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國際（納斯達克：VFF）和TILt控股（場外交易：TLLTF）都是大麻股板塊的重要參與者，然而它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Pablo Zuanic的最新分析，一個企業前景看好，而另一個面臨重大挑戰。
Village Farms International: Riding High on Strategic Moves
village farms國際：在戰略舉措上表現強勁
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國際繼續鞏固其在大麻市場中的地位，特別是在加拿大國內市場。該公司優先發展品牌化國內大麻和國際銷售的戰略決策產生了積極結果。在2024年第二季度，VFF的國內品牌化娛樂銷售同比增長7%，同比增長34%，達到4180萬加元。公司大麻EBITDA利潤率也有所增加，上升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，儘管大麻部門表現出色，但village farms的整體合併EBITDA受到其農產品部門的波動的影響，導致2024年第二季度總合並EBITDA爲負360萬美元。儘管如此，由於其低成本生產優勢和強大的市場份額，village farms仍然是一個具有吸引力的投資，估值爲FactSet 2024年合併銷售預估的0.5倍。
TILT Holdings: Struggling Amidst Operational Challenges
TILT控股：在運營挑戰中艱難前行
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控股從Zuanic＆Associates獲得了降級評級，從超配降級爲中立評級。降級原因包括其兩個部門（霧化硬件和實體大麻）EBITDA的進展不如預期，債務水平高於預期以及對其Jupiter霧化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.
在2024年第二季度，TILT的Jupiter部門銷售額環比下降了42％，導致毛利潤大幅下降，並轉爲負EBITDA。該公司的淨債務也增加到5900萬美元，引發對其財務穩定性的擔憂。儘管面臨這些挑戰，TILT的估值仍相對較低，爲2024年銷售額的0.8倍，但當前缺乏近期催化劑和對其商業模式的不確定性正當Zuanic評估的謹慎態度。