Village Farms

Company Overview

Village Farms Inc. (TSX:VFF) (NASDAQ: VFF) has historically been one of North America’s largest producers of greenhouse vegetables, spanning about 30 years. Village Farms does its own sales, distribution, and marketing into large big box retailers such as WalMart and major grocery chains across North America.¬†Village Farms owns and operates seven greenhouse facilities in British Columbia and Texas. In Canada, Village Farms has been shifting away from vegetable production, instead focusing on cannabis via its 50% owned J.V., Pure Sun Farms, with the other 50% owned by Emblem. Additionally, in the U.S. the large greenhouse footprint in Texas is being converted to growing hemp, and if/when the U.S. eventually legalizes federally, is likely to be converted to cannabis.


Management

 


Production Assets

Village Farms Canadian assets

Village Farms U.S. assets


Catalysts

  • Expansion at Pure Sun Farms
  • ¬†

Key Financials

(C$M Unless Otherwise Stated)

 DEC '16MAR '17JUN '17SEP '17DEC '17MAR '18JUN '18SEP '18DEC '18MAR '19
Q3-17Q4-17Q1-18Q2-18Q3-18Q4-18Q1-19Q2-19Q3-19Q4-19
Income Statement
Cannabis Sales
Other Sales
Sales49.841.461.256.146.937.354.351.951.242.4
Gross Income7.25.23.62.96.34.51.13.73.20.4
Gross Margin14%13%6%5%13%12%2%7%6%1%
EBIT2.01.0-1.5-1.30.00.1-3.8-1.1-2.9-6.8
EBITDA4.63.61.11.02.32.4-1.61.2-0.6-4.3
Net Income0.6-0.35.80.4-0.8-1.4-2.9-2.60.410.2
EPS (recurring)0.020.010.160.00-0.04-0.02-0.09-0.030.000.21
EPS (diluted)0.01-0.010.150.01-0.02-0.04-0.06-0.060.010.21
Diluted Shares Outstanding (M)39394040424243444850
Balance Sheet
Cash & Short-Term Investments7.25.27.05.48.95.017.07.616.38.3
Total Assets197.0181.3190.6174.2187.9179.5201.2191.3231.4234.7
Total Debt60.866.064.757.948.453.859.056.952.059.3
Total Liabilities106.791.699.285.586.376.688.782.993.989.3
Total Shareholders' Equity90.489.791.588.7101.5103.0112.5108.3137.5145.4
Book Value per Share2.322.312.342.262.402.432.532.432.893.04
Tangible Book Value per Share2.322.312.342.262.402.432.532.432.893.04
Cash Flow
Net Operating Cash Flow6.2-6.92.43.81.6-7.5-1.22.10.5-6.9
Capital Expenditures-0.9-0.6-0.8-0.2-0.7-0.4-1.4-1.4-0.70.0
Net Investing Cash Flow-0.9-0.6-0.8-0.2-0.7-0.4-1.4-10.2-5.5-3.4
Net Financing Cash Flow-5.05.50.3-5.02.83.914.1-1.012.82.6
Free Cash Flow5.3-7.51.73.60.9-7.9-2.60.6-0.2-6.9

Timeline

 


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