is a war of attrition, we believe VFF is well-placed to win and continue to gain market share, given its low-cost structure and recognized flower quality."Village Farms International Inc. (NASDAQ:VFF) recently reported its financial results for Q4 2022 in which revenue was $69.5 million, a decrease of 5% compared to $72.4 million in Q4 2021.
鄉村農場國際有限公司 納斯達克：VFF）最近公佈了 2022 年第四季度的財務業績，其收入為 6.95 億美元，較 2021 年第四季度的 72.4 億美元減少 5%。
Michael DeGiglio, Village FarmsCEO, commented on Thursday: "The fourth quarter of 2022 once again demonstrated the momentum in our Canadian cannabis business as investments in new brands and product innovations contributed to 25% year-over-year growth in retail branded sales and our 17th consecutive quarter of positive adjusted EBITDA."
迈克尔·德格里奥Village FarmsCo 週四評論道：「2022 年第四季再次展現了我們加拿大大麻業務的動力，因為對新品牌和產品創新的投資促成了零售品牌銷售額同比增長 25％ 和連續 17 季正調整 EBITDA 的正面調整。」
The Analyst
分析師
Cantor Fitzgerald's Pablo Zuanic confirmed an Overweight rating on the company but lowered his 12-month price target to US$4.15 from US$7.25 due to the sector rating downgrade and the lower value assigned to assets that are not cannabis.
坎特·菲茨傑拉德的 Pablo Zuanic 對該公司確認了「超重」評級，但由於該行業評級下調和分配給非大麻資產的價值較低，因此將 12 個月的目標價格由 7.25 美元降至 4.15 美元。
The Thesis
論文
According to Zuanic, if Canada's recreational market "is a war of attrition, we believe VFF is well-placed to win and continue to gain market share, given its low-cost structure and recognized flower quality."
根據 Zuanic 的說法，如果加拿大的休閒市場「是一場消耗戰，我們相信 VFF 在其低成本的結構和公認的花卉質量下，可以贏得並繼續贏得市場份額。」
He added: "Conservatively valuing the non-cannabis assets at $135Mn and taking the cannabis piece at 2.5x (we estimate the cannabis portion of Tilray (NASDAQ: TLRY) and Canopy Growth (NASDAQ:CGC) is valued at 4-5x sales), we derive a 12-month price target of $4.15."
他補充說：「保守地估值非大麻資產為 135 億美元，並以 2.5 倍的大麻部分（我們估計 Tilray（納斯達克：TLRY）和冠層增長（納斯達克：CGC）的大麻部分估值為 4-5x），我們得出的 12 個月價格目標為 4.15 美元。」
About 4Q: Focusing on the marijuana piece, the analyst noted in January and February average daily sales pointed to +6% QoQ subjacent growth for 1Q23.
關於四季度： 分析師指出，專注於大麻片，1 月和 2 月份的平均每日銷售額指出，1Q23 的季度環比增長 +6％。
With an adjusted gross margin of 40%, the company's produce EBITDA was -$3Mn, and corporate EBITDA was -$3.6Mn. "We project capex below $10Mn for CY23 after >$14Mn in CY22 and $22Mn in CY21," Zuanic noted.
調整後的毛利率為 40%，公司的產品除利息折舊及攤銷前利潤為 3Mn 美元，而企業除利息折舊及攤銷前盈利為 -3.6 億美元。Zuanic 指出：「在 22 年份 >14 億美元之後，我們將 23 年的資本支出預計在 10 億美元以下，而在 CY21 年度則為 22 億美元。」
Outlook: According to the analyst's view, the company has a brand for each price segment.
展望: 根據分析師的看法，該公司對每個價格段都有一個品牌。
"Soar for a premium; Pure Sun Farms for core; and Fraser Valley for value." Moreover, the Hifyre data shows "VFF total flower sales grew 30% seq in 4Q22, with PSF 68% of flower sales vs. 91% in 3Q22, and Fraser Valley 13% vs. 7%."
「翱翔的溢價; 純太陽農場的核心; 和弗雷澤谷的價值。」此外，海菲爾數據顯示「VFF 花卉銷售總額在 22 年第四季度增長了 30％，PSF 的花卉銷售額為 68%，而第三季度的花卉銷售額為 91%，弗雷澤谷 13% 對 7%。」
Village Farms, which has started shipping to Israel and Australia and could soon enter Germany later this year, expects exports to account for 10% of revenue in CY23. Even before federal legalization, the company can also look for ways to enter the cannabis market in the U.S.
村莊農場已開始運往以色列和澳大利亞，並可能在今年晚些時候進入德國，預計出口將佔 CY23 年收入的 10％。即使在聯邦合法化之前，該公司也可以尋找進入美國大麻市場的方法。
Valuation And Price Target
估值及目標價格
In Zuanic's opinion, the recent volatility in the sector makes discussions of price targets and multiple valuations less relevant.
根據 Zuanic 的看法，該行業的近期波動使得價格目標和多個估值的討論不太相關。
""We calculate an EV of C$184Mn, on a market cap of C$140Mn (US$0.91 x 110mn shares), financial net debt of $34Mn, and net leases of C$10Mn," Zuanic concluded.
Zuanic 總結道：「我們計算的價值為 1.8 億加元，市值為 14 億加元（0.91 美元乘 1.1 億股），財務淨債務為 34 億加元，淨租約為 1 億加元。」
Pablo Zuanic will be speaking at the April Cannabis Capital Conference in Miami. Come and meet him in person as well as other fascinating individuals in the cannabis industry at the Benzinga Cannabis Capital Conference at Miami Beach's historic Fontainebleau Hotel in Florida on April 11-12. This is the place to get DEALS DONE, raise money, jumpstart M&A, and meet investors and key partners. Secure your tickets now before prices go up.
巴勃羅·蘇尼克將在四月在邁阿密的大麻資本會議上發言.四月 11-12 日，在佛羅里達州邁阿密海灘歷史悠久的楓丹白露酒店舉行的 Beninga 大麻資本會議上親自與他以及其他有趣的個人在大麻行業見面。這是完成交易，籌集資金，快速開始併購以及與投資者和主要合作夥伴見面的地方。在價格上漲之前立即保護您的門票。
Image By El Planteo
圖片由埃爾普朗特奧
譯文內容由第三人軟體翻譯。
