How These 2 Nasdaq-Listed Marijuana Companies Found A Way To Raise $250M Without Tanking Their Stock
How These 2 Nasdaq-Listed Marijuana Companies Found A Way To Raise $250M Without Tanking Their Stock
This week's Viridian Valuation Tracker investigates the valuation metrics of Canadian cultivation and retail companies with market caps over $100M. The focus is on Canopy Growth (NASDAQ:CGC) and Tilray (NASDAQ:TLRY), both of which recently filed $250M At-The-Market (ATM) equity issuance programs.
本週的Viridian Valuation Tracker調查了市值超過1億美元的加拿大栽培和零售公司的估值指標。重點關注Canopy Growth（NASDAQ:CGC）和Tilray（NASDAQ:TLRY），這兩家公司最近都提交了2.5億美元的At-The-Market（ATM）股權發行計劃。
ATM Programs & Stock Pressure
ATM計劃與股票壓力
These programs allow companies to sell shares incrementally at current market prices, offering flexibility and potentially less pressure on stock prices than traditional equity issues. This is possible because ATM programs enable companies to sell shares directly into the market over time rather than all at once, aligning with market demand and conditions.
這些計劃允許公司按照當前市場價格逐步出售股票，提供了靈活性和潛在股價壓力比傳統股權發行方式少的可能性。這是可能的，因爲ATM計劃使得公司能夠隨時間直接將股票出售到市場，而不是一次性出售所有股票，與市場需求和情況相一致。
Canopy's stock fell 8.45% following the ATM announcement, but, according to Viridian, the decline would likely have been steeper with a regular $250M equity issue.
Canopy的股價在ATM公告後下跌了8.45%，但據Viridian稱，如果是正常的2.5億美元股權發行，下跌可能會更嚴重。
"ATM programs do not produce the same amount of pressure on stock prices as an equivalent-sized issue would because the issuance will happen over time, and there is no assurance that the entire program will be executed. Canopy's stock reacted negatively to the ATM announcement, falling 8.45%, but we wager the damage would be far more significant if the company announced a regular way equity issue of $250M. (Canopy's market cap is roughly $700M, so a $250M issue would be huge)," reads the report.
“ATM計劃不會像相等大小的股票發行那樣對股價產生相同的壓力，因爲發行將會隨時間發生，而且不會有擔保整個計劃將被執行。Canopy的股價對ATM公告作出了負面反應，下跌了8.45%，但是，如果公司宣佈發行價值2.5億美元的股票，破壞會更加顯著。（Canopy的市值約爲7億美元，因此2.5億美元的股票發行將是巨大的）”，報告指出。
Valuation Metrics Overview
估值指標概述
Canopy's EV/2024 Revenue figures indicate a substantial value ascribed to its unconsolidated U.S. operations. According to the report, this reflects investors' hope that U.S. operations will offset Canopy's inability to achieve positive EBITDA since Canadian legalization. However, the recent poor performance of Acreage casts doubt on these prospects.
Canopy的EV/2024營業收入顯示其未合併的美國業務被賦予了很大的價值。據報告稱，這反映了投資者對美國業務的希望，認爲可以抵消Canopy自加拿大合法化以來未能實現EBITDA盈利的局面。然而，Acreage最近表現不佳，這也對這些前景表示了質疑。
Tilray's EV/2024 EBITDA is notably high, suggesting market optimism for better future performance. While high, its EV/2025 EBITDA of 13.89x indicates moderated expectations.
Tilray的EV/2024 EBITDA顯著高，表明市場對未來更好的業績持樂觀態度。雖然高，但其EV/2025 EBITDA爲13.89倍，表明市場對其預期有所放緩。
Market-To-Book Ratios
市賬率
Both companies trade at premiums to the group's market-to-tangible book value median.
這兩家公司的交易價格均高於該組的市淨率中位數。
Canopy's market-to-book ratio, close to its market-to-tangible book ratio, indicates extensive write-downs of intangible assets. Conversely, Tilray's low market-to-book but high market-to-tangible book ratio signals market skepticism about the value of its many acquisitions.
Canopy的市賬率接近其市淨率，表明無形資產的大幅減記。相反，Tilray的市賬率低但市淨率高，表明市場懷疑其許多收購的價值。
Stock Performance
股票表現
Year-to-date stock performance shows Canopy as the best performer in the group. Canopy's better performance is attributed to its acquisition of U.S. plant-touching companies into Canopy USA. Tilray, however, has yet to make significant U.S. investments.
年初至今的股票表現顯示Canopy是該組最佳表現者。Canopy的表現更好是由於其將美國植物貼身公司收購到Canopy USA。然而，Tilray尚未對美國進行重大投資。
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Photo: AI-Generated Image.
照片：AI生成的圖像。
譯文內容由第三人軟體翻譯。