Sundial Stock: Near-Death Experience, or Deep Discount Bargain?
The year 2022 has been a difficult one for many industries that work against the backdrop of inflation and rising interest rates. Negative macro improvements have affected all corners of the Sunday quarterly report (SNDL).
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The Canadian marijuana company has hit a total revenue of C $ 17.6 million, reaching a 29% decline in succession, as the slowest sales of the season reached its peak. Cannabis production decreased by 31% quarterly to C8.8 million dollars as supermarket and provincial sales increased - by about 64% and 14% Q / Q, respectively.
As the company stands looking at the pay scenario categories and moves away from offering discounts, Canaccord analyst Shaan Mir sees some of the “imminent challenges” of the business. "That being said," said the analyst, "we believe the introduction of new products will help to achieve successive successes in provincial sales channels starting at FQ2 / 22 (and the listing of 159 new products at YTD)."
Retail sales also declined respectively - by 24.5% from C $ 10.0 million on F4Q21 to ~ C $ 7.5 million. The company currently owns 183 cannabis outlets in Canada, although in line with previous executives' comments, given the "overcrowding" in many key markets, Mir hopes that Sundial will "slow down" the reopening of stores.
On the bright side, the Cash opex dropped from C $ 13.1 million to C $ 11.9 million, a continuous improvement by 9%. However, include a weak top-line, "muted margin profile," and reduced revenue from the company's investment arm, adj. EBITDA showed a loss of (C $ 0.6 million) per quarter compared to a profit of ~ C $ 18.4 million in FQ4 / 21, and fell far short of Mir's forecast of ~ C $ 10 million.
3 months ago, only one analyst reviewed SNDL's prospects, and they agreed with Mir's prediction, which gives Stock a consensus rating. Combined with the intent of the Canaccord analyst, the average price is up to $ 0.59, raising a 12-month high of 43%.
