TILRAY BRANDS - SELL | USD2.6 VS. USD6.5 (-46%) Because dreaming cost money
We believe that the highly competitive Canadian cannabis market will continue to weight on Tilray Brands’ financial performance and are lowering our revenue expectations for FY22 by 5% and for FY23 by 11%. We lower our Target Price to USD2.6 per share. Although we expect the company to start generating some operational free cash flow from FY23 onwards, the ambition to become a global cannabis CPG market leader will require significant more equity financing, which we believe will become increasingly dilutive for existing investors.Growing US presence and infrastructure (target 2.0bn revenues)
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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