Aurora Vs. Canopy & Tilray: Which NASDAQ-Listed Cannabis Stock Offers The Best Growth Potential?
Aurora Vs. Canopy & Tilray: Which NASDAQ-Listed Cannabis Stock Offers The Best Growth Potential?
Aurora Cannabis Inc. (NASDAQ:ACB) recently reported strong quarterly earnings that outpaced market expectations, despite a downturn across the cannabis sector.
大麻股公司Aurora Cannabis Inc.(纳斯达克股票代码:ACB)最近报告显示季度收入强劲,超出市场预期,尽管大麻行业板块整体走低。
Aurora's share price fell 18% following the earnings report, reflecting broader sector pressures, with the MSOS ETF down 29%. As of this morning, November 7, 2024, Aurora's stock is trading at $5.25 in pre-market, showing a 2.54% increase from its previous close.
Aurora的股价在财报发布后下跌了18%,反映了更广泛的行业压力,而MSOS ETF下跌了29%。截至2024年11月7日,今早Aurora的股票在盘前交易中报价为5.25美元,比前一交易日收盘价上涨了2.54%。
"Despite having no U.S. exposure, Aurora surpassed consensus estimates on sales and EBITDA, encouraging guidance for the December quarter," observed analyst Pablo Zuanic of Zuanic & Associates.
“尽管没有美国业务,Aurora在销售和EBITDA方面超过共识预期,为12月季度提供了鼓舞人心的指引,”Zuanic&Associates的分析师Pablo Zuanic指出。
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International Medical Cannabis Growth Drives Revenue
国际医疗大麻增长推动营业收入
Aurora's international medical cannabis (MMJ) business significantly bolstered its revenue, with European sales doubling quarter-over-quarter to $20 million, led by strong demand in Germany and Poland.
Aurora的国际医疗大麻(MMJ)业务大幅增加了其营业收入,欧洲销售额同比增加到2000万美元,主要受到德国和波兰需求旺盛的推动。
Australian MMJ sales also rose from $9.3 million to $15.1 million, benefiting from an August inventory drawdown following the MedReleaf Australia acquisition.
澳大利亚的医疗大麻销售额也从930万美元增至1510万美元,在收购MedReleaf澳大利亚后,得益于8月出库存的影响。
Profit Margins Reflect International Expansion
利润率反映国际扩张
The company's profitability has improved as higher-margin international markets now make up 57% of Aurora's global MMJ sales from 42% a year ago. This boosted adjusted cash gross margins to 68% for MMJ products, a 5% increase year-over-year, with total company margins rising 450 basis points to over 55%.
公司的盈利能力得到改善,因为高利润的国际市场现在占到了Aurora全球医疗大麻销售的57%,而一年前只有42%。这使得医疗大麻产品的调整现金毛利润率提高至68%,同比增长5%,整个公司的毛利率上升了450个基点,超过55%。
Operating expenses remained steady at $35 million per quarter, resulting in an EBITDA margin increase from 5% to 12% year-over-year.
营业费用保持稳定,每季度为3500万美元,导致EBITDA毛利率同比从5%增加至12%。
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December Quarter Guidance And Challenges
十二月季度指导与挑战
Aurora anticipates stable sales and EBITDA for the December quarter, exceeding consensus by 9% and 90%, respectively. The outlook includes a seasonal decline in its propagation business but projects positive EBITDA and free cash flow, supported by Aurora's net cash position of $27 million (cash of $85 million against $58 million in Bevo-related debt).
Aurora预计12月季度销售额和EBITDA保持稳定,分别超过共识9%和90%。展望包括其繁殖业务的季节性下降,但预计EBITDA和自由现金流为正,得到Aurora净现金头寸为2700万美元(现金8500万美元,贝沃相关债务5800万美元)的支持。
Zuanic noted that international growth remains promising, although "shipments can be inconsistent, making end-market growth predictions difficult."
Zuanic指出,国际增长仍然具有前景,尽管"出货可能不稳定,使得最终市场增长预测困难"。
Valuation Compared To Peers
与同行相比的估值
According to Zuanic, with a valuation of 1.4x its annualized sales, Aurora appears undervalued compared to competitors Tilray (NASDAQ:TLRY) and Canopy Growth (NASDAQ:CGC), which trade at multiples of 3-4x sales.
根据Zuanic的说法,以其年销售额的1.4倍估值计算,Aurora看起来被低估,与竞争对手Tilray(纳斯达克:TLRY)和大麻股(纳斯达克:CGC)相比,后者的销售倍数为3-4倍。
"Though business models differ, operational trends and lower valuation offer potential upside for ACB shares," Zuanic commented. Aurora's combination of higher-margin international revenue and more conservative valuation may present an opportunity amid sector volatility.
“尽管业务模式不同,运营趋势和较低估值为ACb股票提供了潜在上涨空间,”Zuanic评论道。在行业板块波动中,极光的高毛利国际营收与更保守的估值结合,可能带来机会。