Comp Tables

Investment Analysis and Valuation of the Cannabis Industry

Your Comps Are Wrong: Why and How to Use Comp Tables

Why do we think comp tables are so important?

They are the key tool in understanding investment opportunities and risks in an industry.

  • provide a menu of available public investment choices for purchase or sale
  • show the range of valuations of the choices, showing discrepancies that may or may not converge in the future. Public valuations also inform private company valuations and acquisition pricing
  • show the size and leverage of the public options
  • show the range of operating margins and opportunities for margin expansion or compression
  • show the cost of capital for companies and the industry, which can be applied to similar companies in the private market either raising new capital or deciding whether to sell to another company
  • on the second page, the stock price performance shows what is moving up and down, helps isolate specific performance vs peers and the broader market

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Publicly Available Commentary

Risk Off February? Comp Tables 2/26/2021

For the month of February cannabis stocks peaked then declined. The stocks ended up 17% for the US operators and 23% for the Canadian operators, and both groups have declined since peaking around February 8-10 (-13% for US and -26% for Canadian) - when we noted that...

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Comp Tables Premium Members

This content is for subscribers only.

On the Comp Table page, we provide:

  • Fully diluted, in-the-money share counts
  • Downloadable capital structure and sell-side estimate data
  • Implied valuations
  • Stock returns over various periods

A public sample with Premium Only details hidden can be downloaded below

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