Trulieve Cannabis (CNSX:TRUL) - Share price, News & Analysis

TRUL fundamental analysis
Snowflake Score
Valuation	0/6
Future Growth	4/6
Past Performance	4/6
Financial Health	5/6
Dividends	0/6

TRUL Overview

Trulieve Cannabis Corp., together with its subsidiaries, operates as a medical cannabis company.

Rewards

Earnings are forecast to grow 18.72% per year

Earnings grew by 290.6% over the past year

Risk Analysis

High level of non-cash earnings

Shareholders have been substantially diluted in the past year

Trulieve Cannabis Competitors

Curaleaf Holdings

CNSX:CURA

CA$9.4b

Green Thumb Industries

CNSX:GTII

CA$6.9b

Cresco Labs

CNSX:CL

CA$4.6b

Verano Holdings

CNSX:VRNO

CA$4.3b

Price History & Performance

Summary of all time highs, changes and price drops for Trulieve Cannabis
Historical stock prices
Current Share Price	CA$32.42
52 Week High	CA$27.37
52 Week Low	CA$67.45
Beta	1.33
1 Month Change	1.60%
3 Month Change	-25.30%
1 Year Change	13.16%
3 Year Change	90.71%
5 Year Change	n/a
Change since IPO	224.85%

Recent News & Updates

Aug 16

Is Trulieve Cannabis (CSE:TRUL) Using Too Much Debt?

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

Shareholder Returns

	TRUL	CA Pharmaceuticals	CA Market
7D	-12.2%	-5.2%	2.4%
1Y	13.2%	6.2%	31.3%

Return vs Industry: TRUL exceeded the Canadian Pharmaceuticals industry which returned 8.6% over the past year.

Return vs Market: TRUL underperformed the Canadian Market which returned 30.3% over the past year.

Price Volatility

Is TRUL's price volatile compared to industry and market?
TRUL volatility
TRUL Beta	1.33
Industry Beta	1.85
Market Beta	1

Stable Share Price: TRUL is not significantly more volatile than the rest of Canadian stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: TRUL's weekly volatility (7%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1940	7,200	Kim Rivers	https://www.trulieve.com

Trulieve Cannabis Corp., together with its subsidiaries, operates as a medical cannabis company. The company cultivates and produces products in-house and distributes its products to Trulieve branded stores (dispensaries) in Florida, California, Massachusetts, Connecticut, Pennsylvania, and West Virginia, as well as directly to patients through home delivery. It produces approximately 550 stock keeping units, including flower, edibles, vaporizer cartridges, concentrates, topicals, capsules, tinctures, dissolvable powders, and nasal sprays.

Trulieve Cannabis Fundamentals Summary

How do Trulieve Cannabis's earnings and revenue compare to its market cap?
TRUL fundamental statistics
Market Cap	US$4.77b
Earnings (TTM)	US$91.41m
Revenue (TTM)	US$713.66m

52.2x

P/E Ratio

6.7x

P/S Ratio

Is TRUL overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
TRUL income statement (TTM)
Revenue	US$713.66m
Cost of Revenue	US$211.86m
Gross Profit	US$501.80m
Expenses	US$410.39m
Earnings	US$91.41m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

Nov 15, 2021

Earnings per share (EPS)	0.50
Gross Margin	70.31%
Net Profit Margin	12.81%
Debt/Equity Ratio	30.0%

How did TRUL perform over the long term?

See historical performance and comparison

Valuation

Is Trulieve Cannabis undervalued compared to its fair value and its price relative to the market?

52.16x

Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: TRUL (CA$32.42) is trading above our estimate of fair value (CA$8.91)

Significantly Below Fair Value: TRUL is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: TRUL is poor value based on its PE Ratio (52.2x) compared to the Canadian Pharmaceuticals industry average (19.2x).

PE vs Market: TRUL is poor value based on its PE Ratio (52.2x) compared to the Canadian market (13.6x).

Price to Earnings Growth Ratio

PEG Ratio: TRUL is poor value based on its PEG Ratio (2.8x)

Price to Book Ratio

PB vs Industry: TRUL is overvalued based on its PB Ratio (6.3x) compared to the CA Pharmaceuticals industry average (2.4x).

Future Growth

How is Trulieve Cannabis forecast to perform in the next 1 to 3 years based on estimates from 15 analysts?

18.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: TRUL's forecast earnings growth (18.7% per year) is above the savings rate (1.6%).

Earnings vs Market: TRUL's earnings (18.7% per year) are forecast to grow faster than the Canadian market (12% per year).

High Growth Earnings: TRUL's earnings are forecast to grow, but not significantly.

Revenue vs Market: TRUL's revenue (22.3% per year) is forecast to grow faster than the Canadian market (6.8% per year).

High Growth Revenue: TRUL's revenue (22.3% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if TRUL's Return on Equity is forecast to be high in 3 years time

Past Performance

How has Trulieve Cannabis performed over the past 5 years?

33.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TRUL has a high level of non-cash earnings.

Growing Profit Margin: TRUL's current net profit margins (12.8%) are higher than last year (6.4%).

Past Earnings Growth Analysis

Earnings Trend: TRUL's earnings have grown significantly by 33.9% per year over the past 5 years.

Accelerating Growth: TRUL's earnings growth over the past year (290.6%) exceeds its 5-year average (33.9% per year).

Earnings vs Industry: TRUL earnings growth over the past year (290.6%) exceeded the Pharmaceuticals industry 115.1%.

Return on Equity

High ROE: TRUL's Return on Equity (12.1%) is considered low.

Financial Health

How is Trulieve Cannabis's financial position?

Financial Position Analysis

Short Term Liabilities: TRUL's short term assets ($442.1M) exceed its short term liabilities ($76.7M).

Long Term Liabilities: TRUL's short term assets ($442.1M) exceed its long term liabilities ($313.3M).

Debt to Equity History and Analysis

Debt Level: TRUL's debt to equity ratio (30%) is considered satisfactory.

Reducing Debt: Insufficient data to determine if TRUL's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: TRUL's debt is well covered by operating cash flow (31.4%).

Interest Coverage: TRUL's interest payments on its debt are well covered by EBIT (12x coverage).

Balance Sheet

Dividend

What is Trulieve Cannabis's current dividend yield, its reliability and sustainability?

Dividend Yield vs Market

Notable Dividend: Unable to evaluate TRUL's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate TRUL's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if TRUL's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if TRUL's dividend payments have been increasing.

Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of TRUL's dividend in 3 years as they are not forecast to pay a notable one for the Canadian market.

Next Steps

Explore strong dividend paying companies in the Pharmaceuticals & Biotech industry.

Management

How experienced are the management team and are they aligned to shareholders interests?

2.0yrs

Average management tenure

CEO

Kim Rivers (43 yo)

3.08yrs

Tenure

US$1,064,989

Compensation

Ms. Kimberly Rivers, also known as Kim, has been Principal Executive Officer and Director at Harvest Health & Recreation Inc. since October 01, 2021. She has been the Chairman and President of Trulieve Can...

CEO Compensation Analysis

Compensation vs Market: Kim's total compensation ($USD1.06M) is below average for companies of similar size in the Canadian market ($USD2.89M).

Compensation vs Earnings: Kim's compensation has increased by more than 20% in the past year.

Leadership Team

Experienced Management: TRUL's management team is considered experienced (2 years average tenure).

Board Members

Experienced Board: TRUL's board of directors are not considered experienced ( 1.3 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: TRUL insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 54.4%.

Data	Last Updated (UTC time)
Company Analysis	2021/10/15 23:30
End of Day Share Price	2021/10/15 00:00
Earnings	2021/06/30
Annual Earnings	2020/12/31

Market Cap

7D

1Y

Updated

Data