BLACKROCK Municipal Income TRUST V.BFK.P

Primary Symbol: BFK

BlackRock Municipal Income Trust (the Fund) is a diversified closed-end management investment company. The Fund's investment objective is to provide current income exempt from federal income taxes. Under normal market conditions, the Fund invests at least 80% of its managed assets in investments the income from which is exempt from federal income tax (except that the interest may be subject to the alternative minimum tax). The Fund may invest directly in securities or synthetically through the use of derivatives. The Fund's investment policies provide that it invests at least 80% of its total assets in investment grade quality municipal obligations issued by or on behalf of states, territories and possessions of the United States and their political subdivisions, agencies or instrumentalities, each of which pays interest that, in the opinion of bond counsel to the issuer, is excludable from gross income for federal income tax purposes. Its investment adviser is BlackRock Advisors, LLC.

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BLACKROCK Municipal Income TRUST > HEXO CORP

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Comment by Zaybureon Sep 09, 2021 12:28pm

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Post# 33833922

RE:RE:RE:RE:RE:RE:RE:RE:RE:HEXO CORP

Wrong, my numbers are from Feb 2021. Try again.

Touran77 wrote:

Zaybure wrote: Don't know where you got those numbers. Here's what I found...

Constellation Brands

PS Shares (M) MC (M) Sales (M)

216.97 168.20 36,494.35 9,355.70

Factor (x sales) 43.12

EBITDA (M) 3,222.40

The big difference is in the last line. You have a company in Constellation Brands free of debt, Hexo isn't in that category.

LINK: https://money.tmx.com/en/quote/STZ:US/financials-filings

Touran77 wrote:

Let's take Constellations.
Similar sector, similar vice :p.
1.25B a quarter, resulting in 5B a year of sales.
Market cap of 40B or 8 times yearly sales.

Even if I am conservative and say 25M Hexo, 25 Redecan, 10 Zena and 3 48N a quarter, this is 63M a quarter resulting in 252M a year.

252 times 8 (PS ratio from constellation) is around 2B.
Hexo with 270M shares (post Redecan acquisition and last dilution) at 3 CAD is 810M in market cap.

What I am seeing here is that even if sector correct to be similar as other sectors (alcohol in this case), Hexo would not decrease. Yes Canopy and Tilray might, but where is the risk in owning Hexo when looking at this calculation?
This calculation is super conservative, no increase in Canada or anywhere.

If I'm missing anything, please share my friend.

Tonto

Already calculated stuff from your computer usually take last year sales. I took last quarter and mutiplied by 4.
Lots of rounding as well since it is a pretty high level calculation with lots of assumptions.

Add 400M on market cap of Hexo to pay completely for that debt and still crazy low.
Also when compared to Tilray/Canopy, they have debts.

Thanks

Tonto