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Khiron Life Sciences 12th July 2019 BUY KHIRON LIFE Fair Value CAD4 SCIENCES Share price EUR1.90 Bloomberg / Reuters KHRN CN/KHRN.V Consumer, Brands & Retail Cannabis Bold Ambition Khiron is set up to be a leader in the Latin American medicinal and branded CPG cannabis markets. From its base in Colombia it is spreading out into Mexico, Peru, Chile, Uruguay and Brazil. Supported by a strong team of seasoned entrepreneurs (and a knowledgeable Board that includes former President of Mexico, Vicente Fox), the company is aiming to take a first mover advantage in the medicinal cannabis and CBD- based branded Consumer packaged goods. We initiate the stock with Buy and a fair value of CAD4.0 per share offering a 100% upside. Its position in medically-validated cannabis products is most advanced in Colombia where the company is fully licensed for the cultivation, production, domestic distribution, and international export of both THC and CBD medical cannabis. It is currently preparing the market for its medicinal cannabis products (to be launched in H2 2019) through in-person clinic consultations, medical association alliances, alliances with pharmacies, health insurance and providing physicians with a variety of cannabis education platforms. In order to accelerate the market development and its own market position, the company has already bought the ILANS clinics in Colombia but we expect more to come. The advantage of running its own neuropathic clinic is that it is much easier to educate doctors in the uses of medicinal cannabis and to switch patients towards the use of medicinal cannabis. Meanwhile, the company’s own developed CBD ski- care brand Kuida is leading the efforts in the health & wellness category. Khiron is also entering Mexico, Peru, Chile, Uruguay and Brazil with the same approach: on the one hand preparing the market for its medicinal cannabis products through alliances with medical associations, JVs with clinics, distribution agreements with wholesalers and pharmacy chains; on the other hand looking for opportunities to enter the market ahead of competition based on compassionate use rules for medicinal cannabis, or with its CBD-based skin and pet care product range. The company has formed a JV with Dixie Brands that will allow Khiron to sell Dixie Brands’ various products (Dixie, Aceso, Therabis and Synergy) in the food & beverages, supplement and pet category across Latin America. It will also benefit from Dixie Brands efforts to plug Kuida in its network for distribution throughout the US. Nikolaas Faes |33(0) 6 11 12 44 44| [email protected] Fiscal year end 31/12 2017 2018 2019e 2020e 2021e 2022e KHIRON LIFE SCIENCES Financial Summary EPS (CAD) -0.14 -0.42 -0.4 -0.2 0.1 0.3 Restated EPS (CAD) -0.10 -0.34 -0.4 -0.2 0.1 0.3 % change - - -4.1% -56.7% - 245.5% BUY FCF (CAD) -0.11 -0.41 -0.4 -0.2 0.0 0.3 Net dividend (CAD) 0.00 0.00 0.0 0.0 0.0 0.0 Fair Value CAD4 Average yearly Price 2.51 1.18 - - - - Avg. Number of shares, diluted (m) 27.8 48.5 111.0 121.1 121.1 121.1 Historical Entreprise value (CADm) 68 50 - - - - Share price EUR1.90 Valuation (x) EV/Sales - 55.8x 22.94x 6.37x 2.35x 1.15x EV/EBITDA -18.0x -2.5x NM NM 17.0x 5.4x Market Cap. EUR216m EV/EBIT -24.6x -3.0x NM NM 25.7x 6.6x P/E -25.3x -4.0x NM NM 22.9x 6.6x EPS 3Y CAGR NM FCF yield (%) -431.1% -3016.0% NM NM 1.0% 13.5% Net dividend yield (%) 0.0% 0.0% NM NM NM NM Profit & Loss Account (EURm) Revenues 0 1 11 44 128 256 Change (%) - - 1112% 310% 189% 100% Adjusted EBITDA -3 -17 -33 -23 18 55 EBIT -4 -20 -37 -28 12 45 Change (%) - - -87% -25% - 281% Financial results 0 0 0 0 0 0 Pre-Tax profits -4 -20 -37 -28 12 45 Exceptionals 0 0 0 0 0 0 Tax 0 0 -6 6 -3 -12 Minority interests 0 0 0 0 0 0 Net profit -4 -20 -44 -22 8 33 Restated net profit -3 -17 -40 -19 10 35 Change (%) - - -138.2% -52.7% - 245.5% Cash Flow Statement (EURm) Operating cash flows -3 -17 -33 -23 18 55 Change in working capital 0 1 -2 -7 -30 -40 Capex, net 0 -4 -8 -10 -12 -12 Free Cash flow -3 -19 -43 -40 -24 3 Financial investments, net 0 -5 0 0 0 0 Dividends 0 0 0 0 0 0 Capital increase 5 38 25 5 3 0 Other 0 0 -6 6 -3 -12 Change in net debt - 11 -37 -5 5 15 Net debt (+)/cash (-) -2 -13 24 29 24 9 Balance Sheet (EURm) Tangible fixed assets 0 10 17 25 33 37 Intangibles assets 0 7 7 7 7 7 Cash & equivalents 2 19 19 19 19 19 current assets 1 5 6 24 77 141 Other assets 0 0 0 0 0 0 Total assets 3 40 48 75 135 204 L & ST Debt 0 3 27 56 80 89 Provisions 0 0 0 0 0 0 Others liabilities 1 12 11 22 44 69 Minority interests 0 0 0 0 0 0 Shareholders' funds 2 26 11 -2 12 46 Total Liabilities 3 40 48 75 135 204 Ratios Nikolaas Faes Gross margin - 0.0% 20.0% 50.0% 65.0% 65.0% EBITDA margin - -2231.3% -338.7% -58.2% 12.3% 20.6% 33(0) 6 11 12 44 44 Net debt/EBITDA (x) - 0.8 -20.6% -141.9% 385.1% 132.2% Operating margin - -1862.4% -306.3% -55.9% 10.7% 18.2% [email protected] Tax rate - 0.4% 17.4% 25.0% 25.0% 25.0% Net margin - -1871.3% -367.6% -42.4% 7.9% 13.6% ROE - -65.3% -353.6% 792.0% 86.8% 75.8% ROCE - -420.4% -266.3% -104.8% 22.1% 47.6% Gearing - -64% 67% -1540% 523% 152% FCF/EBIT - 0.9 131.9% 122.6% -234.4% -19.6% Dividend payout - 0.0% 0.0% 0.0% 0.0% 0.0% Source: Company Data; Bryan, Garnier & Co ests. EXECUTIVE SUMMARY Khiron is a Canadian integrated cannabis company with its core Khiron est une société canadienne intégrée de cannabis dont les operations in Latin America. From its base in Colombia it is activités principales sont situées en Amérique latine. Depuis sa base spreading out into Mexico, Peru, Chile, Uruguay and Brazil. colombienne, elle s’étend au Mexique, au Pérou, au Chili, en Khiron is led by co-founder and Chief Executive Officer, Alvaro Uruguay et au Brésil. Khiron est dirigée par Alvaro Torres, Torres, together with an experienced hands-on executive team, cofondateur et CEO, entouré d’une équipe de direction and a knowledgeable Board that includes former President of expérimentée et d’un conseil d'administration qualifié comprenant Mexico, Vicente Fox. un ancien président du Mexique, Vicente Fox. La société s’est donnée comme mission d’améliorer la qualité de vie The company’s mission is to improve the quality of life of people des personnes en développant des produits à base de cannabis de by developing high-quality cannabis-based branded products in grande qualité aussi bien dans les catégories médicale et santé que the medical and health & wellness categories across Latin Bien-être en Amérique latine. America. Bien implantée en Colombie dans les produits de cannabis Its position in medically-validated cannabis products is mostly médicalement validés, où la société est autorisée à cultiver, produire advanced in Colombia where the company is fully licensed for et distribuer sur le marché intérieur et exporter à l'échelle the cultivation, production, domestic distribution, and internationale du cannabis médical (THC et CBD). Khiron y est international export of both THC and CBD medical cannabis. également autorisé à vendre des produits cosmétiques à base de Khiron is also licensed to sell CBD-based cosmeceutical products CBD. in Colombia. Un solide plan marketing visant à fidéliser la marque et les préférences des patients est déjà développé et mis en œuvre qui lui A robust marketing plan aimed at brand loyalty and patients permettra de montrer l’intérêt pour ses produits, nécessaire pour preference is already developed and implemented and will allow obtenir un quota de production. Grâce à des alliances stratégiques it to demonstrate demand for its products, which is needed to avec des organisations de patients telles qu'ACMI et ACN et à leur receive production quota. Through strategic alliances with and approbation, la société a déjà accès à un réseau de 500 000 patients. endorsements of patient organizations such as ACMI and ACN the La société développe également sa présence dans le commerce de company has already access to a network of 500,000 patients. détail par le biais de JV avec des cliniques qui lui permettront Next the company is also developing a retail presence through d’avoir accès aux médecins et aux patients. Conformément à cette JVs with clinics that will allow it access to doctors and patients. stratégie, la société a acquis ILANS, une clinique de neuropathie basée à Bogota comptant environ 120 000 patients et 60 médecins. Consistent with that strategy the company acquired ILANS, a Cette stratégie d’acquisition de patients centrée sur la fidélisation à neuropathic clinic based in Bogota with about 120,000, patients la marque par le biais de consultations dans des cliniques, d’alliances and 60 doctors. This patient acquisition strategy that centers on avec des associations de médecins, de pharmacies et d’Assurance building brand loyalty through in-person clinic consultations, Maladie et fournissant aux médecins une variété de plateformes medical association alliances, alliances with pharmacies, health d’éducation au cannabis sera appliquée dans toute l’Amérique latine.
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