2023年3月21日

周二，Roth Capital Partners分析師比爾•柯克發表了一份關於加拿大大麻品牌HEXO Corp的報告。他表示，關於該公司的未來，人們存在很多疑問。Kirk對該股保持“中性”評級，稱加拿大市場的困難並沒有讓事情變得更容易。總部位於魁北克加蒂諾的HEXO於3月16日報告了截至2023年1月31日的2023財年第二季度財務狀況，營收為2420萬美元，而去年同期為5280萬美元，同比下降56%。該公司曆史上首次報告淨收入為70萬美元，而上一季度淨虧損5630萬美元，去年同期虧損7.109億美元。HEXO總裁兼首席執行官Charlie Bowman在一份新聞稿中表示:“HEXO在本季度堅持我們的長期戰略，繼續專注於我們最盈利的品牌，並保持公平的價格。“雖然大麻價格在整個市場大幅下跌，但我們認為，大幅降價不是一種可持續的策略。我們相信，我們的產品將繼續為客戶和股東帶來卓越的價值。”從數據來看，Kirk表示，第二季淨營收為2420萬美元，低於市場預期的3680萬美元，而調整後EBITDA為負240萬美元，也低於華爾街預期的負30萬美元。Kirk表示，從季度業績來看，一個"更大的行業問題"已經出現，即定價壓力導致企業在利潤率和市場份額之間做出選擇，而HEXO選擇了前者。“HEXO在流動性和盈利能力要求之間麵臨著艱難的平衡，但憑借領先的成本配置，它已經成為一家更可靠的公司，為其他有限合夥人提供B2B增長機會。即使HEXO有所改善，該行業仍然困難重重，而且這些協議代表著股權積壓。 We reiterate our Neutral and raise our Price Target to $1.60 (stock split partially offset by lower estimates),” Kirk said. Kirk spoke of HEXO’s convertible covenants, which include a requirement to maintain US$20 million in liquidity as well as one to stay at positive EBITDA over every rolling three-month period. Kirk said a covenant breach in the latter case would make its convertible note immediately payable, with Canadian licensed producer Tilray being the holder of the note. Kirk said although Tilray is a customer of HEXO and aligned in supporting HEXO’s brand health, with the convertible note Tilray “is in an increasingly powerful position and HEXO equity value is at risk.” At the time of publication, Kirk’s new $1.60 target represented a projected one-year return of negative one per cent. “We remain on the sidelines: 1) competition against key products remains, making market share gains unlikely; 2) acquisitions are showing contraction; 3) cost-cutting alone won’t generate meaningful positive EBITDA; 4) uncertainty around balance sheet obligations; and 5) access to the U.S. is unclear,” Kirk wrote. “Visibility is low and volatility is high. The Canadian marketplace remains very difficult, and acquired assets increased that exposure,” he said.