Undervalued Cannabis Stock? This Company Could Reach A C$1B Valuation On The Back Of Pre-Roll Sales
Undervalued Cannabis Stock? This Company Could Reach A C$1B Valuation On The Back Of Pre-Roll Sales
With a nearly 50% share in infused pre-rolls, which constitute 70% of its sales, Decibel Cannabis Co. Inc. (TSXV:DB) (OTC:DBCCF) is well-positioned in the market.
Decibel Cannabis Co. 在注入的預售片中佔有近50％的份額，佔其銷售額的70％。Inc.（多倫多證券交易所股票代碼：DB）（場外交易代碼：DBCCF）在市場上處於有利地位。
A recent cannabis equity research report by Zuanic & Associates offers an in-depth evaluation of the company's market standing, financial status, and future potential.
Zuanic & Associates最近發佈的大麻股票研究報告對公司的市場地位、財務狀況和未來潛力進行了深入評估。
Market Leadership And Growth Prospects
市場領導地位和增長前景
Decibel Holdings leads in Canada's recreational cannabis market, especially with its popular pre-rolls and vapes among younger consumers, offering competitively priced infused pre-rolls through efficient automation and kief coating techniques.
Decibel Holdings在加拿大的休閒大麻市場上處於領先地位，尤其是其在年輕消費者中很受歡迎的預卷和電子煙，通過高效的自動化和kief塗層技術提供價格具有競爭力的注入預卷。
Financial Health
財務健康
The company has achieved seven consecutive quarters of positive free cash flow since the first quarter of 2022, a notable turnaround from the negative cash flows posted in 2020 and 2021.
自2022年第一季度以來，該公司已連續七個季度實現正自由現金流，與2020年和2021年公佈的負現金流相比，這是一個顯著的轉機。
Gross margins have improved significantly and EBITDA margins have risen to the mid-twenties, which is exceptional for a Canadian cannabis company.
毛利率顯著提高，息稅折舊攤銷前利潤率已上升至二十年代中期，這對於加拿大大麻公司來說是非同尋常的。
"EBITDA margins rose from low to mid-20s, exceptional for a Canadian cannabis company. This is attributed to the company's expertise in infused pre-rolls and a refined vape strategy," Pablo Zuanic, senior analyst noted.
“息稅折舊攤銷前利潤率從20年代的低點上升到20年代中期，這對於一家加拿大大麻公司來說是例外。這要歸功於該公司在注入預售方面的專業知識和完善的電子煙策略。” 高級分析師巴勃羅·祖安尼奇指出。
"The product mix shifted significantly; in 1Q21, it was 47% vape, 21% flower, 19% concentrates, and 13% pre-rolls, while in 3Q23, over 90% infused pre-rolls made up 70% of sales, and vape 27%, as per Hifyre data."
“產品結構發生了顯著變化；根據Hifyre的數據，在21年第一季度，電子煙爲47％，鮮花爲21％，濃縮液爲19％，預卷爲13％，而在23年第三季度，超過90％的注入的預卷佔銷售額的70％，電子煙佔27％。”
Valuation And Investment Outlook
估值和投資展望
Decibel Holdings trades at 0.8x EV/sales, which is considered compelling value. The stock is deemed undervalued compared to most of its direct LP peers.
Decibel Holdings的交易價格爲每股收益的0.8倍，這被認爲是極具吸引力的價值。與大多數直接持股同行相比，該股被認爲被低估了。
"Decibel trades at 0.8x EV/sales, lower than most LP peers, except (NASDAQ:OGI) and (NASDAQ:VFF). Compared on a similar basis, Tilray (NASDAQ:TLRY) trades higher. With less trading volume on the TSX Ventures, Decibel might be undervalued, yet this presents an opportunity. The company, a leader in pre-rolls and vaping, is expanding exports and aiming for U.S. growth, boasting strong financials like 50% gross margins and positive free cash flow," Zuanic wrote.
“Decibel的交易價格爲EV/銷售額的0.8倍，低於大多數LP同行，（納斯達克股票代碼：OGI）和（納斯達克股票代碼：VFF）除外。相比之下，蒂爾雷（納斯達克股票代碼：TLRY）的股價走高。由於多倫多證券交易所風險投資公司的交易量減少，Decibel的估值可能會被低估，但這提供了機會。該公司是預售和電子煙領域的領導者，正在擴大出口，目標是美國的增長，擁有強勁的財務狀況，例如50％的毛利率和正的自由現金流，” Zuanic寫道。
"Its future EV/Sales is projected at 0.2x by FY25, indicating significant potential upside, with the company unlikely to be acquired at this stage."
“預計到25財年，其未來電動汽車/銷售額將達到0.2倍，這表明該公司具有巨大的潛在上行空間，該公司現階段不太可能被收購。”
Zuanic's Bull Case Vs. Bear Case Thesis
Zuanic's Bull Case Vs.熊案論文
In the bull case, Decibel's combined domestic and international value could reach $1 billion, 8x current levels.
在牛市的情況下，Decibel的國內和國際總價值可能達到10億美元，是當前水平的8倍。
Zuanic foresees the Canadian recreational market hitting C$7.5 billion by 2027, with Decibel potentially maintaining a 12-14% share, especially in pre-rolls and vapes.
Zuanic預計，到2027年，加拿大娛樂市場將達到75億加元，其中Decibel有可能保持12-14％的份額，尤其是在預售和電子煙方面。
"Using a 0.4x wholesale deflator, 25% EBITDA margins, and a 20x EBITDA multiple, the recreational segment alone could be worth C$1.95Bn. The export business, valued at 5-10x sales, could bring the export value to C$100Mn," Zuanic wrote.
“使用0.4倍的批發平減指數、25％的息稅折舊攤銷前利潤率和20倍的息稅折舊攤銷前利潤倍數，僅娛樂板塊的價值就可能達到19.5億加元。出口業務的價值爲銷售額的5-10倍，可能使出口額達到1億加元，” 祖安尼奇寫道。
The bear case for Decibel centers on competition in infused pre-rolls and evolving vape technology, but the company's competitive pricing and innovative vape products, coupled with stable regulatory conditions, mitigate these risks.
對於Decibel來說，不利的理由集中在注入預售和不斷髮展的電子煙技術方面的競爭上，但該公司具有競爭力的定價和創新的電子煙產品，加上穩定的監管條件，降低了這些風險。
Photo: AI-Generated Image.
照片：人工智能生成的圖像。
譯文內容由第三人軟體翻譯。