Acreage Holdings: Analyst Increases Price Target To $1.44 And Remains Neutral
Acreage Holdings: Analyst Increases Price Target To $1.44 And Remains Neutral
In 3Q22 macro issues and competitive challenges resulted in flat sales seq and lower EBITDA, and we expect little improvement in 4Q22.Acreage Holdings, Inc. (OTCQX:ACRDF) reported its financial results on Monday for the third quarter that ended September 30, 2022 ("Q3 2022").
Acreage Holdings, Inc.（場外交易代碼：ACRDF）週一公佈了截至2022年9月30日的第三季度（“2022年第三季度”）的財務業績。
According to Cantor Fitzgerald's Pablo Zuanic: "We remain Neutral but increase our 12-month price target on Acreage to $1.44 from $1.28 following the recently announced Canopy Growth Corp. (NYSE:CGC) proposal."
坎託·菲茨傑拉德的巴勃羅·祖安尼奇表示：“我們保持中立，但在最近公佈的Canopy Growth Corp.（紐約證券交易所代碼：CGC）提案之後，將Acreage的12個月目標股價從1.28美元上調至1.44美元。”
In Zuanic's opinion, over the last year, the company has made "significant" strides in refocusing the business, improving profitability, and driving Year-over-year (YOY) growth; "we think it is well-positioned to benefit from the start of rec sales in New York/Connecticut in 2H23 and grow along with the New Jersey recreational market."
Zuanic認爲，在過去的一年中，該公司在調整業務重點、提高盈利能力和推動同比（YOY）增長方面取得了 “重大” 進展；“我們認爲，它完全有能力從23年下半年紐約/康涅狄格州的娛樂銷售開始中受益，並與新澤西娛樂市場一起增長。”
In 3Q22 macro issues and competitive challenges resulted in flat sales seq and lower EBITDA, and we expect little improvement in 4Q22.
在2022年第三季度，宏觀問題和競爭挑戰導致銷售環比持平，息稅折舊攤銷前利潤降低，我們預計2022年第四季度幾乎沒有改善。
Price Target
目標價格
Cantor's price target for the company takes the current implied conversion price of $1.44. So, in its view, "Canopy Growth is getting a good deal; if we take the blended price of the floating and fixed shares, Acreage is valued at 1.5x our CY23 sales estimates vs. the MSO average of 2.2x," says Zuanic.
Cantor對該公司的目標股價採用目前的隱含轉換價格爲1.44美元。因此，在它看來，“Canopy Growth獲得了不錯的收益；如果我們以浮動股和固定股的混合價格計算，Acreage的估值是CY23銷售預期的1.5倍，而MSO的平均值爲2.2倍，” Zuanic說。
About 3Q22: Sales were flat seq ($61.4Mn), with New Jersey, Ohio, and Maine, all posting growth; "this growth was offset by price weakness in Pennsylvania and a market decline in Connecticut," said the analyst. In total, "retail sales ($48Mn) were up 3.5% seq, and net wholesale ($13Mn) fell 11%. Reported gross margins fell from 50% seq to 35%. Adj EBITDA dropped 15% seq to $9Mn. Net debt was mostly stable at $176Mn."
2022年第三季度左右：銷售額持平（6140萬美元），新澤西州、俄亥俄州和緬因州均實現增長；分析師表示，“這種增長被賓夕法尼亞州價格疲軟和康涅狄格州市場下跌所抵消。”總體而言，“零售額（4800萬美元）連續增長3.5％，淨批發額（1300萬美元）下降11％。報告的毛利率從50％連續下降到35％。調整後的息稅折舊攤銷前利潤連續下降15％，至900萬美元。淨負債基本穩定在1.76億美元。”
"Little was said about the outlook, but we expect little sales or profit margin growth in 4Q22," Zuanic added.
Zuanic補充說：“關於前景的說法很少，但我們預計2022年第四季度的銷售額或利潤率幾乎沒有增長。”
Canopy Growth Deal
Canopy 增長協議
According to Cantor's report, management expects holders of the Floating share class "to vote in favor of the transactions proposed by Canopy Growth, at the upcoming shareholder meeting on 1/23/23." Moreover, Canopy Growth may decide to delist from NASDAQ and remain listed in the Toronto Stock Exchange (TSX), but "we believe floating shares holders will be fine with that scenario," Zuanic noted.
根據坎託的報告，管理層預計，浮動股票類別的持有人 “將在即將於23年1月23日舉行的股東大會上投票支持Canopy Growth提出的交易”。此外，Canopy Growth可能決定從納斯達克退市並繼續在多倫多證券交易所（TSX）上市，但是 “我們相信浮動股持有者會對這種情況感到滿意，” Zuanic指出。
Valuation and Price Target: "Holders of the floating shares (ACRDF) will receive 0.45 of CGC shares upon closing of the transaction. At the intraday (3 pm) price of US$3.20, ACRDF shares are now worth $1.44," Zuanic said.
估值和目標股價：“浮動股票（ACRDF）的持有人將在交易結束時獲得0.45股CGC股票。按盤中（下午3點）的價格計算，ACRDF股票現在的價值爲1.44美元，” 祖安尼奇說。
Regarding sectoral investment risks, lack of favorable regulatory progress (state/federal); no further shift from medical to recreational in key states; loosening of licensing grants in key restricted states; and, although unlikely, revocation of existing licenses, according to the report.
報告稱，在行業投資風險方面，監管缺乏積極進展（州/聯邦）；主要州沒有進一步從醫療轉向娛樂；主要限制州放鬆了許可授予；儘管不太可能，但撤銷現有許可證，儘管不太可能。
Finally, "besides company fundamentals, the consummation of the Canopy USA deal will be the main driver of ACRDF shares, as well as the evolution of CGC shares," Zuanic concluded.
最後，Zuanic總結說：“除了公司基本面外，Canopy USA交易的完成將成爲ACRDF股票以及CGC股票演變的主要驅動力。”
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Photo: Courtesy Of Pietro Jeng On Unsplash
照片：由 Pietro Jeng On Unsplash 提供
譯文內容由第三人軟體翻譯。
