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Curaleaf Holdings Inc CURA

Morningstar Rating
CAD 5.83 −0.30 (4.89%)
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Company Report

Curaleaf Earnings: Few Surprises but Still Well-Positioned for Many Tailwinds; Shares Undervalued

No-moat Curaleaf reported steady first-quarter results that were within our expectations. Sequentially, net revenue shrank 2%, reflecting the seasonality in the business. Moreover, Curaleaf’s adjusted EBITDA margin of 23% remained within range of recent quarters. Management maintained full-year guidance for mid-single-digit revenue growth and adjusted EBITDA margin in the mid-20% range. This compares with our preresults forecasts of 6% and 25%, respectively. As such, we expect minimal changes to our USD 13/CAD 17.50 fair value estimates. We continue to see Curaleaf as one of the most attractively priced cannabis stocks.

Price vs Fair Value

CURA is trading at a 751% premium.
Price
CAD 5.83
Fair Value
CAD 36.70
Uncertainty
Very High
1-Star Price
CAD 51.94
5-Star Price
CAD 9.41
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Unique among US multistate operators, Curaleaf's acquisitions into Europe and Canada allow it to serve the growing European market as legalization expands.

Bears

Sales growth for legal sellers like Curaleaf are challenged by the lack of taxes in the illicit market.

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News

Trading Information

Previous Close Price
CAD 6.13
Day Range
CAD 5.746.10
52-Week Range
CAD 4.588.73
Bid/Ask
CAD 5.73 / CAD 5.86
Market Cap
CAD 4.32 Bil
Volume/Avg
417,046 / 470,356

Key Statistics

Price/Earnings (Normalized)
Price/Sales
2.32
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield

Company Profile

Curaleaf is headquartered in Wakefield, Massachusetts, and cultivates and sells medicinal and recreational cannabis in the US. The company has operations in 17 states. Its brands include Curaleaf, Select, and Grassroots. The company has made acquisitions that give it exposure to the growing European market, a unique feature among US multistate operators.
Sector
Healthcare
Industry
Drug Manufacturers - Specialty & Generic
Stock Style Box
Small Core
Total Number of Employees
5,650

Competitors

Valuation

Metric
CURA
TLRY
GTII
Price/Earnings (Normalized)
44.12
Price/Book Value
3.130.411.60
Price/Sales
2.321.702.61
Price/Cash Flow
48.4110.40
Price/Earnings
CURA
TLRY
GTII

Financial Strength

Metric
CURA
TLRY
GTII
Quick Ratio
0.290.961.58
Current Ratio
0.721.922.40
Interest Coverage
−0.31−4.398.44
Quick Ratio
CURA
TLRY
GTII

Profitability

Metric
CURA
TLRY
GTII
Return on Assets (Normalized)
−3.72%−1.42%3.56%
Return on Equity (Normalized)
−10.45%−1.82%5.28%
Return on Invested Capital (Normalized)
−2.20%−0.92%4.36%
Return on Assets
CURA
TLRY
GTII
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