Trulieve Cannabis Corp.

DB:T0A Stock Report

Market Cap: €1.1b

Trulieve Cannabis Valuation

Is T0A 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 T0A when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: T0A (€5.95) is trading below our estimate of fair value (€17.78)

Significantly Below Fair Value: T0A is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for T0A?

Key metric: As T0A is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for T0A. This is calculated by dividing T0A's market cap by their current revenue.
What is T0A's PS Ratio?
PS Ratio1x
SalesUS$1.17b
Market CapUS$1.20b

Price to Sales Ratio vs Peers

How does T0A's PS Ratio compare to its peers?

The above table shows the PS ratio for T0A vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.1x
DMP Dermapharm Holding
1.7x4.1%€2.0b
PSG PharmaSGP Holding
2.6x7.7%€283.0m
2FJ0 Pierrel
3.4xn/a€92.8m
BAYN Bayer
0.4x1.0%€19.2b
T0A Trulieve Cannabis
1x6.0%€1.7b

Price-To-Sales vs Peers: T0A is good value based on its Price-To-Sales Ratio (1x) compared to the peer average (2.1x).

Price to Sales Ratio vs Industry

How does T0A's PS Ratio compare vs other companies in the European Pharmaceuticals Industry?

24 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.3.1x3.4%
T0A Trulieve Cannabis
 1x6.0%US$1.20b
T0A 1.0xIndustry Avg. 3.1xNo. of Companies33PS0612182430+
24 CompaniesEstimated GrowthMarket Cap
Industry Avg.3.1x21.5%
T0A Trulieve Cannabis
 1x59.8%US$1.20b
No more companies

Price-To-Sales vs Industry: T0A is good value based on its Price-To-Sales Ratio (1x) compared to the European Pharmaceuticals industry average (3.1x).

Price to Sales Ratio vs Fair Ratio

What is T0A'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.

T0A PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1x
Fair PS Ratio2.7x

Price-To-Sales vs Fair Ratio: T0A is good value based on its Price-To-Sales Ratio (1x) compared to the estimated Fair Price-To-Sales Ratio (2.7x).

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 T0A forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€5.95
€15.92
+167.5%
16.4%€21.70€12.90n/a9
Nov ’25€10.77
€17.27
+60.3%
34.9%€30.49€10.59n/a9
Oct ’25€10.81
€16.85
+55.9%
33.1%€29.91€12.44n/a10
Sep ’25€7.64
€16.89
+121.3%
31.0%€29.54€12.49n/a11
Aug ’25€9.24
€17.20
+86.1%
27.6%€27.92€12.70n/a11
Jul ’25€10.20
€17.83
+74.8%
27.1%€28.16€12.93n/a10
Jun ’25n/a
€17.19
0%
27.8%€27.85€12.79n/a11
May ’25€9.49
€15.39
+62.2%
24.9%€23.86€10.36n/a11
Apr ’25€10.83
€14.12
+30.4%
31.2%€23.80€6.05n/a11
Mar ’25€8.66
€14.12
+63.0%
31.2%€23.80€6.05n/a11
Feb ’25€8.41
€12.16
+44.7%
40.6%€22.60€6.01n/a11
Jan ’25€4.54
€11.26
+148.2%
42.0%€22.04€5.98n/a10
Dec ’24€4.95
€11.26
+127.5%
42.0%€22.04€5.98n/a10
Nov ’24€4.08
€11.81
+189.3%
43.3%€22.48€5.48€10.7710
Oct ’24€5.70
€11.92
+109.2%
43.8%€23.18€5.47€10.8110
Sep ’24€3.14
€11.15
+254.9%
45.4%€22.42€5.36€7.6411
Aug ’24€3.89
€11.76
+202.2%
47.2%€22.60€5.46€9.2411
Jul ’24€3.53
€11.87
+236.2%
47.3%€22.50€4.73€10.2011
Jun ’24€3.87
€15.05
+289.2%
53.2%€34.61€4.79n/a12
May ’24€4.63
€17.01
+267.8%
44.9%€33.94€6.13€9.4912
Apr ’24€4.98
€17.40
+249.1%
40.6%€34.57€6.76€10.8314
Mar ’24€5.81
€24.71
+325.6%
30.0%€36.66€12.65€8.6614
Feb ’24€6.10
€24.23
+297.3%
29.5%€34.88€12.29€8.4114
Jan ’24€7.06
€25.28
+257.8%
28.4%€35.92€12.62€4.5414
Dec ’23€12.30
€25.50
+107.4%
28.6%€36.94€12.71€4.9514
Nov ’23€11.88
€30.63
+157.8%
29.2%€45.32€13.10€4.0813

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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