Announcement • Aug 14
Neighbourly Pharmacy Inc. Announces CFO Changes Neighbourly Pharmacy Inc. announced the appointment of J.P. Arcand as Chief Financial Officer. Mr. Arcand is a seasoned retail finance executive with over 20 years of experience. Mr. Arcand joins Neighbourly from Helly Hansen, a leading designer and retailer of sports apparel owned by Canadian Tire Corporation, where he most recently served as CFO in Norway, overseeing its global operations across 40 countries and multiple channels. At Neighbourly, Mr. Arcand will oversee all aspects of Neighbourly's financial operations, including financial planning and analysis, accounting, and treasury functions. He will work closely with the rest of the executive team to support Neighbourly's long-term growth objectives. Mr. Arcand succeeds Billy Wong who is leaving Neighbourly for another opportunity. Mr. Arcand will be starting at Neighbourly effective August 19, 2024. Announcement • Mar 23
Neighbourly Pharmacy Inc. COM to Be Deleted from OTC Equity Neighbourly Pharmacy Inc. COM (Canada) will be deleted from OTC Equity effective March 22, 2024, due to Acquisition /Merger /Amalgamation. Reported Earnings • Feb 16
Third quarter 2024 earnings released: CA$0.11 loss per share (vs CA$0.20 loss in 3Q 2023) Third quarter 2024 results: CA$0.11 loss per share (improved from CA$0.20 loss in 3Q 2023). Revenue: CA$284.0m (up 7.0% from 3Q 2023). Net loss: CA$4.83m (loss narrowed 46% from 3Q 2023). Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Consumer Retailing industry in Canada. Price Target Changed • Feb 01
Price target decreased by 12% to CA$18.80 Down from CA$21.29, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of CA$18.28. The company is forecast to post a net loss per share of CA$0.48 next year compared to a net loss per share of CA$0.37 last year. Announcement • Jan 23
Neighbourly Pharmacy Inc. Announces Executive Changes Neighbourly Pharmacy Inc. announced the appointment of Maura Dyer as Senior Vice President, People and Culture. Ms. Dyer is a seasoned human resources executive with over 20 years of experience at well-respected Canadian healthcare, telecommunications, and financial services organizations. Her expertise in talent acquisition, employee development, and HR operations will be instrumental in enhancing Neighbourly's reputation as a workplace that attracts and retains top talent. Most recently, Ms. Dyer led several Human Resources functions at Extendicare Inc., a leading provider of care and services for seniors across Canada. At Neighbourly, Ms. Dyer will lead the People and Culture team and will play a critical role in advancing the Company's growth through the development and continuous improvement of a Talent and Culture strategy. Ms. Dyer succeeds Roy Wieschkowski, who has decided to retire from corporate life after five successful years leading the Human Resources and Payroll teams at Neighbourly, supporting the Company's rapid growth and culture evolution. Mr. Wieschkowski's retirement marks the end of an accomplished 38 year-long career, leading Human Resources functions across various industry sectors including pharmaceuticals, retail, chemical and manufacturing. Ms. Dyer joins the Neighbourly team effective February 12, 2024. Announcement • Jan 19
Neighbourly Pharmacy Inc. to Report Q3, 2024 Results on Feb 13, 2024 Neighbourly Pharmacy Inc. announced that they will report Q3, 2024 results at 7:00 AM, US Eastern Standard Time on Feb 13, 2024 Upcoming Dividend • Nov 13
Upcoming dividend of CA$0.045 per share at 1.0% yield Eligible shareholders must have bought the stock before 20 November 2023. Payment date: 19 December 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Canadian dividend payers (6.7%). Lower than average of industry peers (1.2%). Buying Opportunity • Oct 12
Now 22% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be CA$23.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 82% over the last year. Meanwhile, the company became loss making. Revenue is forecast to grow by 14% in a year. Earnings is forecast to grow by 46% in the next year. Announcement • Oct 11
Neighbourly Pharmacy Inc. to Report Q2, 2024 Results on Oct 24, 2023 Neighbourly Pharmacy Inc. announced that they will report Q2, 2024 results Pre-Market on Oct 24, 2023 Announcement • Oct 05
PCP GP, L.P. entered into a letter of intent to acquire remaining all unknown minority stake in Neighbourly Pharmacy Inc. (TSX:NBLY) for CAD 470 million. PCP GP, L.P. entered into a letter of intent to acquire remaining all unknown minority stake in Neighbourly Pharmacy Inc. (TSX:NBLY) for CAD 470 million on October 3, 2023. As per consideration, the Persistence Capital Partners will pay CAD 20.50 in cash for each share of Neighbourly Pharmacy. The PCP GP secured fully committed debt and equity financing. Devon Park Advisors provided capital raising services to PCP. PCP currently beneficially owns or has control or direction over, directly or indirectly, 22.4 million common shares. The transaction has been unanimously approved by the Neighbourly Pharmacy board of directors. The transaction is subject to a definitive agreement, regulatory, court and/or stock exchange approvals, receiving an updated Fairness Opinion from TD and approval from shareholders of Neighbourly Pharmacy. The transaction is expected to close in the last calendar quarter of 2023 or early in the first calendar quarter of 2024.
TD Securities acted as financial and provided fairness opinion to Neighbourly Pharmacy. Scotiabank and RBC Capital Markets acted as financial advisors to PCP. Stikeman Elliott LLP acted as legal advisor to PCP on the transaction. McCarthy Tétrault LLP acted as independent legal advisor to the Transaction Committee. New Risk • Oct 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Upcoming Dividend • Aug 21
Upcoming dividend of CA$0.045 per share at 1.1% yield Eligible shareholders must have bought the stock before 28 August 2023. Payment date: 26 September 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Canadian dividend payers (6.2%). Lower than average of industry peers (1.3%). Breakeven Date Change • Aug 02
Forecast breakeven date pushed back to 2025 The 7 analysts covering Neighbourly Pharmacy previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of CA$7.10m in 2025. Average annual earnings growth of 98% is required to achieve expected profit on schedule. Reported Earnings • Aug 01
First quarter 2024 earnings released: CA$0.27 loss per share (vs CA$0.029 loss in 1Q 2023) First quarter 2024 results: CA$0.27 loss per share (further deteriorated from CA$0.029 loss in 1Q 2023). Revenue: CA$196.8m (up 72% from 1Q 2023). Net loss: CA$12.1m (loss widened CA$11.1m from 1Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Consumer Retailing industry in Canada. Announcement • Jul 14
Neighbourly Pharmacy Inc. to Report Q1, 2024 Results on Aug 01, 2023 Neighbourly Pharmacy Inc. announced that they will report Q1, 2024 results Pre-Market on Aug 01, 2023 Upcoming Dividend • Jun 28
Upcoming dividend of CA$0.045 per share at 1.1% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 03 August 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Canadian dividend payers (6.4%). Lower than average of industry peers (1.4%). Recent Insider Transactions • Jun 18
Independent Chairman of the Board recently bought CA$599k worth of stock On the 15th of June, Stuart Elman bought around 34k shares on-market at roughly CA$17.78 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Stuart's only on-market trade for the last 12 months. Announcement • Jun 09
Neighbourly Pharmacy Inc. Announces Quarterly Dividend, Payable on August 3, 2023 Neighbourly Pharmacy Inc. announced that a quarterly dividend will be paid on August 3, 2023, to the Company's common shareholders of record as of July 6, 2023. The amount of the dividend will be $0.045 for each common share. This dividend is an "eligible dividend" for Canadian income tax purposes. Reported Earnings • Jun 09
Full year 2023 earnings released: CA$0.37 loss per share (vs CA$2.57 loss in FY 2022) Full year 2023 results: CA$0.37 loss per share (improved from CA$2.57 loss in FY 2022). Revenue: CA$749.1m (up 75% from FY 2022). Net loss: CA$15.5m (loss narrowed 79% from FY 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Consumer Retailing industry in Canada. Announcement • Jun 07
Neighbourly Pharmacy Inc. (TSX:NBLY) entered into a binding agreement to acquire Seven Pharmacies in Western Canada. Neighbourly Pharmacy Inc. (TSX:NBLY) entered into a binding agreement to acquire Seven Pharmacies in Western Canada on June 6, 2023. The Acquisition will be funded from cash on hand and drawings on the Company’s credit facility. The deal is subject to pending customary regulatory approvals and the satisfaction of customary closing conditions. The deal is expected to close by the end of June 2023. The deal will generate total annualized Adjusted EBITDA of approximately CAD 4.4 million. Announcement • May 26
Neighbourly Pharmacy Inc. (TSX:NBLY) has entered into a binding agreement to acquire Three pharmacies in Ontario. Neighbourly Pharmacy Inc. (TSX:NBLY) has entered into a binding agreement to acquire Three pharmacies in Ontario on May 25, 2023. Acquisition will be funded from cash on hand and drawings on the Neighbourly Pharmacy Inc.’s credit facility. Upon completion of the Acquisition, Neighbourly’s network will comprise a total of 287 locations across Canada. Transaction has pending customary regulatory approvals and the satisfaction of customary closing conditions.. Transaction is expected to close by the end of June 2023. Announcement • May 20
Neighbourly Pharmacy Inc., Annual General Meeting, Aug 01, 2023 Neighbourly Pharmacy Inc., Annual General Meeting, Aug 01, 2023. Announcement • May 13
Neighbourly Pharmacy Inc. to Report Q4, 2023 Results on Jun 08, 2023 Neighbourly Pharmacy Inc. announced that they will report Q4, 2023 results Pre-Market on Jun 08, 2023 Upcoming Dividend • Mar 06
Upcoming dividend of CA$0.045 per share at 0.7% yield Eligible shareholders must have bought the stock before 13 March 2023. Payment date: 11 April 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.7%. Lower than top quartile of Canadian dividend payers (5.9%). Lower than average of industry peers (1.3%). Recent Insider Transactions • Feb 27
CEO & Director recently bought CA$272k worth of stock On the 24th of February, Skip Bourdo bought around 11k shares on-market at roughly CA$24.57 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Skip's only on-market trade for the last 12 months. Breakeven Date Change • Feb 21
Forecast breakeven date pushed back to 2024 The 8 analysts covering Neighbourly Pharmacy previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 91% to 2023. The company is expected to make a profit of CA$12.5m in 2024. Average annual earnings growth of 125% is required to achieve expected profit on schedule. Announcement • Feb 15
Neighbourly Pharmacy Inc. Announces Quarterly Dividend, Payable on April 11, 2023 Neighbourly Pharmacy Inc. announced that a quarterly dividend will be paid on April 11, 2023, to the Company's common shareholders of record as of March 14, 2023. The amount of the dividend will be $0.045 for each common share. This dividend is an "eligible dividend" for Canadian income tax purposes. Reported Earnings • Feb 14
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: CA$0.20 loss per share (further deteriorated from CA$0.026 loss in 3Q 2022). Revenue: CA$265.3m (up 91% from 3Q 2022). Net loss: CA$8.98m (loss widened CA$8.09m from 3Q 2022). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Consumer Retailing industry in Canada. Major Estimate Revision • Feb 12
Consensus EPS estimates fall by 42% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from CA$0.147 to CA$0.085 per share. Revenue forecast steady at CA$751.0m. Net income forecast to grow 103% next year vs 5.8% decline forecast for Consumer Retailing industry in Canada. Consensus price target of CA$29.44 unchanged from last update. Share price rose 11% to CA$23.23 over the past week. Announcement • Jan 28
Neighbourly Pharmacy Inc. to Report Q3, 2023 Results on Feb 14, 2023 Neighbourly Pharmacy Inc. announced that they will report Q3, 2023 results Pre-Market on Feb 14, 2023 Announcement • Jan 25
Neighbourly Pharmacy Inc. Announces CEO Changes Neighbourly Pharmacy Inc. appointed Skip Bourdo as Chief Executive Officer. Chris Gardner has decided to step down as CEO and will continue to support the Company in a Strategic Advisor role. Skip Bourdo is an accomplished pharmacy and healthcare executive with 30 years of industry experience. Mr. Bourdo had a successful 27-year career at Walgreens, one of North America's pharmacy chains, starting as a cashier, then store manager, and growing in positions of ever-increasing responsibility, including integration and business transformation roles, and culminating as Group Vice President, Pharmacy and Retail Field Operations for Walgreens' Western operations, where he oversaw a network covering 4,700 retail, health system and specialty pharmacy locations, generating over $46 billion in revenue, and employing over 120,000 team members in 29 states, Puerto Rico and the U.S. Virgin Islands, serving nearly 4 million customers and patients every day. More recently, Mr. Bourdo was Chief Operating Officer of Athletico, a rapidly growing, leading provider of orthopedic rehabilitation services across the United States. During his tenure at Athletico, Mr. Bourdo was responsible for bringing operational excellence, structure, and scale capabilities to Athletico's clinic operations, which almost doubled their retail footprint to 950+ locations over the course of two years. The appointment of Skip Bourdo follows a rigorous search process, which considered high quality candidates from Canada and the USA. Chris Gardner continues to be committed to the success and growth of the Company and will remain with Neighbourly as a Strategic Advisor, supporting Mr. Bourdo and the Board of Directors over the next twelve months, including continuing to execute on the Company's robust acquisition pipeline. Mr. Gardner joined Neighbourly in 2017 and became CEO in February 2019 leading the Company's rapid growth -- driving a nearly five-fold increase from 61 locations to 284 locations coast to coast, as well as its public offering in 2021. Announcement • Dec 20
Neighbourly Pharmacy Inc. (TSX:NBLY) completed the acquisition of Cloverdale Pharmacy Ltd. and Steveston Health Centre Ltd. from CloudMD Software & Services Inc. (TSXV:DOC) Neighbourly Pharmacy Inc. (TSX:NBLY) entered into a binding agreement to acquire Cloverdale Pharmacy Ltd. and Steveston Health Centre Ltd. from CloudMD Software & Services Inc. (TSXV:DOC) for CAD 3.8 million on October 24, 2022. In a related transaction, Neighbourly Pharmacy Inc. (TSX:NBLY) enter into a binding agreement to acquire Six Community Pharmacies Located in New Brunswick and Nova Scotia on October 24, 2022. The total purchase price for the acquisitions is CAD 15.5 million. The Acquisitions will be funded from cash on hand and drawings on the Company’s credit facility. Neighbourly estimates that the eight acquired locations will generate total annualized Adjusted EBITDA of approximately CAD 2.7 million. Both Acquisitions are expected to close by the end of November 2022, pending customary regulatory approvals and the satisfaction of customary closing conditions. As of October 31, 2022, the transaction is expected to close in the fourth quarter of 2022. INFOR Financial Group acted as exclusive financial advisor and Cassels Brock & Blackwell LLP acted as legal advisor to CloudMD.
Neighbourly Pharmacy Inc. (TSX:NBLY) completed the acquisition of Cloverdale Pharmacy Ltd. and Steveston Health Centre Ltd. from CloudMD Software & Services Inc. (TSXV:DOC) on December 19, 2022. Board Change • Nov 16
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. Independent Chairman of the Board Stuart Elman is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Oct 27
Neighbourly Pharmacy Inc. Announces Quarterly Dividend, Payable on December 20, 2022 Neighbourly Pharmacy Inc. announced that a quarterly dividend will be paid on December 20, 2022, to the Company's common shareholders of record as of November 22, 2022. The amount of the dividend will be $0.045 for each common share. This dividend is an "eligible dividend" for Canadian income tax purposes. Major Estimate Revision • Oct 26
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from CA$0.19 to CA$0.27. Revenue forecast steady at CA$749.4m. Net income forecast to grow 53% next year vs 0.4% growth forecast for Consumer Retailing industry in Canada. Consensus price target broadly unchanged at CA$29.30. Share price rose 13% to CA$22.86 over the past week. Announcement • Oct 25
Neighbourly Pharmacy Inc. (TSX:NBLY) entered into a binding agreement to acquire Six Community Pharmacies Located in New Brunswick and Nova Scotia. Neighbourly Pharmacy Inc. (TSX:NBLY) entered into a binding agreement to acquire Six Community Pharmacies Located in New Brunswick and Nova Scotia on October 24, 2022. In a related tramsaction the Neighbourly Pharmacy Inc. also entered into a binding agreement to acquire two community pharmacies located in British Columbia. The total purchase price for the Acquisitions is $15.5 million. The Acquisitions will be funded from cash on hand and drawings on the Company’s credit facility. The transaction pending customary regulatory approvals and the satisfaction of customary closing conditions and expected to close by the end of November 2022. Major Estimate Revision • Oct 22
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from CA$0.19 to CA$0.40. Revenue forecast steady at CA$751.0m. Net income forecast to grow 425% next year vs 0.4% growth forecast for Consumer Retailing industry in Canada. Consensus price target broadly unchanged at CA$29.30. Share price was steady at CA$21.01 over the past week. Buying Opportunity • Oct 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be CA$26.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 73% in a year. Earnings is forecast to grow by 425% in the next year. Announcement • Aug 31
Neighbourly Pharmacy Inc. Appoints Billy Wong as CFO to Succeed Terri Smyth Neighbourly Pharmacy Inc. announced that Terri Smyth will be stepping away from her role as Chief Financial Officer for family reasons as she relocates to British Columbia with her family over the coming months. Ms. Smyth will continue in her capacity as CFO until October 25, 2022, when Neighbourly plans to release its second quarter 2023 financial results. Ms. Smyth continues to be committed to the success and growth of the business and will be remaining with the Company through March 2023, to ensure a seamless and orderly transition. Succeeding Terri Smyth is Billy Wong, a seasoned finance executive with more than 15 years in progressive roles of increased scope and responsibility in forecasting, planning, analysis, decision support and continuous improvement across various retail and consumer companies. Over the last four years, Mr. Wong was Chief Financial Officer at Camuto Group, Chief Financial Officer & Chief Operations Officer at Designer Brands Canada, both divisions of Designer Brands Inc. Prior to that, Mr. Wong was an Executive Vice President, CFO at Sears Canada. Mr. Wong will start at Neighbourly on September 19, 2022 and will work closely with Ms. Smyth over the coming months to ensure a smooth transition into the CFO role. Ms. Smyth will continue to support Mr. Wong through the balance of the fiscal year. Upcoming Dividend • Aug 22
Upcoming dividend of CA$0.045 per share Eligible shareholders must have bought the stock before 29 August 2022. Payment date: 27 September 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 0.9%. Lower than top quartile of Canadian dividend payers (5.4%). Lower than average of industry peers (1.2%). Reported Earnings • Aug 03
First quarter 2023 earnings: EPS misses analyst expectations First quarter 2023 results: CA$0.029 loss per share (up from CA$7.50 loss in 1Q 2022). Revenue: CA$114.4m (up 34% from 1Q 2022). Net loss: CA$999.0k (loss narrowed 99% from 1Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 74%, compared to a 7.7% growth forecast for the industry in Canada. Announcement • Aug 03
Neighbourly Pharmacy Inc. Declares Dividend on Common Share for the First Quarter Ended June 18, 2022, Payable on September 27, 2022 Neighbourly Pharmacy Inc. announced its dividend of $0.045 for each common share for the first quarter ended June 18, 2022. The dividend will be paid on September 27, 2022, to the Company's common shareholders of record as of August 30, 2022. Upcoming Dividend • Jul 13
Upcoming dividend of CA$0.045 per share Eligible shareholders must have bought the stock before 20 July 2022. Payment date: 18 August 2022. The company is not currently making a profit and its cash payout ratio is 76%. Trailing yield: 0.8%. Lower than top quartile of Canadian dividend payers (5.5%). Lower than average of industry peers (1.2%). Announcement • Jun 29
Neighbourly Pharmacy Inc. (TSX:NBLY) completed the acquisition of Rubicon Pharmacies Canada Inc. Neighbourly Pharmacy Inc. (TSX:NBLY) entered into a definitive agreement to acquire Rubicon Pharmacies Canada Inc. for approximately CAD 440 million on March 10, 2022. The acquisition is for a Cash purchase price of approximately CAD 440 million. The Acquisition will be partially financed through a CAD 250 million equity issuance of subscription receipts, of which approximately 48% will be purchased on a private placement basis by an affiliate of Persistence Capital Partners, Neighbourly’s largest shareholder, and the balance will be distributed by way of public offering. The balance of the purchase price will be financed through draw downs on the Company’s Restated Credit Facilities and cash on hand. In connection with the Acquisition, affiliates of Scotiabank and RBC provided a commitment letter providing for commitments to replace or amend and restate the Company’s existing credit agreement with the following credit facilities: (a) CAD 200 million revolving credit facility maturing May 25, 2026, (b) an upsized CAD 200 million senior term loan credit facility maturing May 25, 2026, and (c) a new CAD 250 million bridge credit facility. Rubicon generated approximately CAD 303 million of revenue and approximately CAD 39 million of EBITDA during the twelve-month period ended September 30, 2021. The Acquisition has been unanimously approved by the directors of Neighbourly, and remain subject to customary closing conditions, including regulatory approvals. In addition, the conditions to the completion of the Acquisition in the Purchase Agreement include that any ROFR shall have either been extinguished or waived by the applicable ROFR party, or that the transaction pursuant to which the applicable ROFR parties acquired any ROFR Pharmacies shall have been consummated. As of June 7, 2022 Neighbourly Pharmacy Inc. received a "no-action letter" from the Competition Bureau to proceed with its previously announced acquisition of Rubicon Pharmacies. Neighbourly expects the completion of the acquisition to occur on June 27, 2022. The Acquisition is expected to occur during the first quarter of Fiscal 2023 (the second quarter of the calendar year 2022). As of June 23, 2022 the Rubicon Acquisition is expected to close by the end of June 2022. Royal Bank of Canada (TSX:RY) acted as financial advisor to Neighbourly Pharmacy Inc. The Bank of Nova Scotia (TSX:BNS) acted as financial advisor to Neighbourly Pharmacy Inc. Benjamin Bloom, Frank DeLuca, Melodie D. Eng and Marc Senderowitz of Minden Gross LLP acted as legal advisor to Neighbourly Pharmacy Inc. Stikeman Elliott LLP acted as legal advisor to Neighbourly Pharmacy Inc. Guy Berman, Danielle Traub, Justin Crawford, Nick Germanakos, Erica Bird and Jessica Reid (corporate/M&A), Teresa Reguly (food and drug regulatory), Omar Wakil and Ian Li (competition), Tom Stevenson (employment), Andy Gibbons (real estate), Jerald Wortsman and Benjamin Mann (tax) of Torys LLP acted as legal advisors to Rubicon Pharmacies in the transaction. RBC Capital Markets acted as financial advisor to Neighbourly pharmacy.
Neighbourly Pharmacy Inc. (TSX:NBLY) completed the acquisition of Rubicon Pharmacies Canada Inc. on June 27, 2022. Reported Earnings • Jun 25
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: CA$2.57 loss per share (up from CA$199 loss in FY 2021). Revenue: CA$427.5m (up 40% from FY 2021). Net loss: CA$73.4m (loss narrowed 20% from FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Over the next year, revenue is forecast to grow 78%, compared to a 6.5% growth forecast for the retail industry in Canada. Price Target Changed • Jun 24
Price target decreased to CA$33.44 Down from CA$37.00, the current price target is an average from 9 analysts. New target price is 36% above last closing price of CA$24.54. Stock is down 12% over the past year. Announcement • Jun 24
Neighbourly Pharmacy Inc. Announces Quarterly Dividend, Payable on August 18, 2022 Neighbourly Pharmacy Inc. announced that a quarterly dividend will be paid on August 18, 2022, to the Company's common shareholders of record as of July 21, 2022. The amount of the dividend will be $0.045 for each common share. Announcement • May 27
Neighbourly Pharmacy Inc., Annual General Meeting, Aug 02, 2022 Neighbourly Pharmacy Inc., Annual General Meeting, Aug 02, 2022. Announcement • May 18
Neighbourly Pharmacy Inc. to Report Q4, 2022 Results on Jun 23, 2022 Neighbourly Pharmacy Inc. announced that they will report Q4, 2022 results Pre-Market on Jun 23, 2022 Board Change • Apr 27
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. Independent Chairman of the Board Stuart Elman is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Apr 15
Neighbourly Pharmacy Inc. announced that it has received CAD 138.163875 million in funding from PCP GP, L.P. On April 14, 2022, Neighbourly Pharmacy Inc. closed the transaction. The company amended the terms of the transaction, and issued 622,500 subscription receipts for gross proceeds of CAD 18,021,375 in its second tranche closing, bringing the total gross proceeds raised in the transaction to CAD 138,163,875. Upcoming Dividend • Mar 07
Upcoming dividend of CA$0.045 per share Eligible shareholders must have bought the stock before 14 March 2022. Payment date: 12 April 2022. The company is not currently making a profit and its cash payout ratio is 79%. Trailing yield: 0.6%. Lower than top quartile of Canadian dividend payers (4.8%). Lower than average of industry peers (1.3%). Reported Earnings • Feb 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: CA$0.03 loss per share (up from CA$245 loss in 3Q 2021). Revenue: CA$139.2m (up 27% from 3Q 2021). Net loss: CA$889.0k (loss narrowed 99% from 3Q 2021). Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 38%, compared to a 5.5% growth forecast for the industry in Canada. Major Estimate Revision • Feb 13
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 expected loss increased from -CA$1.41 to -CA$2.12 per share. Revenue forecast of CA$431.9m unchanged since last update. Consumer Retailing industry in Canada expected to see average net income growth of 13% next year. Consensus price target of CA$34.88 unchanged from last update. Share price rose 3.9% to CA$31.84 over the past week. Upcoming Dividend • Nov 15
Upcoming dividend of CA$0.045 per share Eligible shareholders must have bought the stock before 22 November 2021. Payment date: 21 December 2021. Trailing yield: 0.5%. Lower than top quartile of Canadian dividend payers (4.5%). Lower than average of industry peers (1.2%). Reported Earnings • Oct 27
Second quarter 2022 earnings released: CA$0.11 loss per share (vs CA$24.48 loss in 2Q 2021) The company reported a decent second quarter result with reduced losses and improved control over expenses, although revenues were weaker. Second quarter 2022 results: Revenue: CA$90.7m (down 17% from 2Q 2021). Net loss: CA$3.65m (loss narrowed 97% from 2Q 2021). Upcoming Dividend • Sep 06
Upcoming dividend of CA$0.045 per share Eligible shareholders must have bought the stock before 13 September 2021. Payment date: 12 October 2021. Trailing yield: 0.5%. Lower than top quartile of Canadian dividend payers (4.6%). Lower than average of industry peers (1.3%). Breakeven Date Change • Aug 05
Forecast breakeven pushed back to 2023 The 6 analysts covering Neighbourly Pharmacy previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 47% to 2022. The company is expected to make a profit of CA$33.9m in 2023. Average annual earnings growth of 102% is required to achieve expected profit on schedule. Reported Earnings • Jun 28
Full year 2021 earnings released: CA$19.88 loss per share (vs CA$5.08 loss in FY 2020) The company reported a mediocre full year result with increased losses and weaker control over costs, although revenues improved. Full year 2021 results: Revenue: CA$306.5m (up 64% from FY 2020). Net loss: CA$91.3m (loss widened 291% from FY 2020). Announcement • May 26
Neighbourly Pharmacy Inc. has completed an IPO in the amount of CAD 175.015 million. Neighbourly Pharmacy Inc. has completed an IPO in the amount of CAD 175.015 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 10,295,000
Price\Range: CAD 17
Discount Per Security: CAD 1.02
Transaction Features: Regulation S; Rule 144A; Sponsor Backed Offering