Report

Record Revenue and New Products Boost Market Sentiment

We're excited to share some news about Delivra Health Brands Inc. (NASDAQ: DHBUF | TSX: DHB.V). Since our last research report in February, DHB has seen a remarkable 29% increase in its stock price, and an impressive 80% rise since our initial report in September 2023.

Recent Performance: DHB is up 29% since our previous report in February 2024 and 80% since our initial report in September 2023. Q3-FY2024 revenue increased by 31% YoY, driven by robust sales growth across all brands.
Financial Performance: EBITDA, EPS, and FCF improved due to higher revenue, with EBITDA 2% above our estimates. DHB is trading at just 1.0x revenue versus the sector average of 3.1x.
Underlyings
Amazon.com Inc.

Amazon.com serves consumers through its online and physical stores. The company also manufactures and sells electronic devices, including Kindle, Fire tablet, Fire TV, Echo, and Ring, and the company develops and produces media content. The company operates customer service centers and provides programs that enable sellers to grow their businesses, sell their products in its stores, and fulfill orders through the company The company serves developers and enterprises of various sizes, including start-ups, government agencies, and academic institutions, through its Amazon Web Services segment, which provides a set of global compute, storage, database, and other service offerings. The company also provides services, such as advertising.

Delivra Health Brands Inc.

Walmart Inc.

Walmart is engaged in global operations of retail, wholesale and other units, as well as eCommerce, located throughout the U.S., Africa, Argentina, Canada, Central America, Chile, China, India, Japan, Mexico and the U.K. The company's operations are conducted in three reportable segments: Walmart U.S., which is a mass merchandiser of consumer products, operating under the Walmart and Walmart Neighborhood Market brands, as well as walmart.com, jet.com and other eCommerce brands; Walmart International, which includes various formats divided into retail, wholesale and other categories; and Sam's Club, which is a membership-only warehouse club that also operates samsclub.com.

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Fundamental Research
Fundamental Research

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Analysts
Sid Rajeev

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