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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -18.0x - -19.9x | -18.9x |
| Selected Fwd EBITDA Multiple | 19.7x - 21.8x | 20.7x |
| Fair Value | €0.58 - €0.64 | €0.61 |
| Upside | 10.7% - 22.8% | 16.7% |
| Benchmarks | Ticker | Full Ticker |
| cbdMD, Inc. | YCBD | NYSEAM:YCBD |
| Charlotte's Web Holdings, Inc. | CWEB | TSX:CWEB |
| Aurora Cannabis Inc. | ACB | TSX:ACB |
| Canopy Growth Corporation | WEED | TSX:WEED |
| Target Group Inc. | CBDY | OTCPK:CBDY |
| TRUBAR Inc. | 5SS | DB:5SS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| YCBD | CWEB | ACB | WEED | CBDY | 5SS | ||
| NYSEAM:YCBD | TSX:CWEB | TSX:ACB | TSX:WEED | OTCPK:CBDY | DB:5SS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 98.0% | 29.5% | 484.2% | 89.5% | 137.4% | -114.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -32.0% | -47.0% | -45.6% | -63.7% | -1981.5% | -11.4% | |
| Prior Fiscal Year | -30.9% | -39.4% | -2.6% | -25.5% | 10.2% | -9.8% | |
| Latest Fiscal Year | -11.1% | -44.3% | 8.9% | -7.9% | 30.9% | -3.0% | |
| Latest Twelve Months | -0.6% | -38.2% | 3.3% | -2.9% | 33.8% | -8.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.36x | 0.94x | 1.14x | 2.47x | 0.57x | 1.69x | |
| EV / LTM EBITDA | -63.8x | -2.5x | 34.4x | -86.3x | 1.7x | -20.2x | |
| EV / LTM EBIT | -5.6x | -1.6x | -37.5x | -13.7x | 3.0x | -14.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -86.3x | -2.5x | 34.4x | ||||
| Historical EV / LTM EBITDA | -364.7x | -16.0x | -3.1x | ||||
| Selected EV / LTM EBITDA | -18.0x | -18.9x | -19.9x | ||||
| (x) LTM EBITDA | (4) | (4) | (4) | ||||
| (=) Implied Enterprise Value | 63 | 66 | 70 | ||||
| (-) Non-shareholder Claims * | (3) | (3) | (3) | ||||
| (=) Equity Value | 60 | 64 | 67 | ||||
| (/) Shares Outstanding | 107.7 | 107.7 | 107.7 | ||||
| Implied Value Range | 0.56 | 0.59 | 0.62 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.48 | 0.51 | 0.53 | 0.53 | |||
| Upside / (Downside) | -8.7% | -3.7% | 1.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | YCBD | CWEB | ACB | WEED | CBDY | 5SS | |
| Enterprise Value | 7 | 48 | 408 | 678 | 4 | 69 | |
| (+) Cash & Short Term Investments | 2 | 19 | 140 | 144 | 1 | 2 | |
| (+) Investments & Other | 1 | 12 | 0 | 20 | 0 | 0 | |
| (-) Debt | (1) | (60) | (102) | (328) | (3) | (5) | |
| (-) Other Liabilities | 0 | 0 | (37) | 0 | 0 | 0 | |
| (-) Preferred Stock | (0) | 0 | 0 | 0 | (0) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8 | 19 | 409 | 513 | 1 | 66 | |
| (/) Shares Outstanding | 8.9 | 159.1 | 56.5 | 239.8 | 617.0 | 107.7 | |
| Implied Stock Price | 0.94 | 0.12 | 7.25 | 2.14 | 0.00 | 0.61 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.73 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 0.94 | 0.17 | 7.25 | 2.14 | 0.00 | 0.53 | |
| Trading Currency | USD | CAD | CAD | CAD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.73 | 1.00 | 1.00 | 1.00 | 1.17 | |