Cardiol Therapeutics (TSX:CRDL) - Share price, News & Analysis

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

CRDL Stock Overview

Rewards

Earnings are forecast to grow 59.15% per year

Risk Analysis

Makes less than USD$1m in revenue (CA$79K)

Volatile share price over the past 3 months

Shareholders have been diluted in the past year

Does not have a meaningful market cap (CA$105M)

Cardiol Therapeutics Competitors

Red White & Bloom Brands

CNSX:RWB

CA$78.8m

FSD Pharma

CNSX:HUGE

CA$40.7m

Auxly Cannabis Group

TSX:XLY

CA$62.9m

Adastra Holdings

CNSX:XTRX

CA$39.2m

Price History & Performance

Summary of all time highs, changes and price drops for Cardiol Therapeutics
Historical stock prices
Current Share Price	CA$1.70
52 Week High	CA$6.19
52 Week Low	CA$1.31
Beta	1.06
1 Month Change	-1.16%
3 Month Change	-11.92%
1 Year Change	-42.95%
3 Year Change	-61.36%
5 Year Change	n/a
Change since IPO	-59.04%

Shareholder Returns

	CRDL	CA Pharmaceuticals	CA Market
7D	-1.7%	-4.3%	0.3%
1Y	-43.0%	-72.5%	-3.7%

Return vs Industry: CRDL exceeded the Canadian Pharmaceuticals industry which returned -71.4% over the past year.

Return vs Market: CRDL underperformed the Canadian Market which returned -2.9% over the past year.

Price Volatility

Is CRDL's price volatile compared to industry and market?
CRDL volatility
CRDL Average Weekly Movement	15.6%
Pharmaceuticals Industry Average Movement	11.9%
Market Average Movement	10.0%
10% most volatile stocks in CA Market	17.2%
10% least volatile stocks in CA Market	4.4%

Stable Share Price: CRDL is more volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 16% a week.

Volatility Over Time: CRDL's weekly volatility (16%) has been stable over the past year, but is still higher than 75% of Canadian stocks.

About the Company

Founded	Employees	CEO	Website
2017	n/a	David Elsley	https://www.cardiolrx.com

Cardiol Therapeutics Inc., a clinical-stage life sciences company, focuses on the research and development of anti-fibrotic and anti-inflammatory therapies for the treatment of cardiovascular disease (CVD). Its lead product is CardiolRx, which is in Phase II/III multi-national, randomized, double-blind, and placebo-controlled study to evaluate the efficacy and safety of CardiolRx as a cardioprotective therapy to reduce cardiovascular and respiratory events in patients hospitalized with COVID-19, as well as to evaluate the efficacy and safety of CardiolRx in acute myocarditis. The company is also developing subcutaneous formulation of CardiolRx for the treatment of fibrosis and inflammation in the heart that is related with the development and progression of heart failure.

Cardiol Therapeutics Fundamentals Summary

How do Cardiol Therapeutics's earnings and revenue compare to its market cap?
CRDL fundamental statistics
Market Cap	CA$105.30m
Earnings (TTM)	-CA$31.68m
Revenue (TTM)	CA$78.76k

1,339x

P/S Ratio

-3.3x

P/E Ratio

Is CRDL overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
CRDL income statement (TTM)
Revenue	CA$78.76k
Cost of Revenue	CA$0
Gross Profit	CA$78.76k
Other Expenses	CA$31.76m
Earnings	-CA$31.68m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-0.51
Gross Margin	100.00%
Net Profit Margin	-40,226.63%
Debt/Equity Ratio	0%

How did CRDL perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

0/6

Valuation Score 0/6

Price-To-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for CRDL. This is calculated by dividing CRDL's market cap by their current preferred multiple.
What is CRDL's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	CA$105.30m

CRDL 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	388x
Enterprise Value/EBITDA	-0.8x
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does CRDL's PB Ratio compare to its peers?

CRDL PB Ratio vs Peers

The above table shows the PB ratio for CRDL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PB	Estimated Growth	Market Cap
Peer Average	0.9x
RWB Red White & Bloom Brands	0.6x	n/a	CA$78.8m
HUGE FSD Pharma	0.7x	n/a	CA$40.7m
XLY Auxly Cannabis Group	0.4x	80.6%	CA$62.9m
XTRX Adastra Holdings	1.8x	n/a	CA$39.2m
CRDL Cardiol Therapeutics	1.5x	59.2%	CA$105.3m

Price-To-Book vs Peers: CRDL is expensive based on its Price-To-Book Ratio (1.5x) compared to the peer average (0.9x).

Price to Earnings Ratio vs Industry

How does CRDL's PE Ratio compare vs other companies in the CA Pharmaceuticals Industry?

Price-To-Book vs Industry: CRDL is expensive based on its Price-To-Book Ratio (1.5x) compared to the Canadian Pharmaceuticals industry average (1x)

Price to Book Ratio vs Fair Ratio

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

CRDL PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	1.5x
Fair PB Ratio	n/a

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

Share Price vs Fair Value

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

Below Fair Value: Insufficient data to calculate CRDL's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate CRDL's fair value for valuation analysis.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate CRDL's PEG Ratio to determine if it is good value.

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Future Growth

How is Cardiol Therapeutics forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

5/6

Future Growth Score 5/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

59.2%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CRDL is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.6%).

Earnings vs Market: CRDL is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: CRDL is expected to become profitable in the next 3 years.

Revenue vs Market: CRDL's revenue (47.4% per year) is forecast to grow faster than the Canadian market (6.6% per year).

High Growth Revenue: CRDL's revenue (47.4% 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 CRDL's Return on Equity is forecast to be high in 3 years time

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Past Performance

How has Cardiol Therapeutics performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-35.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CRDL is currently unprofitable.

Growing Profit Margin: CRDL is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: CRDL is unprofitable, and losses have increased over the past 5 years at a rate of 35.6% per year.

Accelerating Growth: Unable to compare CRDL's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: CRDL is unprofitable, making it difficult to compare its past year earnings growth to the Pharmaceuticals industry (118.1%).

Return on Equity

High ROE: CRDL has a negative Return on Equity (-45.77%), as it is currently unprofitable.

Discover strong past performing companies

Financial Health

How is Cardiol Therapeutics's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: CRDL's short term assets (CA$78.7M) exceed its short term liabilities (CA$10.2M).

Long Term Liabilities: CRDL's short term assets (CA$78.7M) exceed its long term liabilities (CA$60.7K).

Debt to Equity History and Analysis

Debt Level: CRDL is debt free.

Reducing Debt: CRDL had no debt 5 years ago.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: CRDL has sufficient cash runway for more than a year based on its current free cash flow.

Forecast Cash Runway: CRDL has sufficient cash runway for 2 years if free cash flow continues to reduce at historical rates of 34.1% each year.

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Dividend

What is Cardiol Therapeutics's current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

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

High Dividend: Unable to evaluate CRDL'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 CRDL's dividends per share have been stable in the past.

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

Earnings Payout to Shareholders

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

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as CRDL has not reported any payouts.

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Management

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

2.7yrs

Average management tenure

CEO

David Elsley

5.42yrs

Tenure

CA$1,259,787

Compensation

Mr. David G. Elsley, MBA, has been the President, Chief Executive Officer and Director of Cardiol Therapeutics Inc since January 19, 2017. Mr. Elsley is a business leader with a proven track record of deve...

CEO Compensation Analysis

Compensation vs Market: David's total compensation ($USD977.04K) is above average for companies of similar size in the Canadian market ($USD174.83K).

Compensation vs Earnings: David's compensation has increased whilst the company is unprofitable.

Leadership Team

Experienced Management: CRDL's management team is considered experienced (2.7 years average tenure).

Board Members

Experienced Board: CRDL's board of directors are not considered experienced ( 0.4 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: CRDL 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 diluted in the past year, with total shares outstanding growing by 44.2%.

Data	Last Updated (UTC time)
Company Analysis	2022/06/29 00:00
End of Day Share Price	2022/06/29 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31