Tilray Brands Inc

TLRY: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 2.10	Szmd	Ykwlzjfx

Tilray Earnings: Placing Shares Under Review as We Revisit Assumptions Under Slow Organic Growth

Kristoffer Inton

Oct 5, 2023

We are placing no-moat Tilray under review as we may reduce our $5.50 and CAD 7 per share fair value estimates by as much as 30% to 40%. We reiterate our Very High Uncertainty Rating as Tilray has yet to achieve positive free cash flow and faces the risk of equity dilution to fund continuing cash burn. Given its lack of cash flow, changes to our estimates can have dramatic effects on fair value estimates.

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