stock edged higher on Thursday, following a bullish note from Cowen & Co. that applauded management’s competitive positioning of the company.
The back story. Even among the highflying marijuana stocks, Aurora (ACB) has been a stellar performer: The shares are up more than 83% since the start of 2019, and have risen 34.6% in the past 12 months.
Although the cannabis stocks are a volatile group, Aurora has seemingly moved from strength to strength. Analysts cheered its acquisition of Whistler Medical Marijuana at the start of the year, not to mention its earnings in February and news in March that Nelson Peltz joined the company as a strategic advisor.
Although the shares paused when Aurora said it would issue new debt earlier this month, investors quickly jumped back on the bandwagon, applauding its German medical cannabis distribution deal and bet on CBD oil. International agreements are often seen favorably for companies in the marijuana group, as they cut their teeth on navigating various legislation and investors wonder if the U.S. could legalize marijuana on a federal level, the way Canada did last year.
Branching out into adjacent products like CBD is also usually considered a good move to diversify revenue and potentially gain entree into new markets in the U.S. and abroad.
Wednesday, Bank of America Merrill Lynch named Aurora as one of three pot stocks to buy.
What’s new. Cowen analyst Vivien Azer reiterated an Outperform rating on Aurora Thursday after meeting with company executives. She writes that she came away feeling confident about Aurora’s strategy and ability to “produce a stable foundation” for growth.
“As Aurora continues to ramp up supply, the company is establishing an even stronger leadership position in both capacity and profitability,” reiterating their intention to be positive in terms of earnings before interest, taxes, depreciation, and amortization in the fourth quarter of this fiscal year, she wrote.
Looking ahead. Azer writes that although the shares have already had a good run in 2019, the fundamentals point to more gains for Aurora “Even with scale opportunities ahead of them, Aurora is off to a good start, having delivered one of the highest gross margins among the leading Canadian licensed producers,” she writes, noting that in the trailing 12 months, Aurora delivered a 61% gross margin, well ahead of its peers.
For now, demand for cannabis may look artificially high, given supply issues, but ultimately she’s predicting “more meaningful growth in the second half of 2019,” for Aurora, particularly as it benefits from retail rollouts in areas like Ontario.
Like other analysts, she’s happy to see Aurora expanding internationally in places such as Germany, and moving ahead with new delivery forms like vaping. She said she was also happy to hear management say it won’t be rushed into U.S. markets for niche products like THC, which have the potential to cut into margins.
Aurora was up 0.4% to $8.99 in early trading.
股票周四小幅走高，此前 Cowen & Co .乐观地指出，管理层对该公司的竞争地位表示赞赏。
后面的故事。即使是在大麻类股中，奥罗拉（Aurora）（ ACB ）也表现出色：自2019年初以来，该股已上涨逾83%，过去12个月累计上涨34.6%。
尽管大麻股票是一个波动较大的群体，但奥罗拉（Aurora）似乎已转向实力。今年年初，分析师们为收购惠斯勒医疗公司( Whistler Medical Marijuana )而欢呼，更不用说该公司2月份的盈利情况，以及今年3月尼尔森?
尽管在奥罗拉（Aurora）表示将于本月早些时候发行新债时，该股暂停交易，但投资者很快又重新看好这股潮流，称赞其德国医用大麻分销交易，押注 CBD 油。对于大麻集团的公司来说，国际协议通常被认为是最有利的，因为它们削减了在各种立法中的影响力，投资者也在质疑美国能否像加拿大去年那样，在联邦层面上使大麻合法化。
对 CBD 等邻近产品进行分门别类通常也被认为是一种实现收入多元化、并有可能进入美国和海外新市场的好举措。
周三，美国银行美林（ BankofAmericaMerrillLynch ）将奥罗拉（Aurora）列为三只股票中的一只。
什么是新的。Cowen 分析师 VivienAzer 在与公司高管会面后，周四重申了对奥罗拉（Aurora）的“卓越表现”评级。她写道，她对奥罗拉（Aurora）的战略和“为增长奠定稳定基础”的能力感到自信。
她写道：“随着奥罗拉（Aurora）继续加大供应，该公司在产能和盈利能力方面建立了更强大的领导地位。”她重申，他们打算在本财年第四季度的息税折旧摊销前利润( EBITDA )方面保持乐观。
展望未来.Azer 写道，虽然该股在2019年已经表现良好，但基本面因素表明， Aurora 获得了更多收益，“即便在前面有规模机遇的情况下，奥罗拉（Aurora）仍将迎来一个良好的开端，在领先的加拿大特许生产商中，它实现了最高的毛利率之一，”她写道，并指出在过去12个月里，奥罗拉（Aurora）的毛利率为61%，远远领先于同行。
与其他分析师一样，她很高兴看到奥罗拉（Aurora）在德国等地进行了国际扩张，并推出了新的交付形式，比如虚张声势。她说，她也很高兴听到管理层说，不会急于进入美国市场，寻找像 THC 这样有可能削减利润率的利基产品。