Third-quarter earnings have been released for all companies in the Viridian Chart of the Week. Equity prices have had an opportunity to react to the news (or not).
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The orange line in the chart shows the EV/ 2024 Consensus EBITDA estimates—the enormous range from 1.63x for Cansortium (OTC: CNTMF) to 9.26x for Curaleaf (OTC: CURLF) is striking.
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The widespread belief of better times ahead, with the likely removal of 280e and election-year movement on SAFER, might lead investors to reach for the cheapest stocks while paying less attention to risk, but that would be a serious error.
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The industry has the better part of a year to feel any positive impacts from potential legislative moves. In the meantime, equity markets for the cultivation and retail segment remain highly challenged, and debt capital has become both scarcer and more expensive.
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Accordingly, evaluating credit quality continues to be a significant element of stock selection.
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The Viridian Capital Advisors Credit Tracker Model assigns a credit risk score to each company using 11 market and financial statement variables to resolve …