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Why Is Curaleaf One Of The Best-Positioned Cannabis Multi-State Operators?
Why Is Curaleaf One Of The Best-Positioned Cannabis Multi-State Operators?
Curaleaf Holdings, Inc. (OTCQX:CURLF) posted its financial results Monday for the second quarter ended June 30, 2022.
The Massachusetts-based cannabis company beat the estimates on its total second-quarter revenue, reaching $338 million, compared to $312 million in the same period last year.
Adjusted EBITDA was a gain of $86.18 million, versus $84.37 in the same quarter of 2021.
Net loss amounted to $28.33 million or $0.04 per share, compared to a loss of 4.85 million or $0.01 per share in the second quarter of the previous year.
The Analyst
Cantor Fitzgerald's Pablo Zaunic kept an 'Overweight' rating on Curaleaf stock, lowering the price target to $13.70 from $14.60.
The Thesis
Curaleaf sales improved 8% sequentially, compared to the 5% growth that Green Thumb Industries (OTC:GTBIF), but still revenue came in higher than consensus ($334 million) and Cantor's estimates of around $327 million.
The company saw a drop in net wholesale, and the management attributed this to a "reassessment of California and Colorado wholesale markets." Zuanic also thinks that the company probably sold more of its product via its store network, especially in New Jersey, where it added seven stores in the second quarter, bringing the total to 135 as of the end of June.
The analyst lowered the price target to address slightly lower sales estimates.
Curaleaf management projected to be somewhere at the lower end of its full-year revenue guidance range of $1.4-1.5 billion, partly because of wholesale rationalization and permit delays for the Bordentown store in New Jersey to start recreational sales.
The company provided flat-to-low single digits sequential growth guidance for the third quarter but expects a strong $40-50 million increase in the fourth quarter thanks to the Tryke deal closing and is still on track to reach the 28% EBITDA margin target for the year. According to the analyst, improved sales in New Jersey, and more vertical integration in key markets, combined with the margin accretion from Tryke should help the company achieve higher margins in the second half of the year.
Curaleaf international sales improved 50% year-over-year, hitting $7.8 million per the analyst's estimates. While these figures are notably below the overseas revenue achieved by Aurora Cannabis (NYSE:ACB) and Tilray (NASDAQ:TLRY), unlike other multi-state operators, Curaleaf has European optionality, consisting of 250,000 square feet of capacity in Portugal, with sales in the United Kingdom, Israel and Germany.
"We do not believe in the long term with interstate commerce, a broadened scope of retailing, and even a three-tier system, that small California brands will "rule the world." We see the biggest and most profitable multi-state operators (with the right balance sheet) as the best-positioned to benefit in that future disruptive world – Curaleaf should be one of those," Zuanic concluded.
Price Action
Curaleaf shares closed Monday market session 1.97% higher at $5.69 per share.
Photo: Benzinga Edit; Source: Pixabay
Curaleaf Holdings, Inc. (OTCQX:CURLF) posted its financial results Monday for the second quarter ended June 30, 2022.
Curaleaf Holdings,Inc.(场外交易代码:CURLF)周一公布了其财务业绩截至2022年6月30日的第二季度。
The Massachusetts-based cannabis company beat the estimates on its total second-quarter revenue, reaching $338 million, compared to $312 million in the same period last year.
总部位于马萨诸塞州的大麻公司其第二季度总收入超过预期,达到3.38亿美元,而去年同期为3.12亿美元。
Adjusted EBITDA was a gain of $86.18 million, versus $84.37 in the same quarter of 2021.
调整后的EBITDA为8618万美元,而去年同期为84.37美元在2021年同一季度。
Net loss amounted to $28.33 million or $0.04 per share, compared to a loss of 4.85 million or $0.01 per share in the second quarter of the previous year.
净亏损2,833万美元,或每股亏损0.04美元,而去年第二季度亏损485万美元,合每股0.01美元。
The Analyst
《分析师》
Cantor Fitzgerald's Pablo Zaunic kept an 'Overweight' rating on Curaleaf stock, lowering the price target to $13.70 from $14.60.
Cantor Fitzgerald的Pablo Zaunic对Curaleaf股票的评级为增持,将目标价从14.60美元下调至13.70美元。
The Thesis
这篇论文是
Curaleaf sales improved 8% sequentially, compared to the 5% growth that Green Thumb Industries (OTC:GTBIF), but still revenue came in higher than consensus ($334 million) and Cantor's estimates of around $327 million.
Curaleaf的销售额环比增长了8%,而绿色拇指产业(场外交易:GTBIF),但仍营收高于普遍预期(3.34亿美元)和康托估计约为3.27亿美元。
The company saw a drop in net wholesale, and the management attributed this to a "reassessment of California and Colorado wholesale markets." Zuanic also thinks that the company probably sold more of its product via its store network, especially in New Jersey, where it added seven stores in the second quarter, bringing the total to 135 as of the end of June.
该公司看到了一个净批发量下降,管理层将此归因于对加州和科罗拉多州批发市场的重新评估。祖尼克还认为,该公司可能通过其门店网络销售了更多产品,特别是在新泽西州,该公司在第二季度在新泽西州增加了7家门店,截至6月底,门店总数达到135家。
The analyst lowered the price target to address slightly lower sales estimates.
分析师下调了目标价格,以解决销售预期略有下降的问题。.
Curaleaf management projected to be somewhere at the lower end of its full-year revenue guidance range of $1.4-1.5 billion, partly because of wholesale rationalization and permit delays for the Bordentown store in New Jersey to start recreational sales.
Curaleaf管理层预计将在该公司全年营收指引区间为14-15亿美元,较低端,部分原因是批发合理化,以及新泽西州博登敦门店开始休闲销售的许可延迟。
The company provided flat-to-low single digits sequential growth guidance for the third quarter but expects a strong $40-50 million increase in the fourth quarter thanks to the Tryke deal closing and is still on track to reach the 28% EBITDA margin target for the year. According to the analyst, improved sales in New Jersey, and more vertical integration in key markets, combined with the margin accretion from Tryke should help the company achieve higher margins in the second half of the year.
该公司提供了第三季度从持平到较低的个位数环比增长指引,但由于Tryke的交易,预计第四季度将强劲增长4,000-5,000万美元完成交易,并仍有望达到本年度28%的EBITDA利润率目标。根据这位分析师的说法,新泽西州销售的改善,以及关键市场的更多垂直整合,再加上Tryke的利润率增加,应该有助于公司在今年下半年实现更高的利润率。
Curaleaf international sales improved 50% year-over-year, hitting $7.8 million per the analyst's estimates. While these figures are notably below the overseas revenue achieved by Aurora Cannabis (NYSE:ACB) and Tilray (NASDAQ:TLRY), unlike other multi-state operators, Curaleaf has European optionality, consisting of 250,000 square feet of capacity in Portugal, with sales in the United Kingdom, Israel and Germany.
据分析师估计,Curaleaf的国际销售额同比增长50%,达到780万美元。虽然这些数字明显低于极光大麻(纽约证券交易所代码:ACB)和Tilray(纳斯达克:TLRY),与其他多州运营商不同,Curaleaf欧洲有选择权吗?在葡萄牙的产能为25万平方英尺,在英国、以色列和德国有销售。
"We do not believe in the long term with interstate commerce, a broadened scope of retailing, and even a three-tier system, that small California brands will "rule the world." We see the biggest and most profitable multi-state operators (with the right balance sheet) as the best-positioned to benefit in that future disruptive world – Curaleaf should be one of those," Zuanic concluded.
从长远来看,我们不相信随着州际贸易、零售范围的扩大,甚至是三级体系,加州的小品牌将“统治世界”。我们认为,规模最大、最赚钱的跨州运营商(拥有合适的资产负债表)是最有可能在未来的颠覆性世界中受益-库拉里夫应该是其中之一,“祖阿尼克总结道。
Price Action
价格行动
Curaleaf shares closed Monday market session 1.97% higher at $5.69 per share.
Curaleaf股价周一收盘上涨1.97%,至每股5.69美元。
Photo: Benzinga Edit; Source: Pixabay
图片来源:Pixabay
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
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