Cannacord Genuity, an independent full-services financial services firm, has commenced coverage of Khiron Life Sciences Corp. (TSXV:KHRN), giving it a ‘speculative’ buy rating. Khiron is a vertically-integrated medical cannabis company fully licensed to conduct its core operations in Colombia and, according to Cannacord, is “cultivating a first-mover-advantage” in the most advanced regulatory environment in Latin America.
Cannacord’s coverage outlined by analyst Kimberly Hedlin, and was quoted in part in a recent article on the Globe and Mail, which reviewed input from industry analysts. Hedlin set the target price at $3 per share.
“Following a recent wave of medical cannabis legalizations in Latin America, we believe the market is on the cusp of exponential growth,” said Ms. Hedlin. “In our view, Khiron Life Sciences is positioned to secure a sizeable market share given its first-mover advantage, low-cost operations, robust medical platform and strong management team. We believe the stock provides an attractive entry point with rare exposure to LATAM medical cannabis.”
“Our target reflects an [enterprise value] of $210-million and a 2020 estimated EV-to-EBITDA multiple of 9.2 times,” said the analyst. “We believe this is reasonable in light of recent transactions in the region (which averaged $250-million) and current Canadian trading multiples of 16.5 times. The key risks to our target include Colombian cannabis pricing, receipt of commercial quotas, patient conversion rates and closing of the ILANS acquisition. We believe a ‘Speculative’ classification is appropriate given Khiron’s pre-revenue status.”
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