High Tide Inc.

TSXV:HITI Stock Report

Market Cap: CA$300.9m

High Tide Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 HITI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: HITI (CA$3.71) is trading below our estimate of fair value (CA$17.19)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for HITI. This is calculated by dividing HITI's market cap by their current revenue.
What is HITI's PS Ratio?
PS Ratio0.6x
SalesCA$511.12m
Market CapCA$300.92m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for HITI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4.8x
GRIN Grown Rogue International
7.1xn/aCA$213.4m
TSND TerrAscend
0.7x9.9%CA$409.1m
ACB Aurora Cannabis
1.1x11.8%CA$319.7m
CPH Cipher Pharmaceuticals
10.2x18.8%CA$374.9m
HITI High Tide
0.6x11.9%CA$300.9m

Price-To-Sales vs Peers: HITI is good value based on its Price-To-Sales Ratio (0.6x) compared to the peer average (4.8x).

Price to Sales Ratio vs Industry

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

23 CompaniesPrice / SalesEstimated GrowthMarket Cap
AYR.A Ayr Wellness
0.2x2.6%US$82.27m
ACRG.A.U Acreage Holdings
0.08xn/aUS$26.82m
MRV Nuvo Pharmaceuticals
0.2xn/aUS$11.21m
IMCC IM Cannabis
0.2x24.8%US$7.96m
HITI 0.6xIndustry Avg. 0.7xNo. of Companies23PS012345+
23 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: HITI is good value based on its Price-To-Sales Ratio (0.6x) compared to the Canadian Pharmaceuticals industry average (0.7x).

Price to Sales Ratio vs Fair Ratio

What is HITI'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.

HITI PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.6x
Fair PS Ratio0.8x

Price-To-Sales vs Fair Ratio: HITI is good value based on its Price-To-Sales Ratio (0.6x) compared to the estimated Fair Price-To-Sales Ratio (0.8x).

Analyst Price Targets

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

The above table shows the analyst HITI forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$3.71
CA$6.05
+63.1%
23.7%CA$8.50CA$4.50n/a5
Nov ’25CA$4.00
CA$6.05
+51.2%
23.7%CA$8.50CA$4.50n/a5
Oct ’25CA$2.97
CA$6.10
+105.4%
22.8%CA$8.50CA$4.50n/a5
Sep ’25CA$2.74
CA$6.00
+119.0%
25.7%CA$8.50CA$4.50n/a4
Aug ’25CA$2.53
CA$6.00
+137.2%
25.7%CA$8.50CA$4.50n/a4
Jul ’25CA$3.03
CA$5.50
+81.5%
14.4%CA$6.50CA$4.50n/a4
Jun ’25CA$3.41
CA$5.95
+74.5%
24.1%CA$8.50CA$4.25n/a5
May ’25CA$3.01
CA$5.95
+97.7%
24.1%CA$8.50CA$4.25n/a5
Apr ’25CA$2.65
CA$5.95
+124.5%
24.1%CA$8.50CA$4.25n/a5
Mar ’25CA$2.38
CA$5.95
+150.0%
24.1%CA$8.50CA$4.25n/a5
Feb ’25CA$2.49
CA$5.95
+139.0%
24.1%CA$8.50CA$4.25n/a5
Jan ’25CA$2.13
CA$5.85
+174.6%
28.6%CA$9.00CA$4.25n/a5
Dec ’24CA$2.15
CA$5.85
+172.1%
28.6%CA$9.00CA$4.25n/a5
Nov ’24CA$2.08
CA$5.69
+173.4%
34.0%CA$9.00CA$4.25CA$4.004
Oct ’24CA$2.50
CA$5.92
+136.7%
36.9%CA$9.00CA$4.25CA$2.973
Sep ’24CA$1.85
CA$5.20
+181.1%
42.4%CA$9.00CA$2.50CA$2.745
Aug ’24CA$1.71
CA$5.88
+243.6%
33.2%CA$9.00CA$4.00CA$2.534
Jul ’24CA$1.66
CA$6.50
+291.6%
28.8%CA$9.00CA$4.50CA$3.033
Jun ’24CA$1.70
CA$6.83
+302.0%
34.0%CA$10.00CA$4.50CA$3.413
May ’24CA$1.73
CA$6.83
+295.0%
34.0%CA$10.00CA$4.50CA$3.013
Apr ’24CA$1.83
CA$5.80
+216.9%
46.4%CA$10.00CA$2.70CA$2.654
Mar ’24CA$1.88
CA$6.43
+241.8%
54.3%CA$12.00CA$2.70CA$2.384
Feb ’24CA$2.07
CA$6.69
+223.1%
50.3%CA$12.00CA$2.75CA$2.494
Jan ’24CA$2.09
CA$6.75
+223.0%
57.5%CA$12.00CA$2.75CA$2.133
Dec ’23CA$2.44
CA$6.75
+176.6%
57.5%CA$12.00CA$2.75CA$2.153
Nov ’23CA$1.90
CA$6.75
+255.3%
57.5%CA$12.00CA$2.75CA$2.083

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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