Haywood issues update, reiterates $5.25 target ..."... TGOD agreement for a min of 30,000 kg 1st yr and 50,000 kg in 2nd yr increases capacity utilization ... de-risks forcast ... supports Valens' proprietary extraction process ... we continue to believe that our forcast could prove conservative, especially given recent agreements and associated volumes announced over past month ..."
Valuation
"Our target price of $5.25 uses a 9x EV/EBITDA multiple on our F2020 EBITDA estimate, then discounted by 15%."