OUR 9TH YEAR OF PROVIDING PROPRIETARY CAPITAL MARKETS INTELLIGENCE ON THE CANNABIS / HEMP / PSYCHEDELIC SECTORS
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Valuation Tracker By Industry Sector
Valuation Tracker By Sector
The Viridian Value Tracker is the most comprehensive valuation product in the industry.
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- A broad set of 12 valuation measures assures applicability, regardless of whether the company has analyst coverage or revenues. The typically presented EV/ Projected Revenues and EV/ Projected EBITDA are available for less than 1/3 of the cannabis companies we track.
- Most valuation studies present only the average valuation measures, while the Tracker goes one step further and shows the distribution of values (the quartiles, median, and dispersion) for each measure. This gives users a more complete view of how companies in the cohort group are valued.
Week ended 12/15/2023
Our sector trackers include ratios applicable to value companies with no analyst coverage and the more typical EV/ Revenues and EV/ EBITDA measures. For each valuation measure, we present the values for the lowest 25% of companies, the median, and the highest 25%. This gives investors a better understanding of the spread of values than a simple average, often presented but frequently seriously flawed by outliers. Valuations in the Cultivation and Retail sector were off sharply this week, as indicated by the 10.86% decline in the MSOS ETF. The group’s median market-to-book and EV/ annualized revenues were .48x and 1.17x, respectively. The upper quartile of the sector trades much better. Glass House, one of this week’s debt issuers, for example, trades at .91x market to book and EV/annualized revenues of 2.43x. Glass House is the second highest priced MSO (after AYR) with regard to price to a 52-week low, making it a risky bet for any bad news on the rescheduling front.
Week ended 12/15/2023
Our sector trackers include ratios applicable to value companies with no analyst coverage and the more typical EV/ Revenues and EV/ EBITDA measures. For each valuation measure, we present the values for the lowest 25% of companies, the median, and the highest 25%. This gives investors a better understanding of the spread of values than a simple average, often presented but frequently seriously flawed by outliers. Valuations in the Cultivation and Retail sector were off sharply this week, as indicated by the 10.86% decline in the MSOS ETF. The group’s median market-to-book and EV/ annualized revenues were .48x and 1.17x, respectively. The upper quartile of the sector trades much better. Glass House, one of this week’s debt issuers, for example, trades at .91x market to book and EV/annualized revenues of 2.43x. Glass House is the second highest priced MSO (after AYR) with regard to price to a 52-week low, making it a risky bet for any bad news on the rescheduling front.
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