Village Farms And TILT Holdings: A Tale Of Two Cannabis Companies Facing Diverging Fortunes
Village Farms And TILT Holdings: A Tale Of Two Cannabis Companies Facing Diverging Fortunes
In contrast, TILT Holdings received a downgrade from Zuanic & Associates, moving from an Overweight to a Neutral rating. The downgrade is attributed to several factors, including a lack of progress in EBITDA across its two divisions—vape hardware and plant-touching cannabis—along with higher-than-expected debt levels and uncertainty surrounding the future of its Jupiter vape hardware unit.Village Farms International (NASDAQ:VFF) and TILT Holdings (OTC:TLLTF) are both significant players in the cannabis sector, yet their recent financial reports reveal starkly contrasting trajectories. According to recent analyses by Pablo Zuanic of Zuanic & Associates, the future looks promising for one, while the other faces considerable challenges.
Village Farms International (納斯達克：VFF)和TILt Holdings (場外交易：TLLTF)都是大麻股板塊的重要玩家，然而他們最近的財務報告顯示出截然不同的發展軌跡。根據Zuanic＆Associates的帕布羅·祖阿尼克最近的分析，對於其中一家公司來說，前景看好，而另一家則面臨着重大挑戰。
Village Farms International: Riding High on Strategic Moves
Village Farms International：戰略舉措取得連續突破
Village Farms International continues to solidify its position in the cannabis market, particularly within the Canadian domestic scene. The company's strategic decision to prioritize branded domestic cannabis and international sales has yielded positive results. In Q2 2024, VFF's domestic branded recreational sales grew by 7% quarter-over-quarter and 34% year-over-year to C$41.8 million. The company's cannabis EBITDA margin also saw an increase, rising by 90 basis points to 11.8%.
Village Farms International繼續鞏固其在大麻市場的地位，特別是在加拿大國內市場中。公司戰略決策優先考慮國內品牌大麻和國際銷售，取得了積極的成果。2024年第二季度，VFF的國內品牌消費者銷售同比增長7%，同比增長34%，達到4180萬加元。公司的大麻EBITDA利潤率也有所提高，漲幅爲90個點子，達到11.8%。
However, while the cannabis unit performed well, Village Farms' overall consolidated EBITDA was impacted by volatility in its produce unit, leading to a total consolidated EBITDA of -$3.6 million for Q2 2024. Despite this, Village Farms remains an attractive investment with a valuation of 0.5x FactSet consolidated sales estimates for CY24, bolstered by its low-cost production advantage and strong market share.
然而，儘管大麻部門表現良好，Village Farms的整體合併EBITDA受到農產品部門的波動性影響，導致2024年第二季度的總合並EBITDA爲-360萬美元。儘管如此，Village Farms仍然是一個有吸引力的投資對象，其市值0.5倍FactSet預測的2024年銷售額，得益於其低成本生產優勢和強大的市場份額。
TILT Holdings: Struggling Amidst Operational Challenges
TILt Holdings：在經營挑戰中艱難前行
In contrast, TILT Holdings received a downgrade from Zuanic & Associates, moving from an Overweight to a Neutral rating. The downgrade is attributed to several factors, including a lack of progress in EBITDA across its two divisions—vape hardware and plant-touching cannabis—along with higher-than-expected debt levels and uncertainty surrounding the future of its Jupiter vape hardware unit.
相比之下，TILt Holdings從Zuanic & Associates獲得了評級下調，由超配降至中立。這一下調歸因於幾個因素，包括其兩個部門（霧化器硬件和與植物接觸的大麻）EBITDA的缺乏進展，以及高於預期的債務水平和其Jupiter霧化器硬件部門未來的不確定性。
In Q2 2024, TILT's Jupiter unit saw sales drop by 42% QoQ, leading to a sharp decline in gross profits and a shift to negative EBITDA. The company's net debt also increased to $59 million, raising concerns about its financial stability. Despite these challenges, TILT's valuation remains relatively low at 0.8x CY24 sales, but the current lack of near-term catalysts and the uncertainty surrounding its business model justify the caution in Zuanic's assessment.
2024年第二季度，TILT的Jupiter部門銷售額環比下降42%，從而導致毛利潤急劇下降，並轉爲負EBITDA。公司的淨債務也增加至5900萬美元，引發了對其財務穩定性的擔憂。儘管面臨着這些挑戰，TILT的估值相對較低，爲CY24銷售額的0.8倍，但當前缺乏近期催化劑以及圍繞其商業模式的不確定性，正當祖阿尼克的評估中的謹慎態度。
譯文內容由第三人軟體翻譯。