C21 Investments Valuation

Is CXXI undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CXXI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CXXI (CA$0.3) is trading below our estimate of fair value (CA$1.51)

Significantly Below Fair Value: CXXI is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CXXI?

Key metric: As CXXI is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for CXXI. This is calculated by dividing CXXI's market cap by their current revenue.
What is CXXI's PS Ratio?
PS Ratio	1x
Sales	US$26.79m
Market Cap	US$23.18m

CXXI key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.3x
Enterprise Value/EBITDA	14.1x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does CXXI's PS Ratio compare to its peers?

The above table shows the PS ratio for CXXI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	0.5x
WOLF Grey Wolf Animal Health	1.1x	n/a	CA$27.3m
FFNT 4Front Ventures	0.4x	n/a	CA$41.2m
CWEB Charlotte's Web Holdings	0.4x	3.2%	CA$30.0m
ACRG.A.U Acreage Holdings	0.08x	n/a	US$26.8m
CXXI C21 Investments	1x	n/a	CA$32.4m

Price-To-Sales vs Peers: CXXI is expensive based on its Price-To-Sales Ratio (1x) compared to the peer average (0.5x).

Price to Sales Ratio vs Industry

How does CXXI's PS Ratio compare vs other companies in the CA Pharmaceuticals Industry?

23 Companies	Price / Sales	Estimated Growth	Market Cap
AYR.A Ayr Wellness	0.2x	2.6%	US$82.27m
ACRG.A.U Acreage Holdings	0.08x	n/a	US$26.82m
MRV Nuvo Pharmaceuticals	0.2x	n/a	US$11.21m
IMCC IM Cannabis	0.2x	24.8%	US$7.96m

23 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: CXXI is expensive based on its Price-To-Sales Ratio (1x) compared to the Canadian Pharmaceuticals industry average (0.7x).

Price to Sales Ratio vs Fair Ratio

What is CXXI's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CXXI PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate CXXI's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

Discover undervalued companies

Fennec Pharmaceuticals

US$117.3m

Operates as a biopharmaceutical company in the United States.

FRX

US$6.50

7.6%

-44.2%

Medexus Pharmaceuticals

CA$52.0m

Operates as a pharmaceutical company in Canada and the United States.

MDP

CA$2.15

5.4%

40.5%

Verano Holdings

CA$850.9m

Operates as a vertically integrated multi-state cannabis operator in the United States.

VRNO

CA$2.32

-12.8%

-60.6%