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Curaleaf Holdings Inc CURLF Stock Quote

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Morningstar‘s Stock Analysis CURLF

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Curaleaf's Q3 Revenue Growth Slows in Challenging Economic Environment; Shares Remain Undervalued

Analyst Note

| Kristoffer Inton |

Curaleaf delivered weaker third-quarter results that reflected the current U.S. economic environment. Revenue grew 1% sequentially (compared with 8% in the second quarter) as support from new store openings and strength in core markets was offset by inflation hitting customers' wallets. Additional one-time drags included store closures in Florida during Hurricane Ian in late September. Offsetting some of the revenue weakness, adjusted EBITDA margin contracted only about 80 basis points sequentially to 25%. Our forecast isn’t materially changed, so we maintain our U.S. dollar-denominated $25 fair value estimate for the no-moat firm and raise our Canadian dollar fair value estimate to CAD 34 from CAD 32 on a stronger U.S. currency.

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Company Profile CURLF

Business Description

Curaleaf is headquartered in Wakefield, Massachusetts, and cultivates and sells medicinal and recreational cannabis in the U.S. The company has operations in 22 states. Its brands include Curaleaf, UKU, Select, and Grassroots. The company acquired EMMAC Life Sciences in March 2021, beginning its foray into the global medical market in competition with Canadian cannabis producers.

301 Edgewater Place #110, Suite 405
Wakefield, MA, 01880
T +1 781 451-0150
Industry Drug Manufacturers - Specialty & Generic
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 5,671

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